What does Brexit mean for the UK Europe and Globally?

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15th April 2019 Investment In UK The Highest In The World Regardless Of Brexit Chaos

Big 4 accountancy firm EY has reported that following its survey it found that Britain is the top place to invest in the world for the first time since EY started surveying investment market 10 years ago.

The reason investment has hit a record high according to EY is the English language is the language of business and the UK has a highly skilled workforce together with expanding technology base.

The low value of the UK pound has also made UK business cheap to invest in for overseas businesses keen to take advantage of undervalued UK businesses.

House prices are soaring because homeowners are ‘bored of Brexit’ and want to get on with their lives #houseprices https://t.co/4d7MTvzxDG

— Accommodation Man (@AccommodationSt) April 15, 2019

29th March 2019 On The Day The UK Should Be Leaving The European Union EU The Mother Of All Parliaments Says No Non Nein

MPs reject Theresa Mays EU withdrawal agreement by 344 votes to 286 a majority of 58. The UK is facing either a no deal Brexit on the 12th April or a long extension to Article 50 which will include the UK voting in EU elections in May.

The Prime Minister and the UK government seem to be holding out hope that the deal on the table with the EU will get still get through before the 12th April. How this would happen is highly uncertain.

22nd March 2019 No Deal Brexit Most Likely Outcome Of All Most Unlikely Outcomes

The UK is entirely fragmented politically. Each fragment has hurried off to respective camps and are digging in instead of looking for compromise.

Theresa May seems to have grabbed defeat from the jaws of victory after blaming UK MPs for Brexit logjam. Almost anything is now possible as the fragments of the UKs political community are resisting any coming together.

1. Mays Brexit deal could get through in a 3rd Meaningful Vote before the and of next week or the new deadline in April
2. The UK Prime Minister may do what she has said all along which is take the UK out of European Union EU on 29th March with no deal Brexit
3. UK parliament takes control over the Brexit process and before the EUs new deadline apply for and get a very long extension to Article 50 giving it time to put together a newer softer Brexit and or bring about a 2nd referendum on leaving the EU.

Many now believe Mrs May will take the UK out with a no deal Brexit next week but whether she will be allowed to do that by the UK parliament remains to be seen.

Brexit uncertainty has never been higher but next week it will continue to increase not reduce.

21st March 2019 Next Says No Deal Brexit Would Bring Lower Prices In Shops

Retailer Next says lower trade tariffs under no deal Brexit could save it 15 million pounds and allow Next to cut prices for shoppers in UK.

21st March 2019 No Deal Brexit Would Significantly Harm European Union EU

Barclays bank Chairman John McFarlane says a no deal Brexit would significantly hurt the European Union economy and a deal on financial services between Britain and the EU is likely whatever form Brexit takes.

He expects that trade would continue between the financial sector in London and the EU after Brexit.

19th March 2019 Theresa Mays Brexit Deal More Likely After Speaker Of House Of Commons Intervenes Into The Brexit Process Again

Yesterdays spanner in the Brexit process works by the Speaker of the House Of Commons has made it more likely that the UK Prime Ministers Brexit deal will somehow be approved. Where there is a will there is a way.

If this is the case then the UK economy will be boosted. The boost will come from private investment and massive public spending Brexit dividend promised by UK Chancellor. The downside risk is that the boost to UK economy will also accelerate UK interest rate rises.

The Brexiteers need to fall in behind the current Brexit deal or suffer no Brexit or softer Brexit.

14th March 2019 Third Meaningful Vote Expected Within A Week

Theresa May will try third time to get her EU withdrawal deal through Parliament. She is hoping to win over more Brexiteers on basis that they if they do not back her Brexit deal they will endure at best a long delay on getting Brexit or not get Brexit at all.

The UK government will at the very least need to ask the EU for a short delay on Brexit as there is not enough time to get Brexit through assuming Mays deal does get approval in the next week.

Last night an updated motion to reject a no deal Brexit under any circumstances was passed by 321 to 278 a majority of 43. Whilst not legally binding it is clear that parliament will find a way to prevent no deal Brexit ever happening.

