One of the things we’ve been told about this Brexit, this leap that takes us free of the grip of Brussels, is that the financial markets will go into cataclysm. Not so much because Britain will be free, nor that Europe will be bereft of our cash contributions, but because legal matters will mean people simply cannot trade. Or, in one variant here, that trillions upon trillions of contracts already extant will become unenforceable. Cue the entire implosion of civilisation itself.
This has, of course, always been the utmost rot. But some did believe it, or at least believe it enough to spout the nonsense. And now we’ve a solution:
Contracts worth £45 trillion which had their legal status thrown into doubt by Brexit have dodged a cliff edge, thanks to last minute legal provisions from the EU Commission. The move follows months of lobbying by UK regulators with Brussels. The Bank of England has repeatedly warned that disrupting the derivatives market was one of the most significant threats to financial stability generated by Brexit. While the UK government moved to ensure contracts between UK and EU counterparties would still have legal clout in the event of a ‘no deal’ Brexit, Brussels had not done likewise until now.
We here in Britain had done the work to sort things out. It was only Brussels causing any delay and now they’ve finally shifted their frites-fed derrieres and we’re sorted.
The thing about this being that sure, there are a number of such points and problems out there. All of which are suitable for the same treatment. If there’s a problem with the paperwork then change the paperwork. And?
It’s not as if our lovely continent is actually short of bureaucrats to change the paperwork now, is it?