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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.
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Cut the ridiculous salaries!
Fully agree… What other broadcaster on this island would pay some of those inflated salaries?
How come TV3 can operate without any licence fee? I think their programs are getting better and they are doing it without the licence fee. Where is the licence fee money going in RTE? Fair Poxy City and towards the Plank, Tubs, doom duffys etc salaries?
As far as I can remember TV3 getting some money from the licence fee. The money that goes to BAI for the Sound a Vision fund, TV3 is getting some of that for its documentaries.
Gee imagine a state funded megalith actually expected to operate in budget noooo waaay : )
Heres what I dont understand.
Pat Kenny, paid in excess of 500k. Personally I like listening to his show the odd time and I think he’s a master of his craft with regard interrogation of politicians ala Frontline (we’ll take as a given the Late Late was a disaster for the chap).
That said, his salary is sickeningly enourmous. I always ask the question, what if his contract was not renewed by RTE? (yes he’s a contractor and not an RTE employee). What would he do, Get snapped up by the competition? TV3 is just about keeping it’s head above water.
Anyone would think RTE beleive they’d lose ‘talent’ if they didnt offer the ridiculous salaries they do.
That’s an absolute disgrace!
If they had good programmes on the station but the fact that they don’t.
RTE should be brought to its over paid knees, however it won’t be. It’s a public broadcaster full of overpaid, unionised wasters. It’s the HSE of media. And sending Pet Rabbitte in to tackle it is like pitting Thomas the Tank Engine against Percy or Emily or Gordon. The choo choo gravy train continues…..
Comment if the week!! +1
Sell it off,there’s a fool out there somewhere.
What a novel idea, the tax payer must get value for money. Any chance of applying that pronciple to other government departments and agencies?
I would like to put Rabbitte up for a “Stateing the bleedin’ obvious award”. Of course the BBC has vastly more resources than RTE. It serves 16 times the population, and, as an international news gatherer and broadcaster is able to generate substantial sums from overseas sales.
Execute fair city.
It’s a national embarrassment.
How about the max salary at RTE is capped at €100,000. If they don’t like it they can go to England and get a job there.
Apparently staff (middle management) at RTE have taken a 5% pay cut over the last few years. Did they even notice it? They don’t live in the real world.
I used to like Pat Rabbitte.
He was always witty and and outspoken .
and now he is only a shadow of himself. I would love to know what
is really going on and what these ministers are being told to keep them
quiet and toeing the line.
But Pat you have sadly lost your ability to stand for the people …
Shame.
cheer up eileen, only 30 years to wait and we’ll all be able to read all about it in the papers.
mind you, we’ll have to get our grandchildren to translate it from the German that it’ll be written in if we keep goin along the present course!!
Increase the licence fee to clear the deficit, and add a bit more for the RTE Chrimbo party!
Abolish the licence fee!!!
Total agree.The only way that we can get the irish tv stations is through sky we live in the republic and we pay our licence for what service
The sicken thing about these salaries is that because these people as not employees of rte and most set up as companies they pay very little tax.
At least if pat Kenny and all the others paid and prsi we’d get a fair slice back
are you serious?!?!?!?!?!
these guys don’t pay PAYE on all that dosh? it goes to “Pat the Plank plc.” or whatever???
call me gullible, but that’s a new low if it’s true!!
I think the pay is to high in fact I think we should look at creating a new generation of tv channels in Ireland. We should have a channel for each one of the provinces and split the rte budgets and reduce the salaries. That way we would create new talent and get more people working. It would also be much more democratic.
Leinster tv (LTV)
Munster tv (MTV
Connaught tv (CTV)
Ulster tv1 (UTV1) including all counties of ulster
I also think that the BBC need to be taken to task for discriminating against the republic in their weather reports considering they are using the term British isles.
In fact they should be including all countries of the British isles including Ireland north and south.
Otherwise they should give the weather for the UK and northern Ireland only.
However that might be a dangerous game considering Scotland might take flight then they would only have to include the weather for England Wales and northern Ireland.
The 2006 census shows that there are 112548 British citizens living in Republic of Ireland I wonder what they think of a missing Dublin Cork Galway etc.
We on the other hand could show we are the better man by giving the weather report for the UK & Ireland lol.
Also we should have our tv signals connected with the European satellite programme so when we are on holiday in Spain or wherever we can watch the home channels how bloody difficult would this be.
Watching the weather forecast for Northern Ireland is like watching the forecast for your back garden. It’s so small.
One solution is to stop paying above and beyond for crap US series that are shown at 3am. Reduce the salaries of our “stars”. They arent going anywhere. Who’d employ them. Scrap Fairly Shitty. Scrap all non-essential programming and radio expenses. Hire someone with a huge stick!
oops,, their’s pat kenny’s 500+ gone,, and ryan tubby’s too,, about bloody time
if tv3 can survive so can rte,just cut the stupid salaries.
Call me cynical, but I foresee a lot of good publicity coming the Government’s way from RTE.
There is no such thing as a TV licence it is an RTE TAX,1.6million people pay it not because they want to but because they have to or they will end up in court fined or jailed,I blame the people for paying it get a million people on the streets demanding the government abolish it or reduce the Fee if RTE don’t produce decent programming but patetically it won’t happen RTE=GOVERNMENT GOVERNMENT=RTE the deficit is 25million and the evasion cost due to non payment is 30million hahahahahaha what a coincidence give Pet Rabbite an IFTA,have to go now The ANGELUS is about to start Ding Dong Ding Dong Ding Dong
Sell it or make it subscription based.
In my opinion the licence should be abolished and pay per view system be brought in.
Ladies and Gentleman when you dip your hands into your pockets to pay 160euro for this think of your Esb gas home insurance and more importantly health insurance,imagine your health insurance premiums are going up but you lose 160euro to an rte tax which u are forced to pay with a threat of a custodial sentence hanging over you so you have to drop your health insurance or reduce your health plan,its the one tax I hate,FUCKING PRIVATISE RTE Its a parasitic organization bleeding the taxpayers dry and losing money,ill be delighted to see the back of it
Sell 2fm for a start
No Chris sell the whole damn thing not just 2FM
BBC news breaking news
4.5million dead in Ireland
England discovered her neighbours were all dead this morning when she called in to see why things have been so quiet recently no moaning no whining from ireland.
After sending in a state pathologist it was discovered the 4.5 million dead had naturally all died of boredom watching fairly shitty. Lol
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