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EU demands its middlemen skim off top of UK deals

Discussion in 'Sunderland' started by Makemstine Roger, Aug 26, 2020.

  1. Makemstine Roger

    Makemstine Roger Well-Known Member

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    EU demands its middlemen skim off top of UK deals, reveals BARNABAS REYNOLDS
    MICHEL Barnier has urged people to be cold-blooded in the remaining Brexit negotiations. In the UK's case that involves understanding how the Eurozone is half-built and dumps goods and financial risk on the UK.
    By BARNABAS REYNOLDS
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    Second, the Eurozone makes available cheap finance to Eurozone producers and purchasers. This amounts to an unfair subsidy of Eurozone manufacturers and advantages them over their UK competitors, again in breach of WTO law.

    Third, the entire set-up creates huge financial risk. Because member states do not control the European Central Bank they are constantly at risk of defaulting on their debts. But this fact is ignored by EU law, in breach of costly international regulatory standards. The resulting risk is greater than that which arose from US sub-prime bonds which led to the 2007-8 financial crisis.

    The underlying problem is the refusal by the northern Eurozone to assume liability for southern debt, paying for the zone from which they benefit so royally.

    This damages the UK economy by exposing it to unfair competition and the considerable expense of mitigating Eurozone financial risk. Indeed it is only the UK (not the EU or even the US) that addresses this risk, by imposing top-up capital requirements on UK-based banks, mitigating the impact of the risk but at considerable cost.

    COVID-19 exacerbates the situation. It is likely to lead to increased debt and the opening up of even greater divergencies in power and wealth within the zone.

    Will the southern countries accept being structurally poorer, or will they resist, leading to steps that could end with the breakup of the euro?

    We cannot foresee. Outside the EU, we must protect ourselves from the zone’s unfair competition and avoid (as much as possible) any situation where we might be caught by the contagion of whatever negative consequences occur. We can do this by taking the following steps.

    First, we should apply WTO rules and levy tariffs on imports from Eurozone businesses, putting the Eurozone countries back in the position they should be in, without their unfair advantages.

    If there is no EU trade deal, a deal with the US would give our consumers access to the world-level prices from that vast market, offsetting any negative effects of EU tariffs.

    A US-UK deal would also pressurise Eurozone exporters to absorb the cost of the UK’s new tariffs, reducing their current overblown profits to cling onto their UK consumer base.


    Next, the UK should protect itself from the Eurozone’s massive financial risk. UK-based financial businesses must be encouraged to sell cross-border to their customers in the EU, solely under the UK’s protective regime.





    The EU is threatening to require services to those customers to be provided by EU-based financial middlemen, forcing UK firms to use EU subsidiaries to sell into the EU – and creating additional cost for UK firms. If so, the UK and US (as the other host of the global market) will need to apply capital and other charges to protect UK (and US) firms from those middlemen.

    For they are the source of opaque, unmanaged risk. And EU financial firms wishing to operate on the ground in the UK should generally be required to do so through subsidiaries here, not through branches.

    Such steps would carry significant expense for EU businesses and consumers, increasing their cost of funds. The EU could avoid this cost by entering into a reliable UK-EU “Enhanced Equivalence” arrangement, allowing UK firms to operate predictably across the EU - under the UK’s safe and reliable regulatory framework.

    Finally, the UK must replace the temporary arrangements in the Northern Ireland Protocol. Some of its provisions, ostensibly only to do with Northern Ireland, would interfere with the UK’s ability to protect itself from collateral damage caused by the Eurozone and are at odds with the EU’s commitment to respect the UK’s sovereign internal market.
     
    #1
    spirit of 73 likes this.
  2. worcestermakem

    worcestermakem Active Member

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    reads like hard brexit propaganda.

    As a member EU the UK knew how both the EU and Eurozone operated.
    We agreed a withdrawl agreement where the aim was to work towards a free trade agreement that would include financial services and would prevent a huge amount of disruption to trade and people.
    We have pissed the opportunity up the wall and have to now look forward no deal chaos.
     
    #2
    SAFC2403 and Edelman like this.
  3. rooch 3

    rooch 3 Well-Known Member

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    I well what will be will be <ok> as me mam used to say.
     
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  4. Milton Nunez's Thong

    Milton Nunez's Thong Well-Known Member

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    Don't blame them. I'm amazed they're even bothering to entertain any discussions whatsoever after the farcical way the whole thing has been handled by the UK.
     
