BREXIT? Am I just plain stupid?

Thanks Primrose for actual facts, clearly stated.

So we are finally beginning to understand the cost of Brexit and it doesn’t make for pretty reading does it?

Total to date

£40bn divorce bill

£3bn for costs like extra staff infrastructure etc

£700million spent to date.

This of course does not cost loss of staff, staff replacement costs, resultant loss of tax receipts, and a whole lot more

welshwife there's around $900 billion worth of euro contracts cleared every day by clearing houses such as LCH in London. LCH sits between the 2 sides of the trade and sorts things out if one side defaults on payment, for example and is a neutral party making sure the trade goes through smoothly and with the correct documentation. My understanding is the EU is proposing to change the law surrounding clearing houses and this is outside of the Brexit negotiations. All this business is under threat anyway by the banks looking into blockchain technology which would negate any need for clearing, in any currency.

Which organisation does the clearing of the Euro etc ? That has been in London and EU has said that it must be done within the EU.

The EMA has said that almost all the staff wish to move to Amsterdam - which is now preparing for the influx of families with housing and schooling etc needed.

From the FT today regarding the EBA move.

"The organisation has been based in London since its creation in 2011, but with just 185 staff occupying a few floors of Canary Wharf’s Canada Square, the EBA’s move to Paris is no great loss to the UK from a jobs or real estate perspective.

Others highlighted how the EBA’s role had been diminished by the creation of a eurozone banking regulator under the umbrella of the Frankfurt-based European Central Bank in 2014.

Dirk Schoenmaker, a senior fellow at Bruegel, a think-tank, said the EBA was the “least important” of the three pan-EU financial watchdogs — the others being the Paris-based European Securities and Markets Authority and the Frankfurt-based European Insurance and Occupational Pensions Authority. “The EBA will wither away as the ECB becomes more powerful,” he said."

I find very little [well, nothing actually] amusing about brexit but there's something quite funny in a dark sort of way about the EMA ending up in Amsterdam and am having mental pictures of a lot of stoned hippies running it. If it had to go somewhere [even though this should NOT be happening]then that was the place for it to go.I have to have rare moments like this combined with swearing like a trooper at the tv on a regular basis, so please forgive me . What's this about Euratom? Wasn't that just another project fear thing?

www.ema.europa.eu/ema/index.jsp?curl=pages/news_and_events/news/2017/11/news_detail_002857.jsp&mid=WC0b01ac058004d5c1

EMA say large majority of their staff willing to move to Amsterdam.

"As the EMA leaves the UK, the question now becomes: does the UK leave the EMA? The EMA is the regulatory body for the single market for medicines, and the two are entwined. Do we want to stay with that market of 510 million people and its regulator, or splinter off as a market of 65 million with our own framework that decides what medical drugs and devices can be developed and sold here?

The delusion of 'it’ll be alright on the night' should now be dispelled with the EMA and EBA relocations

During the referendum debate, the leave campaign claimed that the EU generated repressive “red tape” for clinical trials and life sciences, and that the UK should be free to be more innovative in this area. However, in the overwhelming judgment of our own life sciences industry, any potential gains would be small beans compared with the profound damage caused by splitting our huge collaborative market."

From the Guardian.

www.bloomberg.com/news/articles/2017-11-21/brexit-hit-banks-said-to-start-moving-staff-abroad-in-early-2018

They are now giving warnings about leaving Euratom.

I view it as a blow to Brexiteers who thought everything was going to be rosy after we left the EU.
We are leaving the EU, but they are taking the jobs.
How do you know, Primrose, how many suitably qualified people there are wanting to work for the EMA, or the EBA, come to that?

Surprisingly, there are not thousands of suitably qualified people just sitting around waiting for the work. Amsterdam was one of the more popular cities, so perhaps some of the staff will not leave. To view this as a blow to the UK because of the 'draw' of the EMA is not understanding the wider impact.

Your explanations are very helpful, thank you Jen.

I don't understand, Primrose. If employees don't want to go, they will be made redundant, just like any other company.
The EMA will give the work to people in Amsterdam.

What do you think happens when any company moves from one country to another?
Or even one part of the UK to another?

I think those celebrations may be a little premature dj
A few weeks ago, from the Torygraph, but I doubt they've changed their minds. I wonder who will staff the new EMA?
"MEPs have been warned in a behind closed-doors meeting in Brussels that three quarters of employees working at the European Medicines Agency do not want to leave Britain after its withdrawal from the bloc."

You don't understand the subtleties much, do you, petra?
There was a debate on it today, and because of what the government decided today, backing down, there wasn't a vote tonight, because Dominic Grieve withdrew his amendment. The government has said it will bring in its own amendment at report stage.
May has decided on this so there would not be a government defeat.

durhamjen
Would you care to explain why there is a vote this evening when @.08.05 this morning you claimed that TM had given in
Perhaps you shouldn't put too much faith in Peston.
If the vote goes the way you want it to, and i wouldn't be surprised if it doesn't, it won't remain after the glorious day: 29th March 2019.

infacts.org/paris-amsterdam-say-thanks-brexiters/

In answer to the OP, just plain stupid, Brexiteers, not you.

Welshwife

" The dates seem odd in your reports Pogs - Macron was made President in 2017 -Hollande was still in power in 2015/16 ".

It is as Petra said @ 14.36.

However I still don't understand what Corbyn 'persuaded' Macron to do as mentioned in a previous post?.

Thanks Jen.

We have been so badly let down by the Labour Party

www.libdems.org.uk/tim-single-market-vote?utm_campaign=smvote_1a_exb&utm_medium=email&utm_source=libdems

The debate is on at the moment, GracesGran. Votes on it later tonight.

Please could someone tell me exactly what we have/are going to agree to re the ECJ? I seem to have missed this.

Something else Brexiteers didn't tell us.

www.theweek.co.uk/brexit/89847/is-britain-losing-its-prestige-as-well-as-its-icj-seat

Petra, a shame you cannot understand something so simple as that.
May and Davis agreed that they would have to agree to sorting out the Irish border problem, the problem of EU residents in the UK, and the problem of how much we had to pay to get released from the EU.
When sufficient progress had been made on those things, they would be able to talk about trade deals.
Sufficient progress has not been made on them yet, not even the amount of money, which is where May has given in and said she will more or less double her first offer.

So simple, really.
The government agreed on a rolling programme right from the start, meaning they couldn't go onto the next step until the first three steps had been sorted out.
I know I am repeating myself here, but it looks as though I have to to get you to understand.