BC BREXIT
Saved by @Alex1Powell

1. Something that's really struck me in the Brexit negotiations this year is the surprisingly fragile confidence the EU seem to have in the competitive advantage conferred by the single market. Sounds strange, but bear with me.

(Thread)

 2. The single market is the most comprehensive trade area in the world. It includes considerable regulatory alignment on products and services, free movement of people etc.

Yet the EU seems to think that a mere FTA would allow post-Brexit UK to outcompete that single market. 🤔
3. Their current position seems to be that unless an FTA is accompanied by extremely onerous level-playing field provisions (explained by @RaoulRuparel here), then an FTA with the UK isn't worth doing because it would be a threat to the single market.

https://t.co/irsRwPApxr
4. But if you voted Remain (as I did), the idea that a mere FTA with, say, enforceable non-regression clauses rather than "dynamic alignment by the back door" is going to give post-Brexit Britain a competitive trading advantage over the single market is quite a strange one...
5. I mean, whatever happened to "non-tariff barriers are more important than tariffs"? Even with an FTA, the UK will face:
- Customs and regulatory barriers
- No free movement
- Rules of origin

Hardly a menu for out-competing the SM, you'd think, even with more freedom on LPF.
6. So what's going on here?

Perhaps, ironically, the EU actually rates the UK's chances of 'making a success of Brexit' by out-competing them quite highly. Despite the clear absence of any desire in the UK for a so-called 'Singapore on Thames' model.
7. And maybe they're right. Maybe the UK will be successful and out-compete the EU (I certainly hope so).

But if you follow the logic, it doesn't seem that the EU has a great deal of faith in the ability of the SM to withstand competition. Or the SM's superiority to an FTA.
8. Another explanation is that they're trying to show Brexit has consequences to deter others from trying to leave. But given that Brexit has *already* dampened hard Euroscepticism on the continent this would suggest a lack of self-confidence that that will remain the case, no?
9. Anyway, I hope there will be a deal. But to re-iterate, an FTA is a huge step down from the single market in trade terms for the UK. The fact that *the EU* seem to think there's a risk the UK will be able to out-compete them from that position deserves scrutiny. (End)

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Ten days in and it seems the government's post-Brexit economic policy is to ignore reality, priority and choice, and just claim with no evidence that everything is going to be great. This, needless to say, is dangerous territory. Exhibit 1... 1/

Here's a good example of what is currently passing for UK economic policy. The theory the UK can be 'nimble' in regulations has been present since 2016. In 5 years nobody has found the detail. We presume others might have a similar idea. And trade needs regulations to align 2/


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Useful example here. The long running EU-US trade battle over food, one claiming to be about quality, the other science. The UK solution. We'll do both! Fabulous, why did nobody think of this before? Unless they did, and found they still had to choose. Note other warm words 5/
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Brexit. A Eurovision Negotiating Contest. How are the contestants doing? To read the UK press you’d be forgiven for being ... completely misinformed. We’re lurching into a crisis on a scale not seen since at least 1956 & probably 1945. Here’s what’s really going on. A thread./1.

For a number of key journalists, their only job is to take dictation from the 10 Downing Street spokesman & give it to the Times, Telegraph or Spectator for publishing. This is part of a therapy effort for the small minority of the population who read those publications & .../2.

... would otherwise be confused by being confronted with the reality of the world around them. The articles are interesting for two reasons:

⁃They tell you precisely what 10 Downing Street currently wants those readers, which include other journalists, to hear. /3.

⁃Looking at their detailed content, such as it is, shows just how possible a “deal” quite obviously is & how nonsensical a “no deal” would be. They also (if you’re familiar with a bit of background, which you surely are) highlight just how bad a “deal” of the sort .../4.

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So. The hunt is on in Whitehall for #brexit dividends...to show some clear value in the freedoms given by Brexit.

As we report today one area being looked at is workers' rights...but it is politically difficult territory.

No cabinet decisions have been taken, but per sources, three potential areas been identified in Business Dept...

- the 48 Hour Week
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So take this 2017 story from The Sun on the cash bonanza that will be rained down on hardworking families by Brexiteers' (long standing) desire to scrap the 48-hour week. Overtime booooom..../5

https://t.co/QLqQ7rCzkv
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The first working day of the new UK-EU relationship. We're going to hear a lot this year from all sides (remain and Brexit in UK, EU, etc) using any possible scrap of evidence. But what we need to look for is trends, over time, so a few to think about in this thread... 1/

Obvious disruption or reduction to UK-EU trade flow. Here we may be thinking e.g. of a permanent 10% fall in traffic, or regular queues, or indeed no change. And apart from goods, the same with individual travel, for work, residence etc... 2/

As a reminder we're not expecting permanent scenes like those of the week before Christmas when borders were closed. But 5-10% reductions in UK-EU traffic would not seem to be out of line with economic forecasts of a hit to the UK economy. 3/

Then we'll need to look at whether UK-EU trade is being substituted by UK-non EU trade. This probably should happen to a degree, and in theory efficiencies could come this way. But its also possible that all UK trade falls, with the UK no longer an EU entry point. 4/

Inward investment is another key post-Brexit indicator. There isn't a single obvious data set here, but the impression of the last four years has been a fall off in manufacturing, but not in services, particularly tech. Continuation would suggest economy tilting to services. 5/
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