[Politics] Brexit

[nicko31]

Brexit delivered 5% blow to UK economy, says Goldman Sachs​

Britain’s economy is 5 per cent smaller than it would have been if the country had chosen to stay in the European Union, according to an analysis by Goldman Sachs.
A sharp hit to UK goods trade, weaker business investment and a steep increase in non-EU migrants coming to Britain, who study rather than work, have held back economic growth.

Analysts at the American investment bank said that “the UK has significantly underperformed other advanced economies since the 2016 EU referendum, with lower growth and higher inflation”.

https://www.thetimes.co.uk/article/...ck-to-uk-economy-says-goldman-sachs-pwwqwhfwc

Well how did that happen. It wasn't because we voted for higher inflation and recession was it

But at least we got back control of our borders ...... oh

If it wasn't for all those REMOANERS since 2016, even Telegraph client journalists are now being forced to talk the country down.

For the first time in my life, I’m now beginning to think Britain is finished

The country’s self-image as tolerant, decent and hard-working is being smashed. It’s only going to get worse

www.telegraph.co.uk

 

[cunning fergus]

Ah, Goldman Sachs………..to be fair they set their Brexit stall out early doors……….

Goldman Sachs warns against Brexit

Bank warns of pivot to Frankfurt if Britain leaves the EU

www.worldfinance.com

They then got fully invested in political campaigning………

https://www.politico.eu/article/dav...membership-brexit-reform-goldman-sachs-banks/

At the same time they got the doomsday script ready with other financial establishment entities to indicate just how bad Brexit was going to be……..

The bank doesn't provide any concrete figures on exactly how much Brexit could cost, but in its worst-case scenario, suggests that earnings across Britain's big firms could fall as much as 13% overall, with the housebuilding and banking sectors presumably losing even more. Here's Goldman one last time:
If industrial production were to fall by say 2.5% this would all other things equal push down FTSE 100 earnings by around 13% and FTSE 250 by around 18%.

Goldman is just the latest in a series of companies and advocacy organisations adding to what looks like a fairly gloomy picture for UK businesses if Britain does vote to leave on June 23. A couple of weeks ago Morgan Stanley warned Brexit could cause "contagion" across Europe, while HSBC said the impact could be "potentially huge."

Earlier on Monday, the Confederation of British Industry, probably the most important lobbying body for British businesses, presented its "doomsday" scenario for Brexit, saying it could cost Britain as much a £100 billion, and nearly a million jobs by the end of 2020.

It’s laughable that the Wolfie Smith Brigade on here would prostrate themselves before Goldman Sachs as the paragons of independent virtue, when in reality they the Peter Sutcliffe of global capitalism.

Goldman CEO David Solomon given a $10 million pay cut as punishment for firm's involvement in bribery scandal

Goldman has paid more than $7 billion to US and international regulators over a criminal bribery scheme involving Malaysia's 1MDB fund.

www.businessinsider.com

https://www.economist.com/leaders/2023/01/26/the-humbling-of-goldman-sachs,

Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme

A former managing director of The Goldman Sachs Group Inc. (Goldman Sachs) was sentenced today to 10 years in prison for his role in a multibillion-dollar bribery and money laundering scheme involving Malaysia’s state-owned investment and development fund, 1Malaysia Development Berhad (1MDB).

www.justice.gov

Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion

The Goldman Sachs Group Inc. (Goldman Sachs or the Company), a global financial institution headquartered in New York, New York, and Goldman Sachs (Malaysia) Sdn. Bhd. (GS Malaysia), its Malaysian subsidiary, have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) in...

www.justice.gov

Goldman made 450 million Euros from crashing the Greek economy

Return the 450 million Euros you made from crashing the Greek market.

actions.eko.org

https://www.thenation.com/article/archive/goldmans-greek-ambit

In the meantime and real world of the British working class man, other genuinely self inflicted political decisions imposed without public support are causing actual harm to the economy.

Research from the Federation of Master Builders has shown that increases to transportation costs, such as rising parking fees over the last 18 months has forced 80% of tradespeople in the Capital to increase their prices.

ULEZ expansion: it's killing trade and pushing up costs for tradespeople, customers finds new study - Freelance Informer

One in four London tradespeople say the ULEZ expansion has had a detrimental impact on business. Now there's a call to it being delayed

www.freelanceinformer.com

Some jokers on here like…………

 

[WATFORD zero]

Ah, Goldman Sachs………..to be fair they set their Brexit stall out early doors……….

