This would make a bit of sense potentially if we hadn’t already agreed a deal.
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This would make a bit of sense potentially if we hadn’t already agreed a deal.
Those that earn between £100k and c. £122k get their personal allowance eroded by £1 for every £2 of earnings.
I think it was a ‘Conservative’ government that brought that in? Completely obscene. One effectively pays 60% tax on earnings in that band... 62% if you include NIC.
Legal hazards but no default seen if Britain doesn't pay Brexit bill
Marc Jones
3 Min Read
LONDON (Reuters) - Britain’s withholding of 39 billion pounds ($50 bln) it promised the EU as part of its original Brexit plan would not constitute a default in the eyes of credit ratings agencies, but lawyers said it could lead to international court battles.
FILE PHOTO: The HM Treasury name is seen painted on the outside of Britain's Treasury building in central London, Britain March 15, 2016. REUTERS/Toby Melville/File Photo
Boris Johnson, the leading candidate to be Britain’s next prime minister, said at the weekend that he would retain the Brexit payment until the EU gave the UK better exit terms. The 39 billion pounds represents outstanding British liabilities to the EU and is to be paid over a number of years.
The comments drew an immediate rebuke from a source close to France’s President Emmanuel Macron, who warned it would be “equivalent” to a debt default. But the big rating agencies said it would not be one by their definitions.
“Our ratings speak to commercial debt obligations,” S&P’s primary analyst for the UK, Aarti Sakhuja, told Reuters. “The UK not paying the 39 billion pound bill would therefore not constitute a sovereign default under our methodology.”
A spokesman for Fitch said it would not be a default in its view either. Moody’s took a similar approach.
“Sovereign ratings speak solely to the risks faced by private investors and not the risks borne by official sector entities,” it said in 2015 when Greece was negotiating better repayment terms on its euro zone and IMF bailout loans.
A sovereign default could lock Britain out of international debt markets for years, although its government bonds showed little reaction to the spat on Monday.
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Failing to make the payment could still have serious implications, however.
The rating agencies have already warned Britain would almost certainly be downgraded again, and possibly by two notches from its current double-A, if it tumbled out of the EU without a transition deal, as withholding the divorce cash could imply.
S&P believes the EU would not commence discussions on a fresh relationship with the UK unless London commits to making good on its obligations. Lawyers, meanwhile, warn that it could end up in a damaging clash in the international courts.
“I am quite clear that we (Britain) have to pay what is owed up to the date we leave as a matter of law,” said Ros Kellaway, head of Eversheds Sutherland’s Competition, EU and Trade Group.
“So there would be a default (if payments were not made) and we could end up in front of the international court in The Hague. That is quite straightforward.”
It also would leave the other EU member states with a big hole in their finances, Kellaway said.
“One can hardly bear to imagine what this would do to relations.”
Marc Jones
3 Min Read
LONDON (Reuters) - Britain’s withholding of 39 billion pounds ($50 bln) it promised the EU as part of its original Brexit plan would not constitute a default in the eyes of credit ratings agencies, but lawyers said it could lead to international court battles.
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FILE PHOTO: The HM Treasury name is seen painted on the outside of Britain's Treasury building in central London, Britain March 15, 2016. REUTERS/Toby Melville/File Photo
Boris Johnson, the leading candidate to be Britain’s next prime minister, said at the weekend that he would retain the Brexit payment until the EU gave the UK better exit terms. The 39 billion pounds represents outstanding British liabilities to the EU and is to be paid over a number of years.
The comments drew an immediate rebuke from a source close to France’s President Emmanuel Macron, who warned it would be “equivalent” to a debt default. But the big rating agencies said it would not be one by their definitions.
“Our ratings speak to commercial debt obligations,” S&P’s primary analyst for the UK, Aarti Sakhuja, told Reuters. “The UK not paying the 39 billion pound bill would therefore not constitute a sovereign default under our methodology.”
A spokesman for Fitch said it would not be a default in its view either. Moody’s took a similar approach.
“Sovereign ratings speak solely to the risks faced by private investors and not the risks borne by official sector entities,” it said in 2015 when Greece was negotiating better repayment terms on its euro zone and IMF bailout loans.
A sovereign default could lock Britain out of international debt markets for years, although its government bonds showed little reaction to the spat on Monday.
