UKs Brexit divorce bill stood at 36.7bn in 2021, EU audit reveals – The Guardian

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The UKs Brexit divorce bill stood at 41.8bn (36.7bn) in 2021, according to the EUs official auditors.

The European court of auditors annual report revealed that the UK was expected to make 10.9bn in payments to the EU during 2022.

The Brexit divorce bill was down from 47.5bn (41.7bn) in 2020, reflecting payments made by the British government.

Tony Murphy, the president of the European court of auditors, said the final amount the UK pays to the EU was not expected to change much. Overall its pretty stable; there could be some adjustment, but I dont think it will be that significant.

EU estimates of the Brexit financial settlement have tended to be higher than those of the British government, which forecast Brexit spending commitments between 35 and 39bn.

The Treasury, however, in July revised the Brexit bill upwards by 5bn, from 37.3bn to 42.5b, blaming the rising cost on meeting the UKs obligations to pay EU staff pensions.

The Brexit financial settlement largely consists of EU projects the UK agreed to co-fund during its time as a member state, a category worth 28.6bn, according to the court of auditors. The second largest component, 14bn, is the cost of EU staff pensions, reflecting liabilities incurred during Britains 47 years of membership. Smaller elements include loan guarantees offered by EU member states, including the UK, to countries such as Ukraine.

When Britain left the EU on 31 January 2020, it had agreed a way to calculate the divorce bill, but not a figure. The final total depends on variables such as projects being cancelled, actuarial estimates changing, and EU loans going bad.

The report was published amid an improvement in EU-UK relations. Liz Truss, in contrast with her domestic troubles, smoothed relations with European neighbours last week by attending a European summit in Prague that brought together EU and non-EU countries to discuss the war in Ukraine.

Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning

EU diplomats, however, say they have few illusions about her stance on the EU. The governments emollient tone on the Northern Ireland protocol is attributed to its domestic troubles and turbulence on financial markets, which are seen as reducing appetite for a trade war with the EU.

A UK government spokesperson said: These figures were originally published in the EUs 2021 annual accounts and are consistent with the Treasurys latest estimates. We recognise the importance of ensuring that taxpayers money is well spent and are committed to transparency we regularly report these figures to parliament.

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UKs Brexit divorce bill stood at 36.7bn in 2021, EU audit reveals - The Guardian

How Brexit nearly scuppered the festival of Brexit – The Guardian

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For some, the whole project was supposed to be a celebration of Britains departure from the EU. Which means there is more than a little irony in the fact a main concern of the festival of Brexit organisers was the impact of leaving itself.

Disruption to the supply of workers and materials, as well as increased costs, emerged as one of the risks overshadowing the project, according to records.

The 120m festival was controversial from the moment it was first announced by Theresa May in 2018, but this week was in the firing line once again after the spending watchdog said it is investigating after a series of rebrandings Unboxed: Creativity in the UK amid concern visitor numbers were less than 1% of early targets.

Though the festival failed to win over many who voted remain in 2016, some in the arts sector are suspicious the latest attacks have been led by Tory politicians, with some already on record as being unhappy at an apparent drift from the original idea of a post-Brexit festival that would showcase the best of British creativity.

Days after Julian Knight, the Tory chair of the Commons culture committee, said the project had been a catastrophic failure, its organisers remained guarded while there was no sign of its chief creative officer, the arts impresario Martin Green.

Among the few festival partners to speak out in defence of the festival was Liz Pugh of the outdoor arts organisation, Walk the Plank, who argued that the festivals legacy and true value would become apparent in the longer term and would outweigh the current focus on spending.

At the moment there is a feeling that the bean counters are not happy with how many beans there are, and that roots it very much in a financial and economic framework. Of course there needs to be accountability and value for public money, but we should allow for the other benefits as well, said Pugh. Her company was involved in the production of 20 large-scale outdoor artworks in secret locations across outstanding landscapes.

The festival, which runs until mid November, was unprecedented in the way arts companies had come together with collaborators in science and technology, creating internships and roles for students in the midst of a pandemic, she said, adding that they wouldnt have anything to do with it if it had been about Brexit.

I think that in years to come there will be many exciting things happening in the arts, and beyond, that came out of conversations that started during Unboxed, said Pugh.

