Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
yeh, I'm sure the small businesses currently trading with the EU are looking forward to trading with Australia and Canada and NZ instead
To Canada they have to compete against the Americans and Australia, being far away also becomes a competitive challenge. If the UK does lose some market access to the EU we will see if these markets can offset.
Can a small UK company compete to Canada against similar US companies? These are just over the border and enjoy access to an economy which is highly integrated into that of the USA, with the advantages of proximity and NAFTA. And face it culturally Canadians are now more American than they are British.
Canada is within NAFTA, so the UK will also have to consider the USA. OK so the largest global economic space in the world negotiating with a much smaller place. Of course no longer the launching pad into the EU that it once was.
Please note that the UK just lost its bargaining chip, and every one knows the uncertainty that it faces.
The UK, despite having the 5th largest economy, is only the 9th largest exporter and the importer. Its exports to the USA were $50B. Its exports to Germany, The Netherlands and France were $107B. The other importer of UK products amongst the top 5 was Switzerland with $34B.
The UK exported $472B, so clearly the EU absorbs a major chunk of this. The UK also suffers a trade deficit of $191B.
The UK has massive trade deficits with China, so what will a trade deal lead to? Conceding more market, in the hope that they can get greater access to the Chinese markets?
The biggest export is cars. Now I don't see UK cars in the USA, so I bet these cars are to the EU, some being US, or Asian brands, made in the UK with an eye to the larger EU market. Ireland is itching for that business.
Much of the UKs economy is in the FIRE sectors (Finance, Insurance, Real Estate). With the UK tumbling as the global center (by some measures on par with NYC) how much of that will remain?
I am not hearing any constructive ideas from the Brexit crowd. Just nostalgia for the Old Commonwealth, and an over rated sense of global importance.
Sorry dears but Queen Victoria died long ago, and so did the notion of Great Britain!
We will have good trade deals, unlike the EU which has no trade dealswith China, India and other major economies.
Britain has good relations with countries such as India and it is India not China that is going to grow in to a countty of 1.7 Billion by 2050 and this may be India's century and not Chinas.
I note that US Bank Wells Fargo has just bought a new £300 million office in the City of London and has staked it's future in London, as are other US Banks.
You do realise it's vitually impossible due to red tape to get any kind of EU Trade deal and it's becoming ever more difficult. Individual Trade deals outside of the EU are much easier and the WTO is also the way forward and is not as restrictive and protectionist as the EU, which won't even allow many US products including argicultural goods to be imported, as it impliments very restrictive practice. The UK is now going to be free to buy more US products both industrial and agricultural in a less restrictive and protective way, even TTIP is not a great agreement. See the EU Common Agricultural Policy, which is so corrupt it's unbelievable.
The UK can only offer its own markets in a trade deal. Given its balance of trade deficits, and the composition of its exports to the EU were I some living outside of London I would be very worried.
BTW the Wells Fargo deal speaks to the fact that London will remain a power center. They voted Remain.
Now what does that have to do with the rest of the country which voted BREXIT? No one expects London to collapse. Its financial infrastructure is well established, plus there are fewer barriers to trade in services than there are in product.
I predict that BREXIT will produce a country where London will continue to play an even GREATER role. So will all of those folks from up north have to move to London, as the car plants shut down?
BREXIT was basically a temper tantrum against London. London will win out in the end.
The UK can only offer its own markets in a trade deal. Given its balance of trade deficits, and the composition of its exports to the EU were I some living outside of London I would be very worried.
BTW the Wells Fargo deal speaks to the fact that London will remain a power center. They voted Remain.
Now what does that have to do with the rest of the country which voted BREXIT? No one expects London to collapse. Its financial infrastructure is well established, plus there are fewer barriers to trade in services than there are in product.
I predict that BREXIT will produce a country where London will continue to play an even GREATER role. So will all of those folks from up north have to move to London, as the car plants shut down?
BREXIT was basically a temper tantrum against London. London will win out in the end.
In terms of outside of London, we have a massive Trade Deficit with the EU, which is not helped by CAP retrictions.
The truth being the UK is the biggest market for EU goods, it is the largest market on the planet for the Germans wo sell one in five of their cars in Britain, and who buy goods from German Consumer Goods companies such as Siemens, Bosch, AEG, Smeg, Miele and numerous other companies. Germany makes its biggest global profit out of the UK with one in five or 20% of German cars globally being sold in the UK, whilst due to the corrupt Common Agricultural policy the French also have a massive surplus with the UK, as do the Italians, as do the Spanish, as do most major EU Countries.
The UK has even been put at a disadvantage in terms of industry, and our major markets in terms of such products are going to be outside of the EU.
We will come to an agreement with the EU and will still be part of Europe in many other respects but we need to be free from many of the constraints.
Whilst I am critical of small parts of Brexit the Movie, overall I agree with 95% of what is said.
Last edited by Brave New World; 07-19-2016 at 01:33 PM..
. The UK is now going to be free to buy more US products both industrial and agricultural in a less restrictive and protective way, even TTIP is not a great agreement. See the EU Common Agricultural Policy, which is so corrupt it's unbelievable.
