BC BREXIT
Saved by @Alex1Powell

BREAK: ๐Ÿšจ๐Ÿšจ๐Ÿ‡ซ๐Ÿ‡ท๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿš—๐Ÿš™๐Ÿš—๐Ÿš™๐Ÿš—๐Ÿš™๐Ÿš—๐Ÿš™๐Ÿš—๐Ÿš™๐Ÿš—๐Ÿ‡ซ๐Ÿ‡ท๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿšข๐Ÿšข๐Ÿšข๐Ÿšจ๐Ÿšจ The UK rejects Dover funding bid to double French passport booths via @FT - long queues ahead...as other ports also donโ€™t get money they asked for to build #brexit border. Stay with me/1 thread

@FT So what is this all about? Well back in October the govt announced a ยฃ200m Port Infrastructure Fund - details below - for ports to get ready for the new trade processes for #Brexit border. Dealing with those 215m extra customs decs etc.. /2

https://t.co/aFzelRLlEX
@FT Today we find out what everyone got - but it turns out that 54 ports asked for more than ยฃ450m - so a LOT have been bitterly disappointed. Not just Dover (on which more in a second)...they are furious the government is not willing to fully fund the very borders they mandated /3
@FT So here is the list of what everyone got - 41 ports had winning bids totaling just over ยฃ194m - but you'll note that Dover got...wait for it...ยฃ33k. No, that is not a type. Thirty-three thousand pounds. They asked for ยฃ33m!! Why? Well to build new passport lanes. /4
@FT Why? Because as an @NAOorguk report warned in November the Govt's 'reasonable worst case scenario' for delays at Dover for passenger traffic was "one to two hours" and "much longer" in the summer. Eeek. Happy hols everyone! /5

https://t.co/K77Is5tfxk
@FT @NAOorguk So here is @PortOfDover EU Exit boss Tim Reardon explaining to the Lords EU Cmme why they needed to double the number of French kiosks from five to 10 - because we'll soon be facing intrusive new checks; stamps in passport etc. Oh joy. /6

https://t.co/6989KZPHqQ
@FT @NAOorguk @PortOfDover The Cabinet Office have yet to explain their thinking fully on why Dover didn't get the money - or why they didn't fine more cash when it was clear the Fund was more than twice over-subscribed. But ministers have explained how they whittle down the field. See this:/7
@FT @NAOorguk @PortOfDover But none of that explains really why a government that is merrily building borders doesn't appear to want to pay for them to be built...surely in the case of Dover, when everyone is sitting fuming in queues this summer...the extra five booths might have paid off?! /8
@FT @NAOorguk @PortOfDover But his is MUCH bigger than Dover. This is about booting up port infrastructure across the UK to deal with those extra 215m customs declarations, the new processes Ireland-GB, the expected increase in 'short sea' crossings to Harwich and the Humber. It's #Brexit made flesh! /9
@FT @NAOorguk @PortOfDover It's fair to say there is a LOT of grumbling out there today as these awards were circulated.

Portsmouth got ยฃ17.1m - which is about ยฃ8m short of what they asked for, I am told. /10
@FT @NAOorguk @PortOfDover Their MP @StephenMorganMP is fuming. He says the money falls "far short" of what they need and is less than "the money mandated by the governmentโ€™s own border operating model" - I can see the Govt getting some heat on all this in coming days/weeks. /11
@FT @NAOorguk @PortOfDover @StephenMorganMP This leaves ports facing a real dilemma as the July 1 2021 deadline approaches...do the go ahead and build scaled back, inadequate infrastructure...or seek more money or what? See this from @mikesellersPIP the boss of @PortsmouthPort /12
@FT @NAOorguk @PortOfDover @StephenMorganMP @mikesellersPIP @PortsmouthPort And I can tell you that dilemma is NOT confined to Portsmouth.

Humber ports like Purfleet & Killinghome that deal with 'trailer' freight from the EU on short-sea crossings also have lots to do. Holyhead must deal with huge new Irish freight issues etc. /13
@FT @NAOorguk @PortOfDover @StephenMorganMP @mikesellersPIP @PortsmouthPort Some got nothing, others took an across the board haircut 33% haricut on what they did get.

