I think that Phillip Hammond has shown today by his choice of words when facing the Treasury Select Committee, the divide that exists between the those in government who have to deal with the finances, and those who purely want to get out of the EU. A transitional arrangement will be needed to avoid instability in the Brexit process, Chancellor Philip Hammond says. The UK and the remaining members of the European Union would benefit from a period of adjustment, the Chancellor told MPs on the Treasury Committee. "There is, I think, an emerging view among businesses, among regulators and among thoughtful politicians - as well as quite a universal view among civil servants on both sides of the English Channel - that having a longer period to manage the adjustment between where we are now as full members of the European Union and where we get to in the future as a result of the negotiations that we will be conducting would be generally helpful, would tend towards a smoother transition and would run less risks of disruption including, crucially, risks to financial stability which must be a fairly real concern." "For example, depending on what future customs arrangements are between the UK and European Union, there could be significant physical infrastructure changes that need to be made at ports of entry and exit, not only in the UK but on continental Europe as well," he added. He said there could also be a need to train large numbers of people in anticipation of a "much more intensive process at borders, so it's not just the business sector, it's also the government sector that has to think about how long it takes to make changes, hire people, train people, introduce IT changes and I think the further we go into this discussion, the more likely it is that we will mutually conclude that we need a longer period to deliver." "This alone could cost the country hundreds of millions of pounds. Mr Hammond appears to be preparing the ground ahead of the next general election. By the time Theresa May goes to the country in 2020, the UK will have agreed to leave the EU. But, in practical terms, we may well not have actually fully left. Kamal Ahmed , BBC Economics editor
The acquisition of Sky by Rupert Murdoch’s 21st Century Fox is costing the media mogul about $2.5bn (£2bn) less than it would have before the Brexit vote that was backed by the majority of the tycoon’s newspapers. The plunge in the value of sterling over the last six months means the US company is paying about 15% less than it would have done if the deal was struck on the day of the referendum on 23 June. Fox and Sky announced on Friday they had agreed a deal for Murdoch’s film and television firm to pay £11.2bn for the 61% of Sky it does not already own, equivalent to $14.1bn. However, since the vote sterling has fallen from about $1.48 to under $1.26, meaning if Fox had made the same £10.75 per share offer on the day of the referendum, it would have cost in the region of $16.6bn – close to $2.5bn more. Murdoch’s papers the Sun and the Sunday Times both backed Brexit, but the Times ran a leader supporting remain. Murdoch himself described the vote for Brexit as “wonderful” just days after the referendum. The newspapers were separated from Fox in 2013 and are owned through Murdoch’s subsidiary News Corp. Last week Enders Analysis analyst Claire Enders told the Guardian that Murdoch’s son James, who is chief executive of Fox, was making a bet on Sky’s future success after sterling “dropped like a stone”. She added: “James Murdoch is saying ‘I believe in this company and you don’t’ – it’s pure arbitrage.”
So after all the ranting at 'elites', 'faceless bureaucrats', etc... Brexiters were duped into voting to help some very rich people get even richer, whilst punishing the poorest in society. The more I think about the whole debacle the more angry I get...
Interesting, if probably 'unscientific, poll being run on Twitter by an English UKipper, looking for the British Politician of 2016. After whittling down the field to a final four, this was the state of play yesterday after 12 hours.. 24 hours later, after 9637 votes, Sturgeon 65% Corbyn 12% May 5% Farage 18% I don't suppose we can read too much into it, but I did find it amusing...
Looks like it's Education's turn again - and this is presumably before any effects of Brexit come into play. http://www.bbc.co.uk/news/education-38301843
Am I right in thinking that the State funds private schools, as in Eton/Harrow etc, in England too - at the same level as State schools?
Well we did learn today as Davis appeared before the select committee that they still don't have a plan, and will not have one in January either. It is still being worked on was the best the committee could get. Talk about select committees holding the government to account.
The euro has dropped to its lowest level against the USD since 2003 as trouble is mounting for the EU. After the rejection of the EU by the UK there are crucial elections next year coupled with financial criseses in Greece and Italy. In contrast sterling has regained much of the loss against the euro due to confidence in the UK's future. Can we leave this failing club fast enough?
If you studied currencies a bit more you would realise that sterling has risen towards the average for 2016 whilst the poor old euro has dropped to a 13 year low. Dealers are predicting the euro will drop to parity with the USD, ok for Germany's exports, terrible for most other euro members.
This is part of the 'repeat it enough people will start to believe it' style of politics. Compare with '£350m per week extra for the NHS'.
Sturgeon, the poison dwarf, has presented her Brexit xmas present list to mummy May. It will inevitably end in tears as she discovers her chosen goodies are just mirages or faulty goods. She may have to settle for an orange.
I wish there were a politician in England as good as 'the poison dwarf' as you call her. One of 3 things will happen. Either the UK. will remain in the single market, or Scotland will be able to have their own policy on immigration without a 'hard border' (Ireland manages it), or the Scots will have a second referendum - I hope with a different result, because it is the attitudes of people like you which convince me, more and more, that Scotland is better off leaving this 'failing club' to quote your own words.
I'm assuming that some 'poison idiot' on my ignore list has been trying his hand at hurling insults north of the border again? His intended target does seem to have more supporters south of the border than his own hero...
You forgot the obvious 4th option. The UK, including Scotland, will leave the EU. They will whinge a lot but will not have the stomach to leave the rest of the UK. The realise they are being subsidised by England and it is their main export market. We do have a politician as poor as Sturgeon, he is called Corbyn.
