Leaving the EU is not easy, but at least it would give the UK options
Greg Lance – Watkins
Leaving the EU is not easy, but at least it would give the UK options
The courtyard of the European Parliament in Strasbourg, eastern France. AFP / Getty Images
Britain has now entered the run-up to what will be a pretty major decision – to stay in the EU, or leave. As yet, we don’t even know what we are comparing a potential exit with. What exactly (or even inexactly) our prime minister is seeking from Europe to persuade Brits to stay in is unknown at the time of writing. Even less knowable is what he will extract from the very varied souls in the EU.
Sometime soon, David Cameron will be seen climbing out of a plane. Hopefully he will be holding a more substantial, and enduring, message than the one Neville Chamberlain, came home with in September 1938 – “peace for our time”. That should serve as a reminder of how fragile and temporary political promises can be.
While I don’t know what our government’s demands from the EU are likely to be, I’m pretty sure the effects on our corporate finance world will not be top of the list.
I live in Guernsey, which is not part of the EU but does have a very important financial services industry. Some of the issues about operating outside the EU are familiar to me. Guernsey bends to some EU rules but, importantly, not to all of them. Obviously, Guernsey operating outside the EU is not the same as if the UK were to – but Guernsey does well nonetheless.
London has prospered, and still dominates the European financial services scene, for several reasons: law, history, critical mass, talent concentration and relatively sensible regulation all help. Be in no doubt: we are the envy of Paris and Frankfurt, which goes some way to explaining the voluminous and ill-justified regulation that is poured upon us. The threat of a European Financial Transaction tax remains. This alone could greatly weaken the international competitiveness of the UK financial services world.
The AIFMD, MIFIDs, EU-based IFRS, the EBA, ESMA, EIOPA and quite a few other lumps of process, direction and regulation oversee activity, in many instances, by reducing it. Don’t worry if you don’t know what they all are – hardly anyone does.
Staying in Europe offers no options. We will work in a highly complex political framework, with unknown, mostly unelected souls in bodies, and where the vote of Latvia carries the same weight as the UK’s. Over time, it is not unreasonable to expect a relative decline in UK financial services business if we stay in.
Coming out is very much harder, but we would have options. Do we continue to copy and go along with whatever comes out of Europe, on the basis that this will facilitate doing business with the EU? Do we decide to row our own boat, with friendlier and easier regulation and taxation, on the theory that the advantages will outweigh any loss of trade with the EU? Or do we try to do a bit of both?
The damage to the UK would be severe – a lot of GDP, and many high-priced jobs depend on the financial services sector.
As someone who seeks a world where a few clear principles are enough to control us, you can readily guess where my heart is. However, and as ever, this is a vain wish given the available options. The result of an out vote would be tortured discussion and debate as to how to continue in a complex maze of regulatory options.
Staying in at least saves agonising over what to do. Simple resignation to more of the same suffices.
An ‘out’ vote means lots of decisions, and plenty of both opportunity and risk. I think I would enjoy it more.
To view the original of this article CLICK HERE
This article first appeared in the December 2015 issue of ICAEW’s Corporate Financier magazine.
tel: 44 (0)1594 – 528 337
Calls from ‘Number Withheld’ phones Are Blocked
All unanswered messages are recorded.
Leave your name & a UK land line number & I will return your call.
‘e’Mail Address: Greg_L-W@BTconnect.com
Accuracy & Copyright Statement: CLICK HERE
With an avg. 1.2M voters per MEP & Britain having only 8%, if united, say. The EUropean Parliament has no ability to make policy and has a Commission of unelected bureaucrats, thus clearly the EU is not even a pretence of being a democracy; yet The EU & many of its vassal States are willing to slaughter people in Sovereign States to impose The EU’s chosen brand of democracy on them!
The imposition of a Government and policies upon its vassal regions such as the peoples of Greece shows just how far from being a democracy the EU is.
There will be little or no change in Britain’s economic position, when we leave the EU, using a better negotiated & updated version of the ‘Norway Model’ as a stepping stone to becoming a full member of the Eropean Economic Area, where all will benefit, as we secure trade relations with the EU’s vassal regions, with an EFTA style status and can trade and negotiate independently on the global stage, as members of The Commonwealth and the Anglosphere.One huge benefit will be that we can negotiate with bodies like the WTO, UN, WHO, IMF, CODEX and the like, directly in our own interest and that of our partners around the world in both the Commonwealth and the Anglosphere at large; rather than having negotiations and term imposed by unelected EU bureacrats and their ionterpretation of the rules handed down as if they were some great achievement by the EU.The greatest change and benefit will be political, as we improve our democracy and self determination, with the ability to deselect and elect our own Government, with an improved Westminster structure, see >Harrogate Agenda<.How we go about the process of disentangling our future wellbeing from the EU is laid out in extensive, well researched and immensely tedious detail see >FleXcit< or for a brief video summary CLICK HERE
Details & Links: http://GregLanceWatkins.com
UKIP Its ASSOCIATES & DETAILS: CLICK HERE
Views I respect & almost Totally Share: CLICK HERE
General ‘Stuff’: http://GL-W.com
Documents, Essays & Treaties: https://GLWdocuments.wordpress.com/
The Hamlet of Stroat: http://Stroat-Gloucestershire.com
The Study of a Wind Turbine Application: CLICK HERE
Health Blog.: http://GregLW.com
Chepstow Chat: http://ChepstowChat.wordpress.com/
Christopher Storey: http://ChristopherStory.wordpress.com/
Des Watkins DFC: http://DesWatkins.wordpress.com/
Hollie Greig etc.: http://HollieGreigetc.wordpress.com/
The McCann Case: http://TheMcCannCase.wordpress.com/
The Speculative Society of Edinburgh: http://SSOE.wordpress.com/
Stolen Kids, Dunblane: http://StolenKids-Dunblane.blogspot.com/
Stolen Kids, Bloggers: http://stolenkids-bloggers.blogspot.co.uk/
Stolen Kids Blogs with links:
Stolen Oyster with links:
Stolen Trust with links:
Stolen Childhood with links:
- I NEVER post anonymously on the internet
- ALL MY BLOGS & WEB SITES are clearly sourced to me
- I do NOT use an obfuscated eMail address to hide behind
- I do NOT use or bother reading FaceBook
- I DO have a Voice Mail Message System
- I ONLY GUARANTEE to answer identifiable eMails
- I ONLY GUARANTEE to phone back identifiable UK Land Line Messages
- I do NOT accept phone calls from witheld numbers
- I Regret due to BT in this area I have a rubbish Broadband connection
- I AM opposed to British membership of The EU
- I AM opposed to Welsh, Scottish or English Independence within an interdependent UK
- I am NOT a WARMIST
- I do NOT believe the IPCC Climate Propaganda re Anthropogenic Global Warming
- I AM strongly opposed to the subsidy or use of failed technologies eg. WIND TURBINES
- I AM IN FAVOUR of rapid research & development of NEW NUCLEAR technologies
- I see no evidence to trust POLITICIANS at any level or of any persuasion
- I do NOT believe in GODS singular or plural, Bronze Age or Modern
- I value the NHS as a HEALTH SERVICE NOT a Lifestyle support
- I believe in a DEATH PENALTY for serial or GBH rape.
- I believe in a DEATH PENALTY for serial, terrorist, mass or for pleasure murder.
- I believe in a DEATH PENALTY for serial gross child abuse including sexual.
- I do NOT trust or believe in armed police
- I believe in EUTHENASIA under clearly defined & legal terms
Re-TWEET my Twitterings