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"German digital bank N26 pulls out of UK, blaming Brexit

More than 200,000 customers given until 15 April to move money before accounts closed"

The company didn't mince words, connecting its decision to quit the UK market explicitly to Brexit. theguardian.com/business/2020/…
More detail about this...

And here's their official FAQ on the closure... If you're a customer you need to get both your money and your data out before the deadline.
n26.com/en-gb
N26 had raised at least $670 million. If you assume much of that went on marketing to get to 4 million customers, it's remarkable that they saw throwing away 200,000 customers as cheaper/easier than making the new post-Brexit system work for them. 5% of their customer base, gone!
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Edwin Hayward 🦄 🗡, 🇬🇧 🔜 🇪🇺
@uk_domain_names
Here's the map of all the countries we can trade freely with (in red) now that we've left the EU. (The Brexit transition period is temporarily insulating us from the harsh reality of our situation.)

Are we tired of winning yet?
And here's the map of the EU. Notice anything?
If you stare very hard at the UK on the first map for a minute, then glance at the second one, you can just about make out where we should be, but aren't any more. That faint afterimage is a perfect metaphor for the transition period.
Read 4 tweets
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Edwin Hayward 🦄 🗡, 🇬🇧 🔜 🇪🇺
@uk_domain_names
Beware: from 1 January 2021, we will be affected by a new EU rule concerning passports.

The EU will consider passports valid for 10 years from their *issue* date (even if their expiry date is further into the future). You will have to have 6+ months left.
independent.co.uk/travel/news-an…
So that means if e.g. your passport was issued on 1 July 2017 and it says that it expires on 1 April 2028 (because the UK passport authority added some remaining "bonus" time from your old passport) EU states will deem your passport expiry date as 1 July 2027.
That means you won't be able to use that passport to enter the EU after 1 January 2027 (6 months before "expiry") even though you could still use it to enter non-EU countries.

Best to check your own now, and make a note, because you may need to renew it earlier than you think!
Read 3 tweets
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Edwin Hayward 🦄 🗡, 🇬🇧 🔜 🇪🇺
@uk_domain_names
We are currently at the cartoon hangtime phase of Brexit. But come 1 January 2021...

You can't beat gravity.
See, despite protests from more rabid Brexiters, our departure from the EU has already inflicted all the consequences of Brexit on us.

We've lost all our trade deals and other treaties with the EU. Their *effects* are preserved by the transition period, like a lingering echo.
That deal that preserved landing rights for UK planes? Gone. The one that allowed UK drivers to drive in the EU on UK licenses? Gone. The ones that allowed us to trade without tariffs or frictions? Gone.

Every single one, gone.
Read 4 tweets

Related threads

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LouiseV
@VoterLouise
#Brexit IS about escaping tax + financial #transparency. Conservatives and their donors are terrified of wealth being exposed. UK govt HAVE NOT transposed EU's 5th anti-money laundering directive by the deadline. See here... researchbriefings.parliament.uk/ResearchBriefi…
The EU's 5th #AML Directive requires 'public registers of beneficial owners' of companies. Tory leaders since 2015 desperately tried to exempt UK trusts, crown dependencies + tax havens from this law. Will expose vested interests + tax evaders. Hence #brexit haste.
In fact they don't intend to implement the public registers of company ownership in UK crown dependencies fully, EVER.
It would be the end of them.

Other EU countries don't have such lax donor and registration rules so don't appreciate the shockwaves caused by 5th AML in UK.
Read 8 tweets
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Turnaround & Cash Wars Veteran #FCA #ICAEW
@StuartLothian
#Brexit ALREADY costs UK £1bn pw as we Hit Holidays! @GoldmanSachs put that lower at £600m. but I'm looking at 2+% less GDP (than would have been); more Govt Debt (+interest); the growing impact of #Brexodus on jobs/taxtake; £devaln.&inflation creep, reducing Property values.1/20
@GoldmanSachs Am puzzled & mortified? that UK's so-called Major Political Parties @Conservatives @UKLabour seem umbilically disconnected? from the financial IMPACT of their recent (let's say) 'accidental collusions' and Brexit-Birth-Giving! Why the co-incidental & costly numeracy lapse? 2/20
@GoldmanSachs @Conservatives @UKLabour Assuming that (eg) @bankofengland @hmtreasury @ICAEW @The_IoD @cbicarolyn @FrancesOGrady are aware of UK's #Brexit financial haemorrhage? eg Govt Debt, Jobs/Tax, Businesses (all sizes), Individuals - there may be varying estimates? but agreement that a HUGE hit is ongoing! 3/20
Read 25 tweets
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⚢⚧🌸Sakura No Seirei🌸
@SakuraNoSeirei
#Brexit news for today:

Nigel Adams, Minister for Wales, and Governement whip has resigned the #Cabinet over #TheresaMay's way forward.

1/n
You can hear #TheresaMay's reaction from here

2/n
So the splitting of the #ToryParty continues. Where will it end? And can we expect resignations from #Labour if #Corbyn is seen as giving up too much to #TheresaMay during the discussions tonight.

3/n
Read 92 tweets
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Chxta
@Chxta
First things first, it is important to point out, again, that the news of both HSBC and UBS closing down what are essentially satellite offices in #Nigeria is really a non-issue.
HSBC for example, is cutting its branches in up to a quarter of the 67 countries it operates in last I checked, so again, that is not the issue.
What should terrify us is that in the last year, foreign direct investment into our country has plunged by a factor of 30%.

That is significant, and if #Nigeria were serious, there should be a cabinet level meeting, but no, meat-heads will be masturbating about "corruption".
Read 18 tweets
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Lesley Miller
@LesleyMillercyp
#Brexit 1
Cadbury moved factory 2 Poland 2011 with EU grant.
Ford Transit moved 2Turkey 2013 with EU grant.
Jaguar Land Rover recently agreed 2 build a new plant in Slovakia with EU grant, owned by Tata, same company who trashed our steel industry & emptied workers pension funds.
#Brexit 2
Peugeot closed its Ryton (was Rootes Group) plant and moved production to Slovakia with EU grant.
British Army's new Ajax fighting vehicles to be built in SPAIN using SWEDISH steel at the request of the EU to support jobs in Spain with EU grant, rather than Wales.
#Brexit 3
Dyson gone 2 Malaysia, with EU loan. Crown Closures, Bournemouth (Was METAL BOX), gone 2Poland with EU grant,employed 1,200.
M&S manufacturing gone 2far east with EU loan.
Hornby models gone. In fact all toys & models gone from UK along with patents all with EU grants
Read 28 tweets
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Nicolai von Ondarza
@NvOndarza
UK position paper on transition has leaked here: assets.bwbx.io/documents/user…

First major discussion point is of course that UK wants #Brexit transition to last until new relationship is in place.

3 things to learn from that:
a) A sense of realism is taking hold in Westminster on #Brexit. As long argued, a time limited transition is dangerous esp. for the UK, as it creates a new cliff edge. There is very little chance of a fully fledged future relationship negotiated, agreed and fully ratified by 2021
b) The EU strategy of making the UK ask for an extension has worked. If the EU had proposed this, it would have seemed like it wants to keep the UK close indefinitely.

Now it is clear that it is the UK, for economic reasons, that needs this potentially very long transition
Read 4 tweets

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