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Thread: How Brexit may affect your wallet.

      
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    Question How Brexit may affect your wallet.

    BBC report
    Well many folks in Ireland (North and South) and Scotland woke up this morning regretting their neighbours decision. In the short term a price increase looks on the cards for many commodities in the UK, but can anybody honestly say what the long-term effect will be? This BBC report suggests Not, since economic forecasts for 2 years time are subject to many unforeseen variables.
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    Referees in England


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    Default Re: How Brexit may affect your wallet.

    I want to know if the 1st July Law changes still apply to England

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    Promises to Referee in France
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    Default Re: How Brexit may affect your wallet.

    Depends I guess, UK law should remain unchanged by the referendum.
    The process of leaving the EU begins today, but even optimistic estimates say it will take at least 2 years.
    One delicate issue would be the extent to which the consent of the Scottish Parliament, Welsh Assembly and Northern Ireland Assembly might be needed.
    International relations are supposed to be a matter reserved to Westminster, but EU law does touch on the competences of devolved administrations, so, arguably, leaving the EU would affect their rights and powers
    Source : BBC article
    Last edited by L'irlandais; 24-06-16 at 11:06.
    "We demand strict proof for opinions we dislike, but are satisfied with mere hints for what we’re inclined to accept."
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    Default Re: How Brexit may affect your wallet.

    Brexit has seen Oil falling, Gas and power falling, and other commodities are following. So it is FX that causes things to be more expensive in UK. (But the Euro won't be unscathed....)

    In the bond markets, there is more strain on the Southern European bonds. This will put more strain on the already fragile economic peace between North and South.

    There are so many scenarios going forward, I hope we get a sensible one, which for me means: No rush. Take the time. Don't invoke Article 50, don't turn on the clock, and put everyone under pressure. Take the time, negotiate as many of the required treaties as possible before invoking Article 50, and then it doesn't have to be 2 years after that, it could be much quicker.

    And until Article 50 is invoked, UK still has a say in EU policy, so can use that as a bargaining tool if the EU try and carry out a nasty negotiation (As threatened by Junker et al.) But this option vanishes once Article 50 is invoked.

    So here is to the hope of a slow, peaceful, stable, process.

    But maybe that is a flying Farage going past my window.

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    Rugby Club Member Rich_NL's Avatar

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    Default Re: How Brexit may affect your wallet.

    Nothing has changed legally or economically yet; the referendum was advisory, there are no constitutional changes at all.

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    Referees in England
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    Default Re: How Brexit may affect your wallet.

    Quote Originally Posted by L'irlandais View Post
    The process of leaving the EU begins today, but even optimistic estimates say it will take at least 2 years.
    It's a minimum of two years.

    Follow my Award Winning blog The Rugby Ref


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    Default Re: How Brexit may affect your wallet.

    Quote Originally Posted by FlipFlop View Post
    There are so many scenarios going forward, I hope we get a sensible one, which for me means: No rush. Take the time. Don't invoke Article 50, don't turn on the clock, and put everyone under pressure. Take the time, negotiate as many of the required treaties as possible before invoking Article 50, and then it doesn't have to be 2 years after that, it could be much quicker.
    Oh to be Swiss today!

    This is a catch 22 here. Yes, of course we want a sensible agreement (TBH the one the Berxiters were proposing is very attractive - just unrealistic), but the longer is taken to decide upon one, the longer there is uncertainty, so the longer Britain will be given the hard shoulder by investors.

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    Arrow Re: How Brexit may affect your wallet.

    ...But EU law still applies in the U.K pending an exit...
    ...A fundamental tenet of EU treaty law is that it trumps all national law....

    ...The U.K. courts could face a constitutional crisis, if Leave campaign enact any immediate changes....

    Sounds like a whole can of worms, I agree with flipflop it will impact other countries too, outside the UK.
    "We demand strict proof for opinions we dislike, but are satisfied with mere hints for what we’re inclined to accept."
    John Henry Newman

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    Advises in England
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    Default Re: How Brexit may affect your wallet.

    I think the country voted for pie in the sky. Few of them have any idea what sort of pie they can hope for, and the sky is very stormy. I am depressed (and the economy is heading the same way).
    He trudg’d along unknowing what he sought,
    And whistled as he went, for want of thought.
    The Referee by John Dryden

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    Referees in England


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    Default Re: How Brexit may affect your wallet.

    If there is a general election later this year, as seems likely, it will be quite interesting if Labour/SNP/LibDems and Plaid Cymru all stood on a platform of ignoring the referendum because [reasons] and staying in.

    If a party (or coalition) won a general election with that specific platform they would have the democratic mandate to ignore the earlier referendum....

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