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27 Apr 18 10:14
Date Joined: 03 Dec 15
| Topic/replies: 7,531 | Blogger: PorcupineorPineapple's blog
> UK gross domestic product (GDP) was estimated to have increased by 0.1% in Quarter 1 (Jan to Mar) 2018, compared with 0.4% in Quarter 4 (Oct to Dec) 2017.

> UK GDP growth was the slowest since Quarter 4 2012, with construction being the largest downward pull on GDP, falling by 3.3%.

> Production increased by 0.7%, with manufacturing growth slowing to 0.2%; slowing manufacturing was partially offset by an increase in energy production due to the below-average temperatures.

> The services industries were the largest contributor to GDP growth, increasing by 0.3% in Quarter 1 2018, although the longer-term trend continues to show a weakening in services growth.

> While some impacts on GDP from the snow in the first quarter of 2018 have been recorded for construction and retail sales, the effects were generally small, with very little impact observed in other areas of the economy.
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Pause Switch to Standard View Recession incoming
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Report lfc1971 April 27, 2018 11:28 AM BST
we haven't come out of the last one yet, at least 10 years now
well longer that in real terms
Report Dr Crippen April 27, 2018 7:25 PM BST
It gives the scroungers an excuse for being out of work.
Report moisok April 27, 2018 7:34 PM BST
the usual doomsters -

however, the bloke who sleeps outside the supermarket had two coffees(with sugar) from one lady and a nice meat wrap from a male shopper - all before 8am

he's doing ok
Report flushgordon1 April 27, 2018 8:24 PM BST
Nice meat wrap - euphemism?
Report Foinavon April 27, 2018 10:42 PM BST
If you want to read the whole report from ONS you can find it here.

Whether or not there is an incoming recession is a matter of opinion, I would not
be so bold as to make such a prediction.
Report moisok April 28, 2018 12:34 PM BST
still waiting for the emergency budget
Report Foinavon April 28, 2018 2:12 PM BST
If George Osborne's predictions had come true we would already be in recession and tens of billions worse off.
Cynical lies or completely carp at economics?
Report tony57 April 28, 2018 5:31 PM BST
it is denying it..but they powers that be think a good bit of that was the 10days bad weather affected a lot of buisness?? plus in the usa they only had 2.3% (when expecting 3.2) so china is slowing down plus other markets..i wouldnt worry so much on 1 quarter..if the next one is just as bad then maybe we have a REAL slow down....but brexit is on a tiny part of it..once we are out..we will maintain our place in the top economys in the world...espcially if we get a labour goverment..who will INVEST in our country ....
Report Foinavon April 28, 2018 5:45 PM BST
BoE increased interest rate in November and was talking about another in May "to keep a lid on inflation".
It doesn't look like they are expecting a recession. The first quarter figures might encourage them to delay another rise and a good thing too, since when we need a bit of growth.
Report PorcupineorPineapple April 30, 2018 9:59 PM BST
HSBC changes UK interest rate call. No longer expects a rate hike in May, and more significantly, "the outlook points to no further UK interest rate rises this year or next ... We expect significant downward revisions to the BoE's GDP growth forecast."
Report ufcdan May 1, 2018 9:30 PM BST
Dosen't affect me, I've got a few bob Cool
Report anxious May 1, 2018 10:34 PM BST
Im all right Jack , typical
Report PorcupineorPineapple May 1, 2018 11:57 PM BST
Toryism. In a nutshell.
Report lfc1971 May 2, 2018 7:38 AM BST
Good for you dan, well done
Report ufcdan May 2, 2018 9:17 PM BST
Just checked my account, plenty there Cool So yes anxious I am alright Jack, you can pull the ladder up. Well actually you can use the ladder to clean my Windows Laugh As I've said Labour the politics of envy and I really don't know why ! It's not like I rub your face in it. I can't help being far far richer than you CoolLaughWink
Report donny osmond May 2, 2018 9:30 PM BST
its easy to pretend

