Oh dear!

[Workingman]

This Brekshit thing is the gift that just keeps on taking.

Devon and Cornish fishermen cannot land their Class B water bi-valve catches, (mussels, whelks and scallops) in EU ports because we are now a third country - so not allowed. The catches are not worth much in the grand scheme of things; and the ever-so-important UK fishing industry to the trade deal is overjoyed as its members lose their homes, turn to drink and lose their lives. Not.

Meanwhile, back in planet London, the BoE's boss, Andrew Bailey, is a bit miffed that the EU wants its states trading in its currency, derivatives and bonds to do so in institutions based there. Outrageous! How unfair is that? It's only worth the commission on €83.5tn London trading so losing it will be no big deal to the UK, will it? Or maybe not. And Bailey's answer: bitch, moan and sulk; mind you he is a Brexthicker.

Never mind, it's all flying under the radar thanks to Covid - how very convenient.

Any news on those wonderful, easiest and oven-ready trade deals with the the big players in the ROW? Asking for a few friends - about 48% of us.

[Suff]

Well if there were you would have to dig as they are also flying under the radar.

Meanwhile the £ continues to rise and rise and rise....

Oh and of that €83tn, only 25% is for EU clients, 75% is non EU. What the BOE is complaining about is the EU trying to strong arm the banks into shifting the other 75% when they clearly do not want to.

The EU wants to be more careful, EU member states raise over €1.6tn a year in London. They may suddenly find a whole new tax on that if they are not careful.

[Suff]

As for the fishing, the EU needs to be careful about that too. 5.5 years is really not a very long time and they couljd find themselves locked out of UK waters entirely.

The EU has reneged on almost every "Well cover that in 2021" statement where they parked such issues as equivalence and listed country. Whilst the UK has kept, things at a status quo for 6 months.

That status quo will not continue and things are going to be less one sided.

There will be more pain for a while, but there will be a final decision on all issues in the next few years.

[Workingman]

75% is non-EU firms wanting to deal within the EU, they might eventually have to do so and there is sod all Andrew Bailey, you, or Uncle Tom et al can do about it. And would you be happy for a temporary loss of 25% of your substantial income before it all disappeared? I wouldn't.

As for the fish. Locked out of UK waters.... maybe legally, but the Navy could not cope. So, practically, no chance. And as each fishing vessel is not state owned we cannot sue the EU or its individual member states. The legal bill for enforcement would bankrupt the UK.

Now, about those secretive 'under the radar' deals with the big players; how are they going? There must be some good reasons these fabulous deals are not being shouted from the rooftops: mustn't there? I do wonder what they might be?

There will be more pain for a while.

How right you are, a long, long while...

[Suff]

Only 25% of clearance which are EU denominated Must go through within the EU. The other 75% the EU want to "take" by leaning on EU based banks.

Worst case for the EU is these clearances move to non EU banks. Rather than hurting London they could be shooting themselves in the foot. But that's the EU for you. Not happy, screw someone. Ireland protocol anyone.

The main difference here is we don't have to discuss what we're going to do about it with 27 other countries, not listen to what they "think" is right.

We just have to decide and do. The world of finance will decide whether the UK, or the EU, is a better home for their clearances.

As for the rest? Most countries which go through extraction from a union wind up having to do it via a revolution and war. Seems pretty peaceful to me in comparison.