Brexiteers realise they now face the likelihood of exiting the European Union EU via Mays Brexit deal on the table or softer Brexit like Norway Option or no Brexit. Which way will they jump in next week!

13th March 2019 UK Government Announces Tariffs On Imports Post No Deal Brexit

Most UK imports by value will not attract a tariff in the event of a no deal Brexit. Tariffs would protect some industries including farm produce. Such a change in UK imports is likely to increase the competitiveness of non European Union imports compared to EU imports though most EU imports would also be tariff free.

Tariffs on cars imported to UK would attract a 10 percent tariff though car parts would be tariff free.

The UK government also announced that it will not introduce any new checks or controls or require customs declarations for nearly all goods moving from across the border from Ireland to Northern Ireland in the event the UK leaves the EU without a deal.

12th March 2019 Theresa May Says She Has Legally Binding Changes To Her Brexit Deal

European Commission President Jean Claude Juncker warned if the deal was voted down there was no third chance to change a deal that could be agreed by both parties.

Hard line Brexiteers will not agree to anything short of no deal Brexit. Hard line Remainers will not agree to anything short of another referendum. It looks likely that the Second Meaningful Vote on the Brexit deal on the table will fall by less of a margin but how much of a margin is unclear.

• It is clear that short term risks to UK economy will be lessened by agreeing the Brexit deal currently on the table
• It is clear that the risk of the UK being trapped in the Backstop has lessened by the revised Brexit deal agreed with the European Union
• What is unclear is the long term ability for the UK to finally leave the European Union fully.

Taking a balanced risk view of the short to long term the UK parliament should fulfil the decision of the British people to leave the European Union on the revised Brexit Deal. Should the UK legislators fail to vote to approve the Brexit deal the UK will be thrown into a crisis of government politics and business.

Business leaders will not know whether the UK will ever leave the European Union or whether it will end leaving with no deal. There may be one more Third Meaningful Vote before the end of March 2019. This is the most likely outcome of the developments this week. What the outcome of a Third Meaningful Vote will be is anybodies guess! However it will be incredibly close on whether the revised Brexit deal will eventually be voted through by the UK parliament.

UK MPs should remember that the best deals involve a win win for both parties not a lose lose win lose or lose win for the European Union and UK.

If the revised Brexit deal is not voted through and Brext with no deal is taken off the table then there must be a General Election in UK to revise the make up of the UK parliament. Then the new parliament must work on a revised Brexit deal. To revisit the Referendum before the last Referendum result has been implemented would create greater social and political damage which would continue for longer. Not only is it likely to result in a call for a third Referendum result but it would lead to another Referendum on Scotland leaving the UK.

All of these options would create greater chaos for business and economy for years. The only option which will protect short to medium and perhaps long term business environment is to accept the Brexit deal currently on the table.

15th February 2019 Retail Sales Jump More Than At Any Time Since December 2016

The Office for National Statistics ONS reports the amount of goods sold rose by 4.2 percent in January year on year the biggest annual rise since December 2016.

UK consumers show that record employment levels and rising standard of living will keep them spending regardless of Brexit. Wages continue to outstrip inflation indeed as inflation rate slows and wages increase faster the UK standard of living is accelerating.

It’s not Brexit Britain most likely to suffer recession. It’s Germany #GermanyRecession https://t.co/4Nkw7qP53h

— Risk Management (@HolisticRiskMgt) January 8, 2019

27th December 2018 French Constriction Group Shows Confidence In UK Economy Post Brexit Deal or No Deal

French construction group Vinci is buying a majority stake in Gatwick airport for 3 billion pounds. It is expecting Gatwick airport to be busier than it is now whether Britain leaves the European Union EU with a deal or without a deal.

Current Gatwick owners Global Infrastructure Partners GIP will sell a 50.01 percent stake to Vinci Airports. Vinci Airports has over 40 airports globally across Europe Asia and the Americas.

Gatwick is already the UKs second biggest airport and the 8th busiest airport in Europe by passenger numbers. However Vinci Airports will need to get significantly more than 3 billion pounds out of Gatwick purchase before it can start to turn extra value out of the investment. Where will it come from if Brexit crashes the UK economy?

