Brexit OUT of EU: What happens now?

[sptrawler]

When you're ready to choke on it trawler just pop 'brexit bank of england' into youtube .... the Daily Mail does a short 3min version to suit the attention span of their target audience. The comment's must look a treat these days six months plus on.....
go go you lefty's;
There's also longer detailed peices for better understanding.

Another way of looking at the issue @orr , is to think of it like the referendum here on the 'voice', I would find it a bit annoying and presumptuous if people in the U.K were deriding us for whatever choice we decide.
It borders on rudeness, ignorance and a lack of respect, if people in another country like the U.K criticise us for our choice, yet you guys do it with relish.
Kind of shows the type of personality some people have IMO, but it does take all kinds.

 

[sptrawler]

Left wing rags?
In the near future I'll go back and find the head of 'Bank of England' reporting to Parliment on Brexit consequences a few months back.
And I'm so looking forward to seeing Farage at next weeks International Socialist meet.

you need a little more time out from under your rock trawler.

OMG @orr Australia has decided to pull out of a free trade agreement with the EU, because they are unreasonable to deal with, but that's terrible England made that mistake you had better send an email to our trade team to reconsider.

Oh and by the way, while your emailing, maybe send one to Twiggy and tell him he is wasting his money on U.K manufacturing. ?

Australia and European Union at an impasse over free trade deal despite visit to break deadlock

A free trade deal between Australia and the EU is at a standstill after the trade minister walks away from negotiations in Brussels without an agreement.

www.abc.net.au

Forrest poised to open battery making hub – but in the US

The Inflation Reduction Act has prompted the Fortescue boss to step up plans to take his British engineering firm WAE across the Atlantic.

www.afr.com

Berlin | Mining and clean-energy billionaire Andrew Forrest is poised to set up a new battery manufacturing hub in the US, as Fortescue Future Industries tries to reap the benefits of President Joe Biden’s $US369 billion ($550 billion) Inflation Reduction Act.

Dr Forrest plans an imminent expansion for UK-based engineering firm WAE, the British Formula 1 car designer he acquired last year, which has already mushroomed into a three-site operation in its home base in Oxfordshire.
He recently suggested that WAE, which is making batteries, electric vehicles and trains for Fortescue, would set up in the US. But this is now understood to be close at hand, with an American location almost in the bag.

FORTESCUE TO EXPAND THE PRODUCTION OF BATTERIES AND ELECTRIC POWERTRAINS IN THE UK WITH NEW WAE OXFORDSHIRE FACILITY - Fortescue Zero

Fortescue is significantly expanding its battery and electric powertrain production operations in the UK with the announcement of an additional WAE state-of-the-art facility in Oxfordshire The new facility will create more than 120 new jobs and will be focused on production of a wide range of...

wae.com

MEANWHILE IN THE "CLEVER COUNTRY". Post our fantastic educational revolution, where all children will go to University, well that came true the only problem is they are illiterate and can't do maths.
Also they will become unemployable, as we bring in more tradies from overseas, because our kids can't actually do the courses here, let's move on to the next bit of social engineering and reinvent the wheel, I know make it square.
The loony left, "brain fart central", all aboard. ?

‘Set up to fail’: Illiterate students flood TAFE

Students who lack basic reading and maths skills have flooded into TAFE training courses after fees were abolished, setting them up to fail and heaping pressure on lecturers.

thewest.com.au

Students who lack basic reading and maths skills have flooded into TAFE training courses after fees were abolished, setting them up to fail and heaping more pressure on lecturers.

A State School Teachers’ Union report lays bare concerns the Federal Government’s commitment to fee-free TAFE training had exposed the system to “unintended consequences”.

And you say I live under a rock. ?

 

[moXJO]

Left wing rags?
In the near future I'll go back and find the head of 'Bank of England' reporting to Parliment on Brexit consequences a few months back.
And I'm so looking forward to seeing Farage at next weeks International Socialist meet.

you need a little more time out from under your rock trawler.

You talking about Mark Carney?
The Canadian flog who was shilling to move away from the US $.
The globalist and "UN Special Envoy on Climate Action". This is the anti capitalist with some weird ideas on how we should be governed. Scratch the surface and its clear he is another w4nker full of hot air.

