Author Topic: Brexit  (Read 78699 times)

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Offline villain

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Re: Brexit
« Reply #200 on: November 12, 2018, 11:21:50 AM »
Here's the Brexit dividend!

Steris PLC, a company with $2.6 billion in annual revenue, is planning to redomicile from the UK to Ireland due to Brexit. What that means is that, as an Irish company, the Irish tax authorities will collect its taxes going forward and not HMRC.
 
8 health providers have warned of medicine shortages in the event of a no-deal Brexit: "we do not believe that the current medicine supply plans will suffice, and we will have widespread shortages if we do not respond urgently”.

Pfizer - $100 million on Brexit prep:"Pfizer’s preparations are well advanced to make the changes necessary to meet EU legal requirements after the U.K. is no longer a member state, especially in the regulatory, manufacturing and supply chain areas."

AstraZenica estimates its Brexit-related costs at £40 million for duplicate drug testing requirements, and building up product stockpiles.

Chubb (world's largest publicly traded property and casualty insurance company) is redomiciling from the UK to France. It has already received permission from the french regulator, and aims to complete its move on 1 January 2019.

Similarly, British Airways plans to re-register in Spain

Columbia Threadneedle switched £6.2 billion worth of assets from UK domiciled funds to Luxembourg domiciled funds.

Liberty Specialty Markets is redomiciling its insurance company from the UK to Luxembourg.

Admiral Group is planning to move some of its UK business from Admiral Insurance Company Limited to an entity in Spain, Admiral Europe Compañía de Seguros, S.A, that was set up on 20 December 2017.

A ferry company has brought in 2 new ships, including the "Brexit Buster" ship Celine (600 truck capacity, world's largest short sea roll-on roll-off ferry). Idea is to bypass the UK and send freight directly from Ireland to Belgium and Spain.

SwissQuote cancelled its expansion plans in London after Brexit, and instead bought a bank in Luxembourg.

STM Life moving part of its business from Gibraltar to Malta to guard against the effects of Brexit.

JPMorgan and other leading US banks are getting ready to shift over 250 billion euro in assets from London to Frankfurt.

A hard Brexit may increase the price of Dutch plants by 50% due to customs delays, additional safety tests and red tape. But they can’t easily be replaced by increased UK production since 90% of shoots come from abroad.

XL Insurance Company SE (a company writing over £2 billion/year in insurance premiums) is moving from the UK to Ireland in January 2019 due to Brexit (the move is explicitly described as due to Brexit in its annual accounts).

Bank of America has spent between $300 and $400 million preparing for Brexit, including establishing new subsidiaries in Paris and Dublin, moving staff etc. Exact cost not yet clear as project is ongoing.

So many firms are stockpiling food against the disruption of Brexit that a cold storage company has now completely run out of room.

DEXEU (the Brexit Ministry) has spent over £100 million (estimated) on staffing costs since the referendum. That figure's just for the people in the department, and doesn't account for any other costs.

Insurer Hiscox spent US$15 million (£11.5 million) in preparations against a no-deal Brexit (it will also transfer some business to Luxembourg).

A $15 billion hedge fund specialising in distressed debt is gearing up to profit out of Brexit chaos.

Government has spent £5.5 million keeping Manston Airport open in case it's needed as additional overflow lorry parking after Brexit.

Corporate Sterling-denominated bond sales have slumped 34% this year, as companies put off investing in the UK due to Brexit uncertainty.

Royal & Sun Alliance Insurance plc is moving approximately 6% of its insurance and reinsurance business to a new legal entity in Luxembourg, with the intention that the move be effective 1 January 2019.

AIG operates in Europe through a single legal entity established in the UK (with branches across Europe). They are restructuring their business because of Brexit, and moving all non-UK business to a Luxembourg entity (planned by December 2018).

European Medical Agency (EMA), Europe's medicines regulator, is moving from London to Amsterdam. It used to employ close to 900 people in London. It's had to cut its short-term service offering as it will lose at least 30% of staff during the move.

France's top banks are moving 500 jobs out of London due to Brexit.

