Money Britain is incapable of managing Brexit and calamity will follow

20:40  14 july  2017
20:40  14 july  2017 Source:   The Financial Times

Euro rivals will 'screw over' UK airlines - O'Leary

  Euro rivals will 'screw over' UK airlines - O'Leary French and German airlines will seek to "screw over" UK airline carriers in the wake of Brexit, Ryanair boss Michael O'Leary has claimed.The businessman described Brexit as "one of the great economic suicide notes in history", and predicted Lufthansa and Air France would see it as "a competitive opportunity".

The UK's Brexit secretary David Davis, left, with EU negotiator Michel Barnier, who says Britain must recognise an exit deal will demand a substantial payment © AFP. There is, as a result, neither a comfortable exit from Brexit nor a plausible way of managing it smoothly.

British business confidence declines on Brexit fears.

  Britain is incapable of managing Brexit and calamity will follow © PA

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not represent the views of MSN or Microsoft.

The UK once had a deserved reputation for pragmatic and stable politics. That will not survive the spectacular mess it is making of Brexit.

Remember what has happened. In an unnecessary referendum, a small majority chose an option they could not understand, because it had not been worked out. Thereupon, a new prime minister, with no knowledge of the complexities, adopted the hardest possible interpretation of the outcome. She triggered the exit process in March 2017, before shaping a detailed negotiating position. Some 70 days later, in an unnecessary election, she lost both her majority and her authority.

Britain hails Spanish investment as sign of confidence in economy

  Britain hails Spanish investment as sign of confidence in economy By Kylie MacLellan

Hover over the profile pic and click the Following button to unfollow any account. Say a lot with a little. When you see a Tweet you love, tap the heart — it lets the person who wrote it know you shared the love. Replying to @FT. Re-vote Brexit .

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The Conservative party is so split over Brexit as to be no longer a coherent party of government. It is, as a result, questionable whether the compromises needed over money owed to the EU, rights of EU residents and the role of the European Court of Justice, could win approval in parliament. The Labour party will offer no relief: it wants another general election and is now about as split over Brexit as the Tories.

Meanwhile, Michel Barnier, the EU’s negotiator, patiently explains, as if to inattentive children, that “the clock is ticking”. In late March 2019, the UK will exit the EU. If businesses are to make sensible plans, they will need to know what is going to happen no later than a year from now. If the deal is to be ratified, it must be sealed by autumn 2018.

U.K. Accepts It Must Pay Brexit Bill on Departing European Union

  U.K. Accepts It Must Pay Brexit Bill on Departing European Union (Bloomberg) -- The U.K. acknowledged for the first time on paper that it will have to pay money to the European Union as it withdraws from the bloc, seeking to damp down a row over the country’s so-called Brexit bill. “The government has been clear that we will work with the EU to determine a fair settlement of the U.K.’s rights and obligations as a departing member state,” Brexit Minister Joyce Anelay, a member of the House of Lords, said Thursday in a written statement to Parliament that referred explicitly to the “financial settlement” with the EU. “The government recognizes that the U.K.

Azeem AzharVerified account @azeem. Britain is incapable of managing Brexit and calamity will follow https 68% of British households now have 1 or 2 people in them. Significant ramifications for so many things. 0 replies 0 retweets 0 likes.

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Watch: UK takes steps towards Brexit with Great Repeal Bill (Reuters)

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Related: Why the Great Repeal Bill is a nightmare for May

Liam Fox says Brexit transition period acceptable with time limits

  Liam Fox says Brexit transition period acceptable with time limits Trade minister Liam Fox said on Sunday he would be happy to accept a transitional period when Britain leaves the European Union but that it must be within a time limit and give Britain the freedom to negotiate its own trade deals. Earlier on Sunday, Chancellor Philip Hammond had said senior British government ministers were becoming convinced of the need for transitional arrangements to reduce disruption as Britain leaves the EU."I don’t have a problem with the transition period as long as is time-limited," Fox, who supported leaving the EU at last year's referendum, told BBC TV.