 

[moXJO]

I'm happy to investigate other biased claims from any other wef shills that want total compliance though.

 

[IFocus]

I'm happy to investigate other biased claims from any other wef shills that want total compliance though.

No your not....

 

[orr]

You talking about Mark Carney?
The Canadian flog who was shilling to move away from the US $.
The globalist and "UN Special Envoy on Climate Action". This is the anti capitalist with some weird ideas on how we should be governed. Scratch the surface and its clear he is another w4nker full of hot air.

What ??? so the Governor of the Bank of England' is a bloke who operates out of his mother basment somewhere in the NW Territories of Canada?
Yeah; that's the level of understanding we've come to know and luv from MOX.... don't stop now son and don't look back ANTIFA and the Fabians are just behind you.

 

[sptrawler]

On the subject of U.K banks and narrative, a big apology from the bank for closing someone's account, because they didn't agree with his views including those on brexit.

‘Deeply inappropriate’: Bank apologises to top Brexit figure Nigel Farage for dropping him

The scandal has attracted the scrutiny of the financial regulator, and on Thursday prompted the UK Treasury to push out new rules that it says will protect free speech.

www.smh.com.au

London: Polarising British political figure Nigel Farage has received a personal apology from one of the UK’s biggest banks after allegations it closed the leading Brexit antagonist’s account because his views were at odds with the organisation’s corporate values.

The saga has sparked a growing political furore over Farage’s treatment by the private bank Coutts, owned by NatWest Group, whose biggest shareholder has been the UK government since a taxpayer bailout at the height of the 2008 financial crisis.
The scandal has attracted the scrutiny of the financial regulator, and on Thursday prompted the UK Treasury to push out new rules that it says will protect free speech.

The apology from Dame Alison Rose, the bank’s chief executive, came after Farage - the former leader of the UK Independence party and its successor the Brexit party - obtained documents from a Coutts meeting in November last year where “commercial” reasons and “reputational risk” associated with his political views were cited as reasons for considering terminating his account with them.

Farage said the nearly 40-page memo showed that its decision to close his accounts related to his political views, spanning from his support for former US president Donald Trump to controversies linked to Russia and Brexit. It also included 13 of his tweets, which canvassed issues such as the Human Rights Act, the Royal family and tennis great Novak Djokovic.

 

[moXJO]

What ??? so the Governor of the Bank of England' is a bloke who operates out of his mother basment

You should be excited at just how far you can get operating out of your mother's basement.

 

[sptrawler]

As I mentioned earlier, it is easy to criticise the UK for leaving the EU, but as Australia is now finding out, dealing with the EU isn't as simlple as it appears.
They tend to have a my way or the highway approach.

Australia’s free trade deal with EU collapses as both sides accuse the other of being unwilling to compromise

EU accused of not offering enough access for Australian beef, sheep, dairy and sugar exporters

www.theguardian.com

 

[Knobby22]

More and more Britons regret leaving the EU. Only 33% now think it was a good decision.

Their standard of living has really dropped. To be fair this wasn't just the effect of the Brexit decision but also the damage done by Liz Truss as PM with her Libertarian policies.

Brexit poll 2024 | Statista

The share of people who regret Brexit has increased since the UK left the EU. Recent polls show a growing majority think it was the wrong decision.

www.statista.com

 

[sptrawler]

More and more Britons regret leaving the EU. Only 33% now think it was a good decision.

Their standard of living has really dropped. To be fair this wasn't just the effect of the Brexit decision but also the damage done by Liz Truss as PM with her Libertarian policies.

Brexit poll 2024 | Statista

The share of people who regret Brexit has increased since the UK left the EU. Recent polls show a growing majority think it was the wrong decision.

www.statista.com

No doubt they will have a referendum on returning to the EU, if only 33% want to stay out a referendum will be held for sure.

 

[wayneL]

Brexit is getting an extremely unfair rap for the UK's woes. And all Lizz Truss' fault?

PM for not much longer than 30 seconds, puleeeze.

