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[Ucchedavāda]

Does she not realise how stupid that sounds? "Let us make leaving your club a success"

A club's job is to what's best for its members. Not former members.

I am pretty sure that the commission does intend to make Brexit a success. For the EU.

 

[Shiggy]

I'd suggest that the EU might also get a reality check. I'm not sure they understand the willingness of the british people to burn it all down if it means sticking two fingers up at Merkel and Junker.
The evidence is there for all to see when you look at May's approval ratings.
The majority of our press are behind her, rallying the anti EU sentiment.
I've got a feeling things are going to get messy .

Why would the EU care? What's the UK's leverage?

 

[frontieruk]

Why would the EU care? What's the UK's leverage?

Our great sense of national pride?

 

[Royal_Phalanx]

Does she not realise how stupid that sounds? "Let us make leaving your club a success"

A club's job is to what's best for its members. Not former members.

Of course it should, when I quit my gym membership they should help me remain swole and not waste away. /s

 

[PdotMichael]

Well, pretty sure the EU is interested in an agreement in favour of both sides despite all the anti-EU rhetoric but a hard Brexit with additional willingness to want to hurt the EU makes it impossible

 

[Xando]

So many leaks:

Brussels set for power grab on London euro-clearing

Brussels is rushing out proposals to impose EU control on the City of London’s lucrative euro-clearing market, forcing UK operators to either relocate or be policed by European authorities.

In a provocative regulatory salvo fired as Brexit talks begin, the European Commission is preparing to issue legislative proposals in June that would heavily restrict London’s ability to host one of its flagship financial businesses.

The powerplay by the commission will be a setback for London, which fought hard for six years to fend off French-led attempts to relocate euro clearing to the single-currency area. Although French and German finance ministers have warned that Brexit makes London’s euro-clearing dominance unsustainable, this hasty intervention goes further, threatening a legal fait accompli to enshrine location restrictions even before Britain leaves the bloc.

A draft commission policy communication, seen by the Financial Times ahead of its publication on Thursday, supports “more centralisation of supervision” of clearing houses across the bloc if they provide “critical capital market functions” of systemic importance for the EU.

It notes that Britain’s exit will have a “significant impact” on oversight arrangements because it will play an outsized role in capital markets beyond the EU’s regulatory regime. London processes up to three-quarters of global euro-denominated derivatives, clearing a notional €850bn a day.

For non-EU operators “specific arrangements based on objective criteria will be necessary to ensure that, where CCPs [central clearing counterparties] play a key systemic role for EU financial markets . . . they are subject to safeguards provided by the EU legal framework,” the paper states. “This includes, where necessary, direct supervision at EU level [and/or] location requirements.”

Clearing houses such as Deutsche Börse’s Eurex and LCH, which is controlled by the London Stock Exchange, are crucial parts of the financial system, standing in the middle of trades between buyers and sellers and managing the situation when a counterparty defaults.

British ministers see warnings to relocate clearing as impractical, economically unwise, and only likely to boost New York as a financial centre. Philip Hammond, UK chancellor, has warned that it would be at a “huge cost” to the European economy.

Some senior EU officials, by contrast, see no point in “wasting time” on unrealistic ideas in Brexit talks. They intend the proposal to send a strong early signal so the City can prepare and move operations to the EU as needed.

There is lively debate in Brussels over the proposal due in June and the precise way to hand powers over clearing supervision to central banks and the European Securities and Markets Authority, the EU markets watchdog.

Officials are considering a system of thresholds to determine if a non-EU clearing house should face increased European oversight or other measures, according to people familiar with the debate. This could allow current EU-US agreements to remain unscathed, if transatlantic activity does not change significantly.

Clearing houses handling bigger volumes of EU business would at a minimum be subject to more intrusive EU supervision, including access to data so that European authorities can monitor risk. This may cover smaller operators in London.

Most controversially, the commission is weighing whether to set conditions that would automatically require LCH.Clearnet, the biggest London-based clearing house, to relocate operations if it wants to handle the same level of euro-denominated trading.

A report by EY late last year estimated that there could be 83,000 related job losses in London over the next seven years if euro clearing was forced out of the City.

Euro clearing was always going to leave the UK. Suprised it's supposedly be as fast as june.

 

[Burai]

So many leaks:

Brussels set for power grab on London euro-clearing


Euro clearing was always going to leave the UK. Suprised it's supposedly be as fast as june.

The banks and EU were putting together contingency plans long before the vote and accelerated those plans last June. The UK government might have gone into this blind, the rest of the world hasn't. It feels like the sharks are circling, but they ate us a long time ago. We just haven't realised it yet.

Also, massive lols at Hammond's dire warning to the EU that stripping us of the passporting will take money out of the EU and put it in New York. As opposed to taking money out of the EU and putting it in London. Someone needs to tell the hopeless bastard we won't be in the EU any more.