@timgmorris Chief Exec UK Major Ports Group says they're "very disappointed that the allocations of funding are so late in the day and significantly short of what many ports require."/14
@FT @NAOorguk @PortOfDover @StephenMorganMP @mikesellersPIP @PortsmouthPort @timgmorris His group is now calling on the Government "to work urgently with the sector to review funding levels and timingsโ€...because tickety-tock the new border hurtles towards us (exact details still tbc...checks date...16 Dec...mops brow) /15
The point is that everyone, I think, knows it is going to be pretty choppy logistically few months - and then again, with a 'second cliff-edge' in July 1 2021 for goods coming EU-GB, so it seems odd to me Govt isn't chucking sufficient wedge at this one. /16
Because if & when the blame game begins over port congestion, I think I have a fair bet about where the finger will be pointing - at least from the point of view of a pretty sore UK ports industry today. ENDS

More from Peter Foster

Peter Foster
Peter Foster
@pmdfoster
NEW. ๐Ÿšจ๐Ÿšจ๐Ÿš›๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿ™„๐Ÿš›๐Ÿšš๐Ÿšจ๐Ÿšจ clear signs govt is preparing for coming #brexit turbulence - consulting on new fast-track scheme for food lorries returning to Europe /1



The idea is that 300 lorries a day will be granted 'fast track' permits so they can go back EU and replenish supplies...this is because (see below) the gov fears that potential for disruption is "high" /2


The 8-page consultation document notes this is both because of #Brexit but also because of #COVID19 and continued French insistence on checks on all drivers from UK. /3

Lots arriving in Kent without clear tests SO separately Dept for Transport is considering ยฃ150 fines for drivers that don't have clean tests before entering Kent - problem, say hauliers, is that this requires communicating with EU-based drivers (85% from EU) /4

The govt is worried that disruptions will risk the kind of panic-buying we saw in early #COVID19 pandemic /5
GOVERNMENT
Peter Foster
Peter Foster
@pmdfoster
The UK refusing to give full diplomatic status the EU's mission in London is baffling at at time when @BorisJohnson is trying to connect with @JoeBiden - because it recalls what Trump administration did to the EU ambassador back in 2019. Stay with

@JoeBiden The spat has been going for a while - we reported it in May, when the #Brexit trade talks were getting testy and - I assumed - it was the UK seeking a bit of leverage as the talks progressed. But we have a deal...and still no deal on the EU

@JoeBiden Essentially the UK government wants to treat the @EUdelegationUK as a "international organisation based in London" - and not accord it full diplomatic status, as almost every other country in the world does, including the United States /3

@JoeBiden @EUdelegationUK Indeed when EU formed it's External Action Service (EEAS) the UK supported the idea that EU representatives should be full ambassadors - a fact reflected in the Treaty of Lisbon which we signed - and which reflected on fact EU had a currency, made laws etc. /4

@JoeBiden @EUdelegationUK It took some time for everyone to recognise this, but after @BarackObama came to power in 2016 even the USA did the same....then along came Donald Trump and in 2019 surreptitiously downgraded the status of the EU ambassador @D0Sullivan /4
BREXIT
Advertisement
Peter Foster
Peter Foster
@pmdfoster
BREAK: The UK drops all its 'law breaking' clauses - including plans for more in forthcoming taxation bill - after @michaelgove
and @MarosSefcovic agree deal on terms of implementing Northern Irish Protocol. 1/

https://t.co/MdBbcI8vjd


@MarosSefcovic This is obviously very good news - recalling that it relates to the implementation of last autumn's deal to allow #Brexit to happen without returning a trade border to island of Ireland...but leaving one in the Irish Sea. /2

@MarosSefcovic The statement says that the two sides have determined "criteria for goods to be considered 'not at risk' of entering the EU" - though the extent to which goods pay tariffs UK-EU will depend on whether we get an FTA with the EU. (Even if we do, some still will) /3

@MarosSefcovic The two sides have also agreed on the 'reachback' of Article 10 or the "application of State aid under the terms of the Protocol" which the UK govt feared could be used to constrain UK govt subsidy decisions after January 1 /4

@MarosSefcovic This was because EU state aid law applied to UK in respect of NI Goods - so risk of 'catching' a UK decision to, say, give a bank a tax break if it had NI Clients...thereby blowing hole in @BorisJohnson 'sovereign' Brexit. An understanding has been reached here. /5
TAXATION BILL
Peter Foster
Peter Foster
@pmdfoster
๐Ÿšจ๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿ‡ช๐Ÿ‡บ๐Ÿš›๐Ÿค๐ŸŸ๐Ÿฅฌ๐Ÿ“ฆโœˆ๏ธ๐Ÿ‡ฌ๐Ÿ‡ง๐Ÿ‡ช๐Ÿ‡บ๐Ÿšจ
So here it is. After the euphoria, the @FinancialTimes @FTMag long read of how @BorisJohnson did his Trade deal with the EU. Tl:dr...not so much โ€œbuild back betterโ€, more โ€œbuild back the bordersโ€ - stay with me/1.

