back to article Fear and Brexit in Tech City: Digital 'elite' are having a nervous breakdown

As Brexit sends London's tech sector and Silicon Roundabout into post-traumatic shock, and protesters out onto the streets of London, inventor Andrew Fentem wonders "what sort of hippy free-for-all is this anyway?" While some sections of the British press celebrate the Brexit vote in the UK, in the technology press there has …

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Freedom of movement

When I asked why they were offering so little, my friend replied that with the EU’s mandatory freedom of movement, the owners of the company "know that they can get away with it".

If thats one of your arguements for Brexit, do you think it works in a online techpaper thats talking about a lot of British companies outsourcing to other countries?

If we trade with Europe freedom of movement is still going to be happening so your friends sorted, if not he can go contact someone in the often used Asian market, or other commonwealth countries. So I can't see there being a sudden pay rise for developers because we have left Europe.

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Re: Freedom of movement

"If we trade with Europe freedom of movement is still going to be happening..."

So any company that trades with an EU country has to open their borders to EU inhabitants? Oz, Canada, USA, Japan ,..... ?

Rilly?

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Re: Freedom of movement

Mike 140 - Is Rilly your name? Or did you mean really?

No, any country that operates within the single market is subject to free movement of money, people, goods and service! You don't have one without the other three. Since so much of the UK economy relies upon the single market (inc. our banking and finance sector which employs over 2m people) we'd be insane to leave it!

So for this alone, his friend is sorted, as freedom of movement is a condition of being part of the single market.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

No, though the Europeans are making it clear that we can't keep the relationship we currently have, where free trade goes with free movement of people. Whether they'll stick to that will come down to the negotiations I guess. If they desperately want to trade with us they'll come to a deal, if they think they can get the trade they need and charge us a bit of tax on the way, they'll do that. Don't forget there's political pressure from the EU to not make this too easy for us else it'll encourage other breakaway states.

A quick Google reveals that, as usual, this is massively more complex than it originally sounds: https://en.wikipedia.org/wiki/Free_trade_areas_in_Europe No wonder Dave ran as soon as he realised what he'd been lumbered with sorting out....

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

I've read that one possibility is trade and free movement with the original six EU states and maybe the EFTA states.

Whether that'll fly is something else.

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Anonymous Coward

Re: Freedom of movement

So for this alone, his friend is sorted, as freedom of movement is a condition of being part of the single market.

Funny. I was talking to lots of my relatives last week (>20), all for Leave, and all basically stating that the freedom of movement was exactly what they did not like about the EU

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Re: Freedom of movement

" Since so much of the UK economy relies upon the single market (inc. our banking and finance sector which employs over 2m people) we'd be insane to leave it!"

The customs union you call a single market costs more than we get from it. We would be very sane to leave it. The transitional period will be painful, but, then so would be being in the EU when it finally collapses.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"If they desperately want to trade with us they'll come to a deal"

The point being they don't need to. Seriously. They won't be that desperate.

If it all falls through to WTO rules then there's shitloads of extra paperwork for anyone making anything here and exporting to europe or vice versa. There's also a 10% tarriff on motor vehicles.

The UK is a small market compared to the EU, which means that EU companies don't need to be bothered with the paperwork, but UK companies do (which means extra costs and difficulties) - and that 10% tarriff means that pretty much every multinational automaker is going to run down production in the UK vs mainland factories simply in order to remain competitive - which in turn means that all the suppliers to the factories here will suffer. Carmaking is a large chunk of what remains of the UK economy.

The extra paperwork means than any outfit with a substantial sales presence in the EU is going to move where the paperwork (and costs) are reduced.

Banks are already moving, as they can't take uncertainty. It's nice having all that stuff here in terms of tax take but once an avalanche has started the pebbles don't get to vote. Even if the businesses themselves don't pay much tax, the employees do.

As for salaries: depressed pay is a "thing" right across the EU and London/SE England is just an extreme example of where it hasn't kept pace with costs. I know a bunch of UK people who've moved to Romania for various support work and are very happy. It's not what you get paid which counts, it's how much you have left at the end of the month.

I'm pretty firmly convinced that Brexit or no Brexit, now that that companies have started moving out, that can't be reversed. The kind of incentives needed to keep them in the UK are illegal under EU rules and probably insufficient if outside the EU.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"The Europeans are making it clear that we can't keep the relationship we currently have, where free trade goes with free movement of people. "

I think you've got it bass-ackwards there.

