The Great Theresa May. By FAR the Worst Prime Minister that the UK has Ever had.

Dyson’s announcement comes shortly after Singapore and the EU agreed a landmark free trade agreement. Singapore’s prime minister, Lee Hsien Loong, said the deal, signed in October, was: “an ambitious trade deal, it is a high-quality arrangement, and it is one which will fly the flag and encourage others, I hope, to do the same.”
My guess is he thought if they could break away from the EU, they could break away from a lot of the consumer and product regulations, which included restricting power of vacuum cleaners to 900w and 80db.. And, his ration for going for no deal was that the EU would come to us as we purchase far more from them than they from us and we could probably negotiate a free trade deal to allow him to sell his vacuum cleaners without having to conform to the tightest regulations while leaving him a healthy market.

Well, since SIngas has got the free trade deal - may as well move there.

I habe a Miele vaccum cleaner.. Had a Dyson once.. Went to Miele after that..
 
G'day Jerry, Yes I agree with you re Miele. I can see the rationale behind the dB restriction on Dyson. Have you heard their Air Blades in public washrooms - it's a sin!
 
Extra! Extra!... Airbus threatens to leave Britain and commence manufacture of wings elsewhere in Europe.
Further catastrophic news from GB following the "Pig-in-a-poke" codswallop sold to unaware Pommy voters. Alright for some but generally "BAD, BAD NEWS" as we picture The Donald shaking his head in mock sympathy with his "deplorables". If you happened to be a billiomaire and could ship your enterprise to a more tax-less country, why not. Millions of Brittons will just have to suck it up and learn to live without access to the EU.


https://www.smh.com.au/business/com...certainty-starts-to-bite-20180622-p4zn8i.html
 
Extra! Extra!... Airbus threatens to leave Britain and commence manufacture of wings elsewhere in Europe.
Further catastrophic news from GB following the "Pig-in-a-poke" codswallop sold to unaware Pommy voters. Alright for some but generally "BAD, BAD NEWS" as we picture The Donald shaking his head in mock sympathy with his "deplorables". If you happened to be a billiomaire and could ship your enterprise to a more tax-less country, why not. Millions of Brittons will just have to suck it up and learn to live without access to the EU.


https://www.smh.com.au/business/com...certainty-starts-to-bite-20180622-p4zn8i.html
Yes - Brexit will be used as a justification for moving some manufacturing and other businesses offshore - to low-cost countries - no to the EU. Which has me thinking, wouldn't they do it, anyway? Obvisouly moving these factories is a logistical and regulatory challenge. While the FAA/EASA may be reasonably quick to allow Cirrus, Mooney, Beech and other manufacturers bought up by the Chinese to relocate their manufacturing there, I am not so sure they will be as quick with manufacturing airliners that carry hundreds of people with the potential consequences of things going horribly wrong.

Also, Airbus has already been disingeous by claiming with a hard Brexeit, UK based manufacturers would automatically no longer comply with EASA requirements and factories would have to move to Europe - quite a ridiculous thing to say given almost everyone in the aviation industry knew it was not quite correct any any rational CEO would know they would be called out very quickly - which they were and they had to embarrassingly issue a retraction. As someone pointed out, there are Boeing planes flying around Europe that are not built in European factories.

So, my synopsis: It could be:
- A thinly veiled threat that will amount to nought as the logistics and reg hurdles will be too high even for a medium term payback
- They are focusing on the long term and they will look at it anyway regardless of whether or not Brexit happens and whether or not a trade deal can be struck if it does happen.
- The German/French governments may be peeved at Airbus using Brexit as an excuse to move manufacturing to low cost countries and pressure them to agree to move it to somewhere in Europe. Eastern European counties are low cost, but not as low cost as India, China, etc.. so the payback may be deemed too long and they will leave manufacturing in the UK.
- Same as the above point, but Airbus will have politically backed themselves into a corner and will shift production to an EU state/s.

Over here, Brexit is blamed on all economic headwinds. There is no doubt it contributes - of course it does (although some companies are expecting boom times).. But the sole reason? I am neither for nor against Brexit as I can see opportunity on both sides of the equation, but even I can't buy that of it weren't for Brexit, we would not be experiencing any headwinds. For example, house prices here are softening and are likely to for some time. As are various economic indicators. But they are all over the world - in countries that will have little if any impact by Brexit - Take Australia, as an example. A lot of where we are in the UK is due to the global economic cycle - in other words, a softening of the Chinese economy.
 

