Brexit
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- lowimpakt0
Tesco and Unilever having handbags.
People on twitter saying Unilever are punishing the British people for Brexit and Tesco are defending them.
Economists and Food Industry experts explain that the Sterling is weak against the Euro and someone is going to have to absorb costs.
- people on twitter vs economists and experts is a suitable epithet for 2016Fax_Benson
- chrisRG1
Which EU Law Are You Most Looking Forward To Losing?
This caller voted to leave the EU so we could take control of our own laws.
James asked for just one European law that he was excited to repeal. And Ashley couldn't name a single one.
- fucking heartbreaking listening to this stuff, too many fucking idiots on this planetBluejam
- what a disaster...********
- kingkong-2
I thought this article just about nails it. There is a hell of a lot of doom and gloom around at the moment.
It will be fine everyone, don't worry :)
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If the central purpose of Brexit is to restore the supremacy of Parliament, we should congratulate Labour for forcing a debate on the proposed terms of withdrawal. Let us demand that MPs should have a vote as well.
Brexit belongs to no faction. The referendum was not an election where the winner takes all. The circumstances are entirely sui generis and extremely delicate.
Both Scotland and Northern Ireland voted to remain, and the constitutional implications of this have yet to be confronted. A great majority of those below the age of thirty opposed Brexit, and many feel betrayed. It amounts to an inter-generational crisis.
The exact contours of Brexit were never defined. There was no Manifesto. The binary ballot presented to us on June 23 - nolens volens - contained not a single word about immigration. Many who voted to leave the EU want a liberal, amicable, open settlement with Europe.
It is the proper role of Parliament to discern the national will, and to impose its verdict on ministers. Theresa May is well-advised to bow to this imperative before Article 50 is triggered, even if raucous wrangling in the House greatly complicates negotiating tactics with Brussels.
That said, one must guard against certain vested interests in the City that are actively seeking to whip up hysteria in financial markets. There is an attempt underway to create a bad Brexit narrative in the hope of overturning it, or at least to frighten the country into a minimalist outcome that achieves much the same thing.
The interests of the financial elites should not be conflated with the national interest. A legitimate case can be made that they are in conflict.
Paul Krugman, the Nobel trade theorist, says the UK has been suffering from a variant of the "Dutch Disease", an over-reliance on finance that drove up pound and hollowed out manufacturing industries. This economic deformation has greatly enriched London's financial set and those who service its wealth, if non-one else.
here may be serious economic trials ahead as we extract ourselves from the EU after more than forty years, but the slump in sterling is not one of them. The devaluation is necessary and desirable. The pound is now near 'fair value' based on the real effective exchange rate used by the International Monetary Fund.
All that has happened is a correction of the extreme over-valuation of sterling before Brexit, caused by capital inflows. This left the country with the worst current account deficit in peace-time since records began in the 18th Century.
The fall is roughly comparable to the devaluation from 2007 to 2008 - though the same financial elites who talk so much of Armageddon today played it down on that occasion, mindful that their own banking crisis was the trigger.
We can argue over how much the 2008 devaluation helped but it clearly acted as shock absorber at a crucial moment. It was in any case a far less painful way to restore short-term competitiveness than the 'internal devaluations' and mass unemployment suffered by the eurozone's Club Med bloc.
But there is a deeper point today that is often overlooked. Central banks across the developed world are caught in a deflationary trap. The 'Wicksellian' or natural rate of interest has been falling ever lower with each economic cycle and is now at or below zero in half the global economy, a full seven years into the expansion.
This paralyses monetary policy and has dark implications for the next downturn. It is why central banks are desperately trying to drive down their currencies to gain a little breathing room, or in the case of the US Federal Reserve to stop the dollar rising.
By the accident of Brexit, Britain has pulled off a Wicksellian adjustment that eludes others.
With luck, the economy may even generate a few flickers of inflation, enough to let the Bank of England raise interest rates and start to restore 'intertemporal' equilibrium.
Personally, I have been in favour of a "soft Brexit" that preserves unfettered access to the single market and passporting rights for the City, but not at any political cost - and certainly not if it means submitting to the European Court, which so cynically struck down our treaty opt-out on the Charter in a grab for sweeping jurisdiction.
But what has caused me to harden my view - somewhat - is the open intimidation by a number of EU political leaders. "There must be a threat," said French president Francois Hollande. "There must be a price... otherwise other countries or other parties will want to leave the European Union."
These are remarkable comments in all kinds of ways, not least in that the leader of a democratic state is threatening a neighbouring democracy and military ally. What he is also admitting - à son insu - is that the union is held together only by fear. He might as well write its epitaph.