but choosing to pretend is the thing
Report ufcdan May 2, 2018 9:34 PM BST
That aimed at me donny ?
Report bongo May 2, 2018 9:43 PM BST
Look on the bright side. In spite of the most non-conservative illiberal freedom robbing government I can remember being in charge, the last quarter was the greatest quarter in UK history. The value of stuff and services voluntarily traded with each other was an all time high.
Report posy May 6, 2018 11:40 AM BST
A recession is merely a numeric reflecting a fall in gdp over two successive quarters. I'm surprised there's not a natural annual decline in gdp from Q4 to Q1 as post Christmas the shops are empty as people start to rebuild their savings after a pre Christmas spending spree. I used to be in retail and we always made losses in Q1 quarter,recovered those losses in Q2 and Q3 and made bumper profits in Q4.

The other negative that usually only affects Q1 is of course adverse weather.

All in all a 'recession' whereby gdp drops up to say 1% is of very little consequence;it is really only when there are seismic shifts causing greater declines that there are problems which have of course to be tackled by slashing non productive government spending and weakening the exchange rates.
Report crankyhead May 9, 2018 11:25 AM BST
The people are the ones that induce a recession. Not Government.
The act of the public not spending money on goods is the trigger.

Of course, in certain factions, a recession is welcomed. It balances the books whilst some profit enormously.

Banks will tell you a recession is imminent. Government will imply a recession is due. Simple acts that scare the taxpayer into prudence.
Report sageform May 9, 2018 7:43 PM BST
Of course there are people in difficulty and yes some of them are not getting the benefits they are entitled to under the law but why do we have to concentrate on the negatives when there are so many good news stories that never get an airing. Just one story from this week, the Crucible is already sold out for the final 2 days next year. Wimbledon will sell out shortly for all 13 days. No idea what they cost but it is not likely to be cheap. Most top class sports events are sold out in this country. You only have to watch French racing, Spanish and Italian football league matches, Roland Garos tennis etc. etc. to know how different our economy is to theirs.

In other fields, Bill Gates has chosen the UK as the location to fund disease research because in his words "all the best people are here"

Point out problems by all means but to read the stuff on this forum, you would think the UK is a basket case where 90% of the population are on the bread line.
Report moisok May 9, 2018 8:48 PM BST
especially the violence - it only affects a small part of our population and people get hysterical about it

and just how many jihadist attacks have there been this year!!

you see - we are in clover but a shame about all those women and children out begging - but they appear not to be from round 'ere

happy christmas everybody  (in advance)
Report edy May 10, 2018 9:54 AM BST
merry christmas to you too, mobbo Happy
Report flushgordon1 May 10, 2018 10:00 AM BST
Recession is always incoming ,no more boom and bust my arse.
Report sageform May 10, 2018 1:05 PM BST
I would be very interested to see GDP figures related to the working population. There has been a small but significant exodus of EU migrants and measuring GDP without relating it to the working population is misleading. German GDP is hardly rising at all this year but their population is probably still falling.
Report donny osmond May 10, 2018 7:04 PM BST
growth figures revised downwards

no figures for what if hard brexit on wto tariffs
Report sageform May 10, 2018 7:41 PM BST
So they are in Germany and no doubt a few other countries. Brexit uncertainty may not help but economies went up and down before and after we joined the EU and they always will. Negative news from USA dwarfs any Brexit news when it comes to market sentiment. And by the way the Footsie closed the day only 80 points below its all time high in January. I know I am in a minority but that last factor has more affect on my income than any other. £9k up in 4 weeks.
Report donny osmond May 10, 2018 7:58 PM BST
oil up, commodities remain high, pound at 1.13 euros, no surprise ftse is doing well

its not really an indicator of the health of british economy, but happy to see it rise.
Report sageform May 10, 2018 8:05 PM BST
Backing O'Brien horses and making money is no indicator of the health of British racing but it pays.
Report donny osmond May 10, 2018 8:11 PM BST

hes about 500 points down to sp level stakes last 5 years

good job you have shares perfoming well
Report sageform May 11, 2018 3:55 PM BST
I meant at Chester this week! And I never back his horses.
Report PorcupineorPineapple June 6, 2018 9:44 AM BST

European governments are advising businesses not to use British parts in goods for export ahead of Brexit, Sky News has established.

