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Brexit

Already the UK is estimated to be loosing £350 million a week due to Brexit

30 replies

SoloD · 24/07/2018 15:41

"Britain's output is now around 0.9% lower than was possible if the country had voted to stay in the EU."

This equates to almost exactly £350 million less a week, the same figure that the official Brexit campaign said the UK would benefit from if it voted to leave.

www.ft.com/content/e3b29230-db5f-11e7-a039-c64b1c09b482?segmentid=acee4131-99c2-09d3-a635-873e61754ec6

And we have not already left yet...

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crannn · 24/07/2018 15:56

It's going to get far far worse. How can anyone ever trust the Conservative government again after this?

NameChangedAgain18 · 24/07/2018 15:59

The Tories have gone from being "the party of business" to the party of "fuck business".

Quietrebel · 24/07/2018 16:00

Problem is who can trust either Labour or Conservatives?
Time is ripe for an alternative and if MPs weren't so spineless they'd form a proper new centrist party to reclaim mainstream politics.

Myrnafoy · 24/07/2018 16:03

They might not trust the tories but they’ll still vote for them or UKIP ! Especially the Home Counties - some areas have never had a Labour mp so why should the reality of the tories incompetence inform their decision ! Confused

Myrnafoy · 24/07/2018 16:06

Also if you look at the swaithes of blue on an electoral map outside urban centres you’ll see that they can literally get away with anything

Quietrebel · 24/07/2018 16:13

Why would they vote for UKIP though? Aren't they relatively new too so why trust them more than, say, a new party that would understand business (which could appeal to traditional conservative voters) whilst recognising the need for a degree of social justice and a better approach to management of public resources& infrastructures (which could appeal to traditional labour voters). I know it's a unicorn right now but wouldn't there be appetite for that? I don't believe everyone has slipped towards the extremes.

Peregrina · 24/07/2018 17:06

I think they can easily risk a UKIP vote as a protest because in so many Tory seats the votes for the party are so enormous that losing a few thousand won't matter. Besides which a good many Tories are out and out racists.

InfiniteSheldon · 24/07/2018 18:22

Doomed doomed we are all doomed! Except the extra 4.2% in work this year and the record number of BAME citizens in employment

GhostofFrankGrimes · 24/07/2018 18:34

Doomed doomed we are all doomed! Except the extra 4.2% in work this year and the record number of BAME citizens in employment

The proof, is usually in the pudding.

www.theguardian.com/society/2018/jul/23/shelter-warns-of-leap-in-working-homeless-as-families-struggle

Childrenofthesun · 24/07/2018 18:42

Not to mention the vast amounts spent on setting up DexEU and what will have to be spent on duplicating regulations and setting up our own agencies that do exactly what the EU agencies already do (medical agency etc).

But that is ok for leave voters apparently. I'm sure some will be along to assure us that they were well aware that Brexit would be an economic disaster but that's fine so long as we Take Back Control. So what if it takes 50 years to see any kind of benefit as JRM suggests? That's only me, my children and my future grandchildren who'll be screwed over.

PineappleSunrise · 24/07/2018 18:45

Yeah, and the Republic of Ireland's economy grew by 9.1% in the first quarter of this year, but that doesn't mean they won't be hit by a No Deal WTO-only Brexit next March.

(See? I can pull unreferenced stats out of nowhere, too. Shall we do it some more?)

54321go · 24/07/2018 19:20

The whole of the EU is being hit with extra costs due to the stupidity of the UK government. Enlarging port areas for extra customs checks, extra customs officers etc. Fortunately for the EU the 'tab' goes to the UK (wasn't highlighted in the 'vote leave' documentation though).
Damn expensive blue passports, you could just have put the originals into a blue cover. 99p from China + postage.

InfiniteSheldon · 24/07/2018 21:09

The INS is the recognised source for unemployment figures doesn't need to be referenced my bad for overestimating you Pineapple Flowers

PineappleSunrise · 24/07/2018 21:48

You do have to cite where you got your figure from and the report it's come from if you wish to be taken seriously. And a link to the figures is always more credible than turning up and saying, "Lol I used a reputable body but can't be arsed to make a citation, soz."

jasjas1973 · 25/07/2018 07:11

Doomed doomed we are all doomed! Except the extra 4.2% in work this year and the record number of BAME citizens in employment

Tax take is down, meaning many of these jobs are low paid/part time. with workers having pay topped up with in work benefits, whilst the companies they work for make big profits, leaving the EU wont change this.