@FTMag @BorisJohnson The really under-appreciated part of this story is the extent to which the Johnson government, having won its 80 seat majority promising to "Get Brexit Done" then explicitly and actively chose the hardest possible version of #brexit in defiance of commercial interests /2

@FTMag @BorisJohnson Our story begins in January last year when David Frost commenced what Whitehall insiders call a "Star Chamber" process to strip away anything that might be considered more than a "Canada-style" deal - regardless of the fact that UK doesn't trade with EU like Canada! /3


@FTMag @BorisJohnson So what did that mean in practice?

Well, for example leaving EU aviation safety agency (EASA); Chemicals agency (ECHA), not getting a waiver of 'safety and security' declarations for hauliers, not seeking special arrangements for animal products...on and on it goes /4

@FTMag @BorisJohnson Didn't industry object? Well yes it did - but those who yelled too hard found themselves shut out of the door.

Did Whitehall object? Yes it did - Defra and Beis and Treasury all tried at some level to temper the revolutionary fury. But mostly failed. /5
BREXIT
Peter Foster
Peter Foster
@pmdfoster
๐Ÿšจ๐Ÿšจ๐Ÿšš๐Ÿš›๐Ÿšจ๐Ÿšจemail from Robert Hardy @RobHardyFR8 whose Customs Clearance Consortium is part of govtโ€™s ยฃ200m scheme for GB-NI border warns of โ€œhuge shortageโ€ of customs agents. Via @SJAMcBride /1

https://t.co/WoLWdI8LoF


He adds: โ€œExport from GB with import to Ireland [is] amongst the most complicated...We expect heavy volumes at Dover from tonight as GB exports start to ramp up and many transporters do not have transit and EU clearance in place.โ€ ...remember @BrandonLewis โ€˜no borderโ€™ tweet ๐Ÿ™„/2


He then warns - as @RHARichardB had warned - that the issue is companies providing poorly cleansed/matched data...and announces CCC doesnโ€™t have capacity to raise docs in mainland EU/3


This is example of what Biz needs to do when moving agri foods - hauliers and vets tell me there is still no solution from Defra/Daera on how to do multiple pickups that require export health certificates at each stop (not uncommon) /4


In the next week or two weโ€™ll see how these issue play into supply chains - and the issue that trucks flow in a cycle, GB-NI/IE-GB...so you need enough returning to keep the flow going. /5
FINANCE

More from Brexit

Tigger \U0001f3f4\U000e0067\U000e0062\U000e0065\U000e006e\U000e0067\U000e007f\U0001f1ea\U0001f1fa\U0001f1ec\U0001f1e7
Tigger ๐Ÿด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ๐Ÿ‡ช๐Ÿ‡บ๐Ÿ‡ฌ๐Ÿ‡ง...
@tiggerish_
I am in the market for positive, optimistic articles about Brexit - it may not be how Iโ€™m feeling but Iโ€™m sure Iโ€™ve missed things + want to avoid confirmation bias so Iโ€™m opening my mind, + this seemed like a good place to

Elliott argues that โ€˜the UK has deep, structural economic problemsโ€™ - true, but correlation is not causation: we look in vain for an argument that these problems are caused by EU membership and/or that membership is preventing them being tackled

The argument would be stronger if Elliott could show that other countries in the EU faced similar structural problems, but he doesnโ€™t + I donโ€™t think he could - the EU manages to incorporate a wide range of economic models, + regional inequalities vary hugely between EU countries

He does not attempt to acknowledge + explain the boom in inward investment in UK manufacturing in the last few decades, one of the few economic positives for โ€˜left behind areasโ€™, though that may have been hard without referring to single market membership + European supply chains

โ€˜Brexit means that those farmers who want their fruit harvested will now have to...pay higher wages or invest in new machinery.โ€™ Maybe they will (but Iโ€™m not convinced) but this would have unintended consequences eg higher prices for healthy food
BREXIT
George Riddell
George Riddell
@GeorgeMRiddell
1/ Quick thread. At the end of the third week of Brexit being "done", I can only say that I'm exhausted.

Immediate pressures on companies who have been trading goods have been on grappling with all of the new customs and regulatory requirements.