Phil Batty, executive director of Unboxed, also pushed back agains Knights claims, adding: The project isnt an unmitigated disaster. It has really gone out of its way to engage people in all corners of the UK.

Like others involved in the 120m project, Batty believes there will be a strong success story to tell the National Audit Office (NAO) as well as a legacy in the form of job creation and investment across the arts sector even if its efforts were hampered by being associated with Brexit.

From the outset, it was never designed to be a Brexit festival that was never in a brief we were given. We were set two objectives by all the governments of the UK. The first was to bring people together. The second was to celebrate creativity, he added. Batty reiterated final visitor numbers will be far in excess of the figure of 240,000 frequently cited this week as the number that had visited events.

Brexit appears at no point in the published minutes of meetings convened over the past two years by the festivals board of committees and audit committee though it makes an indirect appearance in those from a meeting in September last year, which state: A new risk around logistics including purchasing commodities form the EU and the changing macro environment was identified including supply chain, tech and production, goods like timber, technology chips and labour market.

Other minutes show organisers continued to monitor a range of risks to the project, though only a sliver of the discussions are recorded. Those from a meeting in April last year, referred to the festivals branding, stating: It was noted that there are political sensitives to be considered.

Minutes from a meeting last January refer to reputational risk concerning the geographic spread of live events, but add: All committee members felt the conversation to debate new locations had passed and would now be a distraction from delivery. The chair would inform the board that the focus is now on reach of current activity.

Other records, such as a list of big ticket areas of expenditure which will be a focus of the NAO investigation, show how the project was a boon for a small group of consultants, particularly those working in branding, advertising and marketing.

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How Brexit nearly scuppered the festival of Brexit - The Guardian

Forget austerity, we need to reverse Brexit if we are to enjoy any form of economic growth – iNews

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October 17, 2022 5:12 pm(Updated 5:33 pm)

For years the trend in GDP growth in the United Kingdom was 2.5 per cent, but since the financial crisis in 2008 we have struggled to get anywhere near this level. So it may have seemed reasonable to Conservative Party members tasked with electing a new leader to choose Liz Truss with her promise to prioritise growth.

The problem was that her chosen route, supported by her close friend and then chancellor, Kwasi Kwarteng, to reboot the economy was to institute unfunded tax cuts without the reassurance of a commentary from the Office for Budget Responsibility. Combined with a government-funded cap on energy prices, this spooked the markets, led to a collapse in the value of the pound, a sharp decline in the prices of government bonds and almost brought down a number of pension funds, necessitating an intervention by the Bank of England.

The previous chancellors poisoned chalice has now been handed to Jeremy Hunt and he has announced the reversal of virtually everything that was contained in Kwartengs mini-Budget. All that remains is the reversal of the National Insurance increases introduced by Rishi Sunak, stamp duty cuts, and support for households and businesses with energy bills to be reviewed in April 2023. The Truss Government had originally said that the support would be in place for two years, but Hunt has seemingly listened to Labour leader Keir Starmer who had been saying that six months was more fiscally responsible. Hunt added that further help after April would be targeted at those who need it most.

For the moment, the markets seem to have been reassured by Hunts statement. The currency markets saw a U-turn coming before the weekend and the pound strengthened. The prices of long-dated UK government bonds improved in response to the statement, with yields reducing by 0.5 per cent to 4.3 per cent. For the time being, things seem calmer, but the cost of government borrowing is still considerably higher than it was before the mini-budget.

All of this leaves big questions about the future of Liz Truss. When she appointed Kwarteng, she made it clear that cutting taxes and promoting growth was their vision, not just her vision. And yet, when it all went wrong, she seemed to think that calling her chancellor back from an IMF meeting a day early, sacking him and replacing him with Hunt would be sufficient to save her own skin.

Given that she only had the support of one-third of the Conservative parliamentary party in the leadership election, she could not afford to make any mistakes, and it is clear that Conservative MPs are now trying to find a way to replace her without having another divisive leadership contest involving the membership. It seems highly unlikely that Truss will still be Prime Minister by the end of this week.

