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Moscow
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18-01-2018, 07:34 AM
11

Re: It is not going well.

Originally Posted by swimfeeders ->
Hi

The UK supplies most of the financial transactions for the EU, the business is done here and the tax is paid here, the tax will now be paid in the EU as companies based here in the UK will have to set up subsidiary companies there.

WTO Rules, which is what a hard brexit means, excludes financial services, which are our biggest export to the EU.
I think that is a perfectly reasonable scenario.......business generated by the EU and within the EU generates tax for the EU.
Our financial service companies will still generate big , fat, lucrative commissions so all will do well.
Also, our financial services will still be mostly based in the UK generating income for the Exchequer here from services to the rest of the world which is a business that will grow and grow!
I don't know what the problem is or why you keep banging on about it.
swimfeeders
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18-01-2018, 08:34 AM
12

Re: It is not going well.

Hi

We do the vast majority of Euro Clearing here in the UK.

It amounts to roughly 1 Trillion Euros a day, the tax on those transactions is payable here in the UK

London is also the main centre for credit swaps and trade insurance for Germany's vast exports.

Tax is currently paid here in the UK.

When we leave, if there is no deal on services, all these transactions will be registered in the satellite offices in the EU, and tax will be paid in the EU, not the UK.

It is not just finance, it covers all services, such as telecommunications.

Vodaphone is British, but only 11% of it's profits come from the UK, 45% come from the EU.

That is a lump of tax that will be paid in the EU, not in the UK.

Where do I get my information from?

My son was a senior analyst at a large bank in the UK before he went off to Taiwan.

My estranged daughter is a Chartered Tax Accountant, working on this very thing, they talk to each other and he talks to me.

Without this input, I would have no idea, finance is not my thing.
Julie1962
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18-01-2018, 11:50 AM
13

Re: It is not going well.

Not mine either but I'm not pretending I know about it. I'm hoping the people need to know are doing their best. Anyone would think brexit was just about money, it really isn't.
twizzle
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somerset
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21-01-2018, 06:53 PM
14

Re: It is not going well.

Originally Posted by Julie1962 ->
Anyone would think brexit was just about money, it really isn't.
That is very true, it's about attitudes and ways of thinking and that's why I'm horrified that Brexiter reactionary ideology has taken root in the UK.
twizzle
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21-01-2018, 07:05 PM
15

Re: It is not going well.

I found this a very interesting article on how Brexit is going.

http://www.lbc.co.uk/radio/presenter...ing-new-party/

To summarise, they are saying the UK won't get membership of the single market but may get something between full access and a trade agreement at a price and not including services. Something between what Norway have and what Canada have.

They call this a "mediocre" Brexit and the best than can be hoped for.

What interested me was the summary of what the reactions to this will be:

"Some Remainers won’t like it because we’ll be out, and some Leavers won’t like it because we will still be following all kinds of EU rules and standards. But it wouldn’t be the “no deal” apocalypse of Remainer nightmares; and it wouldn’t be Brexino, Brexit In Name Only, that is feared by Leavers."

Would that be your reaction, Brexiter or Remainer?

Personally, I'd be furious, not disappointed, and think it just as bad for our country as "no deal". It sounds lke the sort of deal that will please no one but I think it could well be what happens.
swimfeeders
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22-01-2018, 07:22 AM
16

Re: It is not going well.

Hi

When we leave we will be setting up our own Free Trade Deals.

This one of the objectives of leaving.

There is only one country which trades solely under WTO Rules, and that is a tinpot country.

The focus of Liam Fox at the moment is to continue the 40 odd trade deals we have as part of the EU, including the three new big ones, Japan, South Korea and Canada.

We need these deals to help our exporters.

WTO Rules do not include Services and there is no Trade Deal anywhere in the World which includes unrestricted Services.

Around 75% of our Economy is Services.

The best we can hope for in any new Free Trade Deal is the Canada type deal, it is what we are wanting to negotiate with the rest of the World.

It is better than WTO Rules.
Moscow
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22-01-2018, 08:02 AM
17

Re: It is not going well.

Originally Posted by swimfeeders ->
Hi

When we leave we will be setting up our own Free Trade Deals.

This one of the objectives of leaving.

There is only one country which trades solely under WTO Rules, and that is a tinpot country.

The focus of Liam Fox at the moment is to continue the 40 odd trade deals we have as part of the EU, including the three new big ones, Japan, South Korea and Canada.

We need these deals to help our exporters.

WTO Rules do not include Services and there is no Trade Deal anywhere in the World which includes unrestricted Services.

Around 75% of our Economy is Services.

The best we can hope for in any new Free Trade Deal is the Canada type deal, it is what we are wanting to negotiate with the rest of the World.

It is better than WTO Rules.
Whatever the post Brexit relationship ends up being you have to remember that is the start....not the end.

That is the point at which we have the freedom to move forward under our own steam and in our own direction.

Everyone used to complain that our economy and culture was too dependent on financial services and too weighted to the South East of England.........well that will change and you're still moaning!!!
swimfeeders
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22-01-2018, 08:22 AM
18

Re: It is not going well.

Originally Posted by Moscow ->
Whatever the post Brexit relationship ends up being you have to remember that is the start....not the end.

That is the point at which we have the freedom to move forward under our own steam and in our own direction.

Everyone used to complain that our economy and culture was too dependent on financial services and too weighted to the South East of England.........well that will change and you're still moaning!!!
Hi

I have no issues with the reasons for leaving.

There will be a time period before we get new Trade Deals and my only concerns are that we keep this period as short as possible and minimise any possible financial damage during this period.

I do not want any more austerity.

I am absolutely convinced that we can make a success of Brexit, I am just not convinced about those in charge of it.
 
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