2/ It's clear that agrifood businesses have been the hardest hit due to the SPS checks and other requirements.

But for others, the shift from a distributor model to importer/exporter has been a challenge. This hasn't been helped by certain IT system not working as planned.

3/ So are these "teething problems"? Companies are grappling with the new systems & formalities.

Some are, but many others aren't.

Worth noting that freight volumes are still below average. But stockpiles are running low, coming weeks are going to be interesting.

4/ Two issues that are immediately facing many businesses that won't be addressed by sorting this teething period.

First, many businesses are facing the largest shift in their cost base in a generation.

5/ This comes from the cost of dealing with the customs procedures, upgrading IT systems to manage the new requirements, setting up European operating centres to comply with regulatory requirements, new immigration costs, the list goes on.
BREXIT , BREXIT
Advertisement
Peter Foster
Peter Foster
@pmdfoster
It's OUT! My latest #Brexit Briefing for @FinancialTimes - examining @BorisJohnson
"buy now, pay later" Northern Ireland Protocol, why the EU-UK trust deficit is killing it, how that can be restored - because it needs to work. /1

@BorisJohnson The danger here is that lingering animus over the opportunistic nature Johnson's Faustian bargain - dividing his Kingdom in order to 'get #Brexit done' and win an 80-seat majority - is clouding judgement on both sides of the Channel /2

@BorisJohnson The facts of the Protocol are no less true for Johnson's constant denial of them - that there would be checks, that there really is a trade border that now prevents plants and pets from travelling freely from Bedford to Ballymena as M.Gove reminds us. But these are other facts/3

@BorisJohnson Firstly, NI remains part of UK, even if it is now has EU customs rules.

Secondly, NI remains politically divided and fragile; the Good Friday Agreement is a constant work in progress.

Thirdly, both the EU and the UK agreed to this unsatisfactory arrangement jointly. /4

@BorisJohnson Fourthly, therefore, they have a joint responsibility to make it work because

Fifthly - and most importantly โ€” there is no alternative to it. /5
BREXIT
Dmitry Grozoubinski
Dmitry Grozoubinski
@DmitryOpines
1/ A challenge in parsing Brexit news is that businesses are facing overlapping types of challenges that can be difficult to separate.

The key questions are:
1โƒฃ Given the model of Brexit chosen, could this have been prevented, and by whom?
2โƒฃ Can it get better?


2/ To put those another way:

"If you knew everything you needed to know and did everything right, is your existing business and delivery model still viable and competitive?"

The answer to that question determines if for you the problem is Brexit, or how Brexit was delivered.

3/ Some of the challenges at borders could have been prevented while still having the exact same model of Brexit (No Single Market, No Customs Union, but an FTA).

That they're appearing is an implementation failure and you can fully support Brexit but still be pissed about them.

4/ Examples include:

1) Government guidance and IT systems being ready earlier and/or easier to navigate;

2) More support for businesses, and more affordable bespoke help;

3) More time to prepare and better government communication about what preparation actually requires.

5/ This thread you've all seen from Daniel Lambert the wine merchant (primarily) deals with problems in this category.

There's no policy reason he can't export his product, but the procedures are a nightmare to navigate and he's badly under-supported.
BREXIT
Dr Anna Jerzewska
Dr Anna Jerzewska
@AnnaJerzewska
Been waiting for ๐Ÿ‘‡ ๐Ÿšจ

Important story on what a โ€œtariff-freeโ€ deal means in practice and why itโ€™s not enough for two economies as closely integrated.

Tariffs are removed on goods that meet rules of origin. This is a complex and nuanced area of customs.

/1


Important to remember that trade deals (FTAs) weren't designed with such a high degree of economic integration in mind.

So some of the standard RoO provisions will seem incredibly restrictive under the UK-EU deal.

/2

Minimal operations or insufficient processing is a standard part of an FTA. Most, if not all FTAs, include a provision on minimal processing โ€“ processing not considered sufficient to confer originating status even if rules of origin have been met.

/3

It is standard procedure not to apply cumulation when goods have only been subject to minimal processing.

To be able to cumulate origin and consider the final product of UK origin, the processing carried out in the UK needs to exceed minimal operations.

/4

The level of integration between the UK and the EU means that this will have significant consequences for a number of industries.

For example, in supply chains where goods are brought into the UK from the EU and reassembled, sorted or repackaged and re-exported to ROI.