Many are now calling for a General Election, but there is little likelihood of that. The Conservatives may have lost a few seats in by-elections, but they still have a hefty majority. They are facing electoral defeat whether they go to the polls now or in early 2025 but it is too much to expect that they might consider putting the country before their own jobs. No, we are in for another two years of disastrous Conservative rule during which time we can expect a deep recession accompanied by continued inflationary pressures, strikes, falling house prices, rising interest rates and the full economic impact of our departure from the European Union.

Speaking of Brexit, it is time for the Labour Party to stop avoiding the issue and face up to the fact that we need to rejoin the single market if we are to have any hope of achieving economic growth. I find it infuriating that Starmer, who was after all the Shadow Brexit Secretary, refuses to accept that this is essential if we are to recover from the horrors of the last few years.

His failure to even mention Brexit seems to be borne of a fear that the Red Wall seats will stick with the Conservatives, but that seems unlikely to me in the current circumstances. He needs to be brave and try and reunite us in some way with the rest of our continent. That is the only way that we can come back from the destruction that has been brought upon us by Boris Johnson, Liz Truss and all the other careerists who have put gaining power for themselves over their countrys welfare.

Nicola Horlick is the chief executive of Money&Co

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Forget austerity, we need to reverse Brexit if we are to enjoy any form of economic growth - iNews

Is the Brexit ideology running out of road? – RTE.ie

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Many Conservative party members will be wondering where they go from here.

There is talk of damage limitation and trying to save as many seats as possible in the next election.

The latest polls show the Tories on just 19%, with Liz Truss's approval rating at 9%. These are historic lows.

Electorally those figures would represent a wipeout never seen before in British parliamentary history.

Party members might look at how they got here, and it is hard to find anyone who disagrees with the idea that the Tories, and Britain as a whole, has arrived at its present state of political disarray on a journey that started with Brexit.

For a start it is hard to see how Liz Truss would have become Prime Minister if she had not fitted the demands of the hard Brexiteers. She was not a front runner for the leadership race but she was willing to unilaterally rip up an international treaty with her Northern Ireland Protocol Bill and won the support of the powerful ERG group.

Sure, she was a Remainer at one stage but then again so also were the vast majority of the British people.

However, there was a revolution and a lot of it had to do with a rejection of established ideas.

The vast majority of economic experts argued against Brexit. When the skies did not fall in after the vote in June 2016, Michael Gove gleefully announced that the "country has had enough of experts ... saying that they know what is best and getting it consistently wrong".

Ever since the Brexit referendum campaign started there has been this idea - almost a conspiracy theory - that there were shadowy forces or institutions holding Britain back. Almost like the "deep state" theory in the US.

For Brexiteers it was mainly "unelected Brussels bureaucrats". However, it was also often the British establishment itself - "the blob" as Dominic Cummings called it.

In her leadership campaign, Liz Truss posed as a disruptor who would take on the "Whitehall Machine".

The party membership enthusiastically endorsed her vision of economic prosperity despite warnings that the sums did not add up just as they had done with Brexit.

In her conference speech Ms Truss widened her attack to the "anti-growth coalition" including those who "taxi from north London townhouses to the BBC studio to peddle the status quo".

As well as continuing to blame others, there has also been a consistent reluctance on the part of the Conservative leadership to provide a plan.

There was no detail for the Brexit project. "Not even the sketch of a plan" as Donald Tusk then President of the European Council once put it.

Liz Truss and Kwasi Kwarteng tried to avoid providing detail for their economic revolution by saying it was not even a budget and therefore not subject to scrutiny by the official watchdog the Office for Budget Responsibility (OBR).

Even in his speech Mr Kwarteng did not give even the vaguest notion as to how the government would manage the 45bn hole in public finances resulting from the tax cuts.

The markets who free marketeers usually regard as the source of wisdom recoiled. The IMF issued a warning.

Instead of Brussels or economic experts, there were new targets. Incredibly, Business Secretary Jacob Rees-Mogg and Foreign Secretary James Cleverly started criticising the IMF as biased. They both said the IMF is "not a friend of the UK".

Liz Truss even accused the markets of "group think" and the Bank of England was also being blamed.

Take this quote from a column in The Spectator by Charles Moore complaining about the IMFs warning being "insulting" to Britain.