The Government has 7000 civil servants working on Brexit, plus Treasury funding for 9000 more. (Just imagine the mountains of red tape they're generating, and the forests being decimated to print it all).

GSK Brexit prep spend: "We currently anticipate that the cost to implement these and other necessary changes could be up to £70 million over the next two to three years, with subsequent ongoing additional costs of approximately £50 million per year."

A major financial firm, CME Group's BrokerTec, is leaving London for Amsterdam because of Brexit, taking its $240 billion/day repo market with it.

British hauliers are already having to turn down contracts worth hundreds of thousands of pounds because of uncertainties surrounding a no-deal Brexit.

Theresa May repeatedly cancelled national security meetings because of being overwhelmed by Brexit planning.

The Government estimates that it will cost the chemicals industry £450 million to reregister chemicals under a post-Brexit regime. (That's just to replicate the status quo.)

Investment in UK renewables drops 46% year-on-year because of Brexit concerns.

Tokio Marine Group is using a "Part VII transfer" to transfer business from two UK-based subsidiaries (Tokio Marine Kiln Insurance Limited, and HCC International Insurance Company Plc) to a Luxembourg entity.

QBE Limited is reorganising the affairs of several of its group companies, using the Part VII mechanism, in order to be ready for Brexit. Plans to move business to Belgium.

Once we're out of the EU, we'll be cut out of the pan-EU transport strategy (which unlocks billions of euro in grants and other funding). Indeed, EU transport maps will be redrawn (policy-wise, not literally!) so that the UK doesn't appear any more.
 
XTX Markets is establishing a new office in Paris for post-Brexit trade.

Credit Suisse is moving 250 jobs to Germany, Madrid and elsewhere in the EU27, including Luxembourg.

New Look (fashion retailer) are closing a further 25 stores (85, up from planned 60 store closures) citing "significant headwinds and uncertainties, including Brexit".

Schaeffler, a car parts company, is closing two UK factories, in Llanelli, Wales, and Plymouth (affecting 570 jobs) because of Brexit.

Haulage companies face entering a lottery for scarce permits to continue doing business internationally post-Brexit, after the Government admits there are less than 10% of the needed number of permits to go around.

MS Amlin receives the green light to redomicile Amlin Insurance SE from the UK to Belgium.
 
Hiscox are transferring some aspects of their business to Luxembourg, and expect the Part VII transfer to complete by 1 January 2019. "The Transfer will move £421.5m of liabilities (and the corresponding assets) from HIC to HSA."

Scotland Yard is having to spend £2.4 million on setting up a no-deal Brexit "safety net unit" after Government ignored its reasoned warnings over how Brexit would make the UK less safe.

The Customs Declaration Service (CDS) is a major new HMRC IT system meant to replace existing customs systems. Supposed to be ready by January 2019. Delays mean it won't be ready by Brexit Day. Old and new systems will have to run in parallel.

Home Office private beta of its new EU citizen registration system took nearly 2 weeks to process just 1,053 applicants (despite testing relatively "easy" batches of applicants). Full system will need to handle over *3 million* people in 2 years.

Barclays is moving €250 billion of business to Dublin ahead of Brexit, making it Ireland's largest bank. It has already bought a huge gleaming new office building there in preparation.

The Government has spent £4.2 billion pounds on Brexit preparations (£2.2 billion in previous Budgets, plus an additional £2 billion in the most recent Budget.)

Just a sample.



Offline Ovacikpeedoff

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Re: Brexit
« Reply #201 on: November 12, 2018, 12:18:01 PM »
Villain you forgot to mention that a major dividend will be a new 50p coin that in real terms will be worth 20p.

Offline 1calis

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Re: Brexit
« Reply #202 on: November 12, 2018, 14:30:45 PM »
Villain you forgot to mention that a major dividend will be a new 50p coin that in real terms will be worth 20p.

 Oh how the remain losers like a laugh.

Offline villain

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Re: Brexit
« Reply #203 on: November 12, 2018, 14:44:47 PM »
Anybody got a brexit "good news" story?

Fire away...

How about "we can trade on WTO terms and make our own trade deals".