26th November 2018 Brexit Plan B Most Likely End Destination For UK EU

The Sun newspaper is reporting behind the scenes discussions at UK government level to agree an EU UK Plan B when Plan A fails to get approval in the UK parliament.

Norway EFTA Plus deal most likely end result of Brexit negotiations by March 2019?

Plan B is for the UK to join the European Free Trade Association EFTA. The Sun says government Secretaries on Remain and Leave side of the argument Michael Gove and Amber Rudd are trying to set up the UK joining EFTA temporarily enroute to eventual full Brexit.

• Such a plan is likely to get through the UK parliament with with help of scores of Labour MPs at the expense of Conservative party unity.
• Brexiteers in the Tory party are unlikely to vote for EFTA.
• Would enough Labour MPs back an EFT Plan B deal to make it work if the EU agreed to enter such a Plan B?

The EU says there is no other deal it is prepared to sign.

1. Would Germany and France really face up to a no deal Brexit after appeals within UK for General Election and second referendum fail if there was a viable Plan B EFTA deal on table proposed by UK?
2. Would the existing EFTA members let the UK in enroute out of the EU?
3. Would an EFTA deal result in the formal split of both the Labour party and Conservative party in UK?
4. Would the UK left and right politicians come together in a new UK party occupying the centre ground to become a viable third party in UK politics?

Maybe UK political uncertainty has not yet peaked!

25th November 2018 EU27 Endorsed Withdrawal Agreement and Political Declaration on the future EU UK relations following Brexit In March 2019

EU leaders have approved an agreement on the UKs withdrawal and future relations. The EU27 say that deal agreed by the remaining 27 European Union EU countries is the only deal that is and will be on the table. Future relationship includes

• Relationship to based on free trade without tariffs on either side
• Continued cooperation on national security
• End to free movement

The rubber stamping of the deal took less than 40 minutes at the meeting of EU27 leaders. However 20 months of negotiations is now at an end according to EU27 leaders and UK.

The agreement has yet to be agreed by the UK Parliament. The UK is scheduled to leave the EU on 29 March 2019. European Commission President Jean Claude Juncker said anyone in Britain who thought the EU27 bloc will offer improved terms if MPs rejected the deal would be disappointed.

The UK Parliament is expected to vote on the deal in early December. If the deal fails to get through the UK parliament it is likely that the UK Prime Minister will resign and then all bets are off. Possibilities could include

• No deal Brexit where the UK trades on World Trade Organisation WTO terms
• UK General Election where membership of the EU will be a critical element of the decision though it is not known what the Labour party in UK will have in its manifesto in such an event so how could voters choose which party to vote for. Last General Election 85 percent of UK voters voted for partys which wanted a Brexit.
• Another Referendum on membership of the EU but what would be on the ballot. More than one option? Deal or no deal? Deal or Remain part of EU?
• Another Brexit deal negotiation with EU on basis of UK parliament voted down first deal. However the EU27 say there is no other Brexit deal except no deal.

No politician in UK parliament or who has left parliament or any political commentator knows for definite what will happen if the UK parliament does not back the EU deal on the table. However most say that the EU deal will not get UK parliament approval ever.

• If a General Election in UK or another Referendum did happen that did not have a clear cut decision what would happen?
• If another Referendum was to switch to Remain in EU what happens next a third Referendum best of three?
• In either of the the above voting processes what damage would UK society and economy suffer? One UK MP was killed during the last Referendum and many people were threatened with their lives.

The least damaging route in short term is for the UK parliament to back the EU UK deal on the table. Whether that is in the long term interests is not clear. The only thing that is certain is Brexit uncertainty is reaching its peak.

Britain eyes stronger economy in Brexit year https://t.co/jJTaN8igI5 #Budget2018 #Budget18

— Risk Management (@HolisticRiskMgt) October 30, 2018

19th October 2018 View Of Brexit From German Industry

German industry association BDI has warned that both German and British companies are staring into an economic abyss if there is a no deal Brexit.