The EU is saying to the UK that the UK _CANNOT_ have free trade without free movement.

The UK is trying to get tree trade without the free movement and that's simply something that will not be allowed. The UK has been whining and footstamping in the EU like a petulent child, getting concession after concession, but this is a step too far and the thing that will cause the entire EU to close ranks and say "NO", along with cancelling every single existing concession.

There are 2 choices on the way forward:

Brexit: Start from scratch with no concessions and no free trade.

No-Brexit: Keep Free trade and free movement and try to retain some of the remaining concessions, otherwise we'll lose the lot.

The UK is about to be spanked and sent to its room with no supper. We are not a global power and haven't been for 70+ years - and don't think the Commonwealth will be any more sympathetic than the EU. This is hardnosed business stuff where if any outside country senses a weakness in negotiations they'll exploit it (just like New Zealand did in 1938-9 to lever a 100-year food supply contract at above-market rates. They weren't being friendly and sending all that mutton for free.)

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

The UK is a _small_ market? Sorry, I don't think that's the case. I'm not in the UK but I DEFINITELY understand how important to the world the UK is. Otherwise, why ELSE would all that "cheap labor" be flocking to the UK, instead of STAYING PUT?

It's because the UK economy IS important, and that's where the JOBS are. (other countries too, and they may be NEXT to vote 'leave').

Some years ago Google and other silicon valley companies were caught colluding to keep wages down, by agreeing to NOT engage in 'predatory hiring practices' with one another's employees (among other things, as I recall). It's therefore NOT surprising that companies would vote 'remain' to keep more 'free movement' immigrant workers in the 'available' pile.

(yeah we have a bit of a problem with that over here in the USA, too. I live in San Diego. Border issues and immigration are pretty important topics where I live).

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Happy

Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

" down to the negotiations".

Either you are in or out. This idiotic dream of cherry picking has nothing to do with the reality. The idea of gaining regarding the EU by leaving is just silly. It would be wrong towards each and every country in the EU, nobody wants that to happen, and it will not happen. And that has nothing to do with how we, as before, appreciate the UK and its people. But a crybaby, no thanks. The EU, even with 27 countries and +400M people is as an economic power much stronger than the UK.

Personally I still hope that you could come to your senses. Boris has apparently realized he cannot mend the mess he has created and Farage was born an idiot.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

Lars, rather than coming to our senses, many of us think democracy is worth fighting/paying for, so keep the "unreformed" Brussels autocracy, as we voted against it.

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JLV
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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

+1

And, another reason I think the Europeans will miss the UK is because the UK was pretty good at shooting down the more obviously stupid European initiatives, like France's longstanding desire for corporate tax homogenization. This loss of common-sense examination of the subsidiarity principle will be a loss for the EU as a whole, methink.

But that doesn't change much to the fact that a Brexit-ed UK will either

a) trade with the EU in a lot less integrated manner, having to go through a lot of Fortress Europe's trade red tape.

b) have preferential access status, as negotiated by Norway and Switzerland. However, "negotiated" in this case means pretty much having to put up with many of the same rules as everyone else and also paying some level of membership dues.

I suspect it will come down to b) and the net benefit is not obvious, except to British nostalgia. Shooting down strawmen like Hoberman, who well deserves it, doesn't magically result in magical ponies roaming the countryside, the author's opinion notwithstanding.

There is another option, which is that the Brexit concept becomes sufficiently unpopular (in the strict sense of the word) for the whole thing to be brushed under the carpet and Article 50 not being invoked. That might be an attractive solution, but in order to preserve democracy, it would have really have to be a strong, legitimate, grassroots movement. Not just the "we'll ask you again until you give the right answer" kinda crap that the Europhiles pulled on past referendums like the EU constitution votes. So I also doubt that will happen anytime soon.

BTW, I realize that one of the European fears about Brexit is that it becomes contagious. If the economics of it are as fraught as some of the gloomier Brexit scenarios, perhaps the end result will be just the opposite. With the UK having taken on France's traditional role of showing others which policies are best avoided.

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Unhappy

" freedom of movement was exactly what they did not like about the EU"

The technical term for your relatives is "played"

Because they have been.

Nothing changes for at least 2 years and this "taking back control" bo***cks leave banged on about is more BS.

You know how remain said the Australian style points system could increase the number of EU migrants?

