OT. The futures Bright, the Futures Brexit!!!

[swaledale]

Another Brexit bonus for the Uk consumer, they really so keep on coming!!


Mastercard will increase fees to at least 5 x existing rates from October this year when a British shopper uses a debit or credit card to buy from an EU-based company.

Mastercard and Visa charge an “interchange” fee for every debit or credit card payment that uses their networks. The EU introduced a cap on such fees in 2015 because there were concerns that hidden fees resulted in millions of euros in costs for companies and higher prices for consumers.

The cap no longer applies to some transactions post-Brexit, because payments between the UK and European Economic Area are now deemed “inter-regional”. Although credit card companies do not ahve to raise fees, they are now free to do so as a result of Brexit.

From October 15, Mastercard will charge 1.5 % of the transaction value for every online credit card payment from the UK to the EU, up from the current rate of 0.3 % This fee is paid to the banks, so does not benefit Mastercard itself.

The result will be higher costs for shoppers if companies choose to pass on the fee, further increasing the cost of purchasing products from EU-based companies. This in addition to the increased red tape imposed on buying and selling products between the UK and EU after Brexit, adding to costs are the customs and VAT charges now being imposed.

[ramAnag]

...and another. Anecdotal I know, but probably indicative.

I’ve just arranged to send a gift to a friend in Europe.
What used to be a simple and cheap task now costs significantly more and the paper work involved took the best part of five times as long as it used to to satisfy new UK/EU customs procedures.

God only knows what those who have livelihoods depending on these ‘frictionless borders’ we were promised are experiencing...but thanks Nigel, Boris, Michael, MoP and Ram...things are just so much better and ‘brighter’.

Next I can start ordering my Green Card and prepare (hopefully in September) to join the infinitely longer queues to enter the continent I used to feel a valued part of. Once more...thank you so much and please let me know when there’s the slightest evidence of any benefit.

[Geoff Parkstone]

There is benefit to the continentals in keeping you out for longer!!

I can see many things in the post brexit deal that will make trade far less frictionless than it was sold as being, but they can be overcome once people are used to the new measures. But honestly, complaining that it takes longer to go on holiday is so far down the list of things that matter as to be out of sight. Ask yourself this, as a retired gentleman of leisure, how else are you going to fill up the time between now and the moment that you shuffle off this mortal coil.

Standing in queues moaning about being in this queue or the next one is giving you something to do in life!!

[ramAnag]

There is benefit to the continentals in keeping you out for longer!!

I can see many things in the post brexit deal that will make trade far less frictionless than it was sold as being, but they can be overcome once people are used to the new measures. But honestly, complaining that it takes longer to go on holiday is so far down the list of things that matter as to be out of sight. Ask yourself this, as a retired gentleman of leisure, how else are you going to fill up the time between now and the moment that you shuffle off this mortal coil.

Standing in queues moaning about being in this queue or the next one is giving you something to do in life!!

Silly ‘smartarse’ comment that conveniently ignores the point of my post. You’re better than that GP...sometimes.

[Geoff Parkstone]

Not at all. The point is that there are many infinitely greater problems in UK:EU relations and trade to be sorted out as they bed in that do not involve a minor inconvenience felt by you in going on holiday. The world will not end if you need to get to the airport 15 minutes earlier. if that is all you've got to lambast the deal with, then I feel its best not shared.

I've always taken you to be someone who can see beyond the end of his own nose, and thus could appreciate the problems that the transition will present to businesses over such things as EORI forms, customs declarations, VAT and so on. Focus on what's important for the country, not on your holiday queues and your concerns may be taken more seriously!

[Andy_Faber]

...and another. Anecdotal I know, but probably indicative.

I’ve just arranged to send a gift to a friend in Europe.
What used to be a simple and cheap task now costs significantly more and the paper work involved took the best part of five times as long as it used to to satisfy new UK/EU customs procedures.

God only knows what those who have livelihoods depending on these ‘frictionless borders’ we were promised are experiencing...but thanks Nigel, Boris, Michael, MoP and Ram...things are just so much better and ‘brighter’.

Next I can start ordering my Green Card and prepare (hopefully in September) to join the infinitely longer queues to enter the continent I used to feel a valued part of. Once more...thank you so much and please let me know when there’s the slightest evidence of any benefit.

Genuine question here rA, nothing ‘trick’ about it - compared to the early 80’s (that was when I first started using planes for travel) do you consider the process of air travel better or worse and for any ‘worse’ elements who do you blame? If you’d rather not answer because someone else might make an issue of it, fair enough.

[MadAmster]

I buy and sell records.

Pre Brexit.....

I sell a record to someone in the UK for £80. It cost a further £7 to post or £11 track n trace. Total cost £87 or more with track n trace.

Post Brexit.....

I sell a record to someone in the UK for £80. It costs a further £9 to post or £14 track n trace. Add in £17.80 VAT on the combined cost of the record and postage costs. Total cost £106.80 or more with T&T..... almost forgot, the Tax will either be collected at the buyer's door when delivered by the PO or, also by the PO, when you pick it up from the sorting office. In both cases the PO charges a £12 handling fee so the total cost is £118.60. Not sure of the threshold figure for import duty on top of that (£135??).

Doing the reverse journey when buying a record from the UK, nothing has changed, pricewise and anything under €22 still attracts no VAT charges. Goods received from the UK valued over that now attract 21% on goods + postage. Anything over €135 is liable for import duty as well.

Basically, I'd have to knock 30% off my prices to be as attractive a seller to the UK market as I was before Brexit. No huge problem for me because I'm not a business, just a DJ/collector who buys and sells (buy way more than I sell) 45s as a hobby and do not make a profit from the music industry, quite the opposite in fact. I get nowhere near the threshold of having to register for VAT but they still collect it from me/my sales.

[Geoff Parkstone]

Magnify that up to business levels, a significant issue to work round MA. But let's worry about taking a few more minutes to go on holiday 😘

[Trickytreesreds]

After 9/11, all flight bordings got longer with earlier check ins and more in depth security screening. It has probably put an extra hour on travel plans for everyone.
Is it a travesty of justice? No it isn't. It was what was required and everyone just gets on with it.
If the EU want to make me wait another 15 mins, while they play their paper work games, I'll live with it.
Worse things happen in life.

[swaledale]

Magnify that up to business levels, a significant issue to work round MA. But let's worry about taking a few more minutes to go on holiday ��

Me thinks your taking rA's comments out of context! he certainly wasn't claiming its a massive inconvenience, just an added bit of cost, trouble that wasn't there before. Of course add in things like the 90 day limit on stays in the EU, and other hassles and for some people, its certainly not a benefit of Brexit to have more complicated arrangements.

The impact on business, especially those that sell direct to the consumer from the Uk is much more severe, exactly why i was advising such firms to set up subsidiaries within the Eu, or even relocate their HQ's there, despite some questioning that the Uk would be dumb enough to agree a deal which saw such added extra costs.

My response was simple - theres a reason arch Brexit supporters like the Dyson's and Rees-Moggs are shifting their HQ and business operations abroad! Sure enough it has come to pass. of course I feel sympathy for the lost jobs and lost revenue to the UK, even more for the millions we will lose in services, but hey ho apparently we voted for that!