Goldman Sachs warns against Brexit

Bank warns of pivot to Frankfurt if Britain leaves the EU

www.worldfinance.com

They then got fully invested in political campaigning………

https://www.politico.eu/article/dav...membership-brexit-reform-goldman-sachs-banks/

At the same time they got the doomsday script ready with other financial establishment entities to indicate just how bad Brexit was going to be……..

The bank doesn't provide any concrete figures on exactly how much Brexit could cost, but in its worst-case scenario, suggests that earnings across Britain's big firms could fall as much as 13% overall, with the housebuilding and banking sectors presumably losing even more. Here's Goldman one last time:
If industrial production were to fall by say 2.5% this would all other things equal push down FTSE 100 earnings by around 13% and FTSE 250 by around 18%.

Goldman is just the latest in a series of companies and advocacy organisations adding to what looks like a fairly gloomy picture for UK businesses if Britain does vote to leave on June 23. A couple of weeks ago Morgan Stanley warned Brexit could cause "contagion" across Europe, while HSBC said the impact could be "potentially huge."

Earlier on Monday, the Confederation of British Industry, probably the most important lobbying body for British businesses, presented its "doomsday" scenario for Brexit, saying it could cost Britain as much a £100 billion, and nearly a million jobs by the end of 2020.

It’s laughable that the Wolfie Smith Brigade on here would prostrate themselves before Goldman Sachs as the paragons of independent virtue, when in reality they the Peter Sutcliffe of global capitalism.

Goldman CEO David Solomon given a $10 million pay cut as punishment for firm's involvement in bribery scandal

Goldman has paid more than $7 billion to US and international regulators over a criminal bribery scheme involving Malaysia's 1MDB fund.

www.businessinsider.com

https://www.economist.com/leaders/2023/01/26/the-humbling-of-goldman-sachs,

Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme

A former managing director of The Goldman Sachs Group Inc. (Goldman Sachs) was sentenced today to 10 years in prison for his role in a multibillion-dollar bribery and money laundering scheme involving Malaysia’s state-owned investment and development fund, 1Malaysia Development Berhad (1MDB).

www.justice.gov

Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion

The Goldman Sachs Group Inc. (Goldman Sachs or the Company), a global financial institution headquartered in New York, New York, and Goldman Sachs (Malaysia) Sdn. Bhd. (GS Malaysia), its Malaysian subsidiary, have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) in...

www.justice.gov

Goldman made 450 million Euros from crashing the Greek economy

Return the 450 million Euros you made from crashing the Greek market.

actions.eko.org

https://www.thenation.com/article/archive/goldmans-greek-ambit

In the meantime and real world of the British working class man, other genuinely self inflicted political decisions imposed without public support are causing actual harm to the economy.

Research from the Federation of Master Builders has shown that increases to transportation costs, such as rising parking fees over the last 18 months has forced 80% of tradespeople in the Capital to increase their prices.

ULEZ expansion: it's killing trade and pushing up costs for tradespeople, customers finds new study - Freelance Informer

One in four London tradespeople say the ULEZ expansion has had a detrimental impact on business. Now there's a call to it being delayed

www.freelanceinformer.com

Some jokers on here like…………

Is this where we have got to with your justification for campaigning and voting for Brexit that was going to be excellent for the 'working class man' ? Whilst the British economy crashes and burns and the 'working class man' suffers, you 'reveal' that global corporate Goldman Sachs have done some bad things ?

And there was me actually thinking you may have found a benefit to offset some of the damage done to the 'working classes'

There certainly are some jokers on here

And, turning from whataboutism to the actual subject of Brexit, still more businesses, who actually pay the 'working classes' wages, suffer

Brexit has cost UK food companies exporting to EU an extra £170m​

Food businesses sending products to the EU have had to fork out an extra £170m in export costs because of Brexit red tape, with the changes described as being “catastrophic” for some exporters. In the past 12 months alone, exporters have paid more than £58m. The extra costs have resulted in a sharp fall in exports, particularly among smaller producers, with the value of meat products sent to the EU down by 17% since 2019.

https://www.msn.com/en-gb/money/oth...1&cvid=f0c3c9cd6182402d9d1a7cc8e8c662f6&ei=50

And a lot of these will be SMEs that are going to the wall. But I wouldn't imagine that would worry the 'working class men', who are employed by a global corporates, taking huge contracts from the Government. Because that would make them hypocrites wouldn't it

 

[Lever]

... more bad news for food producers...

 

[cunning fergus]

... more bad news for food producers...