We have to take into consideration the ludicrous response to the beerbug, a totally incompetent and directionless government, profligate spending around that, illegal immigration, CC alarmism, and other factors, none of which have anything whatsoever to do with exiting the Soviet States of Europe.

Additionally, what remains of the Sovie.... errr, European Union is looking very tatty around the edges and essentially in a slow motion disintegration.

No, the plebeians have been gaslighted into apportioning blame totally in the wrong area.

Oh Nigel, where for art thou?

 

[sptrawler]

Brexit is getting an extremely unfair rap for the UK's woes. And all Lizz Truss' fault?

PM for not much longer than 30 seconds, puleeeze.

We have to take into consideration the ludicrous response to the beerbug, a totally incompetent and directionless government, profligate spending around that, illegal immigration, CC alarmism, and other factors, none of which have anything whatsoever to do with exiting the Soviet States of Europe.

Additionally, what remains of the Sovie.... errr, European Union is looking very tatty around the edges and essentially in a slow motion disintegration.

No, the plebeians have been gaslighted into apportioning blame totally in the wrong area.

Oh Nigel, where for art thou?

I don't see riots in the streets of U.K, as I do in France.
Ask any elite in the U.K if they prefered being in the EU and they will all say yes, it made travel so much easier.
Ask blue collar workers who dont travel and they have had the best wage growth in living memory.
So set up your poll, to get the stats you want. Lol
Just depends if you are left wing elite, centre worker, or right wing loony, as to your take on Brexit. Same as most issues, these days.


This from 2020, the year of Brexit.

Average UK wages top pre-financial crisis levels

Wages finally end 12-year squeeze but zero-hour contracts at new high

www.google.com

This from19 Nov 2023:
The comments come after figures last week showed that wages, excluding bonuses, were growing at a near-record pace of 7.7pc This is just 0.1 percentage point lower than the peak seen over summer, which was the highest since comparable data began in 2001.19 Nov 2023

Recent article:

Brexit has boosted UK wages, say economists

Drop in EU immigration has given British workers better bargaining power

www.telegraph.co.uk

 

[sptrawler]

And a good article from Reuters:
The funny thing is Australia is doing exactly the opposite, they are importing scab sorry I mean skilled workers at a huge rate and the Australian media is posting up how Brexit was terrible. Who wuda thunk that. Duh.
In some circles what the media does to the elites, would be classed as grooming and the police would be called.

UK sees fastest wage rises in sectors most reliant on EU workers - Indeed

British wages are rising fastest in low-paid sectors where employers previously relied on workers from the European Union, new analysis from recruitment agency Indeed showed on Friday.

www.reuters.com

British wages are rising fastest in low-paid sectors where employers previously relied on workers from the European Union, new analysis from recruitment agency Indeed showed on Friday.

Britain saw net immigration of more than 2 million EU citizens between 2010 and 2020, after which EU citizens lost the unrestricted right to work in Britain as a result of Brexit.

Sectors such as construction, cleaning, driving, hospitality and leisure - where EU workers accounted for more than 10% of staff - had seen advertised wages grow 11% between 2019 and 2021, Indeed said based on an analysis of its data.

 

[Ferret]

Anyone interested in cycling might have bought gear from UK based Wiggle in the past.

They are currently in administration and have now announced they are ceasing international sales.

From the announcement:
"This part of the business has been impacted by a range of economic factors including rising international air freight costs and Brexit."

 

[sptrawler]

Anyone interested in cycling might have bought gear from UK based Wiggle in the past.

They are currently in administration and have now announced they are ceasing international sales.

From the announcement:
"This part of the business has been impacted by a range of economic factors including rising international air freight costs and Brexit."

Wow, we have bought quite a bit of stuff off them over the years.
Just read an article on the issue, doesn't talk much about Brexit, actually nothing at all, the problem seems to be the German parent company an it's property portfolio falling over. The North American distributer suffered the same problem.
19th Oct:

Wiggle reportedly heading towards administration due to parent company funding woes

Meanwhile, Mike Ashley’s Frasers Group identified as prime candidate to swoop for e-commerce business

road.cc

Online cycling, running and swimming retailer Wiggle has reportedly entered voluntary administration in the wake of the funding crisis that has engulfed parent company, Germany-based Signa Sports United (SSU), after the company that controls it announced earlier this week that it would no longer be providing €150 million in funding to the business over the next two years.