In its advice rolled out to all Dutch businesses, the Dutch government has told its exporters that "if a large part of your product consists of parts from the UK" domestic exporters may lose free trade access under existing deals.

The advice says: "Brexit will have consequences for exports outside the EU.

"After Brexit, parts made in the UK no longer count towards this minimum production in the European Union."

This is a reference to what are known as "rules of origin" and "local content" under international trade rules.

In order to qualify for EU free trade deals, a certain proportion, typically 55% of a product's parts, needs to come from the EU.

The Dutch government says UK parts "no longer count towards EU origin" in its official "Brexit impact scan" advice to Dutch businesses.

That warning has also been underpinned by the EU's own technical notice on this issue.

"As of withdrawal date, the UK becomes a third country. UK inputs are considered 'non-originating'," it says.

A leading car industry executive told Sky News that not using UK parts for EU exports would be a "catastrophe" for the British industry.

"The hard Brexiteers have built a bomb under the UK automotive industry and the EU have lit it," said one chief executive.

Sky News has also heard of major UK automotive suppliers now ceasing UK supply of major components to cars for export to countries currently covered by EU Free Trade Areas - countries such as South Korea, South Africa and Canada.

Smaller companies are also being hit.

Andrew Varga of Seetru, a manufacturer of safety valves in Bristol, said that last autumn, many existing customers showed caution in taking UK parts into new models.

"There was an 'oh my god moment' last August. Our customers don't have the infrastructure to manage UK certificates of origin," he said.

The government hopes that an implementation phase will deal with the problem until the end of 2020, but that depends on the response by third countries to the EU asking them to keep the same rules.

The EU will not write to those countries until the withdrawal deal is signed.

Industry sources said that staying part of a customs union and the single market would eliminate this problem.

The Labour Party today backed a new amendment to the EU Withdrawal Bill supporting "full access" to the "internal market".
Report lfc1971 June 6, 2018 11:20 AM BST
Its a choice the Dutch companies will have to make, free trade in the EU means less freedom for dutch industry to choose where to source components  etc and make their own decisions

This gives British companies post brexit a competitive advantage
Report bigpoppapump June 6, 2018 11:33 AM BST
not in the real world it doesn't.  geography is real - you cannot choose it - we are where we are - the EU puts up the barriers and we are still 22 miles from France and thousands of miles from anywhere else we want to trade with.

all the abstract BS in the world cannot change geography.  If the EU will not use our components we have to find new markets for them and THEY WILL BE FURTHER AWAY AND THAT IS NOT AN ADVANTAGE
Report lfc1971 June 6, 2018 11:37 AM BST
no it’s true you cannot change geography , Europe won’t be any further away post Brexit
Report lfc1971 June 6, 2018 11:40 AM BST
tariffs are fine, they don’t restrict choice
The EU are restricting the choice of Dutch companies in how they trade
That’s much more damaging to the Dutch companies than anyone else
Report lfc1971 June 6, 2018 11:43 AM BST
The Dutch perhaps more than any other country apart from perhaps Ireland have most to lose from Brexit
Unless they are sensible , let’s see
Report lfc1971 June 6, 2018 12:03 PM BST
Now the question arises does Holland want to continue within the free trade EU , and restrict the choice of its own companies and industry ,a smaller EU of course without Britain
And at the same time impose this artificial barrier to trade to the UK and implement tariffs
That’s ok tariffs will not harm Britain , it will apply to them as well as us
And also of course they will have to continue with that artificial restriction on components in top
For good measure
Report dave1357 June 6, 2018 12:08 PM BST
lfc completely clueless about the point the Dutch government making and then rambles on about tariffs being great (based on the 18th century textiles trade and ignoring the Great Depression)
Report lfc1971 June 6, 2018 12:09 PM BST
In Britain we can get our components from anywhere ,
Good .
Report PorcupineorPineapple June 6, 2018 12:10 PM BST
It's not about tariffs, it's about Just in Time manufacturing and it's about the law.