Europe may be preparing ports etc but we are not and do existing facilities even have the land to do so? Plymouth hasn't .

SoloD · 25/07/2018 08:10

Even the Telegraph, one of the most vocal supporters of Brexit is reporting the devastating effect this will have on the tax take from financial services (Which pay over £70 billion a year in tax)

www.telegraph.co.uk/business/2018/07/24/another-surrender-brexit-still-wont-save-city-tax-gusher/

Let alone the loss of highly skilled and high paying jobs and the fact that in financial services we have a large trade surplus which goes some way to covering our trade deficit.

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Bluelonerose · 25/07/2018 08:14

Isn't the same figure we are losing per week supposed to be how much the nhs was supposed to get a week under brexit?

54321go · 25/07/2018 08:21

Yes but the more important aspect is that as the government delays action and clarity, companies will loser more confidence and will decide to act themselves, either leaving the UK, not reinvesting or cutting back on employees.

Peregrina · 25/07/2018 08:24

Is the Telegraph doing this because they have genuine concern, or because they want to put the boot into May?

SoloD · 25/07/2018 08:36

Peregrina

Probably the latter, it is to me though quite alarming none the less. If May was replaced by Ruth Davidson I can see that being quite positive, but I suspect the Brexiteers want Boris which makes me just think oh god NOOOOooooooo!!!!

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drearydeardre · 25/07/2018 08:39

OP
Britain's output is now around 0.9% lower than was possible if the country had voted to stay in the EU.
I think the crucial word in your quote is 'possible' and the confusion you seem to have over cause and effect
what was the 0.9% lower compared to:- a projected output, last year, before the referendum?
we are still in the EU
world wide events can influence output so to lay the blame for the 0.9% drop (less than 1%!) on Brexit is fallacious
Weather related drop in output?
of course this is in the FT - that well-known unbiased source Hmm

Peregrina · 25/07/2018 08:45

The heatwave and earlier 'beast from the east' also affected continental Europe. If their output is higher, it can't wholly be weather related.

Some of it can be related to EU citizens not coming to work in the UK.
FT biased? Compare and contrast with the Telegraph, Mail, Express.

54321go · 25/07/2018 08:53

While the FT might be biassed the people that read it KNOW what is actually happening through other sources so will be aware of any 'inaccuracies'. The journalists do rather more investigation into facts than a journo taking a snap of Katie Pryce with her kit off.
In a move that could be regarded as cynical, the Jobcentre (whatever it is called) have decided to issue one report a year rather than two. The reason stated was to make it easier to understand, in the way that people can't read the date written on a report!

TheElementsSong · 25/07/2018 09:27

Why would a Brexiteer be complaining about reports of any drop in the UK economy? I thought "we knew what we voted for" and "we always knew it would be hard" and "any price for sovereignty"? Oh, and "what we all really need is a dose of Blitz-style hardship"?

SoloD · 25/07/2018 09:43

drearydeardre

The facts are that the UK has dropped from being one of the fastest growing to one of the slowest. This has a impact on all of us.

Thousands of jobs are already shifting out of the UK and we have not left yet.

-HSBC: moving 1,000 jobs from London to Paris, where it will set up its EU headquarters.

-Lloyd’s of London: moving 100 jobs from London to Brussels; EU headquarters from London to Dublin, Ireland.

-JPMorgan: “hundreds” of jobs from London to Dublin, Frankfurt, Germany, and Luxembourg.

-Barclays: 150 jobs from London to Dublin, where it will set up EU headquarters.

-Bank of America: moving EU headquarters from London to Dublin.

-UBS: under 1,000 jobs from London to EU offices, including Frankfurt.

-Moneygram: moving EU headquarters from London to Brussels.

-European Medicines Agency: moving from London to Amsterdam, including 890 jobs.

-European Banking Authority: moving from London to Paris, including 180 jobs.
www.independent.ie/world-news/companies-moving-hqs-and-jobs-from-london-since-brexit-vote-36709089.html

Nearly one in seven EU companies with U.K. suppliers have moved some of their business out of Britain, according to the Chartered Institute of Procurement & Supply.

Nearly a quarter of U.K. businesses are planning to reduce their workforce to offset Brexit-related costs, according to the report, based on a survey of more than 2,000 supply-chain managers globally.
www.bloomberg.com/news/articles/2018-03-20/brexit-deal-too-late-to-stop-some-eu-firms-from-moving-business

You wishful thinking is not back up by the facts

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