Money Both Sides of Brexit Can Finally Agree: It’s a Joke

16:36  10 august  2018
16:36  10 august  2018 Source:   msn.com

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We’ve been following companies on the front lines of Brexit since the 2016 referendum. CEOs on both sides are dismayed. “The way they’re negotiating is stupid; it ’ s a joke ,” Elliott said.

In Brexit speak, the “indigenous”, the “ordinary folk”, are those who agree , while 48% are somehow an “elite”. It ’ s a joke . Now the remainers launch their own fusillades against the national broadcaster, both sides furiously convinced of bias.

  Both Sides of Brexit Can Finally Agree: It’s a Joke © Bloomberg Here is how the companies Bloomberg is following through the Brexit process describe the divorce: “omnishambles,” “farcical” and “a joke.” And that includes the company whose chief favors leaving the European Union.

“There are no heroes here,” said Alasdair Pettigrew, the chief executive of Boxarr Ltd., a Bristol-based startup that designs software for complex engineering and manufacturing projects. He thinks Brexit is misguided. “Everyone involved seems to be out for their own power and their own self-aggrandizement.”

a man wearing a suit and tie: Boxarr Ltd. Headquarters And Chief Executive Officer Alasdair Pettigrew© Bloomberg Boxarr Ltd. Headquarters And Chief Executive Officer Alasdair Pettigrew

Just a few months before the deadline for the U.K. and the EU to finalize their separation agreement, Prime Minister Theresa May is preparing for the prospect of departing without one, so divided is her Conservative Party. Four of her ministers resigned last month amid a rebellion over her approach to Brexit. And after appointing a new Brexit Secretary, May took personal control of negotiations with the EU.

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Theresa May tells MPs Brexit deal is 'good news' for both remain supporters and leave supporters - Politics live. Read more. In a strict legal sense, of course, they are. That’ s what “nothing is agreed until everything is agreed ” means. It means both sides can say what they like about the broad

Both sides hope to agree outline of future relations to allow time for UK parliament and EU members to ratify deal by Brexit day. For the UK to leave the EU it had to invoke Article 50 of the Lisbon Treaty which gives the two sides two years to agree the terms of the split.

Pettigrew is perturbed over May’s difficulties in making Brexit happen. “Omnishambles, isn’t it? It does make me wonder if there’s some strategy behind it to be make it so disastrous-looking that we end up with an acceptable fudge.”

Brexit supporter John Elliott, whose Ebac Ltd. manufactures water coolers, dehumidifiers and washing machines in the northeast of England, also thinks the process is being handled badly, especially when it comes to May’s goal of preserving the current trade relationship with the EU.

“The way they’re negotiating is stupid; it’s a joke,” Elliott said. “The politicians are useless and the civil servants are worse. If we stop trading with Europe, it wouldn’t be a big problem.” Not even for him, he says, even though about 80 percent of his water coolers are sold to EU countries.

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While EU sources have spoken in recent months of £53bn to £58bn, both sides are trying to avoid talking numbers to help the British The Brexit secretary, David Davis, cancelled an initial plan to be in Brussels on Friday to help the final discussions with the commission along, it is understood.

The president of the European council, Donald Tusk, tweeted: “EU leaders agree to move on to the second phase of # Brexit talks. “ It is our collective view that the transition period must now be agreed as soon as possible, to give businesses in every region and nation of the UK time to prepare for the

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  Both Sides of Brexit Can Finally Agree: It’s a Joke © PA/Bloomberg composite

One of the four companies, Funding Circle Ltd., declined to comment on the process ahead of its initial share sale in a few months. The London-based fintech, which arranges loans between investors and small and medium-sized companies, hasn’t seen an impact on its booming portfolio. Traditional banks, meantime, have shrunk their net lending to small firms, according to data from the Bank of England.

“We are regularly facilitating more quarterly lending than any the traditional banks,” co-founder and CEO Samir Desai said in an email.

a group of people standing in the grass: One London Lender’s Business Is Booming: On Brexit's Front Lines© Bloomberg One London Lender’s Business Is Booming: On Brexit's Front Lines Funding Circle is preparing to hold an initial public offering later this year on the London Stock Exchange that may value the company between 1 billion to 2 billion pounds. The debut would be a bright spot for British business in general amid the woes of Brexit.

