UK not paying Brexit bill would be debt default, French source says

[Baerboxer]

4 minutes ago, Chomper Higgot said:

Who stood alone?

 

1940. It was called "The Battle of Britain" for a reason.

[Baerboxer]

1 hour ago, Oxx said:

 

Hardly.  The FX markets don't like uncertainty.  Once the details of Brexit are finalised the value of the pound will rise - probably quite dramatically.

 

And as for the British economy, it will do much better in the medium to long term.  Britain is hampered within the EU by not being permitted to enter into trade deals with other countries.  The EU has been hopeless at arranging trade deals.  There is no EU deal in place with such major economies as America, China, Russia, Australia, New Zealand, India, Indonesia, Japan.  The British economy will be far better off once it's negotiated trade deals with these countries.

 

Having seen the wonderful job being done on Brexit, are you supremely confident that the UK can negotiate fantastic trade deals with all the countries you name, plus others?

 

Are you aware how long it takes to conclude the average trade deal?

[Baerboxer]

9 minutes ago, grumpy 4680 said:

        Some stupid Tory <deleted> signed away Britains rights to reperations after the 2nd world war, if that article was torn up. Then Britain could legally keep the 50 billion as some of the reperations Britain was due. Then the two faced French could go and f*** themselves.

 

The US decided that Germany and Japan would not be punished by reparations after WW2 as Germany had after WW1 (very heavy reparations mainly driven by France which has been wrecked badly). The US thought that by not subject them to reparations, and positively aiding their rebuilding, keeping people busy, would stop them rising militarily and starting another war. And they've been proved right. 

 

Although the US ironically held a very large amount of debt on it's own allies for both WW's which it collected! 

[DPKANKAN]

4 hours ago, AGareth2 said:

seems they need the money

Perhaps we should have handed them a bill at Normandy last week!! 'For freeing France from German occupation 75 years ago. £1 TRILLION POUND. + 75 years interest at 10% compounded'.

[grumpy 4680]

    What I really don't understand is Why, after all Britain has done for Europe, we cannot leave without all this hastle, and return to how it was before joining.

   It just proves we have no allies in Europe if they can treat us like this

[Oxx]

17 minutes ago, Baerboxer said:

 

Having seen the wonderful job being done on Brexit, are you supremely confident that the UK can negotiate fantastic trade deals with all the countries you name, plus others?

 

Are you aware how long it takes to conclude the average trade deal?

 

The "job being done on Brexit" was headed up by a weak, incompetent Prime Minister who didn't want to leave the EU anyway.  She, plus the EU's intransigence in negotiation, account for the current clusterduck.  In the (relatively) more straightforward matter of negotiation trade deals, I think that the UK's mandarins can do a capable job.

 

Yes, it's a slow process.  However, at least we'll almost certainly end up with trade deals with our former colonies.

[Aforek]

15 minutes ago, DPKANKAN said:

Perhaps we should have handed them a bill at Normandy last week!! 'For freeing France from German occupation 75 years ago. £1 TRILLION POUND. + 75 years interest at 10% compounded'.

Sure, Britain did a big job, like USA, but why they did it ? to prevent Germany to be the first power in the world, they did it for their own interest , too 

and don't forget Soviet Union in the other side of Europe 

[Jimbo1964]

Take it out of the WW2 war reparation payments that German didn't make to the UK. That debt is far more than 39 Billion. Not to mention the debt France owes the UK for liberating them twice from the Germans.

[Srikcir]

3 hours ago, Laughing Gravy said:

This so called divorce payment is a sham. Sadly we had a weak if not treacherous PM who was a remainer and coudn't help acting like a remainer. What about all the money the UK paid into the EU assets and buildings for over 40 plus years. You get divorced you are entitled to your share. It needs a strong brexiteer to tel them how it is.

The fact is that the UK is still a member of the EU, voted in the latest EU elections and is obligated to pay its share of the EU 5-year budget. Blame the UK government for a botched divorce and delay. But there are fiscal responsibilities to the EU that must be met or UK be deemed in sovereign default. 