Guess what. It could.

BTW I'm guessing at least a few of your relatives have private pensions. Props to them for taking the £74Bn hit on the share prices most of them are held in.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"It's because the UK economy IS important, and that's where the JOBS are. (other countries too, and they may be NEXT to vote 'leave')."

Exactly. The is certainly not the power it once was, and out of the EU may be even less of a power, but an advisory referendum suggesting that we might choose to leave the EU has already cause ructions all over the world in the markets and financial sectors.

It's likely that the UK will leave the EU, it might even be good for us in the long run, but that referendum is still legally only and advisory one. Parliament could, if it chose, ignore it. IIRC, the correct parliamentary procedure is for the Commons to vote on invoking article 50. The PM can't just unilaterally invoke it. And a larger majority of the commons supported the remain campaign. It could be very messy, but we could end up staying in the EU Even though I voted stay, I hope we do leave now. Staying after the vote could be worse than leaving.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"No wonder Dave ran as soon as he realised what he'd been lumbered with sorting out...."

Given that he was with remain why should he sort out leave's problems. Now Boris, first coming out with the "but not just yet" line and then ducking out completely...that you can certainly describe as running away. Did he ever think about what might be involved before the result came up? And have those who've signed up to run for the leadership thought about it at all?

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"doesn't magically result in magical ponies roaming the countryside"

You've just shot down the whole of Leave's economic policy.

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Thumb Down

The UK is proof that free movement of labour doesn't work. When a foreign employee is taken on that puts pressure on the local infrastructure. Unless the employer is contributing enough in taxes to cover those costs (which might be hundreds of thousands of pounds to pay for new housing so the local population is not adversely affected, more capacity in public services and transport etc) then the new job is a net loss to the host nation. The employee and employer may benefit but overall the host nation does not, as the overall cost of living increases and the poorer members of society are most affected. That is why so many people across a wide section of society voted for Brexit - they're not stupid, they know they're worse off thanks to freedom of movement of labour in the EU.

The EU can either learn from this mistake and adapt or it will continue to fail and become more unpopular. The alternative is the UK can take the initiative by bypassing the EU and begin a new free trade agreement with interested partner nations, not necessarily restricted to Europe. You don't need free movement of people for free trade and capital movement. The EU knows this but is attempting to block the UK to justify it's own bureaucratic existence and maintain the heading for an EU superstate.

A sensibly run system would only permit an employer to take on a foreign worker if the local authority gave assurance there was sufficient free accommodation and capacity in public services to take them on.

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Anonymous Coward

Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"...As for salaries: depressed pay is a "thing" right across the EU and London/SE England is just an extreme example of where it hasn't kept pace with costs. I know a bunch of UK people who've moved to Romania for various support work and are very happy. It's not what you get paid which counts, it's how much you have left at the end of the month."

That is correct. And to make matters worse. Why don't people question the price hikes for rent etc...

The article states "...Since those days, general compound inflation has been approximately 100 per cent, and rents have increased approximately 200 per cent..."

But more often nowadays these price hikes are pure theft. I've heard energy prices as a reason for a price increase while energy-cost have actually become cheaper the last 2 years. So people really should question this "inflation".

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Anonymous Coward

Re: Freedom of movement

you might want to relay this scenario to them: leaving the EU, but staying in EEA for single market access, means we have to retain free movement of people, but should Turkish accession talks get anywhere, the EU nations will get a vote (not UK), but free movement for Turkish citizens will apply across the whole of the EEA (including UK). Did they see that flyer that featured Turkey, Iraq and Syria (you know, the blatantly offensive one)? Well, their vote just took that scenario even further out of our control ....

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

So a handful of large companies are threatening to leave the UK. Does this mean that the are proposing to do no business in the UK what so ever? Some of those are the very companies that nearly bankrupted us anyway with their insane working practices, something that is clear they are still doing is you look at the way the "Markets" have been behaving. Make no bones about this, all the movement in the markets will be for the benefit of the organisations. Forcing currencies down is now a game so that the BoE or ECB pump money into the system that disappears straight into the coffers of the very organisations that caused the problem.

Life may be more difficult but what is simply not possible is for the UK to be the destination of every economic migrant in the EU. One only has to look at places like Wisbech, Boston, and Peterborough, they are essentially enclaves for Eastern Europeans, all using they system for what they can get. That is not their fault, the system is simply broken in the UK and the rest of the EU does not give toss because it does not affect them.