If it was only about tariffs they'd do what every other industry do; shrug their shoulders, whinge a bit to "show they care" and then pass the cost on to the consumer.

Problem is if there are huge (comparatively) delays in getting parts over which causes large numbers of staff to be idle and has knock on effects to other areas too.

And now, as we see, there is the simple fact that if they are advertising that the car is made in the EU as an essential part of their trade deals then it either needs to be fully, or near to fully made in the EU or those trade deals need to be re-written.

Given the choice is between time consuming legislation or re-routing work, jobs and money to other, remaining EU states I know which one I'd chalk up favourite.

It's just another opportunity for the EU to pinch jobs off us.

Of course Holland could choose to go it alone. Except they will then be excluded and see their businesses replaced by other EU firms.
Report lfc1971 June 6, 2018 12:12 PM BST
Just in time is not a good policy for industry , causes havoc and is neither here nor there
Report lfc1971 June 6, 2018 12:13 PM BST
Anyone who has worked any time in industry understands that
Report PorcupineorPineapple June 6, 2018 12:18 PM BST
Just in time seems to work well for the motor industry and if you listen to any of the current management and execs they'll say it's essential to how they work efficiently.
Report lfc1971 June 6, 2018 12:20 PM BST
I don’t think you understand what it means
Report PorcupineorPineapple June 6, 2018 12:21 PM BST
I think I do
Report lfc1971 June 6, 2018 1:03 PM BST
pineapple just in time , in industry especially big industry , makes people a lot of money
Including the workers
It may make companies money also , I don’t particularly see how although it will save some costs in storage of components etc

But it also causes chaos , it no components being a factor sometimes because you are saving money not in storage
Assuming that costs money , it may not

But it is the unseen costs that are good when things go wrong , as they do  , for the worker , it means work being done at a different time , and in a different place perhaps or a different country that means travel and money and overtime and hotels and missed deadlines and the need to try and get a quick fix wgen things go wrong and that means is the work being completed to the best standards etc

So many aspects , but it can mean a lot of money if it is your job , so it’s goid in that way
I suppose it might make sense for industry also , anythings possible
Report PorcupineorPineapple June 6, 2018 1:38 PM BST
Well if done badly - maybe that's your experience - then yes it can be problematic.

But if done well, and frictionless movement of goods is an essential part of that - then it increases productivity and reduces costs immensely.
Report lfc1971 June 6, 2018 1:43 PM BST
How ?
Report bigpoppapump June 6, 2018 2:22 PM BST
because if you lose an order, you haven't got unused/not-needed parts for whatever it is you make

all research proves a link between the size of the (cohesive) economic unit and individual worker productivity.  Reverting to a smaller unit - along national lines - is a retrograde step (in terms of potential productivity).

summary:  you cannot go back in time and hope for improved results.  Brexit in a nutshell.  It's a tacit acceptance of worse economic results for different (argued) benefits.  Only proper clowns claim "brave sunlit upland" type outcomes from stepping away from a massive cohesive on-the-door-step market to throw ourselves on the mercy of the protectionist US, the avaricious Chinese, and some sort of fantasy where the commonwealth will do us a solid because we're British.
Report lfc1971 June 6, 2018 2:33 PM BST
Ah, you don't order parts for an order you don't have
Report lfc1971 June 6, 2018 2:34 PM BST
smaller units are good, even within a large company, less change of fatal mistakes
Report lfc1971 June 6, 2018 2:37 PM BST
If a company is dependent on a single customer it doesn't matter if it has unused parts  when that customer no longer wants to buy, it goes bust anyway
Report lfc1971 June 6, 2018 2:40 PM BST
Ideally a company should not only have a number of different people/ companies to supply
the company also should manufacture at least 3 separate products, preferably connected in some way
Report PorcupineorPineapple June 6, 2018 2:59 PM BST
Ideally yes. Real world, smaller companies are often dependent on a big super-client to survive. We have a lot of small companies here who manufacture components that have say Peugeot and Mitsubishi as their main customers. They work to JIT principles (of course they may have space to adequately store enough stock) and will only ship when an order comes in, using the likes of DHL to ensure it's received in France within 24 hours. For the car firms, this ability to have their order delivered so quickly is crucial to how they run. It is also crucial that the car is manufactured within the EU otherwise they fall foul of trade deals.