Mr Hollande and German Chancellor Angela Merkel invariably fall back on the four freedoms -movement, goods, services, and capital -enshrined in EU treaty law, as if they were sacrosanct.
These freedoms are nothing but pious shibboleths. They often do not exist, and where they do exist they are routinely honoured in the breach. Services make up 70pc of the EU economy yet account for just 22pc of internal EU trade. All attempts to open services up to cross-border commerce have been defeated, to the detriment of Britain.
The sorry saga of the Services Directive in 2006 tells all you need to know about how the EU works. "The French and Germans gutted it," said Professor Alan Riley from the Institute for Statecraft.
The 'country of origin rule' that would have allowed firms to operate anywhere in the EU under their own domestic law was dropped, casualty of the "Polish plumber" scare. The directive did not cover health care, transport, legal services, professions, tax experts, and the like. Germany protected it guilds.
Online and digital trade across borders remains minimal, riddled with barriers. Britain's All-Party Parliamentary Group for European Reform concluded that "there is no single market in services in any meaningful sense."
As Brussels correspondent I covered the parallel fiasco of the takeover directive. This too was sabotaged by France and Germany, after fourteen wasted years. They reinstated poison pills and a host of tricks in an explicit attempt to stop 'Anglo-Saxon predators' taking over their companies, even as their own companies were free to stalk British prey.
"It was disgusting," one Commission official told me at the time. Frits Bolkestein, the quixotic single market chief, was despondent. "It is tragic to see how Europe's broader interests can be frustrated by certain narrow interests," he said.
So much for the freedoms of capital and services. Nor has the free movement of people been strictly upheld. France and Germany - unlike Britain - blocked access to their labour markets and welfare systems for East Europeans for seven years after they joined the EU in 2004. It was political decision.
The four freedoms are really just aspirational guidelines, enforced when expedient, neglected at other times. The rigid exhortations from Paris, Berlin, and Brussels that there can be no free trade with Britain unless there is unrestricted migration - even after leaving the EU - is politics masquerading as principle. If they want to find a compromise solution, they can do so easily.
It is an odd spectacle. On the one hand the EU is so insecure that it talks of punishing Britain to deter other escapees; on the other it exhibits an imperial reflex, demanding submission entirely on its own terms, seemingly unable to accept or even to imagine a reciprocal trading relationship based on sovereign equality.
Mr Hollande wishes to bring about the hardest possible Brexit. If this proves to be the EU position - and it may not be, since it is lunacy and he for one will soon be irrelevant - it does at least clarify the issue.
A hard Brexit was never my preference. While the economic benefits of the EU customs union are greatly overstated, it would be no small matter to unwind the nexus of cross-border supply chains that has evolved over decades.
But if that is the only choice, so be it.
- lessfloor0
Tesco stops selling marmite!!!!!
- but available in a million other handy outlets. phew.fadein11
- The shape of shopping to come.face_melter
- lowimpakt1
Nicola Sturgeon just said the the Scottish Government is going to push for a second independence referendum starting next week
- kingkong0
SI never going to happen - Just sabre rattling.
From the rather anti Brexit Guardian
"Sturgeon faces clear short-term obstacles to staging a second vote on leaving the UK. Scottish voters are still not convinced of the case for a fast second referendum and Holyrood requires Westminster’s legal authority to stage one.
The latest poll, published on Thursday by the Herald from BMG, found independence does not have a majority and that only 12% of voters would switch to back leaving the UK if there was a hard Brexit. It found 47% were against independence, 38% in favour and 12% undecided.
The economics of Scottish independence are still extremely difficult: the latest GDP data showed Scotland’s economy still growing at a third of the pace of the UK’s as a whole and government data showed a £15bn Scottish spending deficit last year – 21% of overall government spending in Scotland."
