Brexit Bear ponders hibernation
20 May 2019
Brexit is wondering if he should join the MPs in hibernating, but the issues go on even as the failure to address them persists.
Construction of new offices in London has hit its highest level since the EU referendum, according to Deloitte's biannual crane survey. The firm found the amount of space under construction was up 12%, with 37 new schemes breaking ground in the past six months. Mike Cracknell, a director at Deloitte, said the financial services sector has pre-let 50% more space than six months ago, suggesting it is committed to remaining in London after Brexit. International Trade Secretary Liam Fox said: “This is a far cry from the doom and gloom predicted when the UK voted to leave the European Union in 2016 and reinforces the City's global pre-eminence as an investment destination.”
Meanwhile, EU state aid rules have meant thousands of high street stores have been unable to benefit from Philip Hammond's £900m tax cut for struggling stores. The Chancellor's Budget promised those with a rateable value below £51,000 would see business rates cut by a third but because EU rules limit state aid to £175,000 per business over a three-year period, Boots, for example, said just 22 of its 2,400 stores have benefited from the policy.
Brexit bear-ly understands that Chapter 24 of the OECD rules is the key to a managed Chapter 50 “no deal” but the OECD can be ignored, according to the world's first and second biggest economies who are avoiding conciliation by doing just that. No wonder the MPs spend all their time saying what they don't like rather than fixing anything…