Nope!

https://www.parliament.uk/business/committees/committees-a-z/commons-select/international-trade-committee/news-parliament-2017/chairs-statement-uk-goods-schedule-wto-17-19/

"...our WTO schedules form the “baseline” for the UK’s negotiations with other countries on Free Trade Agreements – of which Dr Fox hopes to conclude a great many very soon after Brexit Day. The question now is: will other countries want to negotiate trade deals with us when our baseline still hasn’t been fixed?"

Offline 1calis

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Re: Brexit
« Reply #204 on: November 12, 2018, 15:24:08 PM »
If Theresa the appeaser would stop trying to get her Chequers plan approved time could be spent on organising a no deal solution. Instead she is locking us into a customs union with time limit determined by Brussels.

Offline Ovacikpeedoff

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Re: Brexit
« Reply #205 on: November 12, 2018, 15:58:20 PM »
1Calis continue reading the Daily Express. It is about your level because you certainly don't understand economics.

Offline villain

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Re: Brexit
« Reply #206 on: November 12, 2018, 16:33:43 PM »
People who are victims of Confidence Tricks will still very often refuse to believe that they have been conned even after being presented with incontrovertible evidence after the event that they have indeed been conned. It's thought that most victims of financial con-tricks don't even report the crime, for example. There's a term for this - it's called "Cognitive Dissonance". I'll let you google that.

I will not blame the victims of this con, and will urge leavers to look at the promises made by the con-men themselves. So stand up Nigel "FBI Person of interest" Farage, Arron "impermissible donations" Bankski, Jacob "Diasaster capitalist" Rees-Mogg, Daniel "nobody is questioning our place in The Single Market" Hannan, Boris "we can have our cake and eat it" Johnson, Kate "No Deal Brexit will be fine, except I can't tell you how or why" Hoey, Steve "Legatum-powered" Baker, John "another disaster capitalist" Redwood, Nadine "what does the Customs Union do?" Dorries, David "we hold all the cards" Davis, Liam "easiest trade deal in human history" Fox...the list goes on.

Did ANY of them say ANYTHING in the lead up to the referendum that has proven to be true?

All are demonstrably either bare-faced liars or simply incredibly, magnificently dim. Yet - THEY CONTINUE TO LIE TO YOU.

P.S. Special mention of course to brexit's biggest fan Vladimir Putin, who managed to pull off the biggest win of all.

Offline villain

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Re: Brexit
« Reply #207 on: November 12, 2018, 16:47:55 PM »
Sorry, I forgot that Farage has only just been upgraded from FBI "Person of Interest" to "Actively Being Investigated". Arron Banks, the UK's biggest electoral donor ever, is of course being investigated to the UK by The Metropolitan Police, The National Crime Agency, The Information Commissioner and The Financial Conduct Authority.

More on Banks' "wealth" here:

https://www.opendemocracy.net/uk/brexitinc/adam-ramsay/how-did-arron-banks-afford-brexit

Personally, I cannot and will not stand idly by why these shysters try to wreck my country.

Now, who would like to be the first to present their Brexit "good news" stories?

Offline villain

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Re: Brexit
« Reply #208 on: November 12, 2018, 17:05:19 PM »
If Theresa the appeaser would stop trying to get her Chequers plan approved time could be spent on organising a no deal solution. Instead she is locking us into a customs union with time limit determined by Brussels.

Tell me what this "no deal solution" is? Give some detail, at least.

You do remember that "No Deal" = "No Flights", "Chaos at Ports", etc. etc?

The UK Government agreed to the backstop agreement in December last year. Why are they going back on that now? Also, a "time-limited backstop" is, very simple terms, "not a backstop".

Finally, if we leave with "no deal" and presumably without paying the financial settlement of £39b which is in respect of pre-existing treaty commitments made by the UK, how on earth do you expect any other country to enter into new treaties ("trade deals" ;) with the Uk in the future?

Offline 1calis

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Re: Brexit
« Reply #209 on: November 12, 2018, 17:14:01 PM »
What happened to Osborne' emergency budget and increase tax rates id leave won? Project fear proven to be lies.

 Not worth replying to ovacikpeedoff. Basic primary school response.




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