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UK might stay in the EU a bit longer than planned

Theresa May, the British prime minister, says she might extend the post-Brexit transition period, during which the UK would follow EU rules.

What it means: The EU and the UK sat down together on Wednesday to figure out how the whole Brexit thing was supposed to work. They came away having decided pretty much nothing. Which is not good for anyone who wants any sort of deal between the two, because the time for negotiation has pretty much run out: Brexit date is set for March 2019.

For all her talk that “no deal is better than a bad deal”, Theresa May seems very keen to avoid a no deal. Last March, she said that to give Britain and the EU more time to sort one out the UK will have a transition period until the end of 2020. That means that although Britain will have technically left the EU it will still have to follow all the EU’s rules, although it’ll no longer have a say in what those rules are. Now May’s saying the transition period might have to be extended, although only for a few months and only as a last resort if no deal is reached before December 2020.

What would an extended transition period do for the British economy? Well, it could prevent some of the big problems that have been associated with a no deal Brexit, like planes being unable to fly in or out of the country and large shortages of food and medicine. But because it’ll also prolonging the time when nobody knows what Brexit Britain will look like, it might make businesses more reluctant to take on big projects - like building new factories or hiring lots more people, which can create wealth and/or jobs.

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?