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Liquidity, liquidity, liquidity
Comments
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Nonsense, the UK was a founder member of the GATT and WTO: https://www.wto.org/english/thewto_e/countries_e/united_kingdom_e.htmIf you set zero tariffs for everyone then what incentive is there to have a free trade deal? No country operates solely under WTO. If there is zero tariff then it will hit the farmers of the UK that can't compete. Other countries have already objected to us joining WTO.
Look at the details and project fear is project reality. Certain things can be extrapolated but the upshot is that no deal will create a very different situation than we're used to. You might call it project fear but if the shelves empty at the slightest hint of snow then longer supply interruptions will have a much bigger impact. I doubt the wartime blitz spirit of all mucking in together exists now, if it even existed then.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Sounds like more Project Fear to me.
I heard that when we signed the Maastricht Treaty there was a young George Osbourne strategically placed in each EU member state and if we go ahead with Brexit they will send the other 27 back home to live among us, inflict economic misery on poor people, increase annual ISA allowances and edit our newspapers. I like the ISA bit.
Alex0 -
I suspect that's wrong. Are you sure? Sounds like more Project Fear to me. Doesn't the WTP specific maximum tariffs, not minimum?
Even if it's right surely lower or zero tariffs could be sorted out fairly swiftly? (If only Cameron and May had been even slightly competent, they'd be almost sorted out already by the old diplomatic trick of "talks about talks".)
WTO tariff basics (BBC):
Every WTO member has a list of tariffs (taxes on imports of goods) and quotas (limits on the number of goods) that they apply to other countries. These are known as their WTO schedules.
The average EU tariff is pretty low (about 2.6% for non-agricultural products) - but, in some sectors, tariffs can be quite high.
Under WTO rules, cars and car parts, for example, would be taxed at 10% every time they crossed the UK-EU border. And agricultural tariffs are significantly higher, rising to an average of over 35% for dairy products.
After Brexit, the UK could choose to lower tariffs or waive them altogether, in an attempt to stimulate free trade. That could mean some cheaper products coming into the country for consumers but it could also risk driving some UK producers out of business.
It's important to remember that, under the WTO's "most favoured nation" rules, the UK couldn't lower tariffs for the EU, or any specific country, alone. It would have to treat every other WTO member around the world in the same way."For every complicated problem, there is always a simple, wrong answer"0 -
You should already have an emergency find of maybe 6 months to a year's spending cash and some people would classify Brexit as an emergency. Of course if inflation takes off cash might not be the best place to have your money. I'd be tempted to keep the usual emergency fund and put anything spare into equities outside the UK......use a UK domiciled fund.“So we beat on, boats against the current, borne back ceaselessly into the past.”0
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WTO tariff basics (BBC):
Every WTO member has a list of tariffs (taxes on imports of goods) and quotas (limits on the number of goods) that they apply to other countries. These are known as their WTO schedules.
The average EU tariff is pretty low (about 2.6% for non-agricultural products) - but, in some sectors, tariffs can be quite high.
Under WTO rules, cars and car parts, for example, would be taxed at 10% every time they crossed the UK-EU border. And agricultural tariffs are significantly higher, rising to an average of over 35% for dairy products.
After Brexit, the UK could choose to lower tariffs or waive them altogether, in an attempt to stimulate free trade. That could mean some cheaper products coming into the country for consumers but it could also risk driving some UK producers out of business.
It's important to remember that, under the WTO's "most favoured nation" rules, the UK couldn't lower tariffs for the EU, or any specific country, alone. It would have to treat every other WTO member around the world in the same way.
The quotas on items also have to be agreed. Right now the UK is proposing to have 1/28th of the present EU quotas on goods. However, quite a few countries are raising objections. Also I hope that something gets worked out on services as that is vital for EU citizens in the UK and UK citizens living in the EU. All their pension payments, financial accounts, insurance etc etc are still in doubt; it's a worrying time if you are a UK pensioner living in Spain and getting treatment for cancer or diabetes etc.“So we beat on, boats against the current, borne back ceaselessly into the past.”0 -
Bravepants wrote: »Mr Mainwaring...Stupid boy!
I initially made this mistake, I blame Jones's diction.0 -
Where was the emergency budget after the referendum result? And the recession? And the immediate increase in unemployment?
All those were forecast to take place straight after the referendum, before we would actually leave. And that's only for starters ……
You seem to have a short, or perhaps convenient, memory.
You’re confusing political rhetoric with expert opinion. I really don’t care what political falsehoods were perpetrated by either side in a referendum or election. What does concern me are the informed opinions of academics, trade experts and economists as regards the impact of no withdrawal agreement on the UK and European economies. Of course, in these populist times many have had enough of experts, and they may end up poorer as a result. I’d rather that didn’t happen as my taxes will have to bail them out.0 -
After Brexit, the UK could choose to lower tariffs or waive them altogether, in an attempt to stimulate free trade. That could mean some cheaper products coming into the country for consumers but it could also risk driving some UK producers out of business.
Under WTO the UK could reduce tariffs, but it has to have the same tariff for every trading partner. If tariffs are low this could lead to an influx of inexpensive goods.....great for the consumer but possibly bad for UK industry and by extension eventually bad for the worker/consumer too.“So we beat on, boats against the current, borne back ceaselessly into the past.”0 -
Thrugelmir wrote: »Buy UK products. Support the UK agricultural industry. Buy less meat and eat vegetables instead.
Meat we can and do produce with plenty to spare, veggies on the other hand...
Most expert assessments for the farming industry suggest a fall in livestock values post-Brexit, which should translate into cheaper mince.0
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