No more frictionless trade

[Seventyone72seventy3]

So much for getting rid of red tape, we are going to have much, much more of it!
Michael Gove confirms post-Brexit trade barriers will be imposed

www.theguardian.com/politics/2020/feb/10/checks-on-eu-bound-goods-inevitable-gove-tells-business-leaders?CMP=Share_AndroidApp_Copy_to_clipboard
How many businesses are going to go under because of this?

The media have now picked up on the fact that Truss was lying about trade going up when the increase was all due to gold - it's quite an interesting story:

threadreaderapp.com/thread/1228279325344051200.html

Thanks misti, that's really interesting. It shows how little us little people know about the world's machinations

Actually if you read the Times article even people in the know can't explain it, because it probably relates to a transaction by a company (or companies) that is under no obligation to disclose client confidential business, and the ONS can't reveal data at the individual company level.

mistigri
so with a few clicks on a balance sheet, the UK could (for a short while) become an exporting powerhouse
that will make MTA ever so happy !!!

I don't know LQ, tbh I'd have thought that a physical change in location would be required for an export to be counted as occurring. Or at least a move into a bonded warehouse. I don't think a change in ownership would be enough.

Ok so that's not correct, ONS blog here on how gold exports and imports are counted. It's economic ownership that matters: blog.ons.gov.uk/2020/02/10/its-indestructible-but-can-we-always-believe-in-the-uk-trade-figures-with-the-disaggregated-effect-of-the-international-trade-in-non-monetary-gold/

The amounts involved are absolutely huge. There is no way Truss was not briefed about this, so she was deliberately dishonest.

It's kind of the ultimate in frictionless trade .

No Brexit impact anyway, because most gold trade is with non-EU countries.

Mistigri
Its like all of the vintage wine in the bonded warehouse near Corsham ....
it changes ownership regularly but never moves off the shelf