Interesting Bank of England governor Mark Carney reaffirms to Treasury Select Committee that Brexit is no longer the biggest risk to UK's financial stability | City A.M.
When the MPs questioned Carney today on the proposals put to them by top City bosses yesterday – that an unclear Brexit plan with no transition period would put businesses at risk – Carney said "the consequence [of this] would be grater for Europe than the UK", although there would be some risks for the UK and it was in the country's best interests for such arrangements to be secured. Meanwhile, in the duke's house......................:Eggonface:
Why do we need to read an article from the Governor of the Bank of England to understand the true economic road ahead? After all we can read predictions from..............................YOU! :Nailbiting: You haven't been wrong yet................Oh, err, hang on. :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Wideyed: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious: :Hilarious:
TT you live in a part of the world not unknown for its changeable and stormy climate. Would you hang on the every word of a weather forecaster who since landing the job has got every pronouncement consistently and diametrically wrong? No, quite. And neither do we..
"The risk was greater for continental Europe than for the UK, he said The governor also told members of the Treasury Select Committee that a period of transition was "highly advisable". "If there is not such a transition put in place, in our view it will have consequences. We will work to mitigate those consequences as much as possible," he said. Mr Carney said that the UK should concentrate on stable access to financial markets after Brexit. The financial services industry could suffer "outsize" consequences from losing only some of its access. He also expressed the belief that it would not only be possible, but desirable for the UK to remain part of the EU mechanisms that make financial rules. He said the EU and the UK were starting from the position of having the same rules. The regulators know each other, he added, and it is a "tightly wound ecosystem". End So, what he's saying is that the initial forecast for a catastrophic and quick end to the UK economy has been wide of the mark and in the most part past the the perceived worse. However we're by no means out of the woods yet, and sensible agreements put in place for our financial services sector to continue to work with the EU financial services sector is desirable. That doesn't mean that the banks stay part of the EU, it means they work with them under the same regulations etc After all, it's going to be in their interests to make that work as it's their economy's and financial services sectors that are in worse shape than ours, as such they'll be a negative impact on them if a sensible solution isn't found A transition period is likely and has already been suggested by the PM, so it's not a new suggestion. Ultimately, the BOE needs to air on the side of caution and that's understandable. But as he points out its not simply the UK economy at risk and the EU leaders and their respective heads of financial services will know that as well. As such, like I've been saying all along, I think you'll find the divorce fairly amicable with a few sectors losing out in the short term, others keeping pretty much status quo, and then hopefully the slack from any sector losing out can be picked up in the future with any new trade deals. Very possibly improved as they'd be more competition It's not the end of the world and far less catastrophic than all would have had you believe since day one.
I feel more than anything, Carney realises he confused project fear and looking after his chums, with professional caution. It will happen, everyone will adapt and we will be okay. If anything, consider the U.K. as Noah, we've been told the rains are coming so get on your own boat whilst Europe keeps on saying "What fucking rain???"
Seven Brexit Strategies U.K.’s May Could Use to Cut EU Unity - Bloomberg Some more comments from the article. "The U.K’s withdrawal from the EU will leave a hole of about 250 million pounds ($304 million) per week in its budget..." "Diplomats from eastern Europe have signalled, in return for Britain’s continued funding, a willingness to consider giving the U.K. single-market access even if it restricts the free movement of labour" "EU leaders are grappling with elections in France, Germany and the Netherlands that threaten the status quo, the challenge of what to do with more than a million migrants from the Middle East and Africa, as well as an anaemic euro-area economic recovery."
I hope they do not take that option, it should be a clean break then wto rules. Otherwise remoaners like clegg and farron will think the door is half way open to getting back in again. A clean, crisp and final break leaves everyone knowing where they stand and the point where they can build from, half open suits man nor beast.
More than that I'm not convinced that's money well spent. Sounds like a bluff type suggestion which they hope we'd take more than a serious suggestion
Military thinktank Rusi blasted as 'EU puppet' after Brussels funding emerges | Politics | News | Daily Express
More like a department to rubbish the actual truth so that the BBC can continue to pump out their own version of Guardian inspired fake news.
The Guardian, a website I occasionally read to try and understand the reasoning behind such extreme pro EU views. To be clear on that, I mean such wilful acceptance of those ruling in Brussels, and that the sweeping decisions some of them make which alter the lives of so many are right and can't be challenged. It's not about being 'European' as I know many can't seem to seperate the two in their heads. I will always be European, and I will always want to do business with, and continue to be friends with other Europeans. Being part of the EU 'project' is an entirely different thing Normally if it's a negative report they open up the comments section, where by various insults are thrown at anyone who voted to leave the EU and where such people are tarred with the brush of being racist, xenophobic, stupid, low life's, backward thinking and so on... And so here's a piece from what they believe will be the Pm's speech next week, notice no comments section (surprise) Theresa May: UK is prepared to accept hard Brexit | Politics | The Guardian IF this is indeed what she's to say then I'm happy with that. It's a sensible outcome and time that we all focused on the job, not tried to delay, throw spanners in the works etc The vote happened, those highly intelligent folk who voted to remain should, I would have thought, been able to understand that.
And then there's this piece, which further underlines my view on the current political parties and their seemingly complete lack of understanding of the public. Voters back Tories to deliver best Brexit by three to one | Politics | The Guardian Labour, a party that are becoming more like the lib dems of old and don't seem to have a cohesive strategy between them. It's like watching 'catchphrase policy' and each time any of them are in front of the camera they just 'say what they see'.....Diane Abbott and Jeremy Corbyn just need to go and set up their own party if Labour is to survive. I've said it before, I'm not overly fond of any party currently on offer but the facts are I'd be one of the people with no option but to vote tory simply because none of the others seem capable of organising a piss up in a brewery