The remaining EU27 countries export more to the UK than any other country. More than to China or USA.

Germany exported 84 billion euros worth of goods to the UK in 2017.

UK automation picks up as flow of European workers slows ahead of Brexit https://t.co/dSMcUOm6ts #Brexit #ManufacturingUK #UKmanufacturers

— Risk Management (@HolisticRiskMgt) October 14, 2018

14th October 2018 No Deal Brexit Would Not Be Disaster

According to UK industry leading CEO a no deal Brexit would not be a disaster for the UK economically.

Next Plc chief executive Simon Wolfson was speaking to BBCs Andrew Marr when he concluded that although a no deal Brexit would not be the ideal outcome it would not be a disaster for the UK economy. He did encourage all UK business leaders to get prepared for a no deal Brexit. He feels that such preparations would help the UK government secure a good deal with the European Union EU.

Theresa May’s new Chequers deal proposals would deliver immediate boost to economy, Mark Carney suggests https://t.co/OrOjaZo9L5 #ChecquersDeal #Checquers #Brexit #BrexitNews

— Online Manager (@RetirementMag) September 16, 2018

19th July 2018 International Monetary Fund IMF Reports On Effect Of Brexit On Europe

A no deal Brexit could reduce the whole European Unions EU economic growth by 1.5 percent.

A standard free trade deal of the type agreed between Canada and the EU could cause EU economic growth loss of 0.8 percent.

A soft Brexit with the UK out of the customs union but retaining access to the single market and agreeing to abide by EU rules would imply almost zero cost for the EU as a whole IMF Report.

9th July 2018 Brexit Secretary and Foreign Secretary Resign Over Brexit

David Davis Brexit Secretary and Boris Johnson Foreign Secretary resign from UK government over the Brexit policy decisions taken by Prime Minister Teresa May.

29th June 2018 Exports Goods and Services At Record High and Trade Gap Narrows

Trade figures released by UK government revealed that in the 12 months to March 2018 UK exports were at an all time high.

• Exports to Canada up 12.7 percent
• Exports to India up 31.8 percent
• Exports to China up 15.3 percent
• Exports to European Union EU up 10 percent

EU countries represent around 40 percent of all exports from UK.

Research from Barclays Corporate Banking found that around two thirds of consumers in India and China and around half of consumers in the UAE were prepared to pay more for goods made in the UK because they perceive the quality as higher.

The trade deficit with the world continued to narrow to 80 billion pounds which is the narrowest UK trade deficit since 2012.

The UK Department for Trade and Industry DTI has set up 14 trade working groups covering 21 countries to scope the UKs overseas trading deals and strengthen ties with key trading partners.

13th June 2018 Global Tech Companies Are Confident In UK Economy

Tech company Salesforce have voted in the UK with their 2.5 billion dollars of their money by announcing a massive investment in the UK over next 5 years. It clearly thinks it can grow further in UK and it could not do that unless the UK economy is strong.

Amazon is to create another 2500 jobs in the UK bringing total workforce in UK to 27500. Google Apple Snapchat and other global tech companies continue to invest in the UK economy.

11th June 2018 Where In The World Got The Highest Foreign Investment in 2017?

Despite Brexit the UK is still the place most overseas investors want to invest their money compared to rest of Europe.

Read EYs June 2018 report on which country was the most attractive to overseas investors in 2017

23rd April 2018 – Financial Services Increasingly Confident In Brexit

The British government and senior finance executives said they are increasingly confident Europe will offer financial companies generous market access after Brexit, boosting London’s hopes of retaining its status as a top global financial centre.

Many in the City Of London now believe the remaining European Union EU members will go for easy access to financial market in London based on increased equivalence to prevent disruption to business anywhere in EU.

4th April 2018 – Peugeot Plans New UK Van Production In Luton

Vauxhall plant in Luton chosen by PSA Group to manufacture a planned new van.   This demonstrates confidence in UK of a major automotive maker post Brexit.

19th March 2018 – UK and European Union EU Agree Terms For Brexit Transition To UK’s Withdrawal From EU

Brexit negotiators Michel Barnier and David David announce they have agreed term for a transition period in a major breakthrough “decisive step”.