The website Cycling Electric reports(link is external) that it “has seen a notice from the company to a customer” which outlines that without securing an alternative source of funding to SSU (which was itself depending on the promised but withdrawn funding from controlling shareholder Signa International Sports Holding), Wiggle will “have no choice but to begin administration proceedings.”

Cycling Electric also points out that recent Companies House filings by Wiggle (whose immediate holding company is UK-based Mapil Topco, which also owns Chain Reaction Cycles) highlight that the company relies upon SSU for funding, without which the “group’s ability to continue as a going concern” would be subject to “material uncertainty.”
Earlier, Mike Ashley’s Frasers Group was rumoured to be the most likely candidate to buy Wiggle Chain Reaction Cycles (CRC) should it be put up for sale.
As we reported yesterday, Signa Sports United (SSU), which bought Wiggle CRC in 2021, has had promised funding of €150 million withdrawn by parent company Signa Holding, which is controlled by the Austrian billionaire René Benko.
Days earlier, SSU had delisted its shares from the New York Stock Exchange, two years after they were listed on it, citing “severe liquidity and profitability challenges.”

According to Bloomberg(link is external), the withdrawal of funding and scaling back of retail activities comes as Benko seeks to shore up the finances of the commercial property business that underpins his fortune.

AND FURTHER ON THE ISSUE>
23rd Oct:

Latest blow for Wiggle Chain Reaction as parent company closes US offices and prepares insolvency filings

Signa Sports United, the owner of Wiggle Chain Reaction Cycles and several other cycling retailers, last week learnt that it could no longer rely on €150 million of committed funding from its parent company

road.cc

The latest blow in the seemingly never-ending bad news cycle for Wiggle Chain Reaction and other cycling retailers owned by Signa Sports United (SSU) is that the company has closed its United States offices and is preparing to make insolvency filings.

The update comes from Bicycle Retailer and Industry News(link is external), SSU closing its Park City offices in Utah, the site which was home to operations for Vitus and Nukeproof, and was opened by Hap Seliga who said "an amazing group of people has been forced to swallow a bitter pill".

"Despite exceeding our top and bottom line Financial Year 2023 goals handily, Signa Sports United North America's bike division has been forced to cease all operations with less than a few days' notice. This was triggered Monday by a sudden reneging of a binding €150 million equity commitment to Signa Sports United N.V.

"To say this comes as a shock is an understatement. I haven't even begun to be able to process this yet."
The future of Berlin-based SSU was looking bleak from midway through last week after its parent company, Signa Holding, withdrew €150m of financing a week after it had delisted its shares from the New York Stock Exchange amid "severe liquidity and profitability challenges".

Signa Holding informed SSU – which also owns Bikester and Probikeshop – that it was terminating its unconditional equity commitment, funding which began in June 2023 and was deemed crucial to securing the company's future.
On Friday it was reported that the company is preparing to make insolvency filings for its subsidiaries in the coming days.

Earlier in the week, SSU had been critical of the withdrawal of the funding promise and said that ending the commitment of funds, needed to "cover the operating financial needs of SSU and to secure the ongoing concern", was "unjustified" and that "appropriate legal steps" would be taken.

"The Company considers the termination of the Equity Commitment Letter by SIGNA Holding unjustified," SSU said in a statement. "While the Company regrets the termination of the Equity Commitment Letter, it will take the appropriate legal steps in the interests of all its shareholders, creditors, and employees."

The parent company struggles meant further concerns for Wiggle Chain Reaction, the cycling retailer reportedly heading towards administration as a result
Mike Ashley's Frasers Group, which already holds Evans Cycles and ProBikeKit in its portfolio, has been touted as the most likely candidate to buy Wiggle Chain Reaction Cycles should it be put up for sale.

And it was to that backdrop that, on Friday, Wiggle Chain Reaction announced an early start to the Black Friday sales on its websites, with up to 60 per cent off, prompting some concerns about spending with a troubled retailer.

