Forum Topic

No deal Brexit - a financial market view

Brexiteers will see this as more of that Project Fear nonsense but the government seems determined to stick to their intransigent line and arbitrary deadline. I suggest a full reading of this article first: https://www.bloomberg.com/news/articles/2020-06-10/here-s-how-a-no-deal-brexit-would-shock-virus-hit-u-k-plc

Jonathan Callaway ● 2131d6 Comments

I always thought the UK obtained greater benefits compared to the membership fees as well.  As you say, 52% thought otherwise. But we are experiencing an emergency at the moment that was not foreseen when in 2019  legislation was passed that no extension of the transition period ending on 31 December 2020 would be requested, let alone the referendum of 2016.  It is difficult to understand why the government is so hell bent on not requesting an extension (laws can be amended) as  I believe this should take precedence to ensure all needs are met, such as supply of food and medicines.

Ivonne Holliday ● 2131d

While we are in the transition phase we have to keep paying the membership fees in exchange for free and unfettered access to the single market, a deal now deemed too expensive to continue. I always thought it was cheap at the price but 52% thought otherwise. The misleading facts on the bus didn’t help.

Jonathan Callaway ● 2131d

You may be right, Johnathan. It begs the question, as he have already left the EU on 31 January 2020, why would the extension of the transition period be a problem, if the Anti-tax avoidance directive does not apply? It seems politics have taken over practicalities and economic realities, sadly!

Ivonne Holliday ● 2131d

No, not new, but a timely reminder of where we are currently heading. Incidentally I don’t think changes in asset disclosure are behind the 31 Dec deadline - I think it’s just the hardliners determined to complete legal separation regardless of the cost. See https://www.bbc.com/news/50168357

Jonathan Callaway ● 2131d

Depressing, but nothing really new?

Michael Ixer ● 2131d

It has all to do with avoiding the EU's law on declaration of assets in tax havens which comes into force on 1 January 2020.  Disgraceful is to put it mildly, particularly with the economic damage (inevitable by the way) this country is suffering due to coronavirus.

Ivonne Holliday ● 2131d