 

[KingSnake]

So many leaks:

Brussels set for power grab on London euro-clearing


Euro clearing was always going to leave the UK. Suprised it's supposedly be as fast as june.

That's pretty fast. Expected, but quicker than I thought it will happen.

 

[Zaph]

A report by EY late last year estimated that there could be 83,000 related job losses in London over the next seven years if euro clearing was forced out of the City.

Leave voters probably read that and think they've stuck it to those rotten bankers in London, while completely ignoring how many jobs the City supports throughout the UK.

 

[cormack12]

Someone with skills needs to gif Juncker hitting May with that document

 

[Burai]

Leave voters probably read that and think they've stuck it to those rotten bankers in London, while completely ignoring how many jobs the City supports throughout the UK.

Reminds me of the time I was in my local branch and this old woman was railing at the poor girl behind the counter and the manager because a cheque bounced; "I don't suppose you even care about the little people like me with those massive bonuses you take home."

The manager tried his best to explain the difference between a branch cashier and a hedge fund investor but she didn't really seem to get it.

 

[Orniletter]

I remember a Brexiter in here dreaming up a scenario of ...basically Deutsche Bank imploding and taking the entire german financial industry with it which would then result in London retaining their euro-clearing passport because the city was just that important in it's role as the financial capital of the EU.

Seems...kind of unlikely at this point, I must say.

 

[oti]

Britain's May says EU united in getting deal that 'works for them'

Prime Minister Theresa May warned British voters on Tuesday the European Union was lining up to win a divorce deal that "works for them", using criticism she had "illusions" over the talks to bolster her election campaign.

After being criticized for underestimating the complexity of the Brexit talks with the EU at a meeting in London last week, May said the only way to secure a good deal for Britain was for the country to unite behind her at a June 8 election.

Spoiler

Project Fear

After meeting May at her Downing Street residence on Wednesday, European Commission President Jean-Claude Juncker was reported to have said he was "10 times more skeptical than I was before" about the possibility of sealing a deal.

May dismissed the report as "Brussels gossip" and her interior minister, Amber Rudd, told BBC radio on Tuesday that Britain would negotiate "more discreetly" with the EU and would avoid the leaking of details of meetings.

lol

"Every vote for me and my local team in this election will be a vote to demonstrate that unity of purpose, to strengthen my negotiating position, and to help me secure the best possible deal," she wrote in the newspaper.

Alrighty then.

More at the link.

http://mobile.reuters.com/article/i...=topNews&utm_source=twitter&utm_medium=Social

 

[Maledict]

Whilst I admire them for coming up with a campaign slogan that clearly works, everytime I see it I can't help but scream HOW? How does winning an election here makeone bit of difference to the EUs stance in negotiations?

The level of delusion so many of us have about our place in the world is just sad.

 

[Deleted member 231381]

Whilst I admire them for coming up with a campaign slogan that clearly works, everytime I see it I can't help but scream HOW? How does winning an election here makeone bit of difference to the EUs stance in negotiations?

The level of delusion so many of us have about our place in the world is just sad.

To be fair, the result of the election will change the nature of the deal. If it was a thin majority, May is restricted in how far she can go by the Osborne wing of the party (or whoever leads it from that point). If she gets a stinking great landslide, May can do whatever she wants. Reading between the lines, May isn't saying: Britain's negotiating position gets stronger, because Britain has no predefined negotiating position. She's saying: my negotiating ability within my own party gets stronger, what I want to do is what is best for Britain, please help me crush the saboteurs.

If you don't think she has the right plan, it makes no sense. But over half the country does, so...

 

[Shiggy]

Now, we'll have to apply FULL PURDAH RECIPROCITY. Talks with UK, formal or informal, will start only after 8 June.

https://twitter.com/MartinSelmayr/status/858377722200043526

In response to:

UK block on EU spending infuriates Brussels

Guess the UK doesn't see an urgent need for a Brexit deal.

 

[KingSnake]

Practically May wants to be able to say "this is what people wants" no matter how the negotiations with EU end. Because she is getting a blank cheque for it.

 

[DarthMasta]

I dunno if May truly believes it or if it's just political theater for internal consumption, but I can see how she could look at it. Usual EU negotiations very clearly need to take into account each countries internal politics, try to give the government wins, something to take home as a win, show folks back home how the government gets good deals from the EU...

But who cares about the internal politics of a non-EU country? What possible advantage could any EU politician gain from giving the British government a "win"? Brexit means moving from a "let's try to work something out that's a win-win" to "Fuck you, what's in it for me" mindset...