The UK is the principal destination because of the English language and the benefits system. The joke is that the density of the migrants is so high that they no longer need to speak English!

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

Some good points raised.

The EU as currently constituted cannot allow free trade without free movement.

Ergo Britain will not get a free trade deal, as free movement is by and large what brexiteers voted against. And they WON.

However that doesn't mean no trade, and I suspect a compromise of 'low tariffs' and 'some movement of some people' will be hammered out.

Carny has signalled low interest rates and that's dumped the pound a fair bit but restored the FTSE.

A low pound might offset EU import tariffs, but the reverse is true. A low pound and an import tariff makes EU goods very expensive. Good for the trade balance. Bad for the ailing Eurozone economies.

The net effect of that will be that British exports are unaffected to the EU, and improve to the rest of the world, whilst the EU loses market share to e.g. the rest of the Anglosphere, which is queuing up to do deals.

French wine even more expensive. New Zealand wine cheaper?

The real answer is of course that the doom and gloom forecasts were based on a lot of assumptions, most of which are imponderable.

What happens next depends on how we proceed, far more than the fact of exit. And whether the considerable increase in the ability to act politically independently, is used wisely or not.

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Pint

@ToddR: Re: So any company that trades with an EU country has to open...

Todd,

Well said Sir, please have one on me!

I mean, who'd a thunk it eh, some pesky Big Englanders deciding that what they want their country to do is more important than there 'betters' think?

Isn't democracy wonderful?

Also, lest anyone drivel on about 'omg what have you done?'/ 'screwing things for the younger generation...' An 'in vote' would have suited my wife & I as well as my nascent UK-based export business much more than the decision we made...

We view it as a greater good!

Cheers,

Jay

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

Otherwise, why ELSE would all that "cheap labor" be flocking to the UK, instead of STAYING PUT?

'cause, strangely enough, life can be shittier with shit on top in places like Romania, even though they are EU member states, they are still 3'rd world in many respects. The cleaning lady at my former job was a Romanian veterinarian (There *could* be an opportunity there is once can find a way to employ all of those immigrants at their actual skill level rather than the menial level society deems appropriate for foreign riff raff).

This is exactly what wrong with EU, according to the continentals: Too much 'free trade and markets', too little 'humanity'.

Which is one of several reasons why "our" side of the pond are not exactly clamouring for the immediate return of the UK and there is just about Zero political support for yet another special deal with the UK.

The words coming out of the national (even the right-wing nationalists) politicians are generic regrets over Britain leaving and nothing else, they are leaving the discussion to the EU, which will go exactly By The Book. Even Boris didn't want to be holding that grenade after pulling the pin on it!

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

Life may be more difficult but what is simply not possible is for the UK to be the destination of every economic migrant in the EU.

That is not entirely the fault of the EU .... You should maybe have considered that fighting the EU so hard for the "right" to have zero-hour contracts and no minimum wages would induce businesses to import only the most desperate workers, those willing to put up with anything, was maybe not in your own interest?

As far as I remember, one had to work in the UK for 1 year before being eligible for any benefits at all.

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Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

"The point being they don't need to. Seriously. They won't be that desperate."

Actually, that's not strictly true.

See, there's been a lot of comparisons for this - like the EU accounts for 50% of British exports and Britain only accounts for 12% of the EU's - which are true, but they're also a bit disingenuous, because the EU isn't a single country. It's a collection of individual countries which each have their own trade relationship with Britain operating within that single market. And some of them really are going to be pretty desperate to have access to the British market... especially Germany, who need to be able to compete with the rise of China.

Britain is Germany's 3rd largest export market, and it's place is not going to be taken by Italy or Romania or some other country that's remaining in the union. That introduces a lot of business pressure on Merkel's government to try and maintain free trade with Britain - pressure she's very likely to fold under, even if she does so while throwing out lots of bluster about how Britain cannot 'have its cake and eat it'.

Germany arguably needs Britain's markets more than Britain needs Germany's, in fact, given that German is an engine of manufacturing production and Britain is mostly a clearing house for international capital. Expect to see a lot of posturing on the German side before a relatively sweet deal is offered.