Jeez, additional printing on labels no one reads is hardly a knock out blow is it, as this article indicates only 1 in 5 care. Desperate.

Meanwhile in the City………

France backs UK as banking mecca, denying Germany win in Brexit surprise

Some in Brussels thought Brexit was a chance to reroute financial “plumbing” away from London but the banks still had eyes for the U.K.

www.politico.eu

Great news given the gloomsters and doom steers predictions of the hollowing out of London’s financial services industry…….including Goldman Sachs.

 

[WATFORD zero]

Jeez, additional printing on labels no one reads is hardly a knock out blow is it, as this article indicates only 1 in 5 care. Desperate.

Meanwhile in the City………

France backs UK as banking mecca, denying Germany win in Brexit surprise

Some in Brussels thought Brexit was a chance to reroute financial “plumbing” away from London but the banks still had eyes for the U.K.

www.politico.eu

Great news given the gloomsters and doom steers predictions of the hollowing out of London’s financial services industry…….including Goldman Sachs.

Have you actually read the article you posted ?

But after nearly eight years of wrangling, EU policymakers reached a deal this month which will draw some business into the bloc, but far less than expected. “The picture is far from rosy, but it's much better than what we thought or what we could have expected, given what was coming our way,” an individual working in public policy in the City of London said, who declined to comment on the record given the sensitivity of the topic.

So, it's bad, but not as bad as some have predicted says an unknown source

A brilliant win for your 'working man'

Record number of firms quit in latest blow to Square Mile

The number of companies listed on the London stock market dropped by a record amount last year in the latest blow to the City. At the end of 2023 there were 1,836 firms quoted on the London Stock Exchange (LSE) with a combined value of £3.5trillion, according to data from fintech firm XTB. This was down on the previous year, when the exchange had 1,954 listed firms worth £3.7trillion.

The peak for listings came in 2013 when 2,448 firms made up the exchange with a combined value of £4.3trillion. But the highest market cap was in 2016 when the LSE had 2,267 listed businesses worth nearly £4.6trillion.

https://www.thisismoney.co.uk/money...umber-firms-quit-latest-blow-Square-Mile.html

And it's a bit late for all the business that the City has already haemorrhaged

 

[Randy McNob]

Jeez, additional printing on labels no one reads is hardly a knock out blow is it, as this article indicates only 1 in 5 care. Desperate.

Meanwhile in the City………

France backs UK as banking mecca, denying Germany win in Brexit surprise

Some in Brussels thought Brexit was a chance to reroute financial “plumbing” away from London but the banks still had eyes for the U.K.

www.politico.eu

Great news given the gloomsters and doom steers predictions of the hollowing out of London’s financial services industry…….including Goldman Sachs.

Thanks for this reassurance, it really helps soften the blow of triple mortgage repayments, soaring inflation and stagnant wages

Surely after (getting on for) 8 years you would have found a tangible brexit benefit by now?

 

[Blue3]

Since Brexit the cost of cars has been creeping up in the uk, I am not particularly interested in all the whistles and bells but I am looking at a small electric car being retired I only need it for around town.
As such I am quite interested in Dacia Spring currently not on sale in the uk but is due here later this year, it has been on sale in much of mainland Europe for the past two years with Dacia having sold 120,000 of them brand new all electric five door car electric windows cruise control all for £13,500!
When it does arrive here it’s expected to cost over £18,000 the cost difference relates to three things EU countries are offering subsidies for purchasing electric cars plus there is no import duties to be paid and some EU countries also offer tax incentive.
Sadly here in post Brexit Britain all we get are tax incentives for company cars for the rest of us no government incentives to buy electric but 20% import tax and 10%VAT

 

[Lever]

Jeez, additional printing on labels no one reads is hardly a knock out blow is it, as this article indicates only 1 in 5 care. Desperate.

Meanwhile in the City………

France backs UK as banking mecca, denying Germany win in Brexit surprise

Some in Brussels thought Brexit was a chance to reroute financial “plumbing” away from London but the banks still had eyes for the U.K.

www.politico.eu

Great news given the gloomsters and doom steers predictions of the hollowing out of London’s financial services industry…….including Goldman Sachs.

You may have forgotten that Brexit influencers promised so much economic success if the good people in this country just voted 'Leave'.

Now, according to you we perhaps should be content with avoiding a 'knock out blow'!

If you voted for such a disappointing outcome, maybe you should be even more annoyed than I am, and I would never vote to make my fellow countrymen and women worse off!