"It is best seen as part of a pattern, like the early attempts to reverse Brexit, or the US governments related interventions over the Northern Ireland Protocol".

Mr Moore urged the Prime Minister and Chancellor to "fight back".

However, Rishi Sunak, himself a Tory Brexiteer, had described Ms Trusss economic plan as a fairytale. And there were already signs that some of the almost delusional thinking behind Brexit was beginning to clear.

Liz Truss was the architect of the Northern Ireland Protocol Bill and did not deny saying once that the impact of a no deal on Ireland would only "affect a few farmers with turnips in the back of their trucks".

But ironically the Irish Government is reporting a sea-change in attitudes since she became prime minister or a "different space" as Foreign Affairs Minister Simon Coveney put it.

Northern Ireland Minister Steve Baker recently apologised for his hardline Brexit stance and even talked of "eating humble pie".

There are different theories on why this has happened. Northern Ireland Secretary Chris Heaton-Harris himself said it was the war in the Ukraine and the resulting economic difficulties that brought home the need for co-operation

Another theory is Heaton-Harris and Baker saw for themselves the complexity of the Northern Ireland Protocol situation and, as they are both hardline Brexiteers, there was no one left to criticise them for being willing to negotiate.

Maybe Liz Truss was anxious to get a deal to avoid a trade war at a time of economic difficulty.

Or maybe it was just the Brexit ideology running out of road.

In any event there will be those saying that the Conservative party needs to get out a map and, this time, plan a route for the road ahead.

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Is the Brexit ideology running out of road? - RTE.ie

Former Brexit Secretary Calls for Government Action to Curb SLAPPs – The Epoch Times

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Former Brexit Secretary David Davis has called on the government to take urgent action to stop so-called Strategic Lawsuits Against Public Participation (SLAPPs), as he raised in Parliament the case of several defamation actions which have been brought in the High Court in London against British media outlets.

Campaigners against SLAPPs say they are injunctions used by wealthy corporations and individuals to deter public interest journalism.

Davis used parliamentary privilege to raise the case of Jusan Technologies Ltd. (JTL), a UK-based company which The Telegraph, the Bureau of Investigative Journalism, and openDemocracy have claimed is linked to the former President of Kazakhstan, Nursultan Nazarbayev.

JTL denies it has any links with Nazarbayev and has served legal letters in which it says the claims are inaccurate and are causing financial losses to a UK company.

Labour MP Christian Matheson said he had tabled a written question in Parliament about the effect of SLAPPs on media freedom and was contacted by JTLs lawyers who urged him to withdraw that question.

Davis responded: They clearly dont understand parliamentary privilege. Secondly, what they are doing is trying to repress free speech and transparency in this country.

During an adjournment debate in the House of Commons on Monday, justice minister Gareth Johnson said: SLAPPs are wrong. They are a form of bullying and they need to be stopped and stopped through legislation.

MPs on both sides of the house called on the government to amend the Economic Crime and Corporate Transparency Billwhich is currently going through Parliamentto include curbs on SLAPPs.

Johnson said the governments proposals were not oven-ready, but he said the Ministry of Justice was committed to introducing legislation.

Several MPs said they planned to table amendments to the bill thatwould outlaw SLAPPs.

Dame Margaret Hodge, a Labour MP and former minister, said: We all agree the legislation is necessary, the problem is that if the minister doesnt take advantage of the legislation that is before uswhich is the Economic Crime BillIll tell you, hell be arguing behind the scenes on getting time for legislation for years and years and years.

She told Johnson, The opportunity is there, the need is there, please grasp that opportunity and put it down as amendments to the existing bill before the house.

Johnson said he could not give her that commitment and he said the governments position was that it would be better to have a single piece of legislation on the issue.

He said, The legislation at this stage is still being drafted and as a consequence its not oven-ready, if you like, to go straight into another piece of legislation thats before the house right now.

Davis said: The key issue is speed. If he can turn round to us at some point in the near future and say, yes, were going to do it in this session, yes, were going to do it soon, then hell find the Economic Crime Bill makes much easier progress than otherwise.

