The Brexit referendum thread: potential consequences for GB, EU and the Brits in CH

I don't think it's some grand US conspiracy. And at least they had the good sense to let Lehmann Brothers go.

[Urs Max]

	Quote:	Loz1983
	I don't think it's some grand US conspiracy. And at least they had the good sense to let Lehmann Brothers go.

The US set the pace. As a consequence of the S&L crises in the 80ies hundreds, perhaps thousands, of bank managers were jailed.

[Jim2007]

	Quote:	Loz1983
	I don't think it's some grand US conspiracy. And at least they had the good sense to let Lehmann Brothers go.

Except Lehmanns was not a high street bank! And as anyone who lived through the six months bank strike in Ireland in 1970 will tell you - the last thing you need is major retail banks going to the wall.

[Jim2007]

	Quote:	Urs Max
	The US set the pace. As a consequence of the S&L crises in the 80ies hundreds, perhaps thousands, of bank managers were jailed.

Bankers went to jail because they committed fraud, just the same as bankers in Iceland and Ireland are going to jail because of fraud, not because of the crisis.

[Jim2007]

	Quote:	Urs Max
	just as it was wrong to not wipe out UBS shareholders when the SNB had to step in.

Well the SNB stepped in with 6b, which was in fact quickly paid back and shareholders say share prices fall from around 75-80 down to 14-18.

[Blueangel]

	Quote:
	You've noticed how all of the American Banks excluding Bear Stearns have cruised through this and almost none of the European ones?

Have you ever watched 'Margin Call'?

[NomadAmericano]

	Quote:	Blueangel
	Have you ever watched 'Margin Call'?

Good movie, and most movies about finance are crap.

[marton]

Interesting point that I was not aware of
"The pressure not to name a date is intense due to the government’s acknowledgement that the UK’s negotiating position would have to be outlined in the formal letter issued to trigger article 50."

I assume they are struggling with defining this position.

Not sure how this information matches May's claim she will keep the UK negotiating position secret

Source

[Mikers]

	Quote:	marton
	Interesting point that I was not aware of "The pressure not to name a date is intense due to the government’s acknowledgement that the UK’s negotiating position would have to be outlined in the formal letter issued to trigger article 50." I assume they are struggling with defining this position. Not sure how this information matches May's claim she will keep the UK negotiating position secret Source

Yep, they aren't stupid these governments. Good move Mrs. May.

[st2lemans]

Tom

[Mikers]

So for better or worse, it's starting http://www.telegraph.co.uk/news/2016...xe-to-eu-laws/

[Jim2007]

	Quote:	Mikers
	So for better or worse, it's starting http://www.telegraph.co.uk/news/2016...xe-to-eu-laws/

The Act is a requirement of EU membership and can not be repealed before the actual exit without consequences - membership suspension! Or perhaps that is what she wants - MEPs, civil servants etc... all unable to interact with the EU while her team conducts the negotiations.

The downside would be that she would have burned most of her bridges and the chance of getting a good deal would well and truly be gone.

On the other hand perhaps she has just been listening to Boris and friends for too long.

[marton]

	Quote:	Jim2007
	The Act is a requirement of EU membership and can not be repealed before the actual exit without consequences - membership suspension! Or perhaps that is what she wants - MEPs, civil servants etc... all unable to interact with the EU while her team conducts the negotiations. The downside would be that she would have burned most of her bridges and the chance of getting a good deal would well and truly be gone. On the other hand perhaps she has just been listening to Boris and friends for too long.

Seems Parliament will have to vote on this repeal; so Parliament will be involved in some way, contrary to what May said in Parliament about excluding MPs from the process??

[Jim2007]

	Quote:	marton
	Seems Parliament will have to vote on this repeal; so Parliament will be involved in some way, contrary to what May said in Parliament about excluding MPs from the process??

It seems her intention is to incorporate all EU law into UK law and fix it up later! This alone will be a challenge given the nature of EU law. Lots of legal draftsmen required... good time to be a barrister!

[Urs Max]

	Quote:	Jim2007
	Well the SNB stepped in with 6b, which was in fact quickly paid back and shareholders say share prices fall from around 75-80 down to 14-18.

Irrelevant, you are using hindsight. The moment the SNB acted, UBS was effectively bankrupt (some may call it something else, e.g. insolvent, but the effect is the same).

[Blueangel]

Well I hope she incorporates EU Regulation 261/2004 because I'll be making a claim on it after todays fiasco getting home.

[Mikers]

	Quote:	Jim2007
	It seems her intention is to incorporate all EU law into UK law and fix it up later! This alone will be a challenge given the nature of EU law. Lots of legal draftsmen required... good time to be a barrister!

Good idea though I would say. Achieves what people wanted. For the never ending complaints that the uk would leave people in the lurch, the starting point will be eu law but under British control which then Britain is free to modify. If we need some lawyers to make it, fine, hire some lawyers. The people won't mind the cost because the people voted for this seperation.

[marton]

	Quote:	Mikers
	Good idea though I would say. Achieves what people wanted. For the never ending complaints that the uk would leave people in the lurch, the starting point will be eu law but under British control which then Britain is free to modify. If we need some lawyers to make it, fine, hire some lawyers. The people won't mind the cost because the people voted for this seperation.

Some lawyers LOL

If we count every law passed by the European Commission between 1993 and 2014 as a "UK law from Brussels" then there have been 49,699 of them.

This is probably too high since some laws relate to non-UK things like Olive growing.

So let us take a smaller number, say 20,000?
How many lawyers will it take to rewrite these? Depends if they are short or long laws?
How many will have to be voted on in Parliament?

"The people won't mind the cost" Apart from those who thought some money savings would go to the NHS "Boris Johnson says NHS will get substantial extra funds after Brexit" Source

[marton]

"European customers are boycotting British cars, says Jaguar Land Rover boss"

Hope this is not true; maybe the new currency driven lower prices have not happened yet - certainly not yet in Switzerland

Greedy buggers!

Source


Meanwhile elsewhere in theauto industry "Renault Nissan, the largest car plant in Europe (Sunderland) and a crucial pillar of the local economy, employing 7,000 people, has deferred all new investment until the details of Brexit are clear.
The chief executive, Carlos Ghosn, explained that it was not because the company did not value its Sunderland plant, its most efficient. Rather, as a major exporter to the EU, its profitability depends on the prevailing tariff regime, which promises to change sharply for the worse.
“Important investment decisions,” he said, “would not be made in the dark.”

This was the town that voted over 60% for Brexit

Source

[Belgianmum]

https://www.theguardian.com/politics...e_iOSApp_Other

Looks as though it will be an interesting Spring/summer next year.