12-17-2017, 09:02 AM
Nearly all the possible trading relationships between Britain and the European Union following Brexit would be less favourable than staying in the European Union, according to an influential US think tank. The Rand Corporation study said the worst option would be a "no deal". That would leave the UK economy 4.9% poorer by 2029. "No deal" would also have a negative effect on the EU economy, but it would be "relatively minor". The report said that even a "soft Brexit" involving staying in the free market would not be as positive economically as staying in the EU.
Fears grow across the Atlantic over Brexit fallout - BBC News
Sir Keir Starmer has warned that MPs risk becoming “spectators” to an all-powerful executive government for the next 40 years, if Theresa May’s Brexit plans are approved unchanged. The Shadow Brexit Secretary said Ms May’s European Union (Withdrawal) Bill handed ministers sweeping powers to alter other pieces of legislation, from controls on the finance sector to protections for workers. The Independent revealed on Thursday that Ms May will grant MPs more time to scrutinise the bill in a bid to avoid a rebellion, with Tory backbenchers also concerned about the powers being granted to ministers.
Just as there are a variety of different deals that could be struck between Britain and the EU, there are many ways in which Brexit talks might break down. Most assume a failure to agree the terms of divorce – the size of the financial settlement, or the role of the European court of justice – followed by a walkout by negotiators and no discussion at all on future trade arrangements. This would mean relying instead on non-EU treaties, such as shared commitments to the World Trade Organization and the Hague convention, to govern ongoing cross-border affairs. It is possible, however, to imagine a more amicable “agreed no deal”, in which divorce talks end with a limited settlement that plans for an orderly exit but is not sufficient for the EU to allow full-scale trade negotiations at this stage.
Brexit: what does 'no deal' mean and how bad could it get? | Politics | The Guardian
Britain's economy would be "booming" if not for Brexit, the Governor of the Bank of England has said. Mark Carney said businesses were waiting for the outcome of Theresa May's negotiations with the EU before making investment decisions, which was slowing down economic growth. He said the bank's predictions for foreign investment in Britain was now 20 per cent lower than they estimated in the month before the referendum. Speaking to Peston on Sunday, he said: "Since the referendum, what we're seeing is that business investment has picked up, but it hasn't picked up to any of the extent that one would have expected given how strong the world is, how easy financial conditions are, how high profitability is and how little spare capacity they have.
Britain 'would be booming' if it wasn't for Brexit, Mark Carney says
The snag is that for each extra year of transition we will have to pay membership fees to the EU of about £8bn. So a realistic transitional period could cost us a further £20-30bn. Add it all together, and you get £80bn.
The British government launched a new strategy for industry on Monday, aiming to intervene in key sectors to tackle weak productivity and bolster businesses to counter any new problems caused by Brexit.
UK launches plan for industry as Brexit looms, wins Merck investment