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

[Jim2007]

	Quote:	fatmanfilms
	Well UK car factories tend to be more efficient than French, Italian & Spanish factories, no strikes. I could go on....... oh & closing UK factories will have a huge write down so won't happen in the foreseeable future. I guess it will be down to if EU robots are cheaper than Chinese ones, Interestingly NIKON bought a small UK manufacture of robotic equipment.

Right, because being ranked 15th or there about, with not much separating it from them is confidence inspiring....

And there is no need for huge write downs either because the way capital allowances works in the U.K. means that maximum write offs are up front and in the early years.

In any case the critical issue is where invest goes in the coming years and the deal with the EU will be a critical factor for companies targeting the European market.

[fatmanfilms]

	Quote:	Jim2007
	Right, because being ranked 15th or there about, with not much separating it from them is confidence inspiring.... And there is no need for huge write downs either because the way capital allowances works in the U.K. means that maximum write offs are up front and in the early years. In any case the critical issue is where invest goes in the coming years and the deal with the EU will be a critical factor for companies targeting the European market.

You should know better....... An Extraordinary or Exceptional loss will be booked on closing down a factory, probably some contingent liabilities & possibly writing off some goodwill as well, just depends on how creative the accountants have been over the last 25 years, which is not difficult under GAAP.

[Urs Max]

	Quote:	fatmanfilms
	Well UK car factories tend to be more efficient than French, Italian & Spanish factories, no strikes. I could go on....... oh & closing UK factories will have a huge write down so won't happen in the foreseeable future. I guess it will be down to if EU robots are cheaper than Chinese ones, Interestingly NIKON bought a small UK manufacture of robotic equipment.

Yeah, right. That's why Spain overtook France as the 2nd biggest EU car producer a year or two ago. And because Spain's products are of such horrible quality German car producers keep expanding production

[Jim2007]

	Quote:	fatmanfilms
	You should know better....... An Extraordinary or Exceptional loss will be booked on closing down a factory, probably some contingent liabilities & possibly writing off some goodwill as well, just depends on how creative the accountants have been over the last 25 years, which is not difficult under GAAP.

Your right I do know better, I know the difference between an extraordinary and an exceptional loss, the difference between a paper loss and an actual loss... and most important I know that there is not a single asset in car plant with a financial life time of 25 years, because I've audited a few in the past. But keep on making it up as you go, although at this point I'm taking as entertainment.

[lewton]

Even if there was a huge write-off involved, businesses are forward-thinking entities.
They would write off whatever is needed in order to boost profitability.

But to be honest I don't see the need for any significant write-off. They can gradually slow down production as they boost it elsewhere in Europe.

[marton]

	Quote:	lewton
	Even if there was a huge write-off involved, businesses are forward-thinking entities. They would write off whatever is needed in order to boost profitability. But to be honest I don't see the need for any significant write-off. They can gradually slow down production as they boost it elsewhere in Europe.

General comment, not direct at you!

Ask Trump about the tax benefits of write offs.

Also look up the definition and benefit of "sunk costs" in making future investment decisions.

[marton]

	Quote:
	Ukip’s only member of parliament, Douglas Carswell, has quit the party to become an independent MP, prompting a backlash from within Ukip and among its supporters.

UKIP riding the wave of success

[marton]

	Quote:
	Starmer to call for united opposition if Brexit deal fails tough tests Labour’s Brexit spokesman will resist Tory hardliners’ effort to exploit ‘once in a generation chance’ to extract UK from the EU social and economic model The Labour party will attempt to draw a line under divisions over its decision to support the triggering of article 50, promising that it will refuse to back any Brexit deal that does not deliver “the exact same benefits” as the UK enjoys as a full member of the European Union.

Source

Looks like Labour are backing away from Brexit?

In a major policy speech at Chatham House, Starmer will harden Labour’s Brexit stance, warning that there is a “worrying and increasingly powerful move on the government benches to sever our links with Europe”.

“Once a small minority in the Conservative party, the Brexiteers are now in office and in power. This ideologically driven approach to Brexit would be disastrous and divisive.”

[Sbrinz]

One for the Brexit leavers: what is to be gained, by leaving the EU?

1. slightly more control on immigration, as EU citizens will soon need a visa to work in UK,
but the numbers might not reduce as Britain continually needs skilled and unskilled workers.

2. not remaining in the customs union means Britain can set it's own rates.

3. remaining a part of the European Court of Justice, will continue to help UK fight crime everywhere.

4. the financial commitments already made have to be respected.

Is that it? Have I made any errors? Are there any other factual advantages?

After watching the TV programmes on Sundays, over many months, it would seem that many lies which were put about before June 2016, have mostly been scorned at.

The task in hand: http://www.bbc.com/news/uk-politics-...he-eu-39261204
.

