Opinion – China must be ready for looming trade war – Editorial – Global Times

Here’s an outstanding must-read editorial from China influential Global Times. The article dispassionately examines the implications of Trump initiating a trade war against China. The bottom line is that the US will suffer from a global trade war and, of course, it will eventually rebound politically on Trump and his supporters. But it’s worth reflecting on other casualities of a global trade war – the UK is particularly exposed to downside trade war risks because of Brexit uncertainties. Thoughts?

UK looks at paying billions into EU budget after Brexit – FT

The FT reports that the plan letting the UK finance sector keep single-market access could cost billions.

Source: UK looks at paying billions into EU budget after Brexit

So here we are with the ordinary UK tax payer, once again, propping up the UK finance sector, where many foreign banks don’t pay their full whack of tax. Public services will face enormous cuts post Brexit but financial services will be exempt from pain.

EU workers in the finance sector, as well as agriculture, are likely to be special cases, so the proposed cuts on EU immigrants will impact the service sectors like hotels, restaurants and the NHS.

These are deeply distorted negotiating positions. And that is why that it is vital for the full Brexit process to be debated in parliament, with full disclosure of evidence in green and white papers ahead of parliamentary approval.