A few thoughts in advance of seeing the Brexit deal, assuming it's not scuppered at the last.

1. It will save industries, in the short term. For all the problems it *won't* solve, there is at least that. Tariffs would have finished off some sectors like switching off a light.

THREAD: Here are the essential points from the EU's time-limited, limited effect no-deal Brexit mitigation offer.

(Most concessions are unilateral measures it will implement. Some require UK cooperation - not clear what happens if we refuse to do

Air travel
"Unless there is a contingency measure in place on air transport at the end of the transition period, air traffic between the EU and the United Kingdom will be interrupted."

The EU is proposing 6 months of reciprocal concessions to keep (most) planes flying.

However, they're not offering any concessions on airline ownership requirements, so BA for one may come unstuck here (depending on how its restructured shareholding is going). Its message: you already had plenty of time to prepare, including a grace period.

Road transport

A) Haulage
With no agreement, hauliers would have to use ECMT permits to provide any freight transport between the UK and the EU. But there aren't nearly enough of those to go around. So they're giving a basic grace period of 6 months, as long as we reciprocate.

B) Bus services
"Furthermore, in the absence of an agreement on a future partnership between the EU and the United Kingdom by 1 January 2021, regular bus services to and from the United
Kingdom would have to be interrupted"

Here too, offer is 6 months of continued connectivity.

UK Government just released 70 pages of case studies today, showing how the borders will operate after 1 January 2021.

They're essentially hardcore porn for red tape fetishists.

Doomed, we are. Doomed.

(e.g. exporting fish; exporting mechanical goods)
https://t.co/zWpkdGJeim

This is exactly what should have been presented years ago so that firms could prepare.

Or, arguably, before the Brexit referendum. Just the 70 pages of case studies released TODAY could have tipped the result the other way. Not everyone is blinded by sovrinty & hating forrins.

Going back to the examples...

The person in France buying (say) UK mechanical goods will take one look at the procedures involved, and Google an alternative supplier inside the EU instead.

As for the fish, they could probably swim to their intended destination faster of their own accord than following the new process, if only they had water in between to traverse.

The purchasers will smell them coming a mile away.

Auto parts. I am practically weeping at my keyboard.

Here we go. The final Brexit debate begins. The final splash of petrol on the dumpster fire before the match is lit at 11pm tomorrow night.

Boris Johnson deliberately mocks the SNP by calling them the Scottish Nationalist Party, despite being admonished by the Speaker. There speaks a man who doesn't give an itty bitty toss.

Boris Johnson: "Just as we've avoided trade barriers"

What? Ah, it's because he carefully defined them as "tariffs and quotas" just before lying about them.

There will be massive, massive non-tariff barries.

He's dodging the question about fishing and Northern Ireland, wriggling like one of those eels the EU won't be buying any more.

Boris Johnson is bigging up the speed with which the UK managed to reach a trade deal.

But a trade deal that favours the interests of your counterpart while securing almost none of your own *should* be a quick process. Biting your hand off takes no time at all!

Ok, it's high time to look at the REAL effects of Brexit. As the Tories implode & Labour sits on its hands, companies are executing contingency plans, shifting jobs & assets, slashing investments, or redomiciling (accounting exercise). Happening NOW, not in a fantasy future. 1/95

Barden Corporation is closing down its Plymouth factory after 51 years, putting 400 jobs at risk, as its parent company Schaeffler shifts production to various sites outside the UK due to Brexit.

8 health providers have warned of medicine shortages in the event of a no-deal Brexit: "we do not believe that the current medicine supply plans will suffice, and we will have widespread shortages if we do not respond urgently."

Pfizer - $100 million on Brexit prep: "Pfizer’s preparations are well advanced to make the changes necessary to meet EU legal requirements after the U.K. is no longer a member state, especially in the regulatory, manufacturing and supply chain areas."

The Government has spent £4.2 billion pounds on Brexit preparations (£2.2 billion in previous Budgets, plus an additional £2 billion in the most recent Budget.)

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/

There will of course always be someone to blame. Usually the EU. Because they do indeed want to compete with the UK. This is not exactly surprising. A vague UK idea versus the bigger next door market (or indeed a big one over the pond). Who's going to win? 3/

Next, 'Global Britain' and specifically the Liz Truss speech in the Commons yesterday. To summarise, we are going to do trade deals on everything with everyone while still protecting UK industry and poor countries. Yup, more warm words and no priorities.

