Brexit Fingertip Facts

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  • Since the referendum inward investment in the UK has fallen by 92%
    • This is equivalent to 30 billion GBP per year in lost revenue to HMRC through Income tax, VAT and National Insurance
    • Up until Brexit inward investment in the UK had seen a year on year increase
    • The government has stated that the fall of inward investment is a good thing because it means less jobs and thus less immigration
  • The NHS has 40,000 vancancies for Nurses
    • Nurses (and other workers) have stated that they are leaving the country due to the uncertainty about their future right to be in the UK
    • If we have a no-deal brexit thousands of nurses (and other workers) will have no right to stay in the UK from 30th March 2019
  • Manufacturing companies are already moving their operations to mainleand Europe
    • Fruit of the Loom
    • Easyjet
    • Further research required
  • Financial services companies are moving abroad
    • Note that Jacob Rees Mogg is an example of this cynicism where he is fine with destroying the UK manufacturing and farming industries, while moving his own investments into the EU to ensure they are covered by the EU financial passport
    • Also note that the UK did not seek a financial passport vigorously in the Chequers deal as it does not impact the wealthy as they move their trading outside the UK much more easily than farmers or manufacturers. Jacob Rees Mogg then scuppered the Chequers deal which offered the best (if little) hope that industry outside the financial sector could survive in the UK
  • The transition period is unlikely to be possible at this stage as it has to be agreed by not just 27 EU members, but also 36 regional parliaments
  • The EU cannot put in place ad hoc treaties with the UK, as it has treaties with 60 other countries and these treaties would be broken if it does a special deal with the UK
  • The UK has acted throughout this process as if it is negotiating a trade deal. The EU is a legal framework of treaties. It is not about negotiation, it is about the UK putting in place the legal framework to be able to effectively continue interacting with the rest of the world
  • It is not true that the EU needs our economy
    • Since the UK submitted A50 we have shrunk as an economy
    • In the meantime the EU has done a deal with Japan for zero tariffs
    • Japan is a bigger economy than the UK
    • The EU has already replaced the trade it will lose by the UK leaving
    • It has also done a deal with Canada
    • The UK has never had a problem with availability of trade deals with good tariffs. The problem has always been that we then haven't taken advantage of those deals
    • We'll have no trade deals when we leave the EU. Any energy that should be spent trading will be spent on trying to put a trade deal

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