Last month Jusan Technologies issued a statement in which it said: JTL stresses that, in these lawsuits, it does not seek to silence truthful journalism in the public interest. JTL has no objection to robust reporting in relation to Mr Nazarbayev or his family.

However, to link JTL to allegations of corruption on the part of Mr Nazarbayev, as the articles that are the subject of the claims continue to do, is wrong. That is the basis for these lawsuits, it added.

PA Media contributed to this report.

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Chris Summers is a UK-based journalist covering a wide range of national stories, with a particular interest in crime, policing and the law.

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Former Brexit Secretary Calls for Government Action to Curb SLAPPs - The Epoch Times

UK is butt of jokes and its Brexit Britain to blame – The National

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On the diplomatic reception round, theyre loving the plight of the British government.

I hesitated there. I was going to say Liz Trusss government, but such is the speed of events and the chaos she has unleashed, that between writing and publication, the UK could be welcoming if that is the right word yet another Tory leader and prime minister.

One joke, Italian in origin, is that Britain is thinking of sending for the departing Italian PM, non-partisan technocrat Mario Draghi, to act as a stand-in. Another, from Greece, is that theyre on standby to assist in talks with the International Monetary Fund, something the Greeks are well-versed in. And from Egypt, that the Egyptian pound has better prospects than the British pound.

Theyre not exactly the sort of quips that spark belly laughs this is the discreet, half an eyebrow-raised world of foreign relations, after all but you get the picture. Significantly, too, all three relate to countries that traditionally have enjoyed far weaker reputations for economic stability and political certainty than the UK. Suddenly, London is bracketed in the eyes of the world alongside Rome, Athens and Cairo.

We cant say we werent warned. In the recent poll of Brits in The National, 52 per cent of respondents said they were not confident Truss would be an effective world leader. Just 6 per cent were very confident she would be. Again, 52 per cent said they thought Boris Johnson and the turmoil at Westminster had damaged the UKs global standing.

This authoritative survey of more than 2,000 adults was carried out in the first week of Trusss reign, in other words before then-chancellor Kwasi Kwartengs mini-Budget, the subsequent U-turns, his dismissal, the appointment of Jeremy Hunt and further major policy reversals. If the same questions were asked today, the verdict would be even more damning. Under Truss, Britain has plummeted down the charts.

What baffles foreign observers not just abroad but those living in the UK as well is why a nation usually viewed with respect for its probity and rigour where financial matters are concerned should unveil a set of tax-cutting and other interventions that were not funded. It was the sort of throw of the switch that you associate with a new, revolutionary regime than with familiar, reliable old Britain.

The cavalier nature of the announcement, in particular the non-scrutiny by a reputable independent watchdog, the Office for Budget Responsibility, was again, so un-British. On the international stage were seen as solid, stuffy; this was reckless, veering towards madness. OK, Britain had Boris Johnson as his prime minister but even Johnson, as much he as might have wanted to, did not rush, headlong into something like this.

Under Truss, Britain has plummeted down the charts.

Then, there was the timing. It was this last that saw what laughter there was quickly give way to anger at last weeks annual IMF meeting. Britain remains one of the worlds strongest, most influential economies. Any move it makes is bound to cause ripples in the markets. This though, was Britain provoking a series of earth-shaking tremors rather than a few gentle waves. Other countries, to put it mildly, needed these aftershocks like a hole in the head.

They were trying to deal with war, pandemic, inflation. Then along came Britain with an extra ingredient to lob into the mix.

It was unnecessary, uncalled for. The questions of why now, why all at once, were hard to answer except of course that Truss and Kwarteng wished to make a bold statement that they were different. This is what drove them witness, the firing of a senior Treasury mandarin, Sir Tom Scholar, regarded as someone who would put the brakes on what they were planning. They said it themselves: orthodoxy, of matching public spending with income, was to be ditched, it had held Britain back for a decade (one of Conservative rule, incidentally) and growth, growth, growth was to the order now.

Sly digs apart, other nations vented their frustration. US President Joe Biden called it a mistake and said it was predictable that Truss would have to backtrack. What happened shows how volatile is the situation and so how prudent we should be also with our fiscal and monetary mix, said Paolo Gentiloni, the EUs economy chief.

.

