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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

25 Nov 2016

The EU is not for turning

Incoming president of the EU Joseph Muscat (Malta) has declared that the EU will not be prepared to allow the UK to be part of the single market when it leaves. 

This will put more pressure on the supporters of Brexit who are implying that single market access is achievable after leaving the EU.
Muscat takes the position that there are a great deal of details to be negotiated, not least of which will be the 'bill' the UK will have to pay - this is something that I was not previously aware of, but looking into it has been a bit of an 'eye-opener'.
There are talks of a £350m-a-week 'divorce' settlement to cover UK obligations, which is exactly the amount that the BREXIT campaign said could be channeled from the EU into the NHS. On the other hand, it is just for the 12 months after we cut ties, but I don't recall ANYONE mentioning this is any debate?
The more we learn about the cost of leaving the EU, the more I wonder whether our government (all sides) has seriously mis-informed us regarding BREXIT, and then I am left wondering why they would do that??
I am never one to be impressed by conspiracy theories, but I am starting to seriously doubt the real drivers behind the so-called 'Remain' campaign.

So how will this affect us?

Well, we are still so much in the dark, and there are so many unknowns that we can't be definite. One thing I am becoming more certain of is that the negotiations are almost bound to fail, and we will find ourselves outside the EU on EU terms, and not our own terms. That is certainly the message we are hearing from the incoming president. Muscat will be president from January for 6 months, so will be in charge when Theresa May plans to trigger article 50 in March

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