The economic consequences of Brexit

[don4l]

pim said:

Cut corporation tax?

Besides all the taxhavens and non payment of tax by so many large companies in the U.K.Who is going to pay for our services the working poor.

350 million a week for our N.H.S The big lie.Theresa May can promise all sorts to many people unless she wants to turn the U.K into desert island.

Have I missed your complaint about George Osborne's £32Bn lie?

[StottyEvo]

jamoor said:

StottyEvo said:

So people aren't allowed to be annoying at poor behaviour by immigrants because they also have homegrown stheads?

Edit: Why have you put "because they are immigrants" in quotations, I never said that, these are your words.

Edited by StottyEvo on Sunday 23 October 12:58

Well are they behaving badly because they are immigrants or is there another underlying reason?


It's like saying a white guy was stealing cars on my street.

Why does it matter that he's white, apart from to give the police a description to catch the offender?

No it isn't.

I have no idea why they are behaving so badly, these are just my observations.

[JawKnee]

sidicks said:

pim said:

Cut corporation tax?

Besides all the taxhavens and non payment of tax by so many large companies in the U.K.Who is going to pay for our services the working poor.

It appears you don't understand economics and taxation either.

It appears you don't understand how to make any other retort.

[crankedup]

As we are leaving the eu does this mean that we will not be giving money into Romania, Bulgaria, as aid to build their infrastructures?

[sidicks]

JawKnee said:

It appears you don't understand how to make any other retort.

This is the politics and economic sub-forum.

It seems strange for people to respond on issues of economics / taxation if they don't understand the first thing about them.

I recall you making stupid comments about the taxation of companies in the UK previously, but rather than admit you were wrong you kept trying to change the subject!

[Sheets Tabuer]

We put our prices up 8% last month and the continuing situation with the pound has meant we would need to increase our prices again today. We've just cancelled all our infrastructure projects this morning.

[RYH64E]

sidicks said:

///ajd said:

Cut corp tax from 20% to 10%?

That would slah tax take from £43Bn to £21Bn - a loss of well over £350m/week - just to stand still on passporting.

Really, there'd be no offsetting effects whatsoever?

No reduction in tax avoidance, no companies choosing to relocate here etc etc?

No increase from income tax (paid at a higher rate) as lower corporation tax leads to increased dividends?

Government have to something to placate business after the monumental cock up that is Brexit, cutting corporation tax is as good a compensation as any and one that I'll gratefully accept, just need to keep making a profit...

[///ajd]

Sheets Tabuer said:

We put our prices up 8% last month and the continuing situation with the pound has meant we would need to increase our prices again today. We've just cancelled all our infrastructure projects this morning.

Do you mind saying what business/sector this is in?

Do you export to EU/globally?

[Sheets Tabuer]

///ajd said:

Sheets Tabuer said:

We put our prices up 8% last month and the continuing situation with the pound has meant we would need to increase our prices again today. We've just cancelled all our infrastructure projects this morning.

Do you mind saying what business/sector this is in?

Do you export to EU/globally?

It's the DIY trade.

[don4l]

Yet more dreadful news for the Remoaners.


The economy is set to grow faster than was predicted before the Brexit victory.

http://www.telegraph.co.uk/business/2016/10/22/uk-...

[Digga]

don4l said:

Yet more dreadful news for the Remoaners.


The economy is set to grow faster than was predicted before the Brexit victory.

http://www.telegraph.co.uk/business/2016/10/22/uk-...

This wasn't what I voted for.

I was told there would be pain.

[RYH64E]

Digga said:

This wasn't what I voted for.

I was told there would be pain.

We haven't left yet.

[///ajd]

Digga said:

don4l said:

Yet more dreadful news for the Remoaners.


The economy is set to grow faster than was predicted before the Brexit victory.

http://www.telegraph.co.uk/business/2016/10/22/uk-...

This wasn't what I voted for.

I was told there would be pain.

Don't worry, it will come.

Its like a tsunami where the tide goes a long way out first, lulling you into a false sense of safety.

[anonymous-user]

///ajd said:

Don't worry, it will come.

Its like a tsunami where the tide goes a long way out first, lulling you into a false sense of safety.

Yes you've said it will come, therefore it must be so.



Merely repeating yourself isn't a convincing argument. It tends to make some people think everything you say a bit stupid.

[Digga]

///ajd said:

Digga said:

don4l said:

Yet more dreadful news for the Remoaners.


The economy is set to grow faster than was predicted before the Brexit victory.

http://www.telegraph.co.uk/business/2016/10/22/uk-...

This wasn't what I voted for.

I was told there would be pain.

Don't worry, it will come.

Its like a tsunami where the tide goes a long way out first, lulling you into a false sense of safety.

And cake.

[Northern Munkee]

RYH64E said:

Digga said:

This wasn't what I voted for.

I was told there would be pain.

We haven't left yet.

Hasn't stopped Chukka demanding to know where the £350m/week for the NHS is again.

