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BREXIT HAS “PERMANENTLY damaged” the UK economy, former Bank of England policymaker Michael Saunders warned as London was deposed as Europe’s biggest stock market.
The French stock market now has a combined value of 2.823 trillion US dollars, marginally above the UK stock market which is worth 2.821 trillion US dollars altogether, according to figures from Bloomberg.
In 2016, the year of the Brexit referendum, British stocks were collectively worth 1.5 trillion US dollars more than those listed in Paris.
As well as shifting consumer patterns, the market capitalisation calculations also reflect currency movements, with the pound dropping 13% in value against the US dollar this year while the euro has fallen by a milder 9.2% against the American currency.
Meanwhile, the success of the UK’s independent trade policy – one of the key reasons for leaving the European Union for many Brexit-supporters – was also questioned by Tory former Cabinet minister George Eustice, who said an agreement reached with Australia was not “a very good deal” for the UK.
The economic impact of the decision to leave the EU was blamed by Saunders for the scale of the tax rises and spending cuts that Chancellor Jeremy Hunt is set to unveil on Thursday.
Saunders, a former external member of the Monetary Policy Committee, told Bloomberg TV there had been a “chaotic period” since the 2016 referendum.
“The UK economy as a whole has been permanently damaged by Brexit,” he said.
“It has reduced the economy’s potential output significantly, eroded business investment.
“If we hadn’t had Brexit, we probably wouldn’t be talking about an austerity budget this week – the need for tax rises, spending cuts wouldn’t be there, if Brexit hadn’t reduced the economy’s potential output so much.”
In the Commons, former environment secretary George Eustice – who campaigned for Brexit – criticised key elements of the flagship trade deal with Australia, the first to be negotiated from scratch by the UK outside the EU, and a similar arrangement with New Zealand.
“The truth of the matter is that the UK gave away far too much for far too little in return,” Eustice told MPs.
“We did not actually need to give Australia nor New Zealand full liberalisation in beef and sheep. It was not in our economic interest to do so – and neither Australia nor New Zealand had anything to offer in return for such a grand concession.”
A benefit of Brexit is the ability to diverge from standards set in Brussels, with rules set in the UK instead, but the shift to the new UKCA product safety marking system has been delayed for a further two years, with goods carrying the European CE symbol continuing to be recognised until the end of 2024.
Business Secretary Grant Shapps said: “This move will give businesses the breathing space and flexibility they need at this crucial time and ensure that our future system for product safety marking is fit for purpose, providing the highest standard for consumers without harming businesses.”
Whilst the UKCA marking can be used now this extension means businesses can choose to use the CE marking until 31 December 2024.
The shift to UKCA had originally been planned for January 2022.
The government said it did not want to burden businesses given the difficult economic conditions created by post-pandemic shifts in demand and supply, the war in Ukraine and the associated high energy prices.
To be honest it beats the alternative – having fake brands which really take you out of the film. Nothing worse than a movie character cracking open a can just labelled “beer”
Ya, the movie world is filled with mind reading barmen aswell. I’d love to be able to walk into a bar and order a “Beer” and get what I want every time!
Go to some restaurants in Italy and that’s what happens. A two page list of wine with two beers at the bottom called small and large.
The product placements in Wayne’s World were satirical and totally over the top for the sake of comedy, this example doesn’t really fit in with the rest!
If this article is giving you a headache, Rob Hunt, you should take two Nuprin.
Ah, Nuprin. Little. Yellow. Different.
Or you could try JIMPRIN, a generic version that may be even better!
JIMPRIN! Almost made in Ireland!!
James Bond Skyfall with Heinekin and the Sony laptops.
I think the icing on the skyfall sell out cake was…
M:What was that?
Moneypenny: Volkswagen beetles I believe ma’m
I thought for a second she was going to add ‘what I can’t believe is they start from only €16K’
In fairness Bond has a noble heritage of schlepping. In Goldfinger You could have a drinking game out of the amount of times Sean Connery during his golf march wit Aurich Goldfinger says the word Slazenger.
I Lol’d at that
I hate product placement just about as much as I love a nice ice filled glass of Bulmers on a sunny day…
The movie producers and companies are out to make money, yet I think this speaks more to human beings and their desire to want something that they see in a movie, regardless of how useless that thing may be.
Have you seen the Product Placement in Fair City :) woaaaaa
Too true they’re shameless!
Some other company were offered the placement in ‘Castaway’, wouldn’t take it because they thought the plane crash would be bad for business.
