“Much of the plumbing that supports trade in goods and services on a day-to- day basis would be left without defined administrative processes and legal foundation. The imposition of tariffs is almost a side show relative to these issues.”
He added that the threat of turning Britain into an offshore, low-tax rival to the EU was not viable and lacked political consensus need to make Europe really fear it.
“THE UK is threatening that under constrained market access it would reinvent itself as a pseudo-Singapore of Northern Europe via low corporate tax rates and a ‘new economic model’.
“We note that the success of such low-tax entrepots has typically been at least partially based on the ability of firms to access markets in their locale, not on the withdrawal of that access. And, as we wrote yesterday, it is far from clear that there is a durable political commitment to the UK becoming a permanently low-corporate tax, low-regulation locale.”
Wednesday, 18 January 2017
The Huffington Post: JP Morgan Warns Theresa May’s Brexit Threats Are ‘Very Dangerous’ For UK Jobs