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RT @UKIPNFKN: Britain is incapable of managing Brexit and calamity will follow via @FT # Brexit #MayDUP #BrexitExit #StopBrexit https://t.co… Davis about to hire dimwit Brexit hardliner Stewart Jackson as chief of staff https://t.co/qHsdudl8Wq.

Moreover, as the EU has insisted, “nothing is agreed until everything is agreed”. Mr Barnier also argues that the UK must recognise that an exit deal will demand a substantial payment. This was in response to Boris Johnson, Britain’s foreign secretary, who remarked in parliament: “I think that the sums that I have seen . . . seem to me to be extortionate and I think ‘go whistle’ is an entirely appropriate expression.” If the UK sticks to this, there will certainly be no deal, be it a good one or a bad one.

Related: Watchdog says UK’s Brexit could collapse like ‘chocolate orange’ 

The UK government has failed to prepare the ground for any of the necessary compromises. It could probably not do so, in any case, because a significant number of Brexiters fail to understand the weakness of the UK’s hand: damage to access to the EU market would, for example, be far worse for the UK than vice versa, because the EU’s economy is some five times bigger than Britain’s.

Worse, many Brexiters seem prepared for a “no deal”. But the UK would then, in the view of its most important economic partners, have defaulted on its legal obligations. The EU is a creature of law. Members would view such a violation of UK obligations as heinous.

Brexit Is Pushing Consumers to the Point of No Return: Gadfly

  Brexit Is Pushing Consumers to the Point of No Return: Gadfly So much for Brexit triggering an immediate economic meltdown. While the pound has fallen 13 percent against the dollar since Britons voted to leave the European Union in June last year, the country's economy has performed respectably, so far.A year later, however, signs the U.K. is approaching a tipping point are building. Britons are paring their spending on clothing, footwear, recreation, culture and household goods. While they're still shelling out more on hotels, restaurants and food, the rate of growth in those areas has cooled since last summer.

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Anybody who thinks EU members would then co-operate over vital British interests, such as the flow of goods or aviation is dreaming. Amyas Morse, head of the National Audit Office, has noted that the UK may be unable to process a vastly increased number of customs declarations after Brexit. But this underplays the risks. What will happen to the procedures on the other side?

The UK government is stuck between a rock and a hard place. It will find it almost impossible to agree and implement a sensible deal on the divorce, the nature of the longer-term trading arrangement and the transition in the time available. But it would be even more impossible to fail to do so. Who knows which will win? My guess is that “no deal” is now the more likely.

Sooner or later, markets will realise this, too. That could be destabilising for sterling and cause another spike in inflation. That would create a painful dilemma for the Bank of England. Jeremy Corbyn’s arrival as prime minister could also become more credible. How, after all this tomfoolery, could the Conservatives continue to claim the mantle of sober competence?

What would happen then? Many Remainers still hope that, as the economy becomes still worse, the polls showing a continued rough balance between Brexiters and Remainers, will break for the latter, so causing a big shift of opinion in parliament. I see no constitutional objection to a referendum on the terms of Brexit (or the absence of such terms). Referendums are merely a (dangerous) political tool. But politically another referendum would be dynamite, further aggravating the deep splits over the European issue.

The UK has become so ludicrous because the issue of the EU is so deeply felt by a significant part of the body politic. The Brexiters are the Jacobins of UK politics. Their ideological intensity has devastated the Conservative party and reduced British politics to its present shambles. There is, as a result, neither a comfortable exit from Brexit nor a plausible way of managing it smoothly.

Whom the Gods wish to destroy they first make mad. So it now is over Brexit.

Margaret Thatcher’s prized ‘rebate’ dragged into Brexit bill talks .
Margaret Thatcher’s prized “rebate” on EU budget contributions was pulled into Brexit negotiations on Tuesday as the two sides hit an impasse over the UK’s exit bill. During two days of negotiations that made only “slow progress” across the board, participants said that Britain’s financial settlement stood out as the toughest subject, with neither side budging from opening stances.

Source: http://uk.pressfrom.com/news/money/-185277-britain-is-incapable-of-managing-brexit-and-calamity-will-follow/

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