BREXIT - Is This Really Still Rumbling On? 😴
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I don't imagine an organisation as large as the EU is fretting about a few million of rent, but I guess it gives the last three journalists at the Telegraph something to do.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I don't understand why Brexiteers like to point out all the stuff the EU gets wrong. I don't think anyone has ever claimed being in the EU was perfect. The problem is that we were being told they were the cause of so many ills that Brexit was going to fix as we could 'take back control'. So far we really don't seem to have seen many (if any) of these benefits but we have definitely lost the good stuff like ease of trade, unrestricted travel to and ability to live in other EU countries etc.
Maybe it is really still 'too early to tell' as we haven't had a competent Government since we took back control though and when (if???) we ever get some sane adults in charge maybe they will finally demonstrate some of the advantages of our new found freedom from the evil Eurocrats.
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They like to point out incompetence in the EU as
1) it's still there and hasn't collapsed without us
2) they're fixated
3) it draws attention away from the financial incompetence at home, which is currently on a much larger scale
I'm not actually sure how much we're paying to the EU now, but I think the 'divorce settlement' payments carry on for quite a while yet.
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Doesn’t sound that painful from an EU perspective. Not sure its worth celebrating.
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So you don't think that wasting £373m of EU taxpayers money isn't a big deal? Imagine now if was the Nasty Tories who'd tied a UK government agency into a deal like that and the comments you'd get on here...
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
See my post to RJS above...
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Imagine……
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That's about 0.00004% of the EU's GDP. Sure it's waste. For comparison, Bibby Stockholm is about 0.0004% of the UK's GDP, and that's small beer compared with PPE & Test & Trace. I'm rather more exercised by the UK's financial waste than the EU's, given we're not in the EU (in case you hadn't noticed).
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The big difference being that I'm a UK taxpayer not an EU taxpayer. Well done to the landlord who managed to get that clause by their team.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Sorry, just noticed my maths was wonky. The confirmed waste is about 0.000003% of EU GDP. And just double what Grayling paid to a ferry company with no ferries. At least the office actually exists, even if it is empty.
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Still no government in NI
Current package on offer from UK government is c3 billion
“New York has the haircuts, London has the trousers, but Belfast has the reason!1 -
I love the way you and other are dismissing £373m as insignificant 😊.
BTW the EU budget for 2024 is €142bn in payments or €189bn in commitments. the amount above is around €434m, so just this one cockup is 0.2% - 0.3% of its budget. And that's just one example - wonder how many more there are as the EU has a rep for being wasteful and inefficient?
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
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Surely it's a win for a UK landlord, no?
If the EU wants to be careless with its tenancy agreements that's between it and it's citizens. Nothing to do with me.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Run out of arguments to deny that €434m is a lot of money? If you still think it's small change, ask the EU to send it to me as it clearly doesn't matter.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Nothing to do with us now we're out of the EU 🙂 Just as well really if they're that careless with their citizens money.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
It's a lot of money, but not mine. Though compared with (say) Bibby Stockholm, it feels like a bargain for the EU.
And as nothing compared with the 10s of billions the Tories have squandered in various fiscal fiascos, and that does include mine. And yours. Considering how much you dislike paying tax, I'm intrigued why you are so relaxed about that. I suspect that if Labour had wasted £50bn+ and the country was still worse off than before, you might just not be quite so relaxed, but maybe I'm mistaken.
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The issue isn't the amount. It's that there's no agreed budget for it, so there will have to be a potentially unseemly bunfight involving more contributions and/or other projects being cut.
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I would say the amount is relevant as that could be a lot of projects getting cut (or a few big ones) and potentially some large bunfights. Seems par for the course with the EU though.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Coz we all love a chart.
Have fun!
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Obviously £400m or so is not a trivial amount in terms of the projects typically marked with blue and yellow plaques, but if this was a liability at national level, it would be paid without anyone even blinking as it's barely a rounding error in national finances. But no EU country will stump up unilaterally. Hence it's an official EU-level problem.
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Were we assured that this could never, ever, possibly happen?
What is behind the slump? Figures in the City point the finger of blame at the Brexit vote and the political instability in Westminster that followed. Xavier Rolet, the former chief executive of the London Stock Exchange, says decades of bad policies did the most damage but Brexit “added pain”. “London was a global financial centre and it derived its undisputed global leadership from the fact that any company could find a solution of a global nature,” he says. “If you take out one big chunk, you’re no longer global. If you send a message… that you’re not welcome, that message will be heard.”
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I'm guessing you only read down as far as you saw what you wanted to see. A few quotes from the same article:
1.“I’m not convinced it is because of Brexit,” says Martin Gilbert, former chief executive of FTSE 100 fund manager Aberdeen Asset Management.
“Structural, systemic changes in the portfolios of pension funds had the biggest effect. It’s just the cycle and it’s nothing to do with Brexit.”
2. “This is not a Brexit issue,” says Citi UK chief executive Tiina Lee. “This has been in the making for the last 25 years.
“There has been a process where risk minimisation has really taken hold in the UK and 25 years on there’s been a massive de-equitization of the market."
3. Rolet says the trends towards a slimmer stock market were already in train before Brexit and a result of political decisions taken by the UK government over many years.
“We have a regulatory framework in the UK that makes it prohibitive for pension funds and insurance companies to hold a significant amount of equities. Unless this is repealed there is absolutely no way that UK equity markets are going to recover.
4. City minister Bim Afolami MP argues that the problems with the stock market reflect global issues.
“There have been difficulties with capital markets but that is the case in all European countries,” he says. “It’s the case in most places, including the US, but much less so in the US. There has been a global shift towards private capital for a bunch of structural reasons.”
5. Analysts are also quick to argue that London’s listing drought is the result of the wider global economic slowdown that has proved to be a drag on deal-making.
Listings dropped 8pc across the globe last year, according to a report by EY.
“We have seen the IPO market around the world shutdown as things have occurred externally - the war in Ukraine, high inflation, high interest rates,” says Scott McCubbin, who leads EY’s UK and Ireland IPO team.
6. London’s stock market has also had to compete with the rise of private capital, fueled by an era of rock-bottom borrowing costs and low inflation.
7. Another explanation for the malaise lies in the composition of Britain’s stock market. While Big Tech has fuelled the US stock market’s stellar performance – Amazon, Apple and Tesla are among the ‘Magnificent Seven’ stocks that have driven massive gains this year – the UK’s blue-chip companies have faced repeated setbacks.
Funny how you managed to miss so many points in that article that went against your world view :)
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
FWIW, yes, I did read the whole article, but I think you might have told us it couldn't happen, and yet it has. And the headline is in your Telegraph, not the commie Brexit-hating Graun. You'll have to take that up with them.
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I'm sure you did read it, but you were probably hoping we wouldn't ...
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
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Still no devolved government in NI
There's (in all but name) a general public sector strike on Thursday demanding a public sector payrise.
The SoSNI has put the money on the table but the DUP are refusing to go back into government to spend it.
“New York has the haircuts, London has the trousers, but Belfast has the reason!0 -
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What's new?
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
The 4 other parties can't give the 5th party what they want and are effectively on the outside of any discussions between the DUP and the Conservative Party
The Conservative Party are threatening joint rule with Ireland
Everyone waiting for the Labour Party to fix the problem by unwinding Brexit
“New York has the haircuts, London has the trousers, but Belfast has the reason!0
