Brexit again...

[For Us All]

You missed out the tax haven bit

 

I hope we are not agreeing with that bloke at the losers rally who said "All the rich to be destroyed"?

[jimbo57]

Haha, I'm getting confused between them all they post that much rubbish and calling them the wrong names.

 

I swear you can't even grow oranges in Canada for a starters an all 😂 😂 maybe indoors but I'm positive they don't. (I'll check - if only these Brexit lot checked online before they make sure stupid statements!!)

 

Yes you are confused. Nobody has said you can buy oranges from Canada.

And you talk about 'stupid statements?' It's you that made it.

[The_godfather]

I hope we are not agreeing with that bloke at the losers rally who said "All the rich to be destroyed"?

 

I wouldn't think so. Let's be honest, there are extremists on both sides.

 

I hope we are not disagreeing, however, that it is terrible for British business, that a prominent British manufacturer doesn't believe in the skills of British manufacturing, in our access to key markets (about to be reduced), in paying tax in this country. Especially when we have such a strong, dynamic and prosperous future ahead of us without the yoke around the neck, the ball and chain around our ankle, and the shadow on our back of SPECTRE. Sorry, the EU.

 

I have to admit this slightly take the gloss off the the good news about the dozens of new graduate trainees Jimbo was telling us about.

[geosname]

Is there an assumption that when we leave the EU all trade will cease? Countries won't want to trade with 60 odd million people who have had restricted or no access to their market/products? The UK will suddenly fall off the map?

I don't suggest they will be breaking down the doors or that it will be easy... it's the end of an agreement, the termination of a contract... it's not the end of days.

[The_godfather]

Is there an assumption that when we leave the EU all trade will cease? Countries won't want to trade with 60 odd million people who have had restricted or no access to their market/products? The UK will suddenly fall off the map?

I don't suggest they will be breaking down the doors or that it will be easy... it's the end of an agreement, the termination of a contract... it's not the end of days.

 

Geo...

 

1) No-one has said trade will cease. See my previous post which I've added below. It will change. If we're lucky, it will be something similar to what is currently in place. If we're not, it will be worse.

 

2) Sorry, which countries (that presumably will boost UK trade) are you talking about that have no/restricted access to the UK markets products (bearing in mind that Services make up just less than 50% of exports)? The EU, which makes up c.45% of all exports? The countries outside the EU that the EU has a Free Trade deal that we benefit from? The other countries that we already have bilateral deals with?

 

3) At least you're not suggesting it will be easy. The main thing, after all, in ripping up a comprehensive Free Trade agreement is to ensure that you don't make it easy to replace it.

 

4) Under No Deal (which let's face it, is more likely than not base on current trajectory) in terms of trade in the immediate term the UK will pretty much fall off the map. Not altogether, but there will be some serious short-term impact. EU trade will drop by about 90%. Non EU trade will be subject to WTO rules, which very, very few people know anything comprehensive about and will have to scrabble around sorting out. Again, we are not allowed to negotiate any deals with anyone else until we leave the EU.

 

How does any of this paint a rosy picture of the future?

 

 

To be honest, I should have written something more constructive, but it just tickled me at the time.

 

1) the reason why he can buy his oranges from South Africa, tomatoes from Morocco and grapes from Egypt for the price he can, is that the EU has free trade agreements with all those countries

 

2) The UK does not. And will not, as of 30 March 2019.

 

3) It is possible, but not probable, that we will have some kind of reciprocal free trade 'arrangement' with these countries during any transition period, which will likely be a few years. If that is the case, Jimbo can go loco on his tomatoes. The UK however cannot sign any free trade deals with these countries until the transition period is finished, which is when the EU trade agreement will be in place.

 

4) Under No Deal, we go straight onto WTO terms, and Jimbo might choke on his tomatoes to find out the price will go up, not down. Even under a Free Trade deal, once signed (another few years probably), he might (might being the operative word) find the price stays the same, given that current EU tariffs on tomatoes stand at a whopping 0%. He might find they go up though, as everyone will want their pound of flesh from the UK desperate to do deals. And possibly with Liam Disaster Fox in charge.

 

I'm not a trade expert by any stretch of the imagination, but this is based on what I know plus a bit of Googlating.

[geosname]

Geo...

 

1) No-one has said trade will cease. See my previous post which I've added below. It will change. If we're lucky, it will be something similar to what is currently in place. If we're not, it will be worse.

 

2) Sorry, which countries (that presumably will boost UK trade) are you talking about that have no/restricted access to the UK markets products (bearing in mind that Services make up just less than 50% of exports)? The EU, which makes up c.45% of all exports? The countries outside the EU that the EU has a Free Trade deal that we benefit from? The other countries that we already have bilateral deals with?

 

3) At least you're not suggesting it will be easy. The main thing, after all, in ripping up a comprehensive Free Trade agreement is to ensure that you don't make it easy to replace it.