UK is becoming the Greek default poster boy - such a fall of the British Empire.

That's not reassuring to UK's future trade deals once out of the EU.

[AGareth2]

3 hours ago, Chomper Higgot said:

Ditch the nation’s largest and most profitable trade partnership, wreck the economy, shutdown Parliament, sabotage the nation’s standing on the world stage, willfully ruin the nation’s financial credibility.

 

Pure vandalism.

the Baldric plan!

[Proboscis]

11 hours ago, AGareth2 said:

seems they need the money

Who is "they?"

 

When you have defaulted in your payment to the bank to the tune of a few thousand pounds and they send you a demand and threaten legal action, do you also say, "seems they need the money"?

 

Debt is debt - if you don't pay what you owe, you join the countries like Argentina who are defaulters and no one will give you credit, which is a bad way to be in the modern world.

[Proboscis]

6 hours ago, grumpy 4680 said:

    What I really don't understand is Why, after all Britain has done for Europe, we cannot leave without all this hastle, and return to how it was before joining.

   It just proves we have no allies in Europe if they can treat us like this

After all what?

Oh, you mean the second world war? Well the real saviours were the USA. And they paid for the Marshall Plan too. So actually the Europeans should thank the Americans, not the UK.

 

Otherwise, it is a matter of paying your debts. Don't pay your debts and you become a defaulter of sovereign debt. Not a good place to be for a country like the UK who, post Brexit, will need all the credit it can get.

[evadgib]

12 minutes ago, Proboscis said:

After all what?

Oh, you mean the second world war? Well the real saviours were the USA. And they paid for the Marshall Plan too. So actually the Europeans should thank the Americans, not the UK.

 

Otherwise, it is a matter of paying your debts. Don't pay your debts and you become a defaulter of sovereign debt. Not a good place to be for a country like the UK who, post Brexit, will need all the credit it can get.

Since you've dragged this down that road it's worth noting that UK's final payment wasn't until the end of 2006.

Quote

On 31 December 2006, Britain made a final payment of about $83m (£45.5m) and thereby discharged the last of its war loans from the US.

 

[welovesundaysatspace]

36 minutes ago, Jimbo1964 said:

Take it out of the WW2 war reparation payments that German didn't make to the UK. That debt is far more than 39 Billion. Not to mention the debt France owes the UK for liberating them twice from the Germans.

If Germany has any contractual obligations with the UK, I’m afraid that’s not the EU’s business. Same for France. 

[JonnyF]

1 hour ago, Baerboxer said:

 

Having seen the wonderful job being done on Brexit, are you supremely confident that the UK can negotiate fantastic trade deals with all the countries you name, plus others?

 

Are you aware how long it takes to conclude the average trade deal?

Just lined one up with South Korea.

 

https://www.bbc.com/news/business-48577667

 

If there is good will on both sides we can do them fairly quickly. Of course, the one with the EU will take decades because "good will" and "EU" rarely end up in the same sentence.

[Mavideol]

5 hours ago, AGareth2 said:

seems they need the money

maybe not the money but they do need the UK to honor their commitments

[malagateddy]

A UK that doesn’t honor it’s debts sets out into the world looking for trading partners.
 
That’ll work.

Honour reasonable and TRUE debts..nothing else..by the way..I'm sure that the UK has a massive amount of money locked into the eu coffers that we cannot access for quite a few years..rather strange??

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app

[Mavideol]

4 hours ago, Laughing Gravy said:

This so called divorce payment is a sham. Sadly we had a weak if not treacherous PM who was a remainer and coudn't help acting like a remainer. What about all the money the UK paid into the EU assets and buildings for over 40 plus years. You get divorced you are entitled to your share. It needs a strong brexiteer to tel them how it is.

you are funny, I told that to my ex wife when (after 20 years together) she took everything from me, she looked at me in the eyes, smiled and walked away

[nauseus]

17 minutes ago, welovesundaysatspace said:

If Germany has any contractual obligations with the UK, I’m afraid that’s not the EU’s business. Same for France. 

