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I have a burning need to know stuff and I love asking awkward questions.

Monday, October 10, 2016


…and now things start to get interesting.

Banks say they will 'wait and see' on Brexit moves abroad.

The UK's banks say they have not decided whether to move operations outside of the UK after Brexit, a top banker has said. Anthony Browne, chief executive of the British Bankers' Association, told a House of Lords EU committee that banks are pondering moves abroad. He called for current arrangements to stay as close as possible to those now in place with the European Union. He said transitional arrangements with the EU were needed. Mr Browne added that would remove uncertainty and ease pressure on banks, while also avoiding "cliff edge" disruption to markets. "There is a 'wait and see' at the moment," he said.

Tim Farron presses case for vote on any Brexit deal.

The British public should have a chance to vote on government plans for the UK to leave the EU, the Lib Dems say. Leader Tim Farron, whose party campaigned to stay in the EU, says it would be "completely unfair" if voters were not given a say on the deal devised by Brexit ministers. He denied suggestions he was trying to overturn the 23 June referendum, when a majority backed the UK leaving the EU. Brexit Secretary David Davis wants a "national consensus" for the UK's exit. But Mr Farron says voting for Britain's departure from the EU "is not the same as voting for a destination".

"What the British government is now, one assumes, in the process of doing... is putting together the potential deal for what Britain will get in the future - what will free movement look like? Will there be a points based system? Apparently not. Will there be additional money for our health service? Apparently not. What will the relationship be with the single market? What will that mean for pricing? Our proposal today is the deal would come to the British people - we'd vote on that. If we voted 'yes' for that deal, then Britain would leave the European Union as we've already indicated... If we voted 'no' to that deal - if that's not satisfactory to the British people - we'd remain members of the EU."

Wetherspoon's boss attacks 'lurid' Brexit claims.

JD Wetherspoon's chairman has said claims that the UK would see serious economic consequences from a Brexit vote were "lurid" and wrong. Tim Martin, an ardent supporter of Brexit, used his company's profits statement to attack a host of targets, including the CBI, the IMF, Goldman Sachs and the former prime minister. They and others warned the economy would suffer post-Brexit. Data on the UK economy showed a dip in July but has been positive for August. Wetherspoon's itself saw annual profits rise 12.5% after exceptional items to £66m. In a detailed and extended statement, Tim Martin lambasted those who had failed to "see through the flaws" of the European Union, and said their forecasts had been proved wrong following the 23 June referendum. Using striking language, he told the BBC: "We were told it would be Armageddon from the OECD, from the IMF, David Cameron, the chancellor and President Obama who were predicting locusts in the fields and tidal waves in the North Sea." Closely-watched economic surveys have shown a sharp rebound for UK services and manufacturing in August after the industries took a hit in July.

Toronto 2016: UK film experts upbeat over Brexit.

UK film experts are confident that the industry will cope with the impact caused by the vote to exit the EU. The upbeat message emerged during a special Brexit debate at the Toronto International Film Festival on Friday. "As an industry we are born problem solvers," said Robbie Allen of Creative Scotland, adding that there was "time to plan" for the "bump in the road". Isabel Davis, of the British Film Institute, said "nothing changes" until after what would be a long process. Ms Davis, head of international at the BFI, explained that it had set up a "screen task force" to look at threats and opportunities presented by the result of June's EU referendum. She said the film industry was keen to preserve its relationship with Europe and that no changes were imminent during the exit process. "We are talking about a period of time that is going to be rather extended," she said. "This is a very complicated process, it's a marriage that is going to take quite a lot of time to untangle. In the meantime, the key message is nothing changes whatsoever. Until those negotiations are concluded, we are exactly as we have always been."

Senior civil servants warn over Brexit resources funding.

A lack of resources in Whitehall threatens the UK's successful exit from the EU, the head of the senior civil servants' union has warned. Brexit will mean a cut in public spending unless funding is increased, the First Division Association says. A Conservative MP who voted to leave the EU warned the work could take two decades to complete without more support from ministers. The government said it would deliver Brexit. Dave Penman, the general secretary of the FDA, which represents senior civil servants, said the government could not demand that civil servants deliver public services, cuts to budgets and Brexit at the same time within current budgets. He told BBC Radio 4's Today programme the success of exit from the EU was threatened if it was not adequately resourced. He said: "If you take those resources from elsewhere within government spending, it threatens the delivery of public services. "That's the reality: you can't have your cake and eat it."

'Brexit must not be an excuse' to cut jobs, warn unions.

Firms must not use the UK's vote for an exit from the European Union as an excuse to cut jobs and spending, trade union bodies have warned. Unite said it was "not prepared to see Brexit used as a smokescreen" for firms to cut their investments in the UK. "Out of the EU must not mean out of work," Unite general secretary Len McCluskey said at the TUC Congress. TUC general secretary Frances O'Grady said she was also worried workers' rights might be eroded by the EU vote. "We've had the votes, the vote was close but clear and now our job is to get on with representing working people, whichever way they cast their vote, and make sure that they don't pay the price of a Brexit," she said.

All details above from BBC News website.

[It’s interesting – in a car crash sort of way – to see how badly the Pond is still doing on the international money markets (putting to one side the even more interesting ‘technical glitch' in the Far East markets). Whenever a pro-Brexit minister says something stupid about ‘hard Brexit’ or ‘we can do without access to the Single Market’ the Pound tumbles. I have to wonder if any of them actually understand Economics. Oh, and don’t get me started on the latest row about Foreign workers!]

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