While the international community was shocked by Trusss behaviour, they were not entirely surprised. Theyve become used to Britain choosing to strike a different path.

In their eyes, weve completed the hat-trick: Brexit, Boris, budget. Indeed, much of the reaction towards the latter Truss-Kwarteng initiative can be explained by dismay and bafflement at the first two, especially the first. Every nation from time to time has a leader who is a source of wider amusement as much as annoyance. In this, Britains choice of Johnson was no different.

Brexit, though, was odd. Quite why we left the EU perplexed many overseas government heads, not just those in the EU. Its not the leaving, however, as much as what the UK has achieved since that has left them genuinely unimpressed.

The promised trade deals bonanza, the lifting of restrictions that held the economy back they simply have not happened, not in the volume as to be meaningful. The so-called Brexit dividend has not materialised.

This was reflected too in The National poll. A majority, 52 per cent, believed it was a bad thing that the UK left the EU, with a margin of more than two-to-one, saying that Brexit had generally gone worse than expected rather than better. Some 43 per cent said the trade deals the UK government had signed since leaving the EU have generally been bad for the UK. More than half of all adults wanted to see the UK aim to have a stronger relationship with the EU than at present.

Ironically, it was her determination to force change, to push ahead and shake Britain out of torpor, which saw Truss do what she did. It was the anti-growth coalition that she accused of holding Britain back, and make no mistake, Remainers who continue to fight the long-lost Brexit argument and cannot accept the result let alone respond positively to it, are firmly in that grouping.

The comfort blanket of the EU has been discarded. In trying to supply her country with what she saw as renewed purpose and distinct identity, in appealing to the same voters who also swallowed the boosterism of Brexit and of Johnson, Truss became horribly unstuck.

UK Prime Minister Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Here 'The National' looks at her time in power so far. Reuters

Published: October 18, 2022, 9:13 AM

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UK is butt of jokes and its Brexit Britain to blame - The National

Economy in crisis, Tories in meltdown: how I have told the sad, strange story of Britain – The Guardian

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Since the 1990s Ive been interpreting events in Britain for an American audience through my journalism. Sometimes its easy: Londons glorious renaissance, Tony Blairs rise. Sometimes its less easy: the strangeness of a special relationship where one side cares too much and the other too little, the post-imperial hangover that courses through British life.

And sometimes its hard: the puzzle of Brexit, the precipitous downfall of the Conservative party. It helps that for Americans still living through the Donald Trump saga, nothing is outside the realm of possibility any more. It also helps when I explain to them that those two latest chapters of British history are connected.

I tell them that from the 2016 referendum onward, Brexit increasingly gave the Tories a focus. Never mind that Brexit was the most divisive event in postwar Britain; over time, the struggle to make it happen unified the party. Boris Johnsons Get Brexit Done 2019 election campaign cemented the transformation and, as far as Brexit went, silenced Labour.

Within six weeks, however, the Tory tide would turn. Once Britain formally left the EU, the Brexit-imposed discipline within the Conservative party began to unravel. Admittedly, the pandemic would have thrown any government off course, but Johnsons conduct in office didnt help the Tory brand or party unity. Swamped by scandal, he was out. Enter Liz Truss.

As the US and the world looked on, Trusss first weeks in office did not exactly restore confidence in Downing Street. Suddenly, the new government was shredding the Tories reputation for fiscal prudence and sound economic management. Friends of mine in the States could barely believe what they were witnessing. Even Americans who are ideologically opposed to the Conservatives were shocked to see the party of Churchill and Thatcher flying off the rails.

The Truss-Kwasi Kwarteng Growth Plan 2022 started out as a budget at war with itself, with vast emergency spending sitting alongside big unfunded tax cuts. It was also at war with Bank of England monetary policy. That was bad enough. Then came U-turns, the defenestration of Kwarteng and the naming of a new chancellor, Jeremy Hunt, hardly an ideological soulmate of the libertarian prime minister.

This story is far from over. From the outset, the reaction to the new governments fiscal event abroad was awful. Former US Treasury secretary Larry Summers said the worlds fifth-largest economy was behaving a bit like an emerging market. President Biden himself said that Trusss original plan was a mistake. The International Monetary Fund, which usually reserves its sermonising for developing economies, said: we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at cross purposes to monetary policy. Furthermore, the nature of the UK measures will likely increase inequality.