- The Scotts are like a sports team that forgot how to win. I love those people...robotron3k
- The Guardian was and still is vehemently against independence. Their coverage was abysmal. Recent ed. changes have made it a stringy, centre-ground, mouthpiece.face_melter
- ^ you mean it reflects the British public. God forbid.kingkong
- Their continued pandering to the dead, stinking hand of New Labour and occasional Tory forelock tugging is embarrassing.face_melter
- people want to leave. when it happened people got scared, fear is a disease. long term its better then the growing superstate of the EU.yurimon
- Bluejam1
High court says parliament must vote on triggering article 50 - Politics live
https://www.theguardian.com/poli…
- http://67.media.tumb…Bluejam
- Hold on, not THAT MUCH sovereigntyFax_Benson
- This is great news.fadein11
- i hope her decision to exclude remainers from negotiations bites her bad - and the 73% of MPs for remain have the balls to call out the referendum as BSkingsteven
- black adder?********
- now we've got Brexiters who told Remainers to stop moaning all moaningBluejam
- @kingsteven - yep.fadein11
- Hahahhha. All her backroom scheming is going to blow up in her fucking hatchet face.face_melter
- yep superb - non-elected PM going to experience the hard face of democracy soon.fadein11
- http://i.onionstatic…mugwart
- trooperbill-5
London, Scotland and N Ireland all voted remain - weird how all these places have a capital city and their own army of bureaucrats
i guess the rest of England and Wales are just un educated racist oiks
if politicians who are supposed to represent their constituents do their own thing and "know better" than we do then they should step down.
its all just a sham.
remainers - should we just do away with our national government, adopt the euro be run by the anonymous collective... its going to end up that way with "ever closer union". they might aw well ban national anthems, royalty, pick esperanto as the official language of europe and make all taxes, wages, laws and education uniform across all what-once-were countries
- If you're concerned about your national identity, Europe is not the problem — quite the opposite — it's an enabler, if anything.detritus
- http://s2.quickmeme.…Bluejam
- Well yes. Voting remain was basically voting to not have a vote in the future.********
- < amazing paranoia and whataboutery.face_melter
- lol @ simplistic set - the eternal teenager.fadein11
- We often criticise in others what we don't like about ourselves. Simplistic you say?
http://www.qbn.com/r…******** - You are a teenager let's face it. You spout the 'all politicians are puppets, it's all a distraction' shit we all know with as if you have worked it all out forfadein11
- us - like QBN's Yuri Litefadein11
- lowimpakt2
the tabloids calling judges enemies of the state is actually a bit chilling.
especially when what hey did was protect UK constitutional law.
The government are moving into fascistic territory when they want the courts to bed to the will of the government.
- pretty ugly, even by the Mail's 'standards'Fax_Benson
- it's ok, because now the govt. are going to the european court of justice to appeal the sovereignty of UK parliament... couldn't write it.kingsteven
- priapism for brexit has cut off blood-flow to the brainFax_Benson
- "Just farted so long and hard that my voice recognition software wrote a Daily Mail column" - Roger QuimblyFax_Benson
- That moment when you realise its not a democracy.Dillinger
- Bluejam2
- yeah, but just wait til Trump gives us a shiny new trade dealFax_Benson
- Who needs the EU? The US is where its at these days.Fax_Benson
- holeee shitlowimpakt
- May as well just set fire to the entire island and claim it on the insurance.face_melter
- lol @ fax - funny guy.fadein11
- @Fax_Benson only if we promote Earthworm Jim to King of England, that orange dude won't have it any other wayBluejam
- CyBrainX1
I bet you Brits thought you just might have had us beat in the idiot department for a little while, didn't you?
Surprise!!! Top that one!
- exactly - and looking at the financial outlook our marvelous unelected govt. have delivered today it's gonna get pretty shit over here.fadein11
- I see the UK govt wants to block porn, too. I am pretty sure Trump won't go that far, unless it's blocking the nudes of Milaniaformed
- and we've got the some serious shit going on when it comes to internet surveillance aka 'The Snoopers Charter', fucking no.1Bluejam
- oh, they will...********
- Hang on, Trump said he was gonna shut the internet down to stop ISIS. I'd say that winsIanbolton
- Bluejam1
- lol... shut up and accept your democracy, peasant.********
- https://media4.giphy…Bluejam
- http://www.thetimes.…Fax_Benson
- http://data.whicdn.c…Bluejam
- He's an Alan Partridge wet dream. I bet that's a tray of fancily wrapped scotch eggs.Fax_Benson
- Looking forward to the reaction of American polite society to if he does move to the US. Not sure a pompous, ingratiating, chain-smoking spiv with bad teeth isFax_Benson
- going to be a big hit. Trump will ignore him if he isn't going of any use to him.Fax_Benson
- *to beFax_Benson
- Americans love british, pompous, ingratiating, chain-smoking spivs********
- Simon Cowell... Piers Morgan... Gordon Ramsay.********
- I can genuinely see Farage becoming huge over there. Hilarious as that is.********
- Cowell is questionable and Morgan's show was cancelled because nobody liked him. Ramsay is a bit different.Fax_Benson
- I see. Well thanks for letting me know********
- not a problem.Fax_Benson
- yep - US fucking hated Morgan - he had to come home with his tail between his legs v.quickly. fucking prick.fadein11
- That picture sums up exactly what the Americans would see in him and why he'd be nothing more over there than a grinning idiot puppet monkey. For a week.detritus
- Americans fucking love grinning idiot puppet monkeys********
- Trump's Salacious Crumbfadein11
- he's the waiter, the dumb shit, not the ambassador. Christ I hate that frog-faced smug prick. https://www.youtube.…detritus
- lol... shut up and accept your democracy, peasant.
