Brexit Phase Two - Trade

The UK borrowed £770m a week last year.

UK government debt and deficit - Office for National Statistics

Without a sensible deal (one which looks like EU membership) that will increase.
The reason we're still borrowing £770 million a week is because Gordon (no boom or bust) Brown tried to run the economy on pixie dust. At the peak of his stupidity, we were borrowing a trifling £3 billion a week. The Tories have at least got our borrowing down to a quarter of that inherited from that financially illiterate c*nt Brown.

Tying Brown's financial incompetence to leaving the EU does rather look like comparing apples and pears.

Wordsmith
 

PhotEx

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Everyone needs to read these grim Brexit predictions – they're Project Reality, not Project Fear

To get a real understanding of the implications of a no-deal Brexit for the majority of the UK, I spoke over the weekend to the chairman of one of the country’s biggest and best-known supermarket chains. Supermarkets are the great levellers: we may not all own a car, or care about bankers having passporting rights, or visit other European countries for our holidays, but we certainly all step inside one supermarket or another in our day-to-day lives. It seemed like a good place to start, even if what I found out was distinctly unsettling.

The supermarket chairman – who I will keep anonymous – started the conversation by reminding me that the EU provides 30 per cent of what his supermarket sells in food and groceries. If we were to leave the European Union and trade on WTO rules, his supermarket is working on the basis that tariffs will be levied on goods being imported to the UK from the EU. So, for example, cheese will attract a 44 per cent tariff, beef a 40 per cent tariff, lamb a 40 per cent tariff, chicken a 22 per cent tariff, apples a 15 per cent tariff and grapes a 20 per cent tariff, and so on.

Not all of the costs of the increased tariffs would be passed directly onto the consumer but, he said, “we will roughly see a 10 per cent rise in food prices and the impact on fresh food will be particularly disastrous because it is more expensive to bring it in from the rest of the world than from the EU”.


Those who he expects to suffer most are customers on low incomes: “The British consumer will have a big cut to their standard of living, particularly for people at the bottom of the income scale, for whom food is a bigger proportion of their spending,” he told me. But isn’t this all more “Project Fear”? His response: “Very quickly people will see it is not Project Fear but Project Reality – this is complete madness.”

Jacob Rees-Mogg and other Brexiteers have suggested the UK could simply apply 0 per cent tariffs to goods coming from the EU – but there is no guarantee that, if there is no deal, we will get 0 per cent tariffs in the opposite direction on the goods our firms are selling into the EU. This supermarket executive – who is one of the most respected people in UK business so knows a thing or two about dealmaking – told me on that point that “if you simply unilaterally say you are going to have low tariffs, you have no leverage” when it comes to making an agreement.

This supermarket chairman took a very dim view of that suggestion as a strategy: if the UK did this, he said, “nobody would trust that we would keep our obligations as we go around the rest of the world seeking new trade agreements”. The point he makes is that if we renege on our financial obligations to the EU, no one will have faith that we will meet our obligations to them under any trade future agreement.

So this is the practical reality for households of a no-deal Brexit. The fact that we are no closer now to any proposition on Brexit commanding a majority in the House of Commons makes that no-deal scenario more likely. Remember, the Brexiteers asserted there would be a deal throughout the Vote Leave campaign – so whatever the government has a mandate for, it is not this.

 

skid2

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The reason we're still borrowing £770 million a week is because Gordon (no boom or bust) Brown tried to run the economy on pixie dust. At the peak of his stupidity, we were borrowing a trifling £3 billion a week. The Tories have at least got our borrowing down to a quarter of that inherited from that financially illiterate c*nt Brown.

Tying Brown's financial incompetence to leaving the EU does rather look like comparing apples and pears.

Wordsmith
Drivel, not in the least bit conversant with what was happening at the time.
Apparently no idea what's happening in the present either. Constantly repeating the same old poo, doesn't and won't make it right.



The Conservatives have been the biggest borrowers over the last 70 years

Oh look figures and stuff.
 

skid2

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With the return of Farage.
The man of the people and all that. Is there any any chance that he'll manage to tell us an actual benefit of Brexit.
Something would be good. Anything, anything other than taking back control which we obviously aren't.

And as for the WTO making us rule makers. When did we take control of that organisation. Did we manage that coup while everyone was distracted by brexit.
Good move.
 