Methusala

Active Member
I don't think that all of the ills likely to be suffered by GB in the near or medium future are down to Brexit. EU are in a lot of trouble and this is related to the malaise generally at the heart of the global economy. The crash of '07-0'8 was not a "normal, cyclical" fluctuation. It was caused by the un-restrained ability of capital to dictate the tradability of junk (also known as CDO's {collateralised debt obligations}). These are low performing loans such as mortgages with little real ability to be repaid. S&P and other ratings agencies lied about the worth of these and they were sold to governments, both local and national as well as to anyone else in the investment markets. This caused the bankrupting of many local governments in Oz making amalgamations politically possible. But that is a digression.
The fact that, post 2008, governments lacked either the will or the political power to change the way banks operate meansz that we are destined for much more of the same type of financial disruption (read recession or more likely, deep depressions) until a reckoning occurs and finances become more realistic. Note that the Russian federation and China and possibly others including india are moving towards a gold backed currency. Even heard talk of a central, gold backed, crypto currency for international oil trading. This is essentially what Russia and China are using, gold backed Yuan, to trade oil and manufactures between themselves.
The USA finds itself becoming irrelevant in financial trades so brings out the big stick ie: Bolton's statement this week that the US will take Venezuala's oil. Trump is also pushing the military brink by abrogating the INF treaty and threatening Space Wars again.
To get back to old Britain, it is a bad time to be rocking the boat. Europe's economy is hardly sustainable at all and they will use any action to improve their position in trade against Britain. For Britain it is a bad time to be in the EU but possibly worse to be outside.
 
@Methusala - You may be interested to note that in the UK at least, CDOs are making a slow comeback - bit with some very different rules to minismise risk. However, not all CDOs were bad and in fact some hedge funds made a tidy sum thanks to the sheep mentality that is the market; they bought up "toxic" assets - sold at knowck-down prices thanks to the political climate rather than sound financial valuations and after 6 months, most of the buyers had made a handsome return on their investment - many returning to par value and holding on a little longer led to them acheving heyond par valuations - when you consider some of these assets went for 5% of par - well you do the maths...

Anyway - back to Brexit - you are right - the EU is in a bit of a pickle. At least 24 of their member states are under economic stress and the ECB, with its quantitative easing program that included buyiung corporate debt is struggling. Coupled with a global slump in demand and China ramoping up its stimulus programs leading to an artifical economy, things don't look too rosey. I do agree that over the short term, the UK is probably better in than out of the EU - but I think that will always be the case. But now is worse than when the global economy is firing on all cylinders - but - if the remainers want the UK to rejoing the EU, now is a great time to leave. Imagine the crieds of how bad things are out of the EU if the UK economy slumps. The cries to rejoin the EU, albeit on less favourable terms (UK has a discounted contribution and has more opt outs than any other nation - both lilely to be lost should the rejoin) will echo loud through the regions unemployed and it will be a landslide victory to return.

On the Nissan thing, an official version of events is here: Update to Production Plan for Next-Generation X-Trail
Yes, they mention Brexit as a contributory factor, but by no means even material. The global economic slump and I would also infer, given the mention of different drivettrains, the attack on Diesel cars is probably the real driver. Add in Brexit and it becomes a no-brainer. Take Brexit away and there is still no guarantee Nissan sould have stayed on. Interestingly, Nissan have committed to investment in the Sunderland plant.
 

Methusala

Active Member
When a rotten system (such as wrapping up rotten fish {CDO's}) in plastic so the purchaser is ignorant of the quality, then getting your mate (S&P's or Moodies') to swear that the goods are perfect, will always bite most purchasers. Scavengers who can see that 10% of the fish is sound can make a profit buying at 5%. This is called opportunity cost. The system as a whole has still forsaken 80% of their capital to a swindle. You can't dress this up as anything but "white collar" crime.
Anyway, as you say, back to Brexit. It has been my contention throughout that the Brexit thing was a scheme brewed by perhaps Textor Crosby as a way to bamboozle the voters into sticking with the conservatives to keep the socialists on the outer. NEVER MIND the cost to the nation downstream. You may recognise the same MO in our current mob of ministers and backbenchers. They will lie to voters about the effects of restricting tax benefits to the financing of only new dwellings to protect their backers. Also to protect the scandal of giving "tax refunds" to people not paying any tax.
You have admitted that the GB population joined the EU on very favorable terms. Was any effort made to warn voters that they could lose this "most favored nation" status? No, of course not! As I said,"For Britain it is a bad time to be in the EU but possibly worse to be outside."
 
I never said GB entered the EU on favourable terms.. I don't know the terms they entered the EU (I think, then the EC), but I do know since I moved here in the mid - late 90's, they were able to negotiate various derogations. from treaty requirements and laws that were introduced since.

As I have said before, I think both sides were disingenuous in their campaigns - however, one has to remember neither side was a political party and the idea of promises is a, as we say in Australia, furphy. As an example, the famous Boris Johnson "promise" that as a result of the savings, "we could put an extra £360m a week into the NHS [[ublic health]"... My bold, but since when did the word "could" amount to a promise?

The reality is both camps twist the facts and even theory to present their side of the case. I have mentioned many local gold-plating of EU regulations that went well beyond the intention of the EU regulation - but the gold plating bit was blamed on the EU. I have often said be careful about gaining control back because the same people who have control do the gold plating - at least in the EU if they gold plating goes too far by a national government, the EU can, in theory compel that national government to reign it in a bit.

Back to CDOs... Yes.. they, as well as many other asset backed products were a conman's dream. I had the pleasure of unpicking a few ofter the GFC to work out exactly what the gubbins went on. And guess what - the paper trail almost always went cold - and getting info from an SPV administering the ABS often ended up in scans of hand-written asset lists and valuations. The best was an impaired MBS purchased at 10% above par on the hope that the foreclosures would yield a better return - in a falling property market. I rued that one - somewhere a trader was driving around in a Ferarri for that, while I have my 15 year old V-dub...
 
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