Correct and this is exactly what the trade deals will result in. The UK opening up its markets to producers in other nations, but not having equivalent access to their markets. US companies and workers will be happy, but who in the UK will benefit? The same middle men in London who currently benefit. Any jobs for workers, some of whom haven't had a decent job in decades?
Can the UK compete against Germany for exports of high quality machinery? Germany exports to the USA are more than double that of the UK. This despite the greater linguistic and cultural ties between the USA and the UK.
The only bargaining chip that the UK has is that it imports a lot from the EU so can use the threat of loss of access to its markets to ensure that the EU doesn't punish them. In fact German exports to the UK are as large as the UKs exports to its 3 largest EU trading partners.
I really am not hearing anything much from the BREXIT crowd, which makes me think that they have no ideas, are living in the past, and are probably deathly afraid of the future. But cannot afford to show it, so they think that trade deals will be with two equal partners. Even India is now a more powerful economy than the UK, as even though its smaller its more dynamic.
Correct and this is exactly what the trade deals will result in. The UK opening up its markets to producers in other nations, but not having equivalent access to their markets. US companies and workers will be happy, but who in the UK will benefit? The same middle men in London who currently benefit. Any jobs for workers, some of whom haven't had a decent job in decades?
Can the UK compete against Germany for exports of high quality machinery? Germany exports to the USA are more than double that of the UK. This despite the greater linguistic and cultural ties between the USA and the UK.
The only bargaining chip that the UK has is that it imports a lot from the EU so can use the threat of loss of access to its markets to ensure that the EU doesn't punish them. In fact German exports to the UK are as large as the UKs exports to its 3 largest EU trading partners.
I really am not hearing anything much from the BREXIT crowd, which makes me think that they have no ideas, are living in the past, and are probably deathly afraid of the future. But cannot afford to show it, so they think that trade deals will be with two equal partners. Even India is now a more powerful economy than the UK, as even though its smaller its more dynamic.
In terms of outside of London, we have a massive Trade Deficit with the EU, which is not helped by CAP retrictions.
The truth being the UK is the biggest market for EU goods, it is the largest market on the planet for the Germans wo sell one in five of their cars in Britain, and who buy goods from German Consumer Goods companies such as Siemens, Bosch, AEG, Smeg, Miele and numerous other companies. Germany makes its biggest global profit out of the UK with one in five or 20% of German cars globally being sold in the UK, whilst due to the corrupt Common Agricultural policy the French also have a massive surplus with the UK, as do the Italians, as do the Spanish, as do most major EU Countries.
The UK has even been put at a disadvantage in terms of industry, and our major markets in terms of such products are going to be outside of the EU.
We will come to an agreement with the EU and will still be part of Europe in many other respects but we need to be free from many of the constraints.
Whilst I am critical of small parts of Brexit the Movie, overall I agree with 95% of what is said.
Watched this.
1. Why is the EU being blamed when over regulation of the UK economy began BEFORE it joined?
2. Why is Germany internationally competitive and the UK isn't. They export US$1.5T, just behind the USA. The UK exports $472B JUST AHEAD of an unproductive nation like Italy. Why did German companies thrive while UK companies are a shadow of what they were 40 years ago? In fact South Korea exports more and most of this is done by Korean companies (Samsung).
Even the much maligned France exports more than does the UK.
And just to show how out of it the UK is, look at the 5 largest exports. Cars (many US or Asian makes), refined petroleum, crude petroleum, pharmaceuticals, and gas turbines. Basically almost like a 3rd world nation!
3. Germany is the 2nd largest exporter of industrial goods. When you consider that most of Chinese industrial exports are outsourced goods made for nonChinese companies (think Apple) then that puts Germany in even better light. Germany makes product which the world needs, including British consumers.
Does the UK makes what any one wants? Clearly not with its massive trade imbalances and the fact that it trails Germany in non EU markers.
4. Is it really the EUs fault that the UK (except for London) is now in as bad shape as Italy, with its industrial base so depleted that now you guys are down to begging an Indian company to keep your steel industry alive? Why were German companies able to thrive and not British.
5. And as to those trade deals (or no trade deals) will what UK industry which does exist be able to survive even more intense competition once protection provided by EU tariffs and regulations are removed?
In fact watching the Brexit film makes me wonder even more about the British than I did before. You guys are out to lunch. You don't know what place you play in the global economy. Switzerland plays to its strengths and succeeds. What strengths does the limited British industry which remains have that the rest of the world wants? No the UK will NOT magically morph into a Switzerland.
So goodie. British consumers will have more product, likely cheaper, but how will they pay for it if they have no jobs, that is aside from the investment bankers, lawyers, media and STEM professionals in London, Oxford and a few other creative and innovative centers in the UK?
So cheers for London which will survive. Tough for Bradford which isn't going to!
I feel sorry for the British, who blame the world for their woes, and who still think that the UK on its own is a super power, as it was during Queen Victoria's reign.
At some point the working class will see that while the EU has problems, the UK has been mismanaged for generations and has its own self to blame for its problems.
Oh look and yet more work for construction workers ....
In London, who ironically voted remain.
Looking at UK exports you guys are in even worse shape than I thought. I can see why some forecast that the UK (outside of London) will be just a bigger version of Ireland.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
