Brexit Phase Two - Trade

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@Banker will be able to say more, but the arrangements for the City were necessary to stop the European banking system going splat as soon as it lost access to the financing from London. It wasn't altruism, it was self-preservation by the EU. Who would otherwise have seen collapsing banks, followed by a collapsing euro.

(Wouldn't have done the UK's banking sector any favours either...)

Wordsmith
Indeed. The claim that nothing the UK has or does is of any significance has just taken a kick in the ghoolies.

It's of note that we're mere weeks away from brexit, yet the mass migration of financial institutions from London to Hamburg or elsewhere is significant only in its absence.
 
@Banker will be able to say more, but the arrangements for the City were necessary to stop the European banking system going splat as soon as it lost access to the financing from London. It wasn't altruism, it was self-preservation by the EU. Who would otherwise have seen collapsing banks, followed by a collapsing euro.

(Wouldn't have done the UK's banking sector any favours either...)

Wordsmith
The agreement is around "cenralised clearing", where the EU adopted the ridiculous position that Euro denominated exposures should be cleared within the Eurozone, despite there being Euro clearing in the US, Japan and Singapore (in addition to the UK).

The two main benefits of centralised clearing are:

1. the benefit of "netting" across currencies and asset classes; and
2. the elimination of counterparty credit risk through real-time maintenance of margins, thereby eliminating +/- exposures.

EU and UK banks would be unaffected insofar as their credit exosures are mitigated, per the above.

EU corporates would be deeply affected, as the inability to net positions would significantly increase the costs of funding (as, for example, separate GBP and EUR swaps would need to be margined through separate funding in the absence of netting, effectively doubling their costs).

In reality, two things probably influenced the decision:

1. the infrastructure, human capital and regulatory capacity simply does not exist within the EU27; and
2. a "dark pool" of Euro liquidity would have been created offshore, very likely dwarfing intra-EU liquidity, which would have rendered the entire exercise pointless. Japan adopted the EU policy position, and the additional funding cost to Japanese corporates amounts to some $20bn/year, as is evidenced by the difference in spreads between domestic and offshore Yen markets.
 
I stand corrected - 91 days, not 93. Your first bullet point sums it up: You are a UK resident if you spend over 91 days per year in the UK. As a UK resident you are liable for UK tax - if you can tell me otherwise I'd be most interested to know how.
Not quite.

UK derived income, from any source is taxed in the UK at the relevant rate regardless of how many days you spend in the UK., from 0 to 365 days. Providing that income exceeds the Personal Tax Free Allowance, currently £11,850 I believe.

Overseas income is liable for UK tax if you spend 91 or more days per year in the UK.

Which is why so many in O&G ( and other industries ) do not currently live in the UK.

Best advice I can give, is get an accountant, a good one is worth their weight in gold :D:D
 

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Guns

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If I tried to narrow down every off topic thread I would run out of electrons with which to type
The irony of that and this post being off topic is not lost on me.
 
:D:D:D

Apparently this is from the EU's biggest mouthpiece.

Jean-Claude Juncker, the EU's most senior official, declared that Brexit was "in God's hands" on Monday, as he said Brussels would be open to delaying Brexit if it avoided a 'no deal' scenario.
Is that why negotiations have went nowhere - Waiting for God to speak ?

You keep cracking the bottles of Sciatica - Good stuff if the video's are to be believed :D:D
 
UK clearing houses will be able to keep serving EU clients in the event of a no-deal Brexit in a major boost for the City as it fights to retain its grip on the highly lucrative euro-clearing market.
Never in any doubt

Clearing has been a key area of debate since the EU referendum, with politicians on the continent arguing that EU derivatives should be cleared in the EU rather than London after Brexit.
You just happened to forget about New York, Chicago, Hong Kong, Singapore and others in your efforts to get hysterical.
 
And, buying a car that has come off a 4 year PCP lease means you’re just in time to swallow the first major service on a car that’s a year out of warranty.
*Cough* Toyota, 5 year warranty, Kia, 7 year warranty. The majority of dealers will now offer an extended 2 year on used vehicles too.
 
I have a feeling Honda is just the first of many car areas to be hit over the next few years. Most country’s across the globe are now inward looking. All this talk of borders and walls just drives insecurity’s. 3500 jobs and a potential 7500 support jobs is tragic. Normally in a situation like this there is another factory opened in its place. The Brexit affect will mean potentially funds will need to be directed into other areas. Did Brexit cause the Honda factory to close ? No , but it did provide the excuse and will stop future development.
 
How would this impact RoI goods passing through the UK for onward travel to EU areas? :cool:
I suppose we can always introduce the f**k around factor on their goods....although ISTR that certain French officials stated that imports to the U.K. in the form of robust sanitation checks.

How do you do a customs check on a service?

Looks like British farming is going to get a boost.
 
Did Brexit cause the Honda factory to close ? No , but it did provide the excuse and will stop future development
Correct

While confirmation is awaited of Honda's intentions for its Swindon car plant Professor Peter Wells of Cardiff University has told BBC Radio 4's Today Programme that the Japanese car marker's market share had halved in the last ten years.

"That's a pretty disastrous performance," he said.

"There’s always a combination of reasons but, the big picture is that… they've struggled to make a success of that plant in a scale sense, they haven’t really penetrated European markets in the way that they wished and that made the plant vulnerable
https://www.bbc.com/news/live/business-47251717

Which will come as a kick in the teeth for the doomers & gloomers and everything is Brexit's fault fanboys who were loudly protesting on here yesterday.
 
I have a feeling Honda is just the first of many car areas to be hit over the next few years. Most country’s across the globe are now inward looking. All this talk of borders and walls just drives insecurity’s. 3500 jobs and a potential 7500 support jobs is tragic. Normally in a situation like this there is another factory opened in its place. The Brexit affect will mean potentially funds will need to be directed into other areas. Did Brexit cause the Honda factory to close ? No , but it did provide the excuse and will stop future development.
Remaining in the E.U. didn’t stop Peugeot, Rover, LDV, ERF or Foden closing.
 
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