Topic: Brexit Losses Continue to Mount (Read 194 times)

In any case, such large-scale events as Brexit were bound to lead to losses and to a greater extent on the part of the UK than on the part of the European Union, given the scale of the European Union and the UK. But I still believe that, if the opportunities are properly used, Brexit can bring more benefits to the UK than continuing to stay in the union, because the UK has increasingly become one of many, despite the history and ambitions of the kingdom.

Considering Covid has been present for a year and the drop happened not this whole time but specifically after Brexit went into effect, this is not convincing.  These drops are specifically Brexit-related, not Covid-related.

Perhaps fishing isn't overall a large part of the UK economy, but any industry that drops 83% is going to decimate the businesses in it.  In 2019, UK exported 2 billion pounds worth of fish.  An 83% drop in exports will prove devastating if it doesn't recover throughout the rest of the year.

Honestly this is extremely normal , we are in the middle of a pandemic right now , thus things like that are going to be on the track after the country starts recovering from the hit. They did start the more mutated strain though which did spread from there because the Government did not impose better restrictions. After a while, the losses will get less and at the end of the day people should really stay away from the governmental markets right now, no one knows what is going to happen but they do have the perfect opportunity to invest in non Centralized markets such as cryptocurrencies.
The country should not worry about such things , the UK does have much problems but they are not showing , much like US their market is also fragile. Here is a paragraph from Google:

Every start is hard. I am sure chaps from other side of the channel will soon suit up and start working hard and prosper. The biggest problems I see are internal with Northern Ireland and Scotland. we will see how that will end. But the point is it ends so new start can begin. I am sure Britain can prosper even without them.

Is Brexit really the reason why the economy of UK is suddenly going down? Because based from what the news I have been seeing the economical downturn is more attributed to the pandemic rather than the Brexit. I've read before that during the first lockdown in UK the economy almost got cut down by a quarter and I think it is one of the biggest factors why they are having problems with the economy. I've also read that during the lockdown some businesses didn't even recovered and they were permanently shutdown. Or maybe the more possible reason here is both Brexit and the pandemic are in play on why UK is experiencing problems the media might only be covering more of the pandemic as they don't want their government to be blamed for the Brexit.

From my view area, I expect that it should benefit UK more in terms of the strength of the currency because it will help them to focus more on developing and protecting there currency. But I think in unity as a zone, UK will not be really seen as having a union with the UK as countries in same zone .

I think it is too early to see the real impact of Brexit on the UK economy. The current figures are also distorted by the Corona crisis. I believe that the UK can benefit from Brexit in the medium and long term. You can also see in the current Corona crisis how strongly the EU countries are tied to partly senseless regulations of the EU and this is also a reason why things are not going well in the EU and the UK is doing better. Of course, the UK also needs time to find a new "business model" for itself but if they are smart about it, UK can have better economic growth in the future than the EU countries as a whole without the EU's bureaucratic backpack.

I'm not from the UK, however I was also against them leaving the European Union. They are on their own now, simple things such as ordering from an online store isn't possible now, due to high import taxes.

I used to buy quite a lot of stuff from Amazon.co.uk or other websites (used to order cycling/sport equipment) and have honestly spent a large sum of money in the UK market. Although, now with Brexit, I won't order anything again due to import taxes that have been imposed, it's just easier to purchase from German or French e-shops.

Thanks for this information , I was not foreseeing this kind of fall out from brexit. As a citizen of European country , i think that brexit is a sad and stupid outcome. We are stronger together, and the Union was benefiting UK and EU, now both are hurting financially and most likely UK is hurting more in many aspects. This situation is even sadder because the referendum was won by such a little margin, if it was held today i am sure that they would not leave.

Now the people are suffering the consequences of Brexit, isn't the politicians at that time were the only one that were truly pushing to get out of EU because there were a lot people criticizing their decision to get out of the Union because there are implications and now the implications are showing. And the politicians that are pushing it are already safe because they already knew what was going to happen.

That was known way beforehand, not like it was something out of nowhere, when you get out of EU, they have to treat you like any other nation, if you ship something from Gambia to France, the same protocols happen to those items as the ones from Britain, which is why it has been a thing and will be a thing that takes a long time. If you are expecting these things to get easier, I have to say that it will not, you should have considered this long before brexit happened in Britain.

