Life at № 42
“The widespread assumption that Britain would remain in the EU gave way, after the June referendum, to the antithesis: the prospect of “hard” Brexit. Now, courtesy of Japanese carmaker Nissan, we have glimpsed the possible synthesis: a soft Brexit whereby Britain would retain full membership of the EU single market.
Last week the company announced it would build the next generation of two models at its plant in Sunderland, north-east England. I cannot see how Nissan could have taken that decision without firm commitments from Prime Minister Theresa May, who met Carlos Ghosn, Nissan chief executive, two weeks ago. It makes no sense for the company to build these cars unless they expect to remain in the customs union and the single market.”
Excellent article by Wolfgang Münchau. He lays out the options of what may be going on with the Nissan deal and what that means regarding policy. It’s something people should read because there still seems to be a whole lot of wishful thinking circulating as if it were fact. EUCU (customs union) and financial passporting rights are not small matters that can be dismissed with “it’ll all be all right on the night.”- Consider that they even affect (very) small business owners like me. The EUCU means I’m free to buy artwork all over the EUCU area without paying any extra fees. Then transport it within the union (let’s say for restoration), then choose the absolute best venue for sale. No extra paperwork, no delays, no time wasted. If I want to sell a piece of art in New York or São Paulo… whole other story. Which is why 99.9% of the time I only operate within the EUCU. That’s just one small example. Imagine the effects on industry?