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Jim Pickard
@PickardJE
, 3 tweets, 1 min read Read on Twitter
and now the Hammond trip has been cancelled
unconvincing non-denial denial from the Treasury:

“The chancellor is not travelling to China at this time. No trip was ever announced or confirmed.”

ft.com/content/26fb86…
both Downing Street and the Treasury are livid about Mr Williamson’s speech. “His idiotic speech wasn’t received well in China,” said one British official.
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Jim Pickard
@PickardJE
amazingly the government has just settled £33m out of court for failing to include Eurotunnel in planning for a no-deal Brexit which isn't meant to happen anyway
bbc.co.uk/news/business-…
Gov casts this as an agreement so Eurotunnel has "committed to implement measures which will improve security and traffic flow at the border, benefiting both passengers and businesses".

It adds: "A lengthy legal case and the uncertainty it creates is not in anyone’s interest."
am told that ministers may try to claw back some of the money - through another court case - if No Deal doesn't happen and if Eurotunnel doesn't spend the full amount of money on upgrading security etc
Read 4 tweets
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Jim Pickard
@PickardJE
BREAKING

Dexeu has published No-Deal analysis

"UK economy would be 6.3-9% smaller in the long term in a
no deal scenario (after around 15 years) than it otherwise would have been when
compared with today’s arrangements, assuming no action is taken"

assets.publishing.service.gov.uk/government/upl…
"around 240,000 UK businesses that currently only trade with the EU would need to interact with customs processes for the first time, should they continue to trade with the EU. HMRC has estimated that the administrative burden...could be around £13bn p.a."
May told Commons today UK would "make a success of a no deal" although Dexeu paper would show "very serious challenges...in the short term".

That's a major distortion.

Instead paper says prediction of 6-9% hit to economy "does not account for any short term disruptions."
Read 4 tweets
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Jim Pickard
@PickardJE
BREAKING: "Corbyn will tell a meeting of Labour’s PLP this evening that party will back the Cooper-Letwin amendment to take ‘No Deal’ off the table and announce that Labour will also put forward or support an amendment in favour of a public vote to prevent a damaging Tory Brexit"
this doesn't mean there are enough MPs in Commons to back @peoplesvote_uk however - especially when dozens of Labour members rebel
but it's awkward for The Independent Group, which is largely built around an anti-Brexit theme
Read 3 tweets

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#demographics #militaries #economies #currencies
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