I know some of you guys didn't wanted it, but the nation wanted it so much that you had 3 presidents over course of like one year just to make it happen, you wanted it THAT much, then ended up voting for a trump look a like just so you can get out. This is why I think it is quite obvious that Britain will hurt because of this, but they will eventually get better and get used it over longer period of time.

Well yeah, the Brexit people basically campaigned on the premise that everything would be better without being part of the EU.  I'm not sure that control of the borders is such a huge accomplishment in the face of the staggering economic losses.  Seems like a minor problem was traded for a much larger one.  Just add it to the list of bad trades in this whole ordeal.

In principle, this is more of a problem during the initial period after England's secession from the European Union. However, by this time the government of this country had to prepare accordingly. There was plenty of time
after all, the exit was postponed several times. The countries of the European Union really showed England the advantages of such a union. Perhaps this state of affairs will increase the pressure of the people on the government to re-join the EU.

I think no one really expected that Brexit would be any good idea for UK. The long term effects are definitely going to be negative. So far the financial services have been excluded from the withdrawal agreement, but eventually there needs to be a new regulation in place. I don't think the EU will allow to keep up the dependency on London for all the trading and clearing in Euro. Amsterdam might be a big winner here, but I would expect that France wants a share as well, and probably so wants Germany. Maybe a split between Amsterdam, Brussel, Paris and Frankfurt would be possible.

UK gov was never getting anything from stock trading from canary wharf(tax avoidance) so the UK gov want to concentrate on the physical trade
after all why let finance guys trade micropennies day trading where canary wharf keep the loot. when the government can get 2%-15% by playing with physical trading at the freeports

eg america moving chicken into europe direct costs them import tax duties to europe. but if they loop it through a UK 'freeport' to process the chicken. eu would then accept the chicken at a UK lower rate
UK can then charge u.s a small middleman fee for the saving

right now though UK gov have to make it harder for companies to do this via normal ports. (hense the extra bureaucracy) to then incentivise foreign trade to use freeports instead.

its much like raising the bitcoin tx fee. delay transactions.. to get people to prefer to use LN.. yes it causes headaches at first because people just want to transact the way they did before but cant without costing more time/money
but hey in the end those using the other network will gain from it. while calling out the old way as near obsolete.
they are not interested in streamlining and improving the legacy methods. they just want to tweak the legacy methods to promote their new method.

its no coincidence that legacy ports are now harder to use whilst freeports are being created

Do you expect that it will come that way? I believe this is a currency issue that UK is wanting to protect the existence of there currency from going off. It will not get politicians to run away because it is no war issue. The politicians are affected already because the issue have forced past prime ministers to resign. I remember Theresa May who went down before Baron.

British government didn't thoroughly think what they were doing when they were planning to exit the European Union, not to mention that they do not even listen to the people that they do not want the Brexit in the first place. The sad thing is that the average people is going to suffer the hit and not the politicians because they are a citizen in other European countries already so when the going gets bad, they can just migrate to the country that they are a citizen and watch the UK burn.

Shipping  between mainland UK to Europe  and even Northern Ireland is now such a hassle that I don't consider it unless totally desperate. I shipped some products to a guy in Slovakia and it took 3 weeks to "process" in customs. Germany was about the same, and even Northern Ireland, usually only 2 days took over a week.

The time to process stuff will probably get faster, sure, but still got to attach export documents where they were not required before in addition to the extra cost. Kinda sucks.   

Fishery sports are nothing to UK's economy, the impact on the City is going to be severe short term but my take is that UK will de-regulate, which was the Brexit plan anyway. That should bring enough business back to recover.  Regarding exports, there is a short term impact on business due to new red-tape but that should be shorted with a little bit of time.

The problem has not been as much brexit as the double punch with COVID. Just think of it, if you could choose, you would have brexited better any other year. Those figures and the supply chains issues are basically related to COVID, not brexit.

They are massive losses just in one month, in all fairness though
did the british think it was going to be different, that there would
not be any consequences for leaving the EU?

At least they have control of their own borders, sadly the recklessness
of the leave campaign and its winning vote has created serious
consequences for certain industries.

Do the government have any economic gameplan to counter the falling
exports?