 

4) Under No Deal (which let's face it, is more likely than not base on current trajectory) in terms of trade in the immediate term the UK will pretty much fall off the map. Not altogether, but there will be some serious short-term impact. EU trade will drop by about 90%. Non EU trade will be subject to WTO rules, which very, very few people know anything comprehensive about and will have to scrabble around sorting out. Again, we are not allowed to negotiate any deals with anyone else until we leave the EU.

 

How does any of this paint a rosy picture of the future?

 

I never suggested it would be easy mate, I would have prefered to stay in... but I believe that if you think you will fail you are doomed to fail..... if you think you can't do it you won't.

[philpvfc]

You missed out the tax haven bit

 

Corporate tax rate in Singapore is 20%

In the U.K. it is 19%.

[Jacko51]

Corporate tax rate in Singapore is 20%

In the U.K. it is 19%.

 

Are you sure? https://www.singaporecompanyincorporation.sg/how-to/taxation/singapore-corporate-tax-guide/

[JohnJames]

Recent research suggests that most companies would prefer a higher rAte of corporation tax If business rates were abolished.

[Paul6754]

Dyson chief executive Jim Rowan explains: "The decision of where to make our car is complex, based on supply chains, access to markets, and the availability of the expertise that will help us achieve our ambitions.

"Our existing footprint and team in Singapore, combined with the nation's significant advanced manufacturing expertise, made it a frontrunner.

"Singapore also offers access to high-growth markets as well as an extensive supply chain and a highly skilled workforce.

"Singapore has a comparatively high cost base, but also great technology expertise and focus. It is therefore the right place to make high quality technology loaded machines, and the right place to make our electric vehicle."

 

Sir James is a genius.

 

FUA, What does Singapore actually manufacture, I can't think of anything off the top of my head...the odd micro chip, the odd dodgy Rolex. It's famous for it's Financial Service industries and being a tax haven.

 

Compare this to the UK which was the cradle of the Industrial Revolution, has a history of making cars, some of the most innovative automobile inventions, eg Disk brakes, is the home of design and creativity for F1 cars and motor racing in general etc, etc.

 

Would have though there was more to making a car than a few electronic gizmo's and an electric motor (don't know if Singapore makes electric motors) and let's be honest, a Brit James Maxwell, formulated the laws of electromagnetism which form the basis for the development of the electric motor.

 

Sir James doesn't seem to have any confidence in a post-Brexit UK.

[philpvfc]

Are you sure? https://www.singaporecompanyincorporation.sg/how-to/taxation/singapore-corporate-tax-guide/

 

Apologies, you are correct for large companies but our corporation tax will be 18% come 2020 so I wouldn’t really say Singapore is a massive tax haven. Dyson has been investing a long time in none EU countries because that is where most of his offshore market is but he has tripled the amount of U.K. employees in the last 5 years so all this bollox that he has no-confidence in post- Brexit is just bollox

[Fosse69]

Apologies, you are correct for large companies but our corporation tax will be 18% come 2020 so I wouldn’t really say Singapore is a massive tax haven. Dyson has been investing a long time in none EU countries because that is where most of his offshore market is but he has tripled the amount of U.K. employees in the last 5 years so all this bollox that he has no-confidence in post- Brexit is just bollox

Singapore is a recognised tax haven, Dyson is only interested in the cheapest location.

[For Us All]

FUA, What does Singapore actually manufacture, I can't think of anything off the top of my head...the odd micro chip, the odd dodgy Rolex. It's famous for it's Financial Service industries and being a tax haven.

 

Compare this to the UK which was the cradle of the Industrial Revolution, has a history of making cars, some of the most innovative automobile inventions, eg Disk brakes, is the home of design and creativity for F1 cars and motor racing in general etc, etc.

 

Would have though there was more to making a car than a few electronic gizmo's and an electric motor (don't know if Singapore makes electric motors) and let's be honest, a Brit James Maxwell, formulated the laws of electromagnetism which form the basis for the development of the electric motor.

 

Sir James doesn't seem to have any confidence in a post-Brexit UK.

 

Singapore was selected more for its location to the massive markets of China,Japan and Australia.

[The_godfather]

Singapore was selected more for its location to the massive markets of China,Japan and Australia.

 

That massive market of 25 million people in Australia.

 

I take your point though. It does make sense to harmonize and align your trading strategy to a large market right at your doorstep.... oh.

[philpvfc]

Singapore is a recognised tax haven, Dyson is only interested in the cheapest location.

 

Dyson is still a British bases company, therefor pays most of its tax to the HMRC. Over 40% of Dysons employees are based in the U.K. seems like some people on here are targeting Dyson as he is pro-Brexit when if you look at pretty well all FTSE 100 companies have moved a lot if not all their manufacturing outside of the U.K.

 

The company I work for is British, has 26 factories throughout the world and moved its last factory out of the U.K. 3 years ago to Eastern Europe, this would never have happened had we not been in the EU.

 

https://www.wholesaleclearance.co.uk/blog/who-pays-the-most-tax-in-the-uk/