The Autumn Statement.

Assumptions......

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.
 
Last edited by a moderator:
Last edited by a moderator:
nara said:
"UK faces £121 billion borrowing bill as Brexit bites

Autumn Statement 2016: Brexit bites as UK faces PS121 billion borrowing bill | London Evening Standard


So what happened to the £350 million a week this Brexit insanity was supposed to be saving us? :err:

Did Nigel get the sums on the back of his fag packet wrong?
Click to expand...

Well we aren't out of it yet are we? The millions are still being ploughed in. The insanity was joining and then being taken for a ride afterwards. Just love the way Brexit is to blame and hasn't even happened. What's changed.......fook all
 
Once the mind is made up, nothing can change it



To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.
 
Last edited by a moderator:
[Some figures corrected since posting]
Whilst it's true we've not yet left; to remain in the Common Market (European Economic Area), the likelihood is we'll have to pay a contribution. What that contribution is has yet to be negotiated.

Norway's membership of the EEA European Free Trade Agreement (EEA EFTA) is based on their GDP, as a proportion of the GDP of the EU. Norway currently pays €391 million a year for EFTA membership. Another €6m covers the costs of agreements such as Schengen. They also pay another €447m towards voluntary programmes.

Quick calculation as to what this might mean for the UK's contributions...

  • UK's GDP as a percentage of the EU's current GDP
    • $2.44t/$16.63t = ~14.7%
  • Approximation of the EU's GDP once the UK leaves.
    • $16.63t - $2.44t = $14.19t
  • UK's GDP as a percentage of the EU's revised GDP.
    • $2.44t/$14.19t = ~17.2%
  • Cost of remaining in just the EU EFTA
    • $2.44t*0.147
    • $2.44t*0.172
    • = $358.68bn - $419.68bn per year (€338.37bn - €395.98bn, £287.98bn - £337.01bn)

The UK currently pays £13 billion to the EU each year; this is after the rebate, but before any EU payment schemes (such as the Common Agricultural Policy).

Figures for reference:
Iceland's GDP is $13.66 billion
Norway's GDP is $499.67 billion
UK's GDP is $2.44 trillion
EU as a whole is $16.63 trillion

Sources:
Bad Request
Countries Compared by Economy > GDP. International Statistics at NationMaster.com
The UK's EU membership fee - Full Fact
 
little_pob said:
Whilst it's true we've not yet left; to remain in the Common Market (European Economic Area), the likelihood is we'll have to pay a contribution. What that contribution is has yet to be negotiated.

Norway's membership of the EEA European Free Trade Agreement (EEA EFTA) is based on their GDP, as a proportion of the GDP of the EU. Norway currently pays €391 million a year for EFTA membership. Another €6m covers the costs of agreements such as Schengen. They also pay another €447m towards voluntary programmes.

Quick calculation as to what this might mean for the UK's contributions...

  • UK's GDP as a percentage of the EU's current GDP
    • $2.44t/$16.63t = ~14.7%
  • Approximation of the EU's GDP once the UK leaves.
    • $16.63t - $2.44t = $14.19t
  • UK's GDP as a percentage of the EU's revised GDP.
    • $2.44t/$14.19t = ~17.2%
  • Cost of remaining in just the EU EFTA
    • $2.44t*0.147
    • $2.44t*0.172
    • = $358.68m - $419.68m per year (€338.37 - €395.98m, £287.98m - £337.01m)

The UK currently pays £13 billion to the EU each year; this is after the rebate, but before any EU payment schemes (such as the Common Agricultural Policy).

Unfortunately I've got to go out, but it would be interesting how long it would take to pay off this £121bn loan based on a 0% interest and just subtracting the £13bn saved by not being an EU member and adding the £337m for EFTA membership...

Figures for reference:
Iceland's GDP is $13.66 billion
Norway's GDP is $499.67 billion
UK's GDP is $2.44 trillion
EU as a whole is $16.63 trillion

Sources:
Bad Request
Countries Compared by Economy > GDP. International Statistics at NationMaster.com
The UK's EU membership fee - Full Fact
Click to expand...

I dont quite get you figures, you say that Norway pays £391m + £6m + £447m so a total of £844m

The you say that the UK would pay £337 which is lower than even the 1st figure for Norway when according to your figures we have ~5 times the GDP?
 
nara said:
"UK faces £121 billion borrowing bill as Brexit bites

Autumn Statement 2016: Brexit bites as UK faces PS121 billion borrowing bill | London Evening Standard


So what happened to the £350 million a week this Brexit insanity was supposed to be saving us? :err:

Did Nigel get the sums on the back of his fag packet wrong?
Click to expand...