 

[Maledict]

Oh, I get that this is about internal party politics. And that does make sense - I said it weeks ago when she announced it. But that's not how this is being presented. It's very much framed as 'little Britain versus big nasty europe', and voting for Theresa May will help us versus Europe. It doesn't, it helps her versus her own party.

 

[Xando]

Guardian released the Spiegel article on british exceptionalism by Simon Tilford from the weekend some people wanted to read in english:

https://www.theguardian.com/comment...iation--france-germany-eu-uk?CMP=share_btn_tw

Headline is kinda clickbait but content is the same

 

[Kinan]

Oh God, just read the FAZ article... These are got to be epic negotiations, unlike anything we witnessed before (well after WW2 aftermath, I guess). The appearance of the leak itself shows that Junker will play it hard and straight and he sees UK's position as a weak one.

May may enjoy internal popularity gains for a while, but continuing that path will only lead to isolationism and economic stagnation for the country. And we all know how blaming other countries for all your problems ends up in the long term.

 

[Lucreto]

Don't the Torys need to elect May as PM after the election? I wouldn't be surprised if there is a Coup and Boris becomes PM.

Some backbenchers might see these leaks and think May not be up to Brexit. Hard to get a good deal if you are not respected by the other side.

 

[Mr. Sam]

Don't the Torys need to elect May as PM after the election? I wouldn't be surprised if there is a Coup and Boris becomes PM.

I bloody would.

 

[Muffin1611]

"Every vote for me and my local team in this election will be a vote to demonstrate that unity of purpose, to strengthen my negotiating position, and to help me secure the best possible deal," she wrote in the newspaper.

What is it with delusional heads of state promising to get the fastest, the best, the most patriotic deals in the last months?

 

[Tacitus_]

Britain's May says EU united in getting deal that 'works for them'

It's as if the countries are in some sort of union!

Fucking bizarre.

 

[Roberto Larcos]

I'm surprised how little heat Theresa May has been given for the timing of the Article 50 invocation. Why invoke an Article which gives us very little turnaround time, then dedicate the best part of 2 months shortly after to an election campaign? How does that fit in with the national interest? It's far more serious than 'she said she wouldn't call one, then did'.

 

[anonymous_abc]

Don't the Torys need to elect May as PM after the election? I wouldn't be surprised if there is a Coup and Boris becomes PM.

Some backbenchers might see these leaks and think May not be up to Brexit. Hard to get a good deal if you are not respected by the other side.

Because BoJo enjoys such huge levels of respect from politicians outside of the UK.

 

[Faddy]

So many leaks:

Brussels set for power grab on London euro-clearing

British ministers see warnings to relocate clearing as impractical, economically unwise, and only likely to boost New York as a financial centre. Philip Hammond, UK chancellor, has warned that it would be at a “huge cost” to the European economy.

Euro clearing was always going to leave the UK. Suprised it's supposedly be as fast as june.

Yeah Philip, Britain would lose out as London financial institutions move operations inside the EU and back to the US.

I note they use "European" economy and not EU economy. Which again is the point that once we are out of the EU club why should we expect the EU to give a damn about us.


It is time for a huge about-face and try and get a deal similar to EFTA and screw the hard brexiteers who are in the vast minority. Some small percentage of 52% that voted leave.

 

[Mr. Sam]

I'm surprised how little heat Theresa May has been given for the timing of the Article 50 invocation. Why invoke an Article which gives us very little turnaround time, then dedicate the best part of 2 months shortly after to an election campaign? How does that fit in with the national interest? It's far more serious than 'she said she wouldn't call one, then did'.

Because she said she'd do it in March and she didn't want to be seen to be "backsliding" - it's as simple as that.

 

[Theonik]

Yeah Philip, Britain would lose out as London financial institutions move operations inside the EU and back to the US.

I note they use "European" economy and not EU economy. Which again is the point that once we are out of the EU club why should we expect the EU to give a damn about us.

Leaving the EU but not living Europe. AKA 'Wait we are still relevant please think about us!'
LMFAO.

 

[CTLance]

https://twitter.com/MartinSelmayr/status/858377722200043526

In response to

Guess the UK doesn't see an urgent need for a Brexit deal.

One EU official close to the Brexit talks said the conclusion in Brussels was that there was no point expecting the Commission and remaining 27 member countries to “waste time and taxpayers’ money having meetings with the U.K.” about the post-Brexit relationship until after June’s elections.

“We won’t be in a hurry,” said the official.

So, ... nobody's in a hurry?

So stable. It's almost as if no-one is moving.

 

[Xando]

So, ... nobody's in a hurry?

So stable. It's almost as if no-one is moving.

In true EU fashion they won't decide until a day before the deadline anyway

 

[Royal_Phalanx]

Oh, I'm sure plenty of Brits would want to leave the European continent as well and float off into the Atlantic if that was possible. Had Brexiters tell me that the UK isn't culturally similar to the rest of Western Europe for some reason. There's really this odd desire to not be considered "European" here.

