Thu 4 June 2020

A weekly comprehensive round-up of what others are writing about the looming exit of the UK from the European Union.

Highlights of UK Economic Impact

UK Economic Impact

  • Moody`s produced an analysis of how much a No Deal Brexit would cost the Japanese car industry in the UK, which makes up half of UK car production. Assuming a 10% tariff was imposed under WTO rules, Japanese carmakers would be hit by an extra £1bn per year
  • The City of London has lost £900bn in financial assets which have been moved from London to other European countries over the last 2 years
  • The UK vehicle crash repair industry is predicting up to 1,000 repair companies would collapse inside a few weeks in the event of No Deal Brexit
  • The International Energy Agency says a No Deal Brexit would hit the global energy market, reducing oil demand and holding back growth in international trade
  • After UK company spending fell for the last four successive quarters, a Bank of England expert predicts a low business investment environment will continue for the foreseeable future

Industry, Farming, Aviation

  • The UK government revealed that medicines and power station supplies would have priority on No Deal Brexit ferries, ahead of food
  • All UK-based Ryanair investors, who own shares, will be barred from buying more stock under a No Deal Brexit
  • Lamb farmers are worried about how a No Deal Brexit would hurt them, as 90% of their lamb exports go to the EU each year. With 20m lambs born each year, where are these lambs going to be sold. 
  • A passport renewal rush on the UK Passport agency website at the weekend caused a systems crash

Is it really a Political `Breakthrough`?

  • Theresa May claims to have secured `legally binding` changes to the EU deal which may placate supporters in a vote later today
  • The changes are not in the Withdrawal Agreement itself, but in the accompanying political declaration. They recommend a process of arbitration, by both parties, is the best way to decide when or if the UK would be able to pull out of the Irish backstop agreement with the EU

Political Shenanigans

  • A poll puts support for Scottish Independence at 66%, the Labour Party in Scotland, meanwhile, is on course for its worst election results since 1910
  • Labour Party MPs received a QC opinion which says Theresa May`s promise on maintaining workers` rights after Brexit are worthless and unenforceable
  • The Daily Mirror revealed Boris Johnson`s trip to Afghanistan last year, to avoid a vote on approval of a new runway Heathrow Airport, cost the taxpayer £20k
  • The producer of Brexit the Movie looks likely to be jailed for fraud
  • In the event of a No Deal, the EU would seek to get the UK to pay the outstanding money it owes BEFORE resuming any future talks on securing a future trade deal
  • Labour`s Sir Keir Starmer savaged the `new Theresa May deal` as empty, as not a single word of the Withdrawal Agreement has changed

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