Now I must confess I wondered how this corp tax cut 20% to 10% could be afforded, if no deal. Presumably this is more sabre rattling than intended, in a "we will get by sort of a way", you don't scare us with your "dirty Brexit" threat sort of thing. But assuming I'm no accountant, would it be part funded by tax taken by the reciprocal tariffs on EU goods? As we import more than we export, there'd be a net windfall. So how much would be estimated WTO tariffs with the EU net?

[ducks and runs for cover]

ETA - and was this perhaps the aid/sweetener to cheer up Carlos Ghosn for instance that tariffs if it occurred would be offset with aid from HMG through corp tax, funded by our end take of tariffs?

Edited by Northern Munkee on Monday 24th October 13:13

[sidicks]

Northern Munkee said:

Hasn't stopped Chukka demanding to know where the £350m/week for the NHS is again.

Now I must confess I wondered how this corp tax cut 20% to 10% could be afforded, if no deal. Presumably this is more sabre rattling than intended, in a "we will get by sort of a way", you don't scare us with your "dirty Brexit" threat sort of thing. But assuming I'm no accountant, would it be part funded by tax taken by the reciprocal tariffs on EU goods? As we import more than we export, there'd be a net windfall. So how much would be estimated WTO tariffs with the EU net?

[ducks and runs for cover]

Less corporation tax = less tax avoidance.
Less corporation tax = higher profits = higher dividends - higher income tax
Lower corporation tax - increased attractiveness for companies to base themselves in the U.K.

[jjlynn27]

Digga said:

This wasn't what I voted for.

I was told there would be pain.

While I'm not surprised by numpty who can't even figure the simple percentages and quotes that story, did you actually read the story?

telegraph said:

Government spending is set to keep growing to around 1pc, but business investment is likely to fall sharply, diving 2pc in 2017 as uncertainty over the future shape of the economy dents firms’ willingness to spend heavily on capital expenditure.

Economists warn that the more substantial impact of the falling pound will instead be higher prices and weaker consumer spending power.

“The clearer growth impact from the weaker currency will be the rise in inflation, which next year will constrain the real incomes of households and non-exporting businesses,” said Allan Monks, of JP Morgan, who says inflation will rise “to almost 3pc next year.”

“Even if the monetary policy committee’s November [forecast] inflation overshoot is larger than that in August’s [forecast], we think the prevalence of uncertainty will exacerbate the Bank of England’s easing bias,” said Goldman Sachs’ economists.

“We expect a further rate cut and more asset purchases in 2017; the market has begun to price hikes.”

In other news; Microsoft increasing Azure prices by 22% and the rest by 13%.

[jjlynn27]

sidicks said:

JawKnee said:

It appears you don't understand how to make any other retort.

This is the politics and economic sub-forum.

It seems strange for people to respond on issues of economics / taxation if they don't understand the first thing about them.

I recall you making stupid comments about the taxation of companies in the UK previously, but rather than admit you were wrong you kept trying to change the subject!

And you ask people to explain why you broke their irony meter?

[davepoth]

b2hbm said:

As someone who knows absolutely nothing about the mechanics of import/export on a large scale I'd like to ask a question of those who do.

Why is this paperwork such a big deal ? If you want 1, 5, 10 or 50 bits of paper isn't that something that need every time and therefore you get a computer to spit it out for you ? Or maybe "electronic paperwork" where it's all emailed/whatever to the export country ?

I can understand the irritation if every consignment has a unique set of papers or if it needs to be written with quill pen on vellum, but surely paperwork these days is just clicking on "print" ?

That's a genuine question BTW, not an attempt to wind anyone up so I am interested in why it's such a big deal.

Good question.

I work at a multinational doing paperwork for exports out of the UK all over the world - we have around 4,000 shipments a year and we ship to around 70 countries, as well as the whole EU.

Generally speaking you can divide up the paperwork into two sets - the stuff you can do yourself, and the stuff that needs to be applied for from outside.

In house we would do the invoices, packing lists, quality certificates, product specs, that sort of thing, and as you guessed that's just a case of hitting print providing you have your IT set up correctly. However, it's only the in-house stuff that's consistently electronic.

Applying for documents from elsewhere is a bit more complicated. Some are very quick (Our chamber of commerce has an electronic system for Certificates of Origin and the like which means they can be turned around in an hour or so) but some take a lot longer - normally a week to ten days for most of things we do from my place (a food manufacturer). The original document is generally required for customs clearance.

One important one is the bill of lading. It's essentially a title deed to the goods (same as for your house) so the original has to be moved from seller to buyer for them to be able to collect the goods. We're trying to get away from them to electronic release (and for most countries that's possible) but they are still required for some places.

Layered on top of those two sets of documents is the occasional requirement for certification, legalisation, and (rarely) notarisation. These process revolve around physical pieces of paper, which have to get shuffled off to dusty offices for people to sign, stamp and seal at quite exorbitant expense. Those are normally only required for countries whose names end in "-stan" and the like though. That can take two weeks, on top of the week to apply for the documents in the first place.

My personal record for a shipment was one for Iran - 256 pages, nearly all of them signed by hand. You get to have a very quick signature in this business. And yes, our office does look like Bob Cratchit from A Christmas Carol would be at home there.