The Post Brexit Insurance Conundrum

Looks like novation agreements between the UK and other 3rd countries are becoming the norm.

https://uk.reuters.com/article/uk-br...-idUKKCN1PJ008


Well, fancy that ...

Re: The Post Brexit Insurance Conundrum

Oh dear, you still haven’t managed to understand what Novation actually is or properly read the Reuters report you link to which clearly states that agreements that Switzerland had with the EU will be replicated with the UK.

If they were novated that would effectively replace the EU with the UK and Switzerland would have effectively terminated its agreement with the EU which they are highly unlikely to do.

However replicated agreements with one country does not constitute the norm. It does safeguard the £2b off insurance trade the UK has with Switzerland although it doesn’t as some people have speculated, transfer the Swiss passporting rights into the EU so the future of the £33bn of insurance trade the UK does with the EU is still uncertain

The agreement to replicate all the bilateral Swiss/EU agreements with the UK is good for the UK as there is a good balance of trade surplus although most of this in in the are at the forefront precious stones and metals market of which De beers

Re: The Post Brexit Insurance Conundrum

Hi

This is not novation and it is hardly becoming the norm.

22 months down the line and not a single free trade deal has been replicated.

Re: The Post Brexit Insurance Conundrum

You can novate an agreement on a like for like basis.

Re: The Post Brexit Insurance Conundrum

Yes you can but it terminates the original agreement which neither the EU or Switzerland would contemplate which is why they are being replicated

Contracts and agreements are obviously not your area of expertise

Re: The Post Brexit Insurance Conundrum

You're arguing with yourself.

Re: The Post Brexit Insurance Conundrum

No, you claimed novating agreements with third party countries was becoming the norm

It is clear that you have no understanding of the principles of novation

Re: The Post Brexit Insurance Conundrum

I said we can novate agreements with 3rd party countries I did not say it was the norm.

It was you who said we don't have enough trade negotiatiors so we would have no trade deals, I simply made the case for using novation to get around this in the short term. It's perfectly OK to do as we have seen in the example I posted regarding the insurance agreement with Switzerland.

You will also find that we have novated agreements with other countries such as Japan and Singapore (plus Canada, Australia which are ongoing). The problem you have is that your getting worried things wont be as bad as you think they will be (or hope they will be ?)

At the end of the day the WTO is there for a reason, and it works very well. 98% of countries use it to trade between each other. The EU, as we are finding out is moving its 27 member states to a no deal Brexit because its simply useless at negotiating anything.

Re: The Post Brexit Insurance Conundrum

Hi

The EU and it's Free Trade Agreements are the largest Trading Bloc in the World.

It is not simply useless at negotiating, it is very tough and very good.

It is us which are leaving the largest Trading Bloc in a couple of months and so far we have not got anything much sorted at all.

The EU Free Trade Agreement Area is storming ahead, talks with India are being finalised, a deal we the UK stopped as an EU Member.

As soon as we are out, the deal can be finalised.

Re: The Post Brexit Insurance Conundrum

It's utter garbage - the 27 are watching it make a complete pigs ear of the UK withdrawal bill and forcing it to walk away with no deal and taking 39 billion off the table.

Slow hand claps all round for that one.

Meanwhile here come higher tariffs on German cars from the USA....