The transition period will run from 29th March 2019 to December 2020 and may lead to the orderly withdrawal of the UK from EU.

In addition, there was also an agreement on the rights of EU citizens in the UK and the rights of UK citizens in the EU.

EU member countries have still to sign-off the agreement on the transition period, perhaps at an EU summit this week.   If the EU members agree, then the negotiators will move on to discussions on a permanent future relationship agreement by August 2018 with a view to Brexit in March 2019.

The financial markets liked what they heard and the pound jumped in value.

A year to go before Brexit, U.S. investment banks still bet on London #LondonJobs #BrexitSpeech #BrexitReality #BrexitBritain #brexitpolling #brexitimpact #BrexitNews https://t.co/suHBIgFI5Q

— Online Manager (@cheeringuptv) March 2, 2018

27th February 2018 Small Medium-Sized SME Factories Sales Expectations Near 3 Year High

Sales expectations of SME factories in UK are near 3-year high due to strong global economy growth and low value of the pound.

National Manufacturing Barometer survey has revealed manufacturing to be the fastest growing sector of Britain’s economy in the final quarter of 2017.

The survey also revealed that more than half of SME manufacturers plan to invest in plant and machinery over the next 6 months.   SME manufacturers in UK are more confident in their prospects in 2018 than they were in 2017.

The National Manufacturing Barometer surveyed 320 companies in January 2018

26th February 2018 Two Labour MPs Discuss Brexit Negotiations

Post-Brexit, builder Barratt could shift some production back to UK #Brexit #brexitimpact #brexitpolling #brexitfacts https://t.co/qCEyTDYHY8

— cheeringup (@cheeringup) February 21, 2018

17th January 2018 Deutsche Bank Only Moving Hundreds Jobs Out UK Not Thousands Post Brexit

Deutsche Bank is headquartered in Germany had has told reporters that it will not need to move thousands of UK jobs to the continent post-Brexit.   Stefan Hoops, head of Deutsche Bank’s capital market division in Germany explained that they would need to move fewer staff than many have said in the past.   One executive previously said 4,000 staff would need to move but the numbers would actually be in the hundreds.

Last week Deutsche Bank Chief Executive was reported as saying that initially several hundred jobs would be created in Frankfurt, Milan and Paris but that is not the same as moving jobs from London.

16th January 2018 Bank of England Thinks Free Trade Deal With EU Including Financial Services Post Brexit Is Possible

It may take three years or more, but contrary to the EU’s chief  Brexit negotiator, Michel Barnier, it is possible if the remaining EU27 are prepared to agree such a free trade deal with UK.

Sam Woods, the Bank of England’s deputy governor in charge of Prudential Regulation Authority PRA says a three period to agree a free-trade agreement including financial services could happen because unlike other countries seeking such a free-trade deal, the UK’s financial services are already aligned in terms of financial services rules and supervision.

Sam Woods comments came during his appearance in front of MPs on the Treasury Select Committee.

8th January 2018 City Of London Says Brexit Job Loss Fears May Have Been Exaggerated

The City Of London EU envoy, Jeremy Browne, has been reported as saying that banking, insurance and asset management job losses to the European Union (EU) may not be as severe as suggested by many including the UK’s ex-Chancellor and now editor of Evening Standard.

It may end up for quite a lot of them being a bit less dramatic that it might appear Jeremy Browne told a press briefing in London.

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The Brexit result was a shock to everybody?

Most people were shocked, but that doesn’t mean the implementation of the Brexit vote will be bad for business.

The UK may yet not leave the European Union EU.   Great forces will try hard to stop the democratic vote of the people being fully implemented. The people may even change their minds.   Anything is possible.

When anything is possible there is increased risk

Increased risk means increased opportunities for growth as well as increased threats.

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If businesses invest their time and energy in controlling the threats from a Brexit and seize the opportunities the UK will benefit from a Brexit. If business leaders can not change or do not have an innovative mindset a Brexit could be bad for the UK economy.

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