 

[DarthMasta]

Oh, I'm sure plenty of Brits would want to leave the European continent as well and float off into the Atlantic if that was possible. Had Brexiters tell me that the UK isn't culturally similar to the rest of Western Europe for some reason. There's really this odd desire to not be considered "European" here.

Maybe they just hate the rulers, those dirty Europeans of House Saxe-Coburg and Gotha... /s

 

[Burai]

I'm surprised how little heat Theresa May has been given for the timing of the Article 50 invocation. Why invoke an Article which gives us very little turnaround time, then dedicate the best part of 2 months shortly after to an election campaign? How does that fit in with the national interest? It's far more serious than 'she said she wouldn't call one, then did'.

Because it's political suicide right now. Question any of the details and the Mail and Sun will accuse you of blocking the will of the people and not respecting democracy.

 

[Pluto]

Britain's May says EU united in getting deal that 'works for them'

No shit, really?! Who would have thought?

 

[Faddy]

No shit, really?! Who would have thought?

Well the Tories are predisposed to misunderstanding how Unions work.

 

[avaya]

In the same way England fans gets hyped up before being humiliated by Romania or thrashed by Deutschland it truly amuses me that there exists a mindset that the UK will win any sort of brinksmanship with the European's? What basis is this from? If assuming Macron is President in France and Germany are OK where is this hope that the EU will cave in negotiations coming from?

Get to 2018 and if there is barely any movement in talks (and why would there be?) the economy at least from an investment perspective will begin to shit the bed. I suppose this is the real reason for this pointless election. To safeguard a Tory majority through what is likely to be an absolute calamity.

 

[Tethur]

Frontpage of tomorrow's FT

EU raises UK Brexit bill to 100bn as Paris and Berlin harden stance

Guess that really was a terrible dinner party

 

[RedSparrows]

Frontpage of tomorrow's FT

EU raises UK Brexit bill to 100bn as Paris and Berlin harden stance

On what basis?

 

[Xando]

On what basis?

Mostly open loans. Most would be repaid over time so the actual bill is like 60bn some years from now

Paris and Warsaw also push for UK farm payments until 2220.

Apparently a paper on this is supposed to release tomorrow

 

[Gurgelhals]

Frontpage of tomorrow's FT

EU raises UK Brexit bill to 100bn as Paris and Berlin harden stance

Guess that really was a terrible dinner party

Sou you're saying that the bill just got 40bn higher and the UK is going to pay for it?

 

[Xando]

Reading the article this seem like the EU calling Mays bluff on "no deal is better than a bad deal".

 

[D4Danger]

I mean they just keep pulling numbers out of their ass. now they expect the UK to loan the EU tens of billions? get outta here.

 

[Xando]

I mean they just keep pulling numbers out of their ass. now they expect the UK to loan the EU tens of billions? get outta here.

Nah these are loans to ukraine and portugal the UK has already agreed to(and partly paid).

 

[DarthMasta]

On what basis?

Reparations for Farage?

Or is he German / American now?

 

[oti]

Britain's May promises to be 'bloody difficult woman' in Brexit talks

https://t.co/HWZW4XvCFr https://t.co/uOhjXNr4oO

If only she was a 'bloody competent woman'.

 

[Tethur]

I mean they just keep pulling numbers out of their ass. now they expect the UK to loan the EU tens of billions? get outta here.

Yes and no, Barnier wants the UK to agree a methodology about the amount before trade talks starts, but agreeing to a methodology would be accepting a payment should take place. That's certainly not going to happen until after the election, until then expect the EU to keep pushing for larger amounts.

 

[D4Danger]

Nah these are loans to ukraine and portugal the UK has already agreed to(and partly paid).

oh okay so I found an unblocked version of the story and it's not quite as sensational as the title. Basically an FT analysis has rolled together every liability the UK has within the EU and come up with an estimate but acknowledges there's flexibility in the negotiations.

Estimates of Britain's Brexit bill are highly variable because they include assumptions on Britain's exit date, its proper share of contributions, UK receipts such as its budget rebate or EU investment spending, and the type of liabilities it is expected to honour. European diplomats consider this flexibility as helpful in reaching a deal.

the way people report this "brexit bill" really gets me because it's always met with such certainty by some but it never comes with an explanation.

 

[Linkified]

Nah these are loans to ukraine and portugal the UK has already agreed to(and partly paid).

Sorry may be a stupid question but doesn't that mean the Ukraine and Portugal will owe money to the UK. In order to pay the loan back?

At this one moment I want the UK to say yes we will pay €100bn but ask for an audit of all the EU finances. Just to see what the EU would say ...