Brexit. Why do Brits want Out of the EU?

[...]Bill Cash, Conservative MP for Stone, told The Independent that Britain cannot remain inside the market, stating “If you’re out, you’re out,” and comparing the UK’s relationship to the EU with that of Japan and the US.

“You cannot remain… the 1972 Act has to be repealed as the only constitutional political act, which follows from the vote to leave the European Union,” he said. “There is no other way open to anyone. If you’re out, you’re out… therefore you can’t engage in an integrated process. You are thereby outside like America is, like Japan is – it’s no big deal, it’s perfectly simple,” he said.

He added: “Once we repeal the Act we can’t remain inside that market. Access to the market is a misnomer. I’m not saying you won’t trade with them but it’s just a misnomer.”

It is unclear how Mr Johnson would achieve his aims in the face of such vocal opposition from the 27 other EU member states. Several EU leaders have already categorically said there can be no relaxation of the EU’s four freedoms – people, goods, capital, and services – if Britain wants access to the single market. And after the Leave campaign winning on a promise to cut immigration, Prime Minister Theresa May will be under great pressure to get a deal that does not include acquiescence to freedom of movement rules.

[...]Article 50 of the Lisbon Treaty, the piece of legislation allowing a country to exit the European Union, will be triggered before the General Election, the Conservative Party chairman has said.

Patrick McLoughlin, newly-installed in Theresa May’s government, said it would be “very difficult” for an early General Election to be called, but that the process of Brexit definitely would be started before then.
[...]
Although the EU referendum result is not legally enforceable, Mr McLoughlin said: “I’m quite clear that the referendum result is binding on Parliament. Technically it isn’t, but I’m clear that it is binding on Parliament.”

“The Prime Minister has made it very clear that Brexit means Brexit.”

When pushed by the host, he continued: “Brexit means that we’re coming out of the European Union. We want to see our own borders under our own control and we obviously want to see the best we can for British investment.”

It’s going to be a fun few months.

Lloyds Banking Group has today announced that it is going to axe 3,000 jobs and close 200 branches across the UK.

The bank said that it is bracing for a cut in interest rates following the UK’s decision to quit the European Union.

Lloyds, the country’s largest retail bank, hopes the move will save £400million by the end of next year.

The bank said in a statement: ‘Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage.

‘However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided.’

Earlier this week Natwest said that it could deal with negative interest rates by charging customers. Along with RBS, they wrote to 1.3million business and commercial banking customers warning them of what could happen.

First, it is the humane thing to do. Millions of Europeans have come to the UK in good faith, buying houses, taking up employment and putting their children in schools. It is right to end the uncertainty for them and their families, especially given signs of heightened xenophobia following the referendum decision.

Second, it would provide reassurance for UK employers who are uncertain how long they can legally keep hold of their European staff. In recent weeks, leading figures in the National Health Service and in higher education have called on the government to clarify their residency rights as quickly as possible, warning that Britain’s hospitals and universities rely heavily on EU workers. The same concerns affect business. EU nationals account for 31 per cent of workers in food manufacturing, for example, and 21 per cent in hotels and other accommodation.

Third, Mrs May’s concern about the actions EU governments could take against British expatriates looks overdone. In the aftermath of Brexit, a country like Spain, which hosts hundreds of thousands of UK expats, would run the risk of swift retaliation against the tens of thousands of Spanish nationals living in Britain if they were to change residency rights for Brits in Andalusia.
[...]
It would also send a timely message of goodwill towards the EU before the difficult negotiations ahead.

The eurozone's economy is shaking off fears about the impact of Britain's vote to leave the European Union and has seen "little overall contagion" from the vote, according to the latest PMI data released by Markit on Wednesday morning.

Britain just got its first concrete sign that the British exit from the European Union, or Brexit, will crush the nation's economy after a grim set of PMI data released by Markit on Friday morning showed a "dramatic deterioration" in the economy since the UK voted to leave the EU.

The fact however remains that there has been a serious and continuing undemocratic element in the growth of the Union.

So Carney is saying he doesn't like what he sees across the rest of Europe and in Japan, and the UK won't be joining them in their negative experiment.

It's a bold bet. If the UK economy recovers, then Carney will look like a genius. And all those other guys — Mario Draghi at the ECB, Thomas Jordan at the SNB, Stefan Ingves at the Riksbank in Sweden, Lars Rhode in Denmark and Japan's Haruhiko Kuroda — will not.