And while this is the biggest social, economic, and political turning point since universal suffrage, Britain's most-read newspaper, which campaigned vociferously for BREXIT (despite its owners profits being held off-shore), decided to run with an emotional plea which wilfully, and disingenuously imo, seeks to confuse the existence of a global aid budget with a raft of government decisions which have seen the social care sector deliberately starved of money and run down over the last six years...Tens of thousands of banking jobs could be lost to continental Europe starting from next year if ministers do not agree a transitional deal with the EU, a Lords report on financial services after Brexit is expected to warn.
UK naive to expect easy ride in Brexit trade talks, says Lords report
Read more
Peers on the committee, due to report on Thursday, have been struck by the urgent need for financial institutions make decisions on their location because they cannot wait until 2019 to find out if they can access the single market from London.
The committee has been given a range of estimates of the likely job losses across the financial services sector including a claim from Ernst and Young commissioned by the London Stock Exchange that 200,000 UK jobs are at stake.
The Brexit committee, one of several that has begun looking at the impact of the UK’s planned departure from the EU, has been warned that big banks will start making decisions next year, partly because the relevant insurance deals take a year to unwind.
It is already becoming clear a dividing line is developing between those ministers who think the complexity of the negotiations mean it is not possible to negotiate a new trading relationship with the EU by autumn 2018, requiring a transitional agreement, and those who think it is feasible simply to leave the EU and then trade with the EU on WTO terms....
... Committee members have also been struck by warnings from the London Stock Exchange Group chief executive, Xavier Rolet, that the article 50 negotiating process would make it hard to secure the smooth transition that he wanted.
Rolet told the inquiry: “Article 50 was designed with exactly the opposite set of objectives in mind; that is, to impose and enforce such a reduced timeline to raise the cost of exiting the EU and make it punitive, or to create a level of uncertainty. This is our number one concern.
“If our customers are faced with an uncertain outcome within, say, the next two-and-a-half years, for the protection of their own customers and shareholders they likely have to start today to think, plan and execute alternative arrangements.
“The real difficulty is for most financial securities and licences, the delays in securing a licence easily exceed a year; 18 to 24 months is the norm, particularly since in most cases the regulatory environment in Europe is less global, sophisticated and deep than it is in the UK. So the ability to process multiple applications takes time.
“It is about ensuring that our customers will not be in a situation in the next two years where all of a sudden they have large amounts of risk or activities that are non-compliant.” ...
https://www.theguardian.com/politics/20 ... rs-to-warn
The chance of a dispassionate and honest debate about what BREXIT is and what it means for the country is impossible while the popular press are prepared to stoop this low.