France is a little different; they have a much, much greater need to prop up the EU and the Euro because any hint of collapse would cause more or less all the capital in France to flee across the Rhine overnight, reducing the country to near-medieval poverty very quickly. They also have a larger Nationalist Right than Germany's relatively marginal one, and a lot more of their population has grown Euro-skeptic in recent years, so they have to prove that Frexit would be a disaster. France's position is much more likely to hinge on a punishment position, though Germany industrial interests will likely in out in the end (as they more or less always do in European politics).

Italy and Spain are in economic chaos and really just need to get a deal sorted quickly. Poland is a rising star but still lacks much clout compared to major powers. Sweden is similarly middle-ranking, and while it can make it's voice heard it's not particularly interested in punishment politics. No-one else in Europe really gets a say in the matter, no matter what everyone likes to pretend; they're just present to hold Germany's currency valuations down and soak up excess production.

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Re: free movement is by and large what brexiteers voted against.

So what?

The question was whether the UK should remain in the EU or not. No mention of the EEA.

Since 48% obviously supported freedom of movement/EEA membership because that is part of EU membership, it means that if less than 24 in 25 exit voters support leaving the EEA then there is no mandate to leave the EEA.

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Happy

Re: So any company that trades with an EU country has to open their borders to EU inhabitants?

@sabroni

"If they desperately want to trade with us they'll come to a deal, if they think they can get the trade they need and charge us a bit of tax on the way, they'll do that".

Please sabroni, while I know the world is complicated, it's not the exporting country that puts "a bit of tax on the way". And as for "desperation" is it not rather the UK that is out desperately begging for additional advantages.

And Dear Sabroni, Britain will import what it needs as before, and I would advice you to try to understand why "London" voted remain. This whole Brexit farce had hardly nothing to do with trade but the result will affect it. Well, you will by what you need, and so will I.

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Delusional

"The UK is proof that free movement of labour doesn't work", do you have any further reason why free movement of people, as opposed to generations of under-investment is to blame https://en.wikipedia.org/wiki/Correlation_does_not_imply_causation

"When a foreign employee is taken on that puts pressure on the local infrastructure..."

Where as when a Londoner moves to Preston, the local infrastructure is unaffected, as the housing, social provisions magically adjusts itself...

A sensibly run system would only permit an employer to take on a foreign worker if the local authority gave assurance there was sufficient free accommodation and capacity in public services to take them on.

You are arguing for a command economy, please consider moving to a country with such a regime and allowing us, including me a British born chap, the freedom to run my business and trade with the EU, including working shock horror, in Europe, and earning Euros, and paying VAT, Corp Tax, NI, Income Tax to HMRC. I was lucky enough to work on a E.U. funded science project, it meant the E.U. paid for the open sourcing of scientific data, money which was spent in the U.K.

Explain how my business taking money from the E.U. and paying tax here *because* of free movement is "is proof that free movement of labour doesn't work".

I think your premise is flawed, and your prescription for toothache is decapitation, thanks to you, and your ilk, we are worse off, and likely to have one of the most illiberal home secretaries in our history as PM.

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Anonymous Coward

Tell your friend I'll do Junior coding for 25k. I already live here. It'd be nice to have a 5k payrise

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Anonymous Coward

Too late, your jobs off to india instead now!

http://www.hindustantimes.com/world-news/brexit-promises-massive-boost-to-india-uk-relations-minister-priti-patel/story-UaYX6DMnHxUW2QipS537cK.html

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It looks like Patel wants to replace EU cheap labour with Indian cheap labour by giving Indians visas to level the playing fields.

That's not going to make her very popular with a section of her fellow Brexiters.

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Anonymous Coward

Yes but its a choice we at least can make.

If we truly are that unhappy about it, (I doubt) We can vote the people responsible out and new people in.

And on top of all that if it too extreme we can curb it rather than just shut it off, we don't have any of the above options if in the EU, just chin up and accept it.

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...and to be honest, the vast majority of IT jobs are not highly paid, highly skilled, high demand jobs any more. The few high flyers who do the high end work, yes, they get the big bucks and travel the EU or the world, picking and choosing the work they do but most of us grunts are happy to have a job, My job pays almost the same as it did 10 years ago, maybe a bit less in real terms. But my mortgage is paid off, I enjoy the job and it;s enough for our lifestyle. I'm happy. But there's a big market out there of people with the skill levels I have. I just have 25 years experience.

So for most of us, being in or out of the EU and free movement is far far less of an issue than it is to the high flyers.

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Re: Priti Patel

No, just levelling the playing field.