On this board it's normally Leave voters saying it's Remain voters, who then reply at an opportune moment, after one of the swivel eyed loon Britain First types spouts off for instance, that they're glad it wasn't about immigration.
Just my memory at fault then, or people having different perspectives.

I think I'll get over being wrong but it might take a whi . . . ooh look, a squirrel.
 
I can't even remember who that is - though I will agree you were right - I am after all, a daft Brexit supporting Geordie.

But lighten up, Grac, otherwise we might think that you are one of these middle-clarse types with a Brexit induced anxiety disorder.

It is okay to be wrong now 'n' again, you know?
I don't mind putting my hands up at all and don't get all button mashy....
 

PhotEx

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While claiming Foodmagedon is on its way, did the @Baglock wretch mention that non quota meat imports to EUtopia attract a minimum 50% tariff, rising to 160% for the better cuts of meat?

No?

Thought not.
 
Drivel, not in the least bit conversant with what was happening at the time.
Apparently no idea what's happening in the present either. Constantly repeating the same old poo, doesn't and won't make it right.



The Conservatives have been the biggest borrowers over the last 70 years

Oh look figures and stuff.
it's not borrowing that matters, it's financing it or debt issues. You can borrow as much as you like the issue is residual debt. Now remind me the last time a Chancellor on the Tory side left a note saying the treasury is MT. All we spend time doing is driving down Labour debt.
 
Yes, they are so intelligent, So superior to us mere mortals, they have to hang around with us and keep telling us how clever they are and how stupid we are.
Its classic autistic behaviour

We generally hang around the site because unlike yourself, we've actually worn green and served. I joined this site whilst still serving.

What is a bit odd is that you hang around a site for serving/ex soldiers, given you are neither.

Strange.
 
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it's not borrowing that matters, it's financing it or debt issues. You can borrow as much as you like the issue is residual debt. Now remind me the last time a Chancellor on the Tory side left a note saying the treasury is MT. All we spend time doing is driving down Labour debt.
Not a labour fan, but pretty sure at the time it was said the note left was a tradition.

The wider political tradition behind Liam Byrne's misjudged letter

Here's a little more detail about that letter David Cameron keeps waving around
 
As this this the trade tread, I have a trade question. Can anyone point me in the right direction of the WTO tariffs for the EU for Audiovisual Services. I have tried Google but with little luck.
As you are all Brexit SME's I am sure I can get an answer here. :0)
 
With the return of Farage.
The man of the people and all that. Is there any any chance that he'll manage to tell us an actual benefit of Brexit.
Something would be good. Anything, anything other than taking back control which we obviously aren't.

And as for the WTO making us rule makers. When did we take control of that organisation. Did we manage that coup while everyone was distracted by brexit.
Good move.
Well with the NHS breaking in this morning they should be on the Cabinet committee as the primary resource, sorry expense to the country and no one has asked them what they Need. (Practically everything that God could think of including more caviar for the topmost echelon)
Taken from the Snoozeday Depress P5

"In a report on the no deal option published today Martin Howe QC of Lawyers for Britain says prices should fall after Brexit. He hits out at what he calls the Tariff delusion that when we leave the EU, WTO rules will require the UK to accept the current tariffs which the EU forces us to impose on imports from the rest of the World and to impose them on imports from the EU as well. That delusion is simply not true" Instead the rules set out what the the maximums would be, meaning that the UK could cut them."

Now you may recall that I said that the UK could cut tariffs a lot earlier in the thread.-but hey what do I know?
 
As this this the trade tread, I have a trade question. Can anyone point me in the right direction of the WTO tariffs for the EU for Audiovisual Services. I have tried Google but with little luck.
As you are all Brexit SME's I am sure I can get an answer here. :0)
The EU applies its own tariffs to imports. As such, WTO rules do not apply.

Try the EU's website for details of import tariffs.

European Commission : Market Access database : EU Tariffs

Wordsmith
 
I agree it was misjudged, but it's not without precedence, so I don't feel it was as serious or as big an issue as the media or the conservative party made out.
The trifling £150 billion a year - the largest ever peacetime deficit - that the Tories inherited due to Brown's economic mismanagement that the letter referred to however was.

Wordsmith
 

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