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Brexit Secretary Mr Davis said Monday' s transition agreement, which is conditional on both sides agreeing a final withdrawal treaty, would smooth the path to a future permanent relationship.

The PM called it a "crucial step" in delivering a "smooth" Brexit . Both sides have claimed victory with Stephen Hammond, a pro-EU MP who eventually sided with the government, suggesting ministers had agreed to give Parliament a "real say" on top of other concessions.

The U.K. was the only Group of Seven country to have slower growth in 2017 than in the previous year, government figures showed late last month. Gross domestic product, which rose 1.7 percent last year, is forecast by the median of economists surveyed to expand 1.3 percent in 2018.

a person standing next to a tent: Traditional Norfolk Poultry© Bloomberg Traditional Norfolk Poultry

Mark Gorton, who sells five million free-range and organic birds every year from his Traditional Norfolk Poultry, sums up the situation with a rhetorical question: “Can it get any more farcical?”

While business continues to be strong, he said, finding workers is “getting harder and harder and harder” as his primarily Polish and Lithuanian workforce shrinks. The government’s proposal to allow seasonal immigrant workers won’t help because his needs are year-round, he said: “It would be helpful to know where all the workers are that are going to do these jobs when we leave.”

One thing that motivated May to take control of the negotiations was calls from leading companies to clarify the chaotic process. European airplane manufacturer Airbus SE in June issued a warning that the company was activating contingency plans to move its U.K. investments elsewhere if no orderly departure from the EU was agreed to.

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Nigel Farage’ s surprise call for Britain to prepare for a second EU referendum has ignited hopes among anti- Brexit campaigners that both sides of the debate will back a poll on Theresa May’ s final deal. I agree . Bring it on!”

In 2014, it held the second largest stock of inward investment in the world, amounting to just over £1 While the G20 agreed that other world factors, including terrorist acts, were creating problems, Brexit was at "Once we are out of the European Union then I have no doubt on both sides we will want to

Elliott’s response: Be my guest.

“Airbus are going to leave,” Elliott said. “Please go. We’re going to use those 14,000 people to make something else.”

a man sitting on a table: Ebac Ltd. Founder John Elliott And Company Headquarters: On Brexit's Front Lines© Bloomberg Ebac Ltd. Founder John Elliott And Company Headquarters: On Brexit's Front Lines

For Boxarr, on the other hand, Airbus’s concern is a business boon. Airbus, a major client for Boxarr’s software, is using the company to run Brexit scenarios for its supply chain.

“No one likes disruption, but it does provide an opportunity,” Pettigrew said. “All these scenarios are things that Boxarr can model.”

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Pettigrew draws his highly qualified staff from across the EU. For now, they don’t feel like they will need to leave the U.K. anytime soon, he said.“Our staff are all very realistic,” Pettigrew said. “They’ve got enough assurances of their status in the U.K. at this point not to be too concerned. We’ve got some great people from all over Europe and none have expressed significant worries.”

Elliott favors immigration controls and says having a policed border, such as between Northern Ireland and the Republic of Ireland, is a necessary part of leaving the EU. He thinks the government is deluded if it thinks it can have it both ways.

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Commonwealth enthusiasts generally want to have it both ways: the Commonwealth has supposedly vast potential (thus the idea of Japan joining as an associate member), which could be augmented further with a little additional UK might have to pay £39bn Brexit bill before trade deal agreed .

She also confirmed, "that the Government will put the final deal that is agreed between the UK and the EU to a [meaningful] vote in both Houses of Parliament, before it comes into force."[289]. Economic exposure to Brexit in regions and countries on both sides of The Channel".

“They’re just messing about with these funny words like a frictionless border. That just means no border,” he said. “You have to have friction. It’s just one of these phrases Remainers like, which are meaningless. It’s like saying I have a frictionless water filter.”

One thing Elliott and Pettigrew agree on is that there shouldn’t be another Brexit referendum, something some politicians are arguing for. For now, it remains a fringe idea, the most vocal proponent of which is former Prime Minister Tony Blair.

“The referendum was a huge, disastrous mistake, and I don’t think you can just put it right by asking the question again,” Pettigrew said.

NOW SEE: 'Computer says no' to Jacob Rees-Mogg on Brexit

  Both Sides of Brexit Can Finally Agree: It’s a Joke © Bloomberg

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