The guy who filmed castaway was a former marine who served his time in Vietnam with the CEO of FEDEX.
At the time the board did not want the company to go ahead and feature in the movie but the CEO managed to push it through, , From memory it is the only actual airline ever to have a plane crash.
There’s a fascinating development in product placement. A company called Morris’s have developed technology which allows post production placement.
Essentially this means that anything which as ever been filmed wether yesterday or 50 years ago, can have products placed in it.
They have a showreel which includes a Kellogg’s cereal on the breakfast table of a Cosby show episode which predates the product by about five years.
http://www.mirriad.com/tag/digital-product-placement/
This means placement can be sold in different territories for different products.
There was a recent episode of how I met your mother which featured one of the characters carrying a shopping bag. The space on the bag was sold multiple times (down to zip code level) by individual broadcasters & where it wasn’t sold. It was blank with no disruption to the scene.
The Truman show. A very very very large product ad
What a moany article.
Are you seriously suggesting there should be no name brand products in films? Yeah, that’ll make it more natural.
There was nothing unnatural about any of these products. Imagine, a named car in a film about… Cars?!
Sharon’s stones ” Toothless Grin” in basic instinct
Remember a blatant one for Nike, in Heath Ledger’s ‘A Knights Tale’. Crap film anyway but that plug was shameless.
Nike not capitalizing… While they did only release 1500 (not 1000 fact check anyone?) pairs they also sold them in a bidding process for $3,500-10,000 a piece.
That’s a BMW Z8 from The World Is Not Enough pictured, not the Z3 from Goldeneye.
I am sick to death of the Apple’s product placement. iphone & MACs everywhere. And if the ‘baddie’ in the tv seriesbor movie takes out his phone, it looks like a blackberry.
The most blatant were Cheerios back in the late 70s, the cereal boxes were framed and lit better than the actors
I’m surprised the movie jack and jill with Adam Sandler was left out of this list…. Worst product placements I’ve ever seen. The ones above aren’t too bad… The whole movie was based on trying to get a Dunkin Donuts commercial made.
Because the film was so bad that no one saw it and the placements.
I’m glad no one has seen it. Horrible money grabbing piece of crap.
The picture of Bond was in Azerbaijan in The World is not Enough standing next to the BMW z8 the z3 roadster was in Goldeneye :)
Don’t forget Mac & Me, an entire movie made to promote MacDonalds
don’t get this article?? product placement is all the rage these days to even in lot of tv shows as well, and animated programmes like southpark
Mission impossible in Dubai. BMWs new 1 and 3 series and X5 used alot! Also in up in the air, American Airlines an Hilton are heavily used and advertised but I heard this was for the free use of the hotels and planes
Surely men in black for ray ban has to be there.
The movie Mac & Me should definitely be on that list. It’s an ET rip-off where the alien character spends his time consuming MacDonalds, Skittles and Coca Cola. It even has a 5 minute dance scene in MacDonalds in which Ronald MacDonald joins in on the fun.
Don’t. Forget the subtle method of thejournal.ie to include newstories which are actually adverts…. how dare they provide a free service and try to recoup costs through advertising … don’t forget talkshows like opera and the late late show. I’m also lead to believe that the rte news is sponsored by the sitting government. :)
They’ve nothing on Microsoft, I mean Hawaii, Five O though.
The Miller truck I bad boy’s 2 was so bad just a long dramatic sweeping camera shot of the Miller truck pass in slow motion
In the movie Anger Management, a movie set in NYC that was released shortly after 9/11, you can see several ads for U.S army recruitment.
What about Heineken in skyfall?
Product Placement has been around for years and always will be.
Watched ‘In The Heat Of The Night’ last night and Coca Cola featured prominently, didn’t ruin my enjoyment of the film though and the funding helps get the films made.
Smoking though does bother me, shameless placement in scenes you don’t see anymore, such as people smoking in offices and bars etc and really should be stamped out.
It is easy enough to get any product placement for the goodies in white hats…….try getting some for the the guys in the black hats, sadly the baddies are not really what the advertisers seem to want .
Oh dingleberrycity.com would never bother with product placement.
Transformers, General Motors, Xbox, Nokia, EBay, Burger King amongst others, and numerous references to Michael Bays other films….
Burger King in first Iron Man
The BMW z3 wasn’t in Goldeneye, it was in The World is Not Enough :)
What about Paddy Whiskey in On TheWaterfront?
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