Why?

[transam]

I am still adding up how much the Axis owes us for their shit to adjust stuff...Think Greek and Pole folk are doing the same....????

[welovesundaysatspace]

4 minutes ago, nauseus said:

Why?

For the same reason your football club won’t pay your telephone bill. 

[Bluespunk]

6 hours ago, webfact said:

"Not honouring your payment obligations is a failure of international commitments equivalent to a sovereign debt default, whose consequences are well known," the source told Reuters.

Tick, tick, tick...

[Paul52]

5 hours ago, Chomper Higgot said:

More Brexiteer folly.

 

The only thing a new ‘hardline Brexit’ team will reliably slash is the value of the pound and the British economy.

You are completely right about that, and is already happening due to Johnson’s idiotic and irresponsible comments; hence the reason why the pound is trading sub 40 Baht.  

[sawadee1947]

4 hours ago, vogie said:

Michel Barnier has thrown down the gauntlet and stated that "we will never renegotiate the withdrawal agreement" This is aimed at any future PM.

Looks like we will walk away then and you go potless.

That is a very strange view of reality. If UK want to trade with EU after Brexit and had not pay the bills .......what do you think EU's reaction would be???? 

Welcome UK? 

UK needs EU but not really vice versa. 

I think we can live without haggis. 

But can you live without wine, fruits and cars? Sure, there are always horse carts available, back to medieval times if you are lucky. 

[shy coconut]

5 hours ago, Henryford said:

We have already paid half a TRILLION Pounds into this dictatorship NO MORE.

Who is the dictator?

[transam]

2 minutes ago, shy coconut said:

Who is the dictator?

There is more than one, many are lined up in the wings......????

[JAG]

The French of course are renowned for honouring all their commitments within the EU, as anyone who has sat at Dover whilst their farmers, fishermen and goldfish food manufacturers come out to play can vouch.

[nauseus]

I have yet to see a proper breakdown of this "Brexit bill" but most reports mention that a significant part of it includes the membership costs to the end of the present EU budget in 2020 (so at least half). This period includes the proposed (21 month) transition period. Recent extensions will be charged additional to any agreed amount on a pro rata basis but if the UK leaves the EU at any time before the end of 2020, it could be argued that no extra money over the 39B should be paid. 

 

Remember that quotes from various EU officers initially put the exit bill at up to 100B Euros. Now it is 39B. Anyone has to ask themselves how this is not suspicious? 

 

The EU slammed the door on considering credits against hard assets that the UK has contributed to over the years, with some reports suggesting a total value of up to 150B Euros! Oh the all benevolent EU! We love you!

 

The moral debt of France, Germany and Italy to the UK after the end of WWII has not been considered and I think it should be. If the outcome of the war had been more dire or significantly different for these countries, then the EU would probably not have been allowed to exist in the first place!

 

And the UK is now accused of potential debt default?

 

All above are just more reasons to get away!

 

[potless]

6 hours ago, webfact said:

"Not honouring your payment obligations is a failure of international commitments equivalent to a sovereign debt default, whose consequences are well known," the source told Reuters.

I seem to recall that the U.S. was complaining that European countries were consistently avoiding paying their fair share of the NATO bill ? 

[nauseus]

18 minutes ago, sawadee1947 said:

That is a very strange view of reality. If UK want to trade with EU after Brexit and had not pay the bills .......what do you think EU's reaction would be???? 

Welcome UK? 

UK needs EU but not really vice versa. 

I think we can live without haggis. 

But can you live without wine, fruits and cars? Sure, there are always horse carts available, back to medieval times if you are lucky. 

Good fruit, cheese and wine all available from the Commonwealth - even haggis!

 

We can restart the UK auto industry .. but need to take on board some German and Japanese lessons first!