Advertisement
Failing to make the payment could still have serious implications, however.
The rating agencies have already warned Britain would almost certainly be downgraded again, and possibly by two notches from its current double-A, if it tumbled out of the EU without a transition deal, as withholding the divorce cash could imply.
S&P believes the EU would not commence discussions on a fresh relationship with the UK unless London commits to making good on its obligations. Lawyers, meanwhile, warn that it could end up in a damaging clash in the international courts.
“I am quite clear that we (Britain) have to pay what is owed up to the date we leave as a matter of law,” said Ros Kellaway, head of Eversheds Sutherland’s Competition, EU and Trade Group.
“So there would be a default (if payments were not made) and we could end up in front of the international court in The Hague. That is quite straightforward.”
It also would leave the other EU member states with a big hole in their finances, Kellaway said.
“One can hardly bear to imagine what this would do to relations.”
anyone got any ideas for him
im sure he would love to hear from you all
Richard TiceVerified account@TiceRichard 8h8 hours ago
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im sure he would love to hear from you all
Richard TiceVerified account@TiceRichard 8h8 hours ago
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hope not too many more
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but worried by Tory PM Candidate noises......anyway I plan to donate any net monthly salary to small specialist UK charities. Asking Twitter followers for help: first theme is to help ex offenders into work. Ideas welcomepic.twitter.com/z0nAifCkIA
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Fu&@ them. Who cares we can trade in out own terms with...errr...and all banks and insurance companies will be flocking back because....who cares
I think they've got Andrea Leadsom spot-on in this lot...
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i thought arrows were a bad idea
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This is the real side of Labour and the trade unions they try to hide, I have personal experience of a trade union basically refusing to back members being made redundant to protect the Labour Party in the run-up to the 2010 General Election, now they even try it on their own employees, nothing changes...
https://order-order.com/2019/06/11/labour-staff-formally-decide-hold-ballot-strike-action/
https://order-order.com/2019/06/11/labour-staff-formally-decide-hold-ballot-strike-action/
Mrs Slocombe@MrsBetSlocombe 10h10 hours ago
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PB has 12 wards.
11 of those 12 wards had PRECISELY 750 postal votes each included in the final count.
This doesn’t look correct, and appears to be either rounded or guessed and needs escalation
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PB has 12 wards.
11 of those 12 wards had PRECISELY 750 postal votes each included in the final count.
This doesn’t look correct, and appears to be either rounded or guessed and needs escalation
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is it true that india has a foreign aid budget
do they give away the same ammount of money they get from the uk
do they give away the same ammount of money they get from the uk
good comedy isnt cheap
Labour’s Diane Abbott has raked in £110,000 of licence-payers’ cash for BBC appearances
DIANE Abbott has raked in a whopping £110,000 of licence fee payers’ money for appearing on the BBC, new figures have revealed.
The Shadow Home Secretary is paid £700 per appearance for BBC One’s This Week politics show.
Diane Abbott has raked in a whopping £110,000 of licence fee payers’ money for appearing on the BBC
Her total fees since 2003 are enough to pay for 3,600 police officers – according to the Shadow Home Secretary’s dodgy maths.
Labour’s Diane Abbott has raked in £110,000 of licence-payers’ cash for BBC appearances
DIANE Abbott has raked in a whopping £110,000 of licence fee payers’ money for appearing on the BBC, new figures have revealed.
The Shadow Home Secretary is paid £700 per appearance for BBC One’s This Week politics show.
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Diane Abbott has raked in a whopping £110,000 of licence fee payers’ money for appearing on the BBC
Her total fees since 2003 are enough to pay for 3,600 police officers – according to the Shadow Home Secretary’s dodgy maths.
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I am now in love with Vicki
I willing to bet she does use that word a lot and how dare she say that word is usually said by men
Hope she loses her job for that Disgusting old twat
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I am now in love with Vicki
All silly ****s imo negotiations are over there is no EU negotiators ... has anyone thought about that yet? Crazy days with 4 months left and no deal impossible to get through the commons
A big piece of the jigsaw seems to be completely swallowed up by the self obsession culture imo
It’s going to be extremely funny to watch come the Autumn
All this about renogiating a new deal with a non existent EU commission is even less believable than the made up football transfer tosh rumours. And no joke.
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