- BusterBoy1
- He should have heeded the warning from the warning propeller********
- He should have heeded the warning from the warning propeller
- monoboy1
#Brexit is going fine, nothing to worry about.
- still astounds me that anyone voted Brexit and din't realise the affect it would have on UK's fragile economy - we now have many more years of austerity andfadein11
- stagnation. The economy alone should have been enough of a reason to remain - fuck immigration/sovereig... and all that bullshit.fadein11
- I'm also worried about the instability it will cause outside of the UK. Trump and Putin are not fans of the EU, Trump for the competition and Putin for Balticsmonoboy
- When the euro collapses and the pound still has weight, maybe then you'll start to realise some critical thinking may be a beneficial asset in life********
- If the EU does indeed break up because of a rise in nationalism, the OrangeNonce and KGB geezer will pounce on it. Then who knows.monoboy
- Until then you'll spout your cliches and bask in your own pomposity, I'm sure.********
- Plenty of column inches in the press. Having an opinion doesn't make you pompous my friend.monoboy
- The pound has half the weight it had three months ago dude.monoboy
- @set - leaving the EU has certainly made the collapse of the euro more likely - thanks for proving my point.fadein11
- you defend Farage regularly - you a lost cause lol.fadein11
- and we were never part of the Euro so don't really understand your point. but keep up the obnoxiousness - your little retarded trademark.fadein11
- Which is it, fadein? We fucked the Euro, or we didn't have anything to do with it, so couldnt've?detritus
- As the Bundesbank and the BoE stated before it even started, it was doomed from the off. DE is just making the most of it for their exports before it implodes.detritus
- @detritus - it was referring to sets statement on the pound remaining strong when/if the euro collapses. as we are a separate currency and never part of thefadein11
- euro it makes no sense. A2 separate issues - UK leaving has certainly destabilised the EU though. Geddit now?fadein11
- you do know the Euro and EU are not the same thing, right? :)fadein11
- Sir pea-wit extraordinaire himself********
- Sir Privileged of Brighton has got his knickers in a twist again because people have different points of view. Busy now with clients... laterz honey ;)fadein11
- http://www.reactiong…********
- not wound up lol? quit whining and accept people have different opinions to you. And lighten up ffs. anger issues :)fadein11
- lowimpakt0
farage said he wanted his country back.
he's working on that by moving to the US while the brexit shitstorm pick up pace.
- The filthy immigrant, taking someone else's job.face_melter
- awaiting Set's bizarre defense of the cock weasel.fadein11
- @fadein11 was thinking the sameBluejam
- haha, you think in such black and white terms... you silly bulbous helmets. I've never defended farage...********
- cool story brofadein11
- Only a simpleton links the suggestion that a brexit might not be a bad thing, with 'constantly' defending farage. Thine numpty of ye highest calibre.********
- funny 2 of us have noticed it. you automatically offer support to people you perceive are not part of the system, you've done it a lot with Trump. It's highlyfadein11
- amusing and fits your eternal student persona.fadein11
- http://brandynbold.c…Bluejam
- Note to self. There's no reasoning with stupid.********
- https://aussiemadnes…fadein11
- You have another idiot to back up your confusion, which in your empty head denotes utter confirmation of your view point.********
- Your only redeeming quality is that you're good fun to watch and occasionally poke at.********
- https://aussiemadnes…fadein11
- cool sentence by the way.fadein11
- you're right Set, because in the end we always win
https://www.youtube.…Bluejam - oh Jam was so so good - need more Morris these days.fadein11
- If you're only defence it too continuously and bizarrely call me a student, then that says it all really doesn't it.********
- I enjoy watching your viewpoint change every few weeks because you haven't got a clue lol. Not so vocal about Trump now are we?fadein11
- https://i.ytimg.com/…fadein11
- Christ, you really are a simpleton aren't you.
Well, bless your little soul I guess.******** - https://i.ytimg.com/…fadein11
- Flea-wits with opinions.
The dirge of earth.******** - https://aussiemadnes…fadein11
- Bluejam3
Brexit is simulated in Football Manager 2017, and it's going to make the game harder than ever
http://www.telegraph.co.uk/footb…