/5
BREXIT

You May Also Like

Jig's Patel
Jig's Patel
@jigspatel1988
How to trade on Expiry day with Nifty straddle?
(System trading on Expiry)

Triple straddle is one of the best and accurate methods for expiry day

If nifty trading at 15720 then will sell three straddles above 50 points from ATM, below 50 points and ATM.

Ex.
Sell straddle 15700(ATM), 15650(ATM-50), 15750 (ATM+50)

Stoploss of 80% on every leg and run your trade till 3 PM

Once SL hit in any Leg just keep holding other leg till expiry with SL (Never or less chance to hit both SL on expiry day)

Trading timing at 9:20 the Morning
ALL , STRADDLE BACKTEST , STRADDLE
Hypertroph | Fitness Coach
Hypertroph | Fitness C...
@CoachHypertroph
Transform your body in next 6 months.

People will charge INR 27,000+ for this course.

I am giving away the entire course for FREE:


Module 1:
Build your Fat Loss Diet Plan

ยท Step by Step Tutorial
ยท Length: 26

Module 2:
Learn how to easily track your calories/macros.

ยท Step by Step Tutorial
ยท Length: 17

Module 3:
Calculate how many weeks it will take to reach six pack.

. Math behind building six pack
ยท Length: 12

Module 4:
Learn how to Burn Belly Fat in 3 steps

ยท Science behind belly fat
ยท 100% Works
ยท Length: 15
WORKOUTS
Advertisement
Stephen Bush
Stephen Bush
@stephenkb
Some quick thoughts on Sam Gyimah's resignation after conversations with various Conservative MPs: 1) the chances of a second referendum are a lot higher than I thought:

2) At this point, if you are a young and ambitious Tory MP it is now so overwhelmingly in your interest to vote against the withdrawal agreement. V v hard to see how Julian Smith can cap rebellion at under 100:

3) Really just to reiterate 1) Gyimah is the kind of "No, never gonna rebel" vaguely pro-EU Tory you'd need to get on side to outweigh Labour Leavers and Real Concerners.
POLITICS
Respectable Lawyer
Respectable Lawyer
@RespectableLaw
There's been a lot of talk about the missionary killed by the natives of North Sentinel Island. They're probably so aggressive because of this weirdo, Maurice Vidal Portman. So here's a big thread about this creep and some facts from my decade-long obsession with the island.


The Sentinelese are often described as โ€œuncontacted,โ€ but this not strictly true. They had a very significant contact in 1880 with Commander Portman.

Portman, the black sheep third son of some minor noble, was assigned by the English Royal Navy to administer and pacify the Andaman Islands, a job he pursued from 1880-1900 with the full measure of his own perversity.


Portman was erotically obsessed with the Andamanese, and he indulged his passion for photography by kidnapping members of various tribes and posing them in mock-Greek homoerotic compositions.


During his 20 years in a sexualized heart of darkness, Portman measured and cataloged every inch of his prisonerโ€™s bodies, with an obsessive focus on genitals.
SOCIETY
Mike DiCenzo
Mike DiCenzo
@mikedicenzo
"How the Avengers would respond to the Capitol riot" (a thread)

CAPTAIN AMERICA - tells Falcon, "I fought Nazis once before. They're extremely dangerous." They then see the guy scaling the Capitol wall fall into the shrubs. Falcon: "You sure these are the same Nazis?"

IRON MAN - lands by the guy carrying the podium. Says, "Mind if I borrow this?" then tosses it to Hulk, who swings it like a bat at the mob. Guy: "Hey, that's MY podium!" Iron Man: "Actually it's the Speaker's. And technically, it's a lectern." Then punches him through a wall.

BLACK WIDOW - enters hotel room where Jack Dorsey is tied up. Rips duct tape off his mouth. Jack: "I'll do anything you want!" BW: "Disable POTUS's Twitter. NOW!" Jack fumbles with his phone. "Done. Anything else?" BW: "Yeah. Trim your beard for God's sake." *tosses him clippers*

HULK - grabs a selfie stick from one of the guys and beats him over the head with it. Deeming it too small, he grabs another guy's Confederate flag and takes out a whole swath of rioters. He then tosses the flag to Cap, who uses it as a javelin to impale a fleeing Ted Cruz.

HAWKEYE - hears Iron Man in his earpiece say, "Looks like Orange Julius is tweeting from another account." Hawkeye: "On it." He locks in on Trump through the White House window and fires an arrow, knocking the phone out of Trump's hands. Hawkeye: "Damn that felt good."
GOVERNMENT