Free trade - is it still a British ideal?

I think you are massively underestimating the impact that automation will have on the manufacturing sector, especially in light of the rapid rise of wages in China. The iPhone is built in China now because of cheap labour yes, but we aren’t far off having robots with enough dexterity to assemble an entire iPhone and rising labour costs just bring that closer and closer.

Now machine learning is certainly having an impact on the service industry (underwriting and law are the next big breakthroughs) but the vast majority of jobs that were nixed by the move to STP in the banking industry were offshore in India anyway. This is why I say that the UK is better placed than most to weather the changes we will see in next technological revolution- we don’t do the heavy industry or the low-value services that AI and robots will kill off first.
Wages aren't rising that rapidly in China. The official "data" shouldn't be relied upon, in the same way as GDP figures are massaged to comply with five year plans. There's a long way to go before we reach the indifference point between machine built and human built iphones costs.

The legal side isn't being automated via machine learning, but rather through convention. For the overwhelming majority of contract structures, the template is constant. Machines only need fill in the numbers, which they already do (per ISDA confirms that used to be manual for example).

The point of STP is that it doesn't require outsourcing into India. Indeed, that's its entire point. That process providers have their IT capability based out of India is a different matter.......and again goes to labour pricing and availability.
 
Wages aren't rising that rapidly in China. The official "data" shouldn't be relied upon, in the same way as GDP figures are massaged to comply with five year plans. There's a long way to go before we reach the indifference point between machine built and human built iphones costs.

The legal side isn't being automated via machine learning, but rather through convention. For the overwhelming majority of contract structures, the template is constant. Machines only need fill in the numbers, which they already do (per ISDA confirms that used to be manual for example).

The point of STP is that it doesn't require outsourcing into India. Indeed, that's its entire point. That process providers have their IT capability based out of India is a different matter.......and again goes to labour pricing and availability.
Speaking of iPhones and India.

Foxconn Looks Beyond China to India for iPhone Assembly
 

endure

GCM
Yes, and?

Asda is American

Countries don't own them, shareholders do - applies to PLC and Ltd
Pointing out that Brexit will allow us greater trade opportunities falls down slightly when you use 2 EU based companies as illustration.
 
David Davis confirmed in select committee that civil servants were returning from negotiations having agreed major points with the EU contrary to ministerial oversight or agreement.

It's pretty clear that there are those in the HoC who believe in the EU ideologically such a Clarke, and others who are paid agents.

Davis also confirmed that Berlin dictated the EU position would be to prevent us from accruing any benefit from brexit. A position so damaging to parts of Germany itself that Bavaria is loudly calling for bilateral negotiations.

Which calls into question whether we should realistically even see such as an Ally.
Of course Germany isn't an ally it's a major economic competitor in or out of the EU. The only way we are allies is in the United State of Europe, like Texas is an ally of California.
 
Of course Germany isn't an ally it's a major economic competitor in or out of the EU. The only way we are allies is in the United State of Europe, like Texas is an ally of California.
Texas is a huge competitor for California these days. They are mortal enemies.
Both of them suck.
 
Why has Greece gone tits up?

Paying tax to run the country is an optional extra
The point is, it must be fantastic in Greece they are part of the EU.
Unless you mean when things are going well it's all thanks to the EU and when things are shit it's nothing to do with them.
 
The point is, it must be fantastic in Greece they are part of the EU.
Unless you mean when things are going well it's all thanks to the EU and when things are shit it's nothing to do with them.
And to have them back up their collapsed economy .... how many bail outs have they had?
 
And to have them back up their collapsed economy .... how many bail outs have they had?
I'm surprised they needed bailing out. life is so great in the EU. I'm sure the richer countries in the EU taxpayers loved bailing them out.
While we are talking about how great the EU is, why is Spain having a massive problem with youth unemployment? Unless that is also Spain's fault and not the EU.
 
Wages aren't rising that rapidly in China. The official "data" shouldn't be relied upon, in the same way as GDP figures are massaged to comply with five year plans. There's a long way to go before we reach the indifference point between machine built and human built iphones costs.

The legal side isn't being automated via machine learning, but rather through convention. For the overwhelming majority of contract structures, the template is constant. Machines only need fill in the numbers, which they already do (per ISDA confirms that used to be manual for example).