We now hit that component manufacturer with a double whammy. We stick a massive obstacle in the way of their 24 hour slot, with their goods potentially needing checking at the border, or at least caught in a backlog as other goods need checking and the whole process being slowed. And we remove them from the EU meaning the attractiveness of a similar firm in the Czech Republic goes up massively to steal their business.

Result - British firm goes under, jobs are lost, more time to spend looking at those lovely new passports.
Report lfc1971 June 6, 2018 3:04 PM BST
pineapple you might be right but I really don't see how sending a component from England to France on Wednesday to arrive on Friday is any different to sending a component on Thursday to arrive on Friday
Report lfc1971 June 6, 2018 3:05 PM BST
it matters not when it was sent, it matters when it arrives
Report PorcupineorPineapple June 6, 2018 3:07 PM BST
What matters is the time taken between the ordered being placed and the product being received. If you are paying for staff, machinery and other hard assets and they're all sat waiting for it to arrive then you're losing money.
Report lfc1971 June 6, 2018 3:10 PM BST
why are they sat waiting for a component needed on Friday if it arrives on Friday

ah you might say the company might have an unexpended fault in the component
that will always be a possibility and is why the company should always have some spares..

saves time and money, more that even you might think
Report lfc1971 June 6, 2018 3:13 PM BST
why? because if you have a component and you suspect it is faulty, maybe part of a larger piece of engineering it makes it quite a bit easier just to confirm your own diagnosis by fitting a new component

then and there, not having to be a little unsure if when the new one arrives..
my god the fault is still there!
Report lfc1971 June 6, 2018 3:15 PM BST
you would be surprised how much time and money that sort of nonsense can cost
Report PorcupineorPineapple June 6, 2018 3:42 PM BST
I don't know what kind of two-bit faulty component producing company you worked for back in the 50s but that's really not how things work for big car manufacturers nowadays.
Report lfc1971 June 6, 2018 3:47 PM BST
you don't understand the first thing about manufacturing and engineering do you pineapple?

its complicated, almost a black art sometimes.
Report edy June 6, 2018 3:49 PM BST
Report lfc1971 June 6, 2018 3:51 PM BST
it takes logical thinking, that's not as common as you might expect
Report dave1357 June 6, 2018 10:45 PM BST
lfc you don't seem to understand that the modern manufacturing process is effectively a multi-country assembly line.  Britain will no longer be part of that assembly line after Brexit.  Even the pro brexit economist Minford admits this.  He claims we will make haute couture from cobwebs instead.
Report akabula June 6, 2018 10:51 PM BST
To be filed in the wishful thinking of a remoaner drawer.
Report dave1357 June 6, 2018 11:04 PM BST
Why would the absurd destruction of manufacturing generated by hard brexit be "wishful thinking"?  Didn't you read the article that PP quoted?

In order to qualify for EU free trade deals, a certain proportion, typically 55% of a product's parts, needs to come from the EU.

The Dutch government says UK parts "no longer count towards EU origin" in its official "Brexit impact scan" advice to Dutch businesses.

That warning has also been underpinned by the EU's own technical notice on this issue.

"As of withdrawal date, the UK becomes a third country. UK inputs are considered 'non-originating'," it says.

A leading car industry executive told Sky News that not using UK parts for EU exports would be a "catastrophe" for the British industry.

"The hard Brexiteers have built a bomb under the UK automotive industry and the EU have lit it," said one chief executive.
Report akabula June 6, 2018 11:08 PM BST
The point is Dave that everything is up for agreement.
Current rules/laws can and will be changed.
You, PP and the rest of the UK haters on here jump on anything negative and treat it as gospel.
Jeez have some time off.
Report dave1357 June 6, 2018 11:20 PM BST
Ah the "they'll be begging us for an agreement" argument, well done.

