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Welcome to the bright side of Brexit. We know disruption is looming, but there are opportunities... 1/ https://www.bloomberg.com/news/articles/2020-10-29/how-leaving-the-eu-could-help-britain-s-economy?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti... w/ @DeirdreHipwell @lucy_meakin
(Caveat: these benefits sit alongside an array of negative consequences in the form of worse access and higher costs of doing business with the EU. But if you follow @Brexit, you knew that already. So let& #39;s focus on potential positives...) 2/
(Also: it would be helpful if the govt did a better job of pointing out concrete, real-world examples of Brexit gains that go beyond rhetorical flourishes and are undisputed wins only possible outside the EU. This took a fair amount of leg work. End of preamble!) 3/
Rules & Taxes -- the U.K. could go for a more growth-friendly regulatory and tax environment. The EU fears a near-shore competitor of this type, says Mark Price, former deputy chairman of John Lewis 4/
Plus it could take a more permissive approach than the EU on emerging technologies, like GM foods and genome technology, says @julianHjessop. In aviation, the UK would be free to cut air passenger duty on return leg of domestic flights (h/t @charlie_ryan1) 5/
Financial services -- Insurers will be outside Solvency II rules, so they may soon be able to invest in a wider range of assets and take on more risk, says @BritishInsurers. And IPO market could get a boost if EU& #39;s 8m euro ceiling on retail investor participation is scrapped 6/
Trade deals -- the UK says it can sign FTAs that better suit its interests. Clearest win so far = easier access for data and financial services in the Japan accord 7/
A trade deal with the U.S. could create opportunities for U.K. services companies, and may bring greater variety and cheaper food if Britain accepts agricultural products as part of any agreement 8/ https://www.bloomberg.com/news/articles/2020-06-10/what-trump-johnson-want-from-u-s-u-k-trade-deal-quicktake?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti...
Tariff policy -- the UK can set its own WTO tariffs, and can cut duties on products that aren& #39;t important for British industry, which would benefit consumers. Heck, they could even unilaterally cut tariffs on soy sauce... 9/
Fishing -- whatever happens in the EU talks, British fishermen are likely to increase their catch. Though only a small part of the economy (0.12%), Iceland shows a model of how the industry could grow.. 10/ https://www.bloomberg.com/news/articles/2020-01-31/fish-are-chips-in-post-brexit-trade-bargaining-quicktake?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti...
Domestic industry -- risk in EU supply chains because of new red tape and border delays may encourage manufacturers to source more inputs locally, says Andrew Underwood at @kpmguk. And new state aid freedoms could help Johnson `level up& #39; poorer parts of Britain 11/
Red tape -- Brexit creates a structural opportunity for customs brokers and logistics specialists. There& #39;s an awful lot of bureaucracy due to Brexit, hundreds of millions of customs declarations annually, and someone& #39;s going to get paid to handle it 12/ https://www.bloomberg.com/news/articles/2020-07-18/brexit-red-tape-is-jackpot-for-customs-boffins-as-demand-surges?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti...
You& #39;ll notice there& #39;s a lot of `may& #39; and & #39;could& #39; in all this - much depends on what the U.K. actually does with the powers it regains from the EU. And the choices won& #39;t happen in a vacuum - other countries will respond, there will be downsides... 13/
For example - having the ability to set your own rules also means companies potentially have to comply with two sets of regulations -- UK and EU -- to operate in both markets. Which means duplicate costs, bureaucratic headache.. 14/ https://www.bloomberg.com/news/articles/2020-02-24/pricey-beef-lasagne-mattresses-burned-twice-among-brexit-risks?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti...
And being able to sign your own trade deals is good. But the UK was already part of many deals through EU membership, and economists don& #39;t think the new agreements will compensate for losses from leaving the bloc 15/ https://twitter.com/Joe_Mayes/status/1280415795709968384">https://twitter.com/Joe_Mayes...
And then there& #39;s the looming chaos at the border, which is seriously worrying officials in the Cabinet Office, DEFRA, DIT, DfT etc 16/ https://twitter.com/Joe_Mayes/status/1308480972531347460">https://twitter.com/Joe_Mayes...
But you& #39;ve heard all this stuff before, so I will not further ruin the optimism. Look to the bright side... ends/ https://www.bloomberg.com/news/articles/2020-10-29/how-leaving-the-eu-could-help-britain-s-economy?sref=yMmXm5Iy">https://www.bloomberg.com/news/arti...