I'm pretty sure just like a first love, you'll get over it and move on. Or you could move up to Scotland and hope that the Jimmy Krankie look-a-like get's her way
 
silverdale said:
I'm pretty sure just like a first love, you'll get over it and move on. Or you could move up to Scotland and hope that the Jimmy Krankie look-a-like get's her way
Click to expand...

This is what is known in political debating as 'deflection'.
 
You see I don't think it is, I can accept the democratic vote and move on, you wanna try it.

I think your "deflecting" the blame towards something that hasn't even taken place. This worldwide mess were all in would be here referendum or no referendum but then again someone people just need to blame something or someone to make them feel better.

Fill yer boots
 
silverdale said:
You see I don't think it is...
Click to expand...

Doesn't surprise me, but facts is facts. I asked a question in post #1 which you were unable or unwilling to answer, so you went off at a tangent.

It's the classic bodyswerve used by politicians when being asked awkward questions.
 
JonMMM said:
I dont quite get you figures, you say that Norway pays £391m + £6m + £447m so a total of £844m

The you say that the UK would pay £337 which is lower than even the 1st figure for Norway when according to your figures we have ~5 times the GDP?
Click to expand...
I've put million when I mean billion for the UK figures. I've now corrected my post. That'll teach me to post maths in a hurry... :Dunce:

So it should be £337bn per year. This is still a "best guess" on the figures available, but this may be partly why some MPs want a second referendum once the agreement is hashed out.
 
I voted OUT but I don`t have any British passports :silly:
 
I can't see brexit happening with the present government the E.U is already on it's arse if we do leave it will be finished.
Germany and France won't be able to finance the poor E.U countries on there own France is getting more nationalist by the day the will not be able to convince there people when there bill goes up.
In my opinion if this government can't apply the will of the people then we should have a general election it is the only democratic thing to do .
 
All of you please help an American understand the greatest pros and cons of the Brexit for Great Britain. It seems your sovereignty will be bolstered, but the economy may suffer. And what does this mean for English - Scottish relations?
 
means you will be gone shortly clocking gets you nowhere
 
I'll humour him.

Economic forecasts are meaningless, no one knows what may, or may not, affect our economy. In or out makes no difference in that regard.

No-one knows what tariffs will apply, all you say with certainty is some might go up and some might go down.

The way the EU is shaping at the moment we might invoke Article 50 and have no-one to negotiate with a year or two down the line.

We might not even invoke Article 50 at all, it's not the only mechanism available.

For every statistic in favour of leaving there's another in favour of remaining. Then there are polls...
 
idonthaveausername said:
All of you please help an American understand the greatest pros and cons of the Brexit for Great Britain. It seems your sovereignty will be bolstered, but the economy may suffer. And what does this mean for English - Scottish relations?
Click to expand...
The pros to Brexit will depend on the person you ask; there were many arguments made. Some of the higher profile arguments included; sovereignty (tax, law etc), and border control.

Cons to Brexit? Instability until the terms of our membership of the EEA/EFTA are agreed, if not until at least 2019. Some banks have threatened to shift their European head quarters to the continent. Increased inflation due to higher prices caused by the weakened pound. Plus, if we ever decide we want to return to the EU; the likelihood is we'd have to take on the euro as our currency.

Scotland will have to have another referendum to leave United Kingdom. This is looking likely for 2018. From what I can make out the Scottish Government are hoping that, if they do secede the Union, they will be able to remain within the EU when England, Wales and Northern Ireland leave in 2019. If they are not allowed to remain, then there is no guarantee that Scotland would be able to (re)join the EU. Prior to the 2014 referendum, Spain continuously stated that they would use their veto to stop the accession of an independent Scotland to the EU. This is down to the independence movement in the Catalan speaking regions in Spain. That said, given the complex history of Europe, an independent Scotland could be welcomed with open arms... just to stick it to the English for leaving!
 
You must log in or register to reply here.

Similar threads

skinz
The dangers of online shopping
Replies
0
Views
1K
skinz
skinz
M
Could the UK face a sterling crisis, or are we in one already?
2
Replies
22
Views
1K
Munkey
M
mask
Mortgage meltdown: Are we about to follow the US into a house price crash?
Replies
6
Views
524
fizsparky
F
Back
Top