No more single market? Well, that’s to be expected.

It has been some time that I have not written about Brexit. I think the UK’s Prime Minister Theresa May is still having a hard time because she is aiming for a ‘winning’ negotiation while disagreeing to agree to European Union’s (EU)terms. I still think it’s a wrong decision even if this is voted by the majority. Just a reminder that majority are easily swayed and need not all be experts in all fields. This week, another sign that it will be a tough time in the near future for Britain. Japanese MNCs in Britain are worried that their access to the single market will be threatened and has plans to move back into European Union. Move back because they are currently based in Britain and Britain would no longer be part of European Union, remember? Fortunately, that consideration will happen only after the UK completes its ‘divorce’ with European Union. The two quoted ones? Japan’s largest car-maker and a major finance firm; Toyota and Bank of Tokyo-Mitsubishi UFJ. Here’s that article in dw.com: Brexit: Japanese companies set to leave London. 

In terms of the actual negotiation, there are already many parties which are urging for a tough stance. Sort of like, ‘if you disagree to our terms, we disagree to your requests.’ Nothing wrong with such a statement actually. Here’s that article in cnbc.com: German industry leader calls for strict and very serious Brexit talks, detail from the UK Anyway, this is not the first one. Oh yeah, there are actually more jobs created currently in the UK. There is even a department called “Department for Exiting European Union” I guess the UK is taking this very seriously. I just wonder what will happen to these staffs after the exit is completed. Fortunately, this is not likely within the next 3 years. Beyond Germany, this is what France is saying. “Paris will overtake London in 10 years where financial sector is concerned.” In other words, should London remain within the EU, then Paris would always be second or third since I think Frankfurt is already a leading financial centre today.

Another measure assuming the UK really do lost the single market access would be to start bilateral trade agreements with some of their European trading partners. PLUS, thinking outside Europe. So, perhaps not all is gloom and doom. It would however look very bad if the UK loses more than it gains after the split. We shall have to wait. Would a leadership change allow for the UK to change its stance perhaps? An interesting article here for some personal interpretation. Article in The Independent: Boris Johnson breaks with Theresa May and says UK should still send £350m to NHS after Brexit Boris Johnson was the man who helped to push through the Brexit vote. Happy following.

written on 16 Sept 2017

Next suggested article: Brexit, London properties and Malaysian developers

 

 

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