Wiggle CRC: Another SSU subsidiary files for insolvency

Internetstores GmbH reportedly files for insolvency, affecting Fahrrad.de, Bikester, Probikeshop and more

www.cyclingnews.com

 

[Ferret]

Just read an article on the issue, doesn't talk much about Brexit, actually nothing at all, the problem seems to be the German parent company an it's property portfolio falling over. The North American distributer suffered the same problem.

This was the article of 1 Dec that mentioned Brexit as one of the reasons for stopping international sales.

https://www.globalcyclingnetwork.com/general/news/wiggle-crc-to-cease-international-sales-as-administrators-hunt-for-buyer-gathers-pace

It is a shame. They were the go-to online bike shop once.

 

[sptrawler]

This was the article of 1 Dec that mentioned Brexit as one of the reasons for stopping international sales.

https://www.globalcyclingnetwork.com/general/news/wiggle-crc-to-cease-international-sales-as-administrators-hunt-for-buyer-gathers-pace

It is a shame. They were the go-to online bike shop once.

They were a great shop, it seems strange that Brexit gets mentioned when both the the U.K and U.S franchises were closed down at the same time, due to the same withdrawl of parent company funding. Brexit didn't affect the U.S.
That's why I take a lot of comments from the media with a pinch of salt, it is usually just a case of the reporter adding their bent to the story.

From the sound of it the parent company is in a world of pain over property issues.
Selling any business that deals in discretionary spending at the moment would be pushing $hit uphill, the same as juniors trying to raise capital, when everything, everywhere is in a downturn.
To blame Brexit is drawing a long bow IMO, it might be right, but I would bet my you know whats on it, people interpret things in different ways..

Especially when you read this from your article:

The online retailing group, which went into administration last month amid financial turmoil, had operated international web shops in numerous countries, throughout Europe and further afield in the likes of the USA, Australia and New Zealand.
“To ensure that Wiggle CRC is in the best possible position to build on its core strengths and market leading position, the decision has been taken to pivot the business model to solely focus on the UK domestic market which currently accounts for 85% of the group’s revenues,” read the statement.
“The UK market is core to Wiggle CRC’s proposition where it remains the market leader and is a powerful driver for the business’ profitability and current trading performance,” said joint administrator, Tony Wright.

“This has been incredibly attractive to interested parties and we are progressing swiftly with the sale process.”

Wiggle CRC, which was a merger between two of the UK’s leading online cycling retailers, fell into administration towards the end of October, shortly after parent company Signa Sports United filed for insolvency.

 

[orr]

Headline from the Euobresver​

​

"INTERVIEW​

Why populism appeals to less brainy EU voters​

24. NOV, 15:20
People who voted for Brexit tended to be less clever, research shows, in findings that also shed light on the appeal of EU populists, such as Dutch politician Geert Wilders, who won elections this week."

And the research from University of Bath.... well worth the read; a quick lift from the Abstract:
'We find that a one standard deviation increase in cognitive ability, all else being equal, increases the likelihood of a Remain vote by 9.7%.'

full article:

Cognitive ability and voting behaviour in the 2016 UK referendum on European Union membership

On June 23rd 2016 the UK voted to leave the European Union. The period leading up to the referendum was characterized by a significant volume of misinformation and disinformation. Existing literature has established the importance of cognitive ability in processing and discounting (mis/dis)...

journals.plos.org

 

[IFocus]

Headline from the Euobresver​

​

"INTERVIEW​

Why populism appeals to less brainy EU voters​

24. NOV, 15:20
People who voted for Brexit tended to be less clever, research shows, in findings that also shed light on the appeal of EU populists, such as Dutch politician Geert Wilders, who won elections this week."

And the research from University of Bath.... well worth the read; a quick lift from the Abstract:
'We find that a one standard deviation increase in cognitive ability, all else being equal, increases the likelihood of a Remain vote by 9.7%.'

full article:

Cognitive ability and voting behaviour in the 2016 UK referendum on European Union membership

On June 23rd 2016 the UK voted to leave the European Union. The period leading up to the referendum was characterized by a significant volume of misinformation and disinformation. Existing literature has established the importance of cognitive ability in processing and discounting (mis/dis)...

journals.plos.org

You wouldn't have to do a test for Trump / Republican supporters to know the results,