The point of STP is that it doesn't require outsourcing into India. Indeed, that's its entire point. That process providers have their IT capability based out of India is a different matter.......and again goes to labour pricing and availability.
Foxconn/HHP report their average wages over time as a result of pressure from Apple and others. This isn't government data and the trend for their Chinese factories, especially in Shenzen, has been steeply upwards. It's not new data and has led them to open factories in Vietnam and India. They are also increasing automation too so the marginal labour input continues to fall.

Re AI & machine learning in Law, I think you're a bit behind on developments old chap. The FT had a feature on this a couple of years ago which is worth reading. Subscribe to read | Financial Times

Also, when I started working in the City some years back, I witnessed first hand the offshoring of reconciliation work (for trade matching & settlements) from offices in the UK to Mumbai. I also witnessed the introduction of STP & SWIFT matching that meant that the second round of job losses it caused were in India rather than the UK.
 
Texas is a huge competitor for California these days. They are mortal enemies.
Exactly and being in the USA doesn't change that nor does being in the EU change the competition between the UK and Germany so leaving the EU has minimal effect on this aspect of our relationship.
 

skid2

LE
Book Reviewer
I'm surprised they needed bailing out. life is so great in the EU. I'm sure the richer countries in the EU taxpayers loved bailing them out.
While we are talking about how great the EU is, why is Spain having a massive problem with youth unemployment? Unless that is also Spain's fault and not the EU.
And aren't we making preparations for bringing 150,000 of our immigrants back to the uk. As the eu stop healthcare for non eu members.
As for Spanish unemployment, maybe they should apply the same rules as we do as to what constitutes employment. 1 hour a fortnight means a full time job.whats he/she earning £300 an hour?
 

Oyibo

LE
Wages aren't rising that rapidly in China. The official "data" shouldn't be relied upon, in the same way as GDP figures are massaged to comply with five year plans.

Snipped
Just to back this one up, I worked for a Chinese company for a few years and at the time all companies were required to have at least 7% growth to comply with the Party's plan. All Chinese based companies duly did so. When the company I worked for (based outside China) had a refusal by a major auditor to sign off its accounts they tried to get the COO to sign off on a contract that came into question. He refused - the second COO to do so (first was 'replaced'). They then tried the CFO. He refused and was sacked. They then tried the Finance Manager. He refused, and was sacked. Lastly, the second COO was sacked.

I am sure there are some good Chinese companies out there, but I would not trust their accounting or 'data' as far as I could throw an Atlas Stone.
 
And aren't we making preparations for bringing 150,000 of our immigrants back to the uk. As the eu stop healthcare for non eu members.
As for Spanish unemployment, maybe they should apply the same rules as we do as to what constitutes employment. 1 hour a fortnight means a full time job.whats he/she earning £300 an hour?
The EU are going to stop healthcare for none EU members? How will the 10s of millions of non EU members within the EU cope? Oh wait let me guess they seem to manage, but lets pretend it will be a massive problem for all the Brits abroad, because they couldnt possible deal with it.

Its all the Spanish fault then?
All good things is thanks to the EU.
All bad things is thanks to the member states.
 

Flight

LE
Book Reviewer
Anyone know much about the tobacco industry in the UK?

The reason I ask is that this...

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/771937/Dec18_Receipts_Table_Final.pdf

Lists about £8 billion in tobacco duties... Though the sales tax on tobacco would be an excise surely? Whereas a duty is on imports, and therefore 80% goes to the EU.

So I dug into our official imports of tobacco.. And other than a few hundreds of millions $ worth there doesn't seem to be much.

Products imported by the United Kingdom (2016)

Yet the industry must be multiple tens of billions even before tax.

Tobacco isn't grown in the UK so it must all be imported....
 
Anyone know much about the tobacco industry in the UK?

Tobacco isn't grown in the UK so it must all be imported....
Yep, imported. Dried tobacco leaves are cheap; sin taxes makes processed tobacco expensive.

imo "duty" is correct: Import Duty, Excise Duty, Fuel Duty, Duty Free...
 
Damn, I was hoping they were. One of the sad things about life as a Septic is the lack of anything Cuban. The hardships are horrible, and my willingness to overlook their heathen ways is denied by my government.
I'd be happy to post/Fedex them to you as a "gift", but at your own risk as US Customs might impound them.
 

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