    #4
    Edelman and Washysafc like this.
  5. Makemstine Roger

    Makemstine Roger Well-Known Member

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    As a member of the EU for 21 years in the Netherlands then Germany, we were being shafted from day 1 because Blair wanted Tuskers job and signed away a lot of our sovereign rights.did you know about Pro Rata if you come to pension age in any EU country you will be hounded to sign up to it , basically without it you receive a pension from England and one from the country you worked . but Pro Rata means you only get 800 euros a month and have to pay your own health as you sign away your s1 rights, i could go on with hundreds of ways the EU shafts the English but we don't shaft them .
     
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  6. Edelman

    Edelman Well-Known Member

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    Who the hell would believe our government.
    Useless cabinet set up for a hard brexit from day one .
    The money this will make via Hedge funds is massive.
    The elite set the agenda then use the working classes to push it through.
    How ??
    Push the agenda of flag waving .
    How ? Media and Soc Med !
    Drip feed it into the island mentality then it spreads .
    Enjoy Sunderland
     
    #6
  7. Makemstine Roger

    Makemstine Roger Well-Known Member

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    Anyone with an ounce of sense and not a rampant Corbynista determined to give our country away
    would the flag be a red one with a hammer and sickle as you want
     
    #7
  8. Edelman

    Edelman Well-Known Member

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    Elitism. Will always control this country !
    Why ?
    Because the media are part of it .
    Look at the benefit cheats programs on tv .
    People at work are constantly foaming at the mouth about them .
    Every single time I go to my parents they and my missus and brother rage against benefits.
    They sit there and order from Amazon .
    $11.2 billion profit
    Tax paid ?? ZERO !
    BUT hey let's pick on the working classes .
     
    #8
  9. Makemstine Roger

    Makemstine Roger Well-Known Member

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    over 40 thou illegal migrants in 4 star hotels with 40 quid per day escorted by the French Navy to international waters then dumped on us you sound like a liberal

    THANKS TO THE BLAIR WITCH
     
    #9
  10. Makemstine Roger

    Makemstine Roger Well-Known Member

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    can't wait to get back to Britain and become an active Tory, actively looking for a house now and thinking of standing as an MP
     
    #10

  11. Edelman

    Edelman Well-Known Member

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    Utter nullshit designed to target people lime you !
    111,000 less people in the UK since March
     
    #11
  12. Makemstine Roger

    Makemstine Roger Well-Known Member

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    UTTER GOBSHIT SPOKEN BY PEOPLE LIKE YOU TO TRY AND BRAINWASH THE FEEBLE MINDED
     
    #12
  13. Edelman

    Edelman Well-Known Member

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    Yeah because you are brainwashed !
    Gullible Daily Express reader !
    I've met plenty they are easy to spot
     
    #13
  14. Makemstine Roger

    Makemstine Roger Well-Known Member

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    and i've met plenty of brainwashed college graduates fed bullshit for years and are peer pressured to BLM, you lot were walloped in the election and will be again , bet your arse is pouting like a trouts mouth out of water
     
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  15. Edelman

    Edelman Well-Known Member

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    Ha ha ha ha!
    What a thick twat you are !
    I actually feel sorry for you !
    You are controlled by the elite !
    I cant actually stop laughing .
    Twitter ?? Facebook ?? :emoticon-0102-bigsm:emoticon-0102-bigsm:emoticon-0102-bigsm:emoticon-0102-bigsm
     
    #15
  16. Makemstine Roger

    Makemstine Roger Well-Known Member

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    poor poor Julian is it because you have a ladies name your so pathetic in your arguments
     
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  17. Makemstine Roger

    Makemstine Roger Well-Known Member

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    Or is it because of your German origins you feel like you should be ruling the world
     
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  18. Edelman

    Edelman Well-Known Member

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    No sunshine.
    I know a brainwashed thick cu t when I see one .
    You fit the bill
    Votes Tory
    Funded by Russian money .
    Blames everybody else .
    Dont worry you arent on your own
    The media direct your life .
     
    #18
  19. Makemstine Roger

    Makemstine Roger Well-Known Member

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    what up has mumsy sent you to bed
     
    #19
  20. Makemstine Roger

    Makemstine Roger Well-Known Member

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    funded by Russia <laugh><laugh><laugh><laugh><laugh><laugh><laugh><laugh> you know your on the Sunderland board people on here have known me all my life,you fit the bill of a pathetic little snowflake who always wants to be right, and cant handle it when people disagree with your brainwashed views.
     
    #20

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