Euope no longer gets special status so india has to be considered in equivalent terms.

Good.

Watch Priti. One hell of a smart cookie.

We will have a deal with India before we have one with the EU...

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Legal Headaches

"The EU has primarily been a source of legal headaches"

Of course it has; within the EU it is the source of regulation. To me it makes sense that a single trading bloc will try to harmonize regulation. But, regardless of whether you agree with that or not, surely it is rather simplistic to expert that regulation will go away. You'll just get your legal headaches from trying to comply with UK regulation instead.

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Re: Legal Headaches

In other news, the vast majority of arrests come after interaction with police. Therefore if we abolish the police, crime will disappear!

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Re: Legal Headaches

"rather simplistic to expert that regulation will go away"

A lot of it should. In the EU much of it was bought by large companies to help stifle competition from large companies outside the EU and smaller companies everywhere.

Big business loves regulation because small business finds it much more expensive.

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Re: Legal Headaches

"Big business loves regulation because small business finds it much more expensive."

Well, as a consumer I'm all in favour of safety and efficiency regs for, say, electrical equipment. And my industrial clients seem to be quite happy with the regs for, say, power tools and lifting equipment.

In fact we've long had regulations like that. The difference is that on the whole there's now just one set of regulations. That makes it much easier for creative and specialised small companies, with a limited regulatory compliance budget, to sell their kit to a much larger market. So harmonised regulations benefit small businesses.

There is still a plethora of national regulations, especially for stuff that doesn't move, like buildings. So, some building products come under EU product regulations, but building regulations are different in England, Scotland, the Netherlands, etc.

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Re: Legal Headaches

And if we don't like the UK regulators, we can vote the bastards out at the next General Election, gedditt?

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Re: Legal Headaches

In other news, the vast majority of arrests come after interaction with police. Therefore if we abolish the police, crime will disappear!

For some reason I was just reminded of Thatcher.

http://www.mirror.co.uk/news/uk-news/margaret-thatcher-dead-how-bashed-1819966

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Margaret Thatcher

Margaret Thatcher 1925-2013: How she bashed miners and the unions but backed yuppies

13:37, 9 Apr 2013

Updated 12:16, 10 Apr 2013

By Mike Ridley

After Baroness Thatcher's death at 87 , we look back at the strikes, riots and yuppie boom

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John Harris Leslie Bolton from 'Women Against Pit Closures' defends herself as Police mounted on horseback attack, Sheffield

Margaret Thatcher's second term saw Britain's economy boom... but prosperity for the rich was paid for by millions of working men and woman.

The result was that the 80s saw Britain under Thatcher bitterly divided - while champagne corks popped in the City, the unions reeled from her assault on organised labour.

In the spectacular stock-market boom of the late 80s, Britain's rich became even richer.

Half of all the tax breaks brought in during Thatcher's 11 years in office went to the top 10%.

The Big Bang which revolutionised the way the City of London operated, throwing out hundreds of years of safeguards, brought untold riches to City spivs as Thatcher sold off the family silver, privatising state-run utilities such as British Gas and British Telecom.

A flurry of privatisations followed - of electricity and airlines - which raised a fortune for the Treasury.

City whizzkids, nicknamed yuppies, short for Young Upwardly-mobile Professionals, made huge bonuses by shifting money around the globe, contributing nothing but their ability to play a market."

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Re: yuppies

The last line says it all

"contributing nothing but their ability to play a market."

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Do you really think the salary on offer would have been £100k if the UK had been outside of the EU?

Or that the job would exist at all?

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To be fair within a few years an average starter salary may well be £100k. Of course, it will only be about $25000, but still...

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Anonymous Coward

Let cooler heads prevail...

At last sanity speaks!

Are we better off in the EU, probably, but will the sky fall down, will the four horsemen be seen in a street near you because of Brexit? Probably not...

Meanwhile, life carries on as normal.

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Silver badge

Re: Let cooler heads prevail...

I disagree. By the four horsemen I take to mean - Teresa May, Teresa May (again), Michael Gove, and that scrawny, creepy looking, mole-faced fuckwit... Michael Gove.

So actually then... we have a one horseman + one horsewoman of the Apocalyse cluster in a fault tolerant active-active configuration.

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Anonymous Coward

Re: Let cooler heads prevail...

...and Princess Diana is still dead

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Big Brother

Re: Let cooler heads prevail...

It's now time for the return of King Arthur.

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