And the only thing I hate about the UK is you and your ilk.
Report akabula June 6, 2018 11:27 PM BST
Ah the "they'll be begging us for an agreement" argument, well done.

Silly but not surpring response.
I thought even someone like yourself who has been blinded by hatred would know that agreement is a 2 way process and that both the EU and UK negotiators will be seeking it.
Like any negotiations both sides will be pushing the boat out knowing that at one point they will need to compromise.
Report lfc1971 June 7, 2018 7:38 AM BST
What dave doesn’t understand is that there are companies in Britain now where the manufacturing process starts in Britsin  and finishes in America for example
That has been going on for many years , over decades
It’s not a problem .
Report lfc1971 June 7, 2018 7:43 AM BST
This is trade , it doesn’t need single market or customs union or seperate overriding court and legal system or mass immigration .......
It’s trade, merely business
Try to get that into your head dave .
Report bigpoppapump June 7, 2018 9:16 AM BST
when is the CEO of BMW going to step in and get these silly EU people in line?
Report lfc1971 June 7, 2018 9:46 AM BST
If you think our politicians are poor take a look at the interview on last nights newsnight of the German politician , ex finance minister and Merkels second in command
He is completely incapable of giving any answers to the mess they have created beyond saying it is important that the European project survives and he hopes Britain doesn’t leave and we don’t have a clue what to do about immigration of anything else but it is important that we are nice

The man is a holy fool .
Report bigpoppapump June 7, 2018 10:19 AM BST
when is the CEO of BMW going to sort them all out?

or was it VW?  I lose track.
Report lfc1971 June 7, 2018 10:26 AM BST
that is a decision for Germany not us , we can only advise them

If they don’t want to follow our good advice there is not much we can do about that
Report cyclops June 7, 2018 10:48 AM BST
"Our good advice"

Who is that coming from?

We can't even decide what we want to ask for, let alone start advising others.
Report PorcupineorPineapple June 22, 2018 4:15 PM BST
I'm gonna take a punt and guess that none of the lemmings have been talking about Airbus so far today.

Yet more great news, pointing to the bright future ahead.

Still thousands of people will now have far more time on their hands to admire those lovely blue passports.

Theresa May is scrambling to appease business fury over her handling of Brexit today Airbus threatened to pull out of Britain.

The aerospace giant said it would quit the UK if there was no deal with the EU - axing tens of thousands of jobs.

The firm employs 14,000 people at 25 sites across the country - including Bristol, Portsmouth and north Wales.

However, the impact could go wider with an estimated 110,000 jobs at risk in companies supplying the European aircraft maker.

Airbus, which generates £1.7billion in tax revenues, said it would 'reconsider its investments in the UK, and its long-term footprint in the country' if Britain left the single market and customs union without a transition agreement.

The PM's spokesman played down the prospect today, saying she had already 'listened to concerns' from business and plans were making 'good progress'.

'We are confident we are going to get a good deal, one that ensures trade is as free and frictionless as possible,' the spokesman said.

'We have made good progress – part of that work is listening to business.

'What commercial companies choose to do in the public domain is down to them.'

The blunt statement from Airbus is one of the most significant interventions by a major company since the 2016 EU referendum.

It would make the firm the first big manufacturer to pull investment from the UK over fears about the stalled Brexit negotiations.

Publishing a Brexit 'risk assessment' on its website, the firm also called on the Government to extend the planned transition period due to run until December 2020 if a deal is agreed, saying it was too short for the business to reorganise its supply chain.

If there was no extension it would 'carefully monitor any new investments in the UK and refrain from extending the UK suppliers/partners base', it said.

Tory MP Stephen Crabb said the warning from Airbus should be a 'wake-up call'.

The former Secretary of State for Wales, who represents Preseli Pembrokeshire, tweeted: 'The enormous Airbus factory in North Wales is one of the jewels in the crown of UK manufacturing. This is a wake-up call. A pragmatic, sensible Brexit that protects trade & jobs is vital.'

And Shadow Brexit Secretary Sir Keir Starmer tweeted: 'If proof was needed that the PM's Brexit red lines need to be abandoned (and fast), this is it.'