[marton]

	Quote:	Sbrinz
	One for the Brexit leavers: what is to be gained, by leaving the EU? 1. slightly more control on immigration, as EU citizens will soon need a visa to work in UK, but the numbers might not reduce as Britain continually needs skilled and unskilled workers. 2. not remaining in the customs union means Britain can set it's own rates. 3. remaining a part of the European Court of Justice, will continue to help UK fight crime everywhere. 4. the financial commitments already made have to be respected. Is that it? Have I made any errors? Are there any other factual advantages? After watching the TV programmes on Sundays, over many months, it would seem that many lies which were put about before June 2016, have mostly been scorned at. The task in hand: http://www.bbc.com/news/uk-politics-...he-eu-39261204 .

In addition
It seems that the UK will have to remain participating in some EU agencies after 2019. The reason is there is simply not enough time to create British versions of all EU agencies required plus the necessary expertise does not exist in the UK.
The CBI has estimated at last 34 new UK agencies require to be set up.

This implies UK still being under ECJ control in some areas plus payments continuing to be made to the EU after 2019 to pay for this participation.
Source (might be behind a paywall).

Let us not forget the Deloitte letter claiming that 30,000 new UK civil servants would be needed; so not much cost saving by leaving the EU.

According to the National Audit Office over a thousand new roles have been created to negotiate Brexit; only two thirds filled so far, mostly by transfers within the Civil Service.
Source

[Jim2007]

	Quote:	Sbrinz
	2. not remaining in the customs union means Britain can set it's own rates.

Well unless the UK intends to only trade with the couple of non WTO members that would be a no.

In fact as we already know, the UK's application for full member status will include acceptance of all EU agreements and there after in any future deals they will be required to stick to the 'Most favoured nation' principle.

[Urs Max]

	Quote:	Jim2007
	In fact as we already know, the UK's application for full member status will include acceptance of all EU agreements and there after in any future deals they will be required to stick to the 'Most favoured nation' principle.

Must have missed that, who says so? According to marton's quote of Roberto Azevedo (director general of WTO) in #8171 the conditions of UK's future membership are open and will have to be negotiated.

[Jim2007]

	Quote:	Urs Max
	Must have missed that, who says so? According to marton's quote of Roberto Azevedo (director general of WTO) in #8171 the conditions of UK's future membership are open and will have to be negotiated.

Which ever one of the government minister is responsible for the application, It came out a couple of months ago. There is no other reasonable option if they want to gain membership in say three years.

[marton]

	Quote:	Jim2007
	Which ever one of the government minister is responsible for the application, It came out a couple of months ago. There is no other reasonable option if they want to gain membership in say three years.

So far as I understand the situation is the UK has to negotiate their WTO tariffs after Brexit with WTO members.
The strategy announced is to negotiate based on the same EU tariffs that UK applies today in the hopes the UK can argue "look nothing changes, you can quickly agree".
Whether this strategy will be successful only time will tell!

Basically this may be a dumb strategy! Why?
Well the EU has mostly set their WTO tariffs to discriminate against products that are widely traded within the EU between EU countries to reduce foreign competition for these.
Now when the UK adopts EU WTO tariffs then in future the products we mostly trade with EU will face these discriminatory tariffs

[Jim2007]

	Quote:	marton
	Now when the UK adopts EU WTO tariffs then in future the products we mostly trade with EU will face these discriminatory tariffs

Yes but the alternative is to open it up to the entire 127 or whatever it is and spend years trying to get some agreement.

	Quote:	marton
	UKIP riding the wave of success

And the hypocritical toad that Fartage is, said yesterday that if Brexit turns out a shambles- he will just move abroad.

Probably Zug, I'd imagine

or a ménage à trois with Marine and his mistress ...

Is this legal and acceptable in the new 'Great Britain'

back 50 years?:



One of the UK's biggest buy-to-let landlords has instructed agents acting on his behalf, not to let his properties to “coloured people”, because the smell of curry “sticks to the carpet”.

Fergus Wilson's Kent property empire is thought to number around 1,000 homes in the Ashford and Maidstone areas.

The 70-year-old has form for "offensive directives" regarding who can and cannot rent his properties.

At the start of the year, he told agents not to rent to battered wives, single parents, low income and zero hours workers, or plumbers.

	Quote:
	Is this legal and acceptable in the new 'Great Britain' back 50 years?: One of the UK's biggest buy-to-let landlords has instructed agents acting on his behalf, not to let his properties to “coloured people”, because the smell of curry “sticks to the carpet”. Fergus Wilson's Kent property empire is thought to number around 1,000 homes in the Ashford and Maidstone areas. The 70-year-old has form for "offensive directives" regarding who can and cannot rent his properties. At the start of the year, he told agents not to rent to battered wives, single parents, low income and zero hours workers, or plumbers.

What's this got to do with brexit?

Sadly, it has.

[Sbrinz]

Today will be known in future as "White Cliffs of Dover Day"

The day Britain behaved as a lemming and jumped off the cliff.

Or "Article 50, Bad Letter Day"