The Brexit Arms

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Welcome to The Brexit Arms!
Looking forwards, not backward!

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Unless of course the UK is not actually a rule taker now?

You’ve answered your own question on this one.

So what kinda game is Mogg up to?

Admittedly Davis is a dotard but this line of argument is a complete farce.

JRM doesn’t want any transition period? Hard Brexit and cliff edge all the way as far as he’s concerned.

He didn't say that directly. Never happen anyway

I think Mogg is trying to do the equivalent of banging some heads together. Too many people in cabinet (Hammond, Davis, Johnson et al) with their own separate agendas.

Whilst they are bickering amongst themselves the back bench looks on and gathers momentum. I wouldn’t rule out a leadership challenge or JRM. Not what the country needs at the moment though.

JRM has previously said the UK could leave the EU earlier than planned - he does seem awfully keen to leave as soon as possible with no tie in period.

Of course, I’m sure that the EU tax evasion regs coming into force in 2019 will have nothing to do with wealth fund managers being in a rush to leave the EU.

Yeah, also some high level bankers have been hit pretty hard by EU bonus caps which Osborne fought hard and lost. Those will be lifted after "vee" leave the EU, as I'm sure most Leave voters will be happy to realise, since of course they love high-flying bankers and are more than happy to work much harder for less in order to help those bankers make more money after Brexit. Dupexit?

londonmum8 - I can’t find any confirmation that the cap on bonuses will be lifted just that they could be lifted. Should the cap be lifted it doesn’t have to be a negative

www.ft.com/content/dea0611c-d51c-11e7-a303-9060cb1e5f44

😬 just realised link is behind a pay wall, will try and link again from elsewhere.

I don't think the banker bonus cap is a driver. Most banks I know have found workarounds starting with much higher base salaries - 3x in some cases. Also there seem to be ways to call a bonus something else.

I also think the notion the Moggs of this world are motivated by the EU anti tax evasion directive is silly. Like the US has done for its citizens the EU can do for its citizens. Moreover the EU can require the UK to comply to these standards by curtailing access to the SM. So it might work for a while but not long term. The Dutch are already rattling the cage about it already.

Trying again
www.standard.co.uk/business/jim-armitage-mark-carney-s-right-it-s-time-to-remove-hated-eu-bonus-cap-a3706291.html

This one comes with the added bonus of a big picture of Mark Carney if that floats your boat (he doesn’t do it for me personally).

The Beeb get worse. I turned on Radio 4 on the way home late last night to hear their front man basically saying to JRM "So, your wonderfulness, is there anything you'd like to say about anything for us tonight. We'd love you to impart some of your almighty wisdom on us." There wasn't even a hint of challenging his suppositions, or his blatant lies.

The BBC has gone so far down in my opinions I don't think it could go much lower.

www.bloomberg.com/news/articles/2018-01-25/barclays-ceo-is-said-to-press-may-to-weigh-single-market-exit

"His comments chime with those of Bank of England Governor Mark Carney, who said in November the U.K. could review a European-dictated cap on bonuses after Brexit, a rule particularly hated by bankers."

Even if the banks managed to partially mitigate there wouldn't be a discussion if there was no impact. 3x salary removed the excessive risk taking incentive therefore the regulatory objective is satisfied.

That said Olivia could be onto something by suggesting there is more to the story. That guy is currently under investigation by the authorities so particularly keen to please TMbot I imagine.

The Moggs of this world have already mooted making the UK a low tax haven for the world. Trump’s administration is busy rolling back financial regulations to create more tax loopholes for the wealthy. I think avoiding EU tax evasion regulations is definitely a driver from some of the hard Brexiteers who won’t care about the EU withholding access to the SM - they are quite happy to drop off the cliff edge and go WTO ( and stuff NI in the process).

"Unemployment falls again. More people are in work than ever before. Oh, and borrowing is falling, exports rising, the stock exchange at a record high, manufacturing surging etc etc. If you’re still gloomy, it’s because you really want to be."

I recall reading in the 1980s, the fishermen of Nova Scotia were happily ignoring (those pesky) experts about declining stocks. In fact, for a couple of years they landed more than ever, and laughed of the warnings.

en.wikipedia.org/wiki/Collapse_of_the_Atlantic_northwest_cod_fishery

Now I'm not saying people are fish. I'm not saying there is any causal link. But beware "bumper" harvests. Especially the UK, which has a long and proud record of pissing away surpluses instead of investing them.

Especially the UK, which has a long and proud record of pissing away surpluses instead of investing them.

North Sea oil being a prime example.

@LondonMum8

Definitely a power play to become PM. But to what end? What does he hope to achieve?

Perhaps a 'mistake' causing us to crash out? Others would not allow this but he might be able to orchestrate under the Vassal state BS narrative.

I still struggle to see who gains. Maybe foreign vulture funds who can pick thru the remains?

I really struggle to see the backstory. There is one but I'm not well connected enough to know it or smart enough to interpret from the information.

Jes Staley, Barclays CEO, is involved in Prosperity UK, which in turn has received funding from disaster capitalists Legatum.

A tangled web indeed.

www.standard.co.uk/business/james-ashton-the-new-alliance-soothing-city-brexit-fears-a3522201.html

www.prosperity-uk.com/speaker/jes-staley/

Jes Staley - UK's first American PM. That would be something! Actually, that would make some sense in the context of a post-Brexit scenario whereby Trump just annexes the UK as a part of a new bold trade deal struck by TM, Liam F..ks, David Dottard and of course the main champion of it all - BoJo :)

Olivia read up on the Legatum Institute. They are currently driving TM and her merry band of Brexiteers. They're basically disaster capitalists, who have made fortunes from people's misery around the world.

@CS: Amazing stuff to be read on Legatum, the underlying Dubai-based sponsor. Thanks for pointing out. The BrexitConGate just got more chilling.

Jes Staley - UK's first American PM.

Perhaps they'd have BoJo as president ?

@CardinalSin

I was aware of Legatum. The Indian named chap running it provided testimony to a HOC subcommittee on Intl Trade. Made no sense.

I have heard funding for Legatum comes from Russia. Or a chap very entangled with Russian and Putin in particular.

Legatum (hedge fund company) was set up by a New Zealander, Christopher Chandler, together with Mark Stoleson, Philip Vassiliou and Alan McCormick. It's based Based in Dubai, and basically makes its money in disaster capitalism.

It funds the Legatum Institute, which is led by Shanker Singham.

Hopefully you can read this without a paywall:

"Legatum: the think-tank at intellectual heart of ‘hard’ Brexit"

www.ft.com/content/fac8b53e-d840-11e7-a039-c64b1c09b482

What unbelievably vile scum of the Earth. Well, I'm sure those guys have the wellbeing of ordinary Brexiters at the forefront of their actual agenda :D #BrexitConGate