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/

Many bearish sentiments across the mortgage sector because they believe companies won't succeed as much when rate finally go back up (3 maybe 4 years from now). Which makes sense except for $GHIV and here's why. In 2016 Brexit came & rates went down which lead to huge success...

in mortgages. Business was great for many companies but then in ‘17 and ‘18, rates went up. What happened you might ask? A lot of people got compressed, margins got compressed, rates went down, & people struggled in the mortgage market...

Well UWM ( $GHIV ) compound annual growth rate, from ‘16 to ’18, was 28%. Companies that focused on refi struggled, so obviously a very successful company like Rocket or Quicken, they went down 14% in compound annual growth rate in those years...

$GHIV actually grew, and so did their profits, so the opportunity to continue to grow in all cycles is a big differentiator for UWM, and the broker channel versus a lot of our competitors. When rates rise, it's actually even better for $GHIV (UWM)..

If rates stay low, great UWM will continue to crush but when the rates rise, they will continue to steal even more market share because of how they operate in the mortgage sector. People also talk about the speed in closing a loan & that other competitors are faster...

Today's UK-EU trade deal reflection - what is rarely stated in discussions about the deal's shortcomings is that they reflect UK government policy choices - in particular that control of immigration and a US trade deal are a higher priority than an EU deal.

Thus, why was it not a UK government priority to secure for UK musicians the rights to tour the EU? Because that would probably have required a reciprocal right to be given to those in the EU, which we didn't want to give. Choice.

Meanwhile why did the UK government not seek or secure a reduction in food inspections for GB products going to the EU? Because that would probably have required fixing food regulations in a way that might have been an obstacle to a US trade deal.

Works the other way as well. Why did the EU refuse UK requests on mutual recognition of industrial testing? In part at least because of UK lack of commitment on maintaining the previous EU system of standards and conformity assessment which might be a problem in a US deal.

One of the strangest opinions in the London politics bubble is that the UK government isn't that bothered about a US trade deal, as it so obviously goes against the evidence. There might be domestic opposition, but this was to be Brexit Dividend Number 1.

I’m feeling really sad today thinking about what we’ve lost over the last 5 years. But this is mixed with proud knowledge I, and many around me, did all we could to avert this disaster unfolding. This is a short thread to give a shout out to some of them 1/

First up is @GreenPartyMolly - I’ve already rung her today to say this and more. But she was both astute and persuasive in her tireless work before and after the referendum. I remain proud to have worked for her and supported her.

Second up is @ewgjones - one of the few who threw himself into election mode before the referendum and saw the pragmatic need for a persuasive targeted GreenerIn campaign. Without him @SW_GreenerIN probably wouldn’t have happened (or certainly looked very different)

Third up is my former colleague @aw_bell who pivoted quicker than anyone I knew through the grief of 2016 to try & make the best of the awful situation post referendum. He metaphorically shook me awake when I kinda wanted to hide under a duvet (and I think he did this for many)

Fourth up is Joe Williams - friend who helped set up @Bristol4Europe (who really led the national response post referendum). He was a calculated head in a room who dared to think big when others were panicking.

I've been tweeting a lot about UK #OverseasTerritories not being part of the #Brexit deal and a bit more has emerged ...

#Falklands MLA @teslynbark has answered a q about #Brexit and the #Falklands on fb - highlights:

1 Original UK EU mandate didn't include OTs except for Gibraltar.

2 In May, EU said they didn't have a mandate to negotiate for their OTs and wouldn't negotiate on UK OT issues.

(2 possibly explains what @BorisJohnson said about EU "intransigence" in his Christmas message to the #Falklands, but wasn't mentioned when he replied to a pmq from @DerekTwiggMP earlier in the month)

3 @teslynbark says that @falklandsgov held that the new spirit of negotiations that evolved through the year gave space for #Falklands interests to be raised in #BrexitDeal talks and asking for detail on how they were raised by UK Government ...

4 @teslynbark says future negotiations with the EU aren't held to the same mandate as before so @falklandsgov to keep pushing to have #Falklands trade concerns raised