Tom Williams, the chief operating officer of Airbus Commercial Aircraft, said: 'In any scenario, Brexit has severe negative consequences for the UK aerospace industry and Airbus in particular.

'Therefore, immediate mitigation measures would need to be accelerated.

'While Airbus understands that the political process must go on, as a responsible business we require immediate details on the pragmatic steps that should be taken to operate competitively.

'Without these, Airbus believes that the impacts on our UK operations could be significant.

'We have sought to highlight our concerns over the past 12 months, without success.

'Far from Project Fear, this is a dawning reality for Airbus. Put simply, a no-deal scenario directly threatens Airbus' future in the UK.'

In its risk assessment, Airbus says it is 'getting increasingly concerned by the lack of progress on the Brexit process'.

It says it supports more than 110,000 jobs among 4,000 suppliers in the UK, with parts crossing the Channel 'multiple times'.

This business relies on 'frictionless trade' under customs union and single market rules, it added, saying 'any change in customs procedures, logistics and environmental standards would have major industrial and cost impact'.

It went on: 'A no-deal Brexit must be avoided, as it would force Airbus to reconsider its footprint in the country, its investments in the UK and at large its dependency on the UK.

'Given the 'No-deal/hard Brexit' uncertainties, the company's dependence on and investment in the flagship Wing Of Tomorrow programme would also have to be revisited, and corresponding key competencies grown outside the UK.

'This extremely negative outcome for Airbus would be catastrophic.

'It would impair our ability to benefit from highly qualified British resources, it would also severely undermine UK efforts to keep a competitive and innovative aerospace industry, while developing high value jobs and competencies.'

The news was greeted by anger from Labour MPs.

Darren Jones, whose Bristol North West constituency contains Airbus's Filton wing plant, attacked the Government for only listening to 'hardline pro-Brexit MPs and not to the businesses that employ thousands of British workers, including Airbus'.

The People's Vote supporter added: 'Thousands of skilled, well-paid jobs are now on the line because of the shambolic mess the Government have created over the Brexit negotiations.'

Shadow Brexit Secretary Sir Keir Starmer hit out on Twitter, saying: 'If proof was needed that the PM's Brexit red lines need to be abandoned (and fast), this is it.'

And former shadow chancellor Chris Leslie wrote: 'And we're all supposed to go along with this Government's disastrous #Brexit strategy?! Constituents in manufacturing & service sectors who jobs are at risk will be unforgiving of any more MP fence-sitting 'constructive ambiguity'.'

Ben Bradshaw described it as 'devastating news', adding: 'When are we going to wake up to the disaster of this Tory #BrexitShambles??', while Chuka Umunna questioned: 'What will it take for the establishments running Westminster to wake up!'
Report PorcupineorPineapple July 2, 2018 1:37 PM BST
Europe and Ireland must prepare for an influx of financial firms after Brexit, the head of the International Monetary Fund (IMF) has said.

Christine Lagarde said the EU needed to enhance its regulatory and supervisory capacities to cope with the likely influx of firms from London’s financial district.

Many firms are expected to relocate outside the UK if they lose their passporting rights after Brexit. Passporting allows a financial company authorised in one EU state to sell services and products in another.

“In the near-term it is critical to ensure that regulatory and supervisory capacities are prepared for the influx of financial firms that will move to continental Europe – and Ireland – as a result of Brexit,” Ms Lagarde said.

The words of the Head of the IMF. Not project fear, not threatening Britain with what it will lose, simply pointing out to the EU to get ready for the absolute f***ing windfall about to come its way. Great stuff.
Report PorcupineorPineapple July 2, 2018 2:41 PM BST
Another example below

AIG opening an office in Luxembourg and transferring all European business there from London. No problem at all folks.
Report PorcupineorPineapple July 2, 2018 8:25 PM BST
Report PorcupineorPineapple July 2, 2018 8:25 PM BST
Everything is going according to plan.
Report thegiggilo July 2, 2018 11:23 PM BST
''Austerity'' you ain't seen nothing yet...Shocked
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