 

[Surf's Up]

Can of the Brexit experts on this thread please confirm how all the much trumpeted and lucrative trade deals with the US, Australia, Canada etc have worked out and also, how is our trade with the EU going? Genuine questions.

 

[Lever]

Can of the Brexit experts on this thread please confirm how all the much trumpeted and lucrative trade deals with the US, Australia, Canada etc have worked out and also, how is our trade with the EU going? Genuine questions.

I think the answer is not very well, although I haven't the figures to hand. I will try and find out.... but in the meantime I think the dwindling band of diehard Brexit supporters should consider reading this report.....

New report reveals UK economy is almost £140billion smaller because of Brexit

Mayor reveals London’s economy alone has shrunk by more than £30billion

www.london.gov.uk

'not a knock out blow'? You couldn't make it up!

 

[Smirko]

Tata confirms Somerset will host £4bn battery factory

It is predicted the huge factory will create 4,000 jobs and many more in the supply chain.

www.bbc.co.uk

Bloody Brexit eh!?

 

[The Clamp]

Tata confirms Somerset will host £4bn battery factory

It is predicted the huge factory will create 4,000 jobs and many more in the supply chain.

www.bbc.co.uk

Bloody Brexit eh!?

Did anyone claim Brexit would end all manufacturing in the U.K.?


Still 4,000 jobs eh? Nearly back to normal

“Independent report by Cambridge Econometrics, commissioned by City Hall, shows London has 290,000 fewer jobs than if Brexit had not taken place, with half the total two million job losses nationwide coming in the financial services and construction sectors”

New report reveals UK economy is almost £140billion smaller because of Brexit

Mayor reveals London’s economy alone has shrunk by more than £30billion

www.london.gov.uk

 

[Simster]

Tata confirms Somerset will host £4bn battery factory

It is predicted the huge factory will create 4,000 jobs and many more in the supply chain.

www.bbc.co.uk

Bloody Brexit eh!?

This is old news, which is why an old article is linked in that article.

And in that original article, it says "Tata has been in negotiations for months to secure state aid for the project and the government confirmed on Wednesday that Tata had been offered a "large" incentive to site the plant in the UK"

i.e. just a reminder that the only reason it's being built here is that the government bribed them to build it here with taxpayers money. So yes, bloody Brexit. If we'd been in the EU, it probably would have been built here anyway and we'd have had to pay a lot less for the privilege as EU rules don't allow governments to bribe private companies the amount ours bribed Tata.

 

[Simster]

So I'm afraid @Smirko that - as with nearly every pro-Brexit good news story - you only have to scratch beneath the surface a little bit to see that the reality is that Brexit is once again a load of shit.

 

[Eeyore]

Tata confirms Somerset will host £4bn battery factory

It is predicted the huge factory will create 4,000 jobs and many more in the supply chain.

www.bbc.co.uk

Bloody Brexit eh!?

Yes, good news for Somerset. I read about this some time ago.

As regards the site coming to the UK. it is being set up with hundreds of millions of pounds of government subsidies. That's been known for some time.

Read deeper into things. The government is now borrowing money to prove it's all a success.

It's not a BREXIT success, it's a public money success.

I don't have a problem with taxpayer subsidies (although the people championing this usually do....) I do have a problem with lies.

 

[Nobby]

Tata confirms Somerset will host £4bn battery factory

It is predicted the huge factory will create 4,000 jobs and many more in the supply chain.

www.bbc.co.uk

Bloody Brexit eh!?

keep up at the back

 

[WATFORD zero]

Just what we need. A reminder of just how naive and easily taken in the Brexit voters were 8 years ago.

As if we've forgotten as the results crash around us daily

 

[A1X]

So I'm afraid @Smirko that - as with nearly every pro-Brexit good news story - you only have to scratch beneath the surface a little bit to see that the reality is that Brexit is once again a load of shit.

I wouldn’t bother, we won’t be seeing him again for a while is my guess

 

[Lever]

Yes, good news for Somerset. I read about this some time ago.

As regards the site coming to the UK. it is being set up with hundreds of millions of pounds of government subsidies. That's been known for some time.

Read deeper into things. The government is now borrowing money to prove it's all a success.

It's not a BREXIT success, it's a public money success.

I don't have a problem with taxpayer subsidies (although the people championing this usually do....) I do have a problem with lies.

Ssh!!! Don't shatter his/her dreams; s/he would never work that out without your help!

Bloody Brexit, eh? It has cast a spell over the most gullible that simply cannot be exorcised....