Still, with all the opprobrium heaped on Truss, its easy to forget that the damage began long before she got hold of Britains finances. Whats happening today cannot be separated from what happened in the last decade, leading up to Brexit. To explain those days to non-Britons, you have to wade into the weeds of British politics. There, we come upon Nigel Farage, who though never elected to parliament had an extraordinary influence on Westminster politics. Had it not been for the threat Farage and Ukip posed to the Conservative party, David Cameron may never have decided to call for a referendum. But, fatefully, he did.

As a dual US-UK citizen whos lived in London since 1996, the closest I could get to understanding a rationale behind Brexit was to see it in the context of what Blair once called post-empire malaise a vague if deep-seated yearning to regain the confidence and sureness of identity that, at least in the imagination, went hand in hand with running an empire. Take back control was surely part of that, fuelled also by heightened economic insecurity in the wake of the 2007-08 financial crisis and a concomitant unease about immigration.

Setting that logic aside, I have to say that virtually all the economic arguments in favour of Brexit looked specious at best and cynically misleading at worst. In that sense, Brexit is a kind of original sin that sits at the heart of todays UK economy. That should have been evident in the myriad dire economic forecasts blithely dismissed as remoaner scaremongering in the run-up to the 2016 referendum forecasts that turned out to be mostly accurate. And it should have been obvious as it was to the rest of the world in the downward trajectory of the Brexit pound, which fell from 1.50 to 1.33 to the dollar overnight after the 23 June 2016 vote and ultimately hit its lowest-ever recorded level of 1.03 on 26 September of this year.

Being liberated from the EU was never going to live up to the counterfeit promises made by the Vote Leave campaign before the referendum. Britains borders are no less porous than they were. The post-Brexit trade deals the UK has negotiated are insignificant compared with the loss of its largest trading partner. The jewel-in-the-crown deal with the US is not even on the agenda, as Truss admitted last month.

The pandemic, whose arrival coincided with Britains departure from Europe, camouflaged much of the toll Brexit was inflicting on the economy. But the harm is real. A year ago, the Office for Budget Responsibility was estimating that Brexits long-term impact on economic growth would be more than twice as damaging as that of Covid.

The effect on trade has been devastating. Modelling by the Centre for European Reform found that solely because of Brexit, British trade in goods was down during the first half of last year, ranging between 11 and 16% month to month. There is evidence that businesses face new and significant real-world challenges in trading with the EU that cannot be attributed to the pandemic, the House of Lords European affairs committee reported in December.

Ending the free movement of labour between Britain and the continent a Brexit cornerstone is hollowing out the workforce. According to the Office for National Statistics, the number of job vacancies stood at 1,246,000 in the third quarter of this year, up from about 823,000 before Brexit and Covid-19 set in. These shortages afflict businesses large and small, from cafes and pubs to farms and manufacturing plants.

Meanwhile, the OBR analysis from May shows a number of economic indicators all going in the wrong direction: as a result of leaving the EU, long-term productivity will slump by 4%, both exports and imports will be around 15% lower in the long run, newly signed trade deals with non-EU countries will not have a material impact, and the governments new post-Brexit migration regime will reduce net inward migration at a time of critical labour shortages. It has been some story to tell.

Theres a scene in the House Commons that keeps playing in my head. Its 2019 and Jacob Rees-Mogg, now Trusss business secretary, is speaking of the broad, sunlit uplands that await us thanks to Brexit. Then I contemplate where Britain is today: heading into a protracted recession under an enfeebled prime minister leading a wounded, fractious party. I hope Im proved wrong, and those sunlit uplands are out there over the horizon. No sign as yet. But Id be pleased to come back and tell everyone who has listened so far that I was mistaken.

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Economy in crisis, Tories in meltdown: how I have told the sad, strange story of Britain - The Guardian

Truss, or what’s left of her, has launched her fightback among the Brexit faithful – The Telegraph

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Liz Truss launched her fightback at 6pm in Committee Room 11. The meeting was actually set for 5pm; Commons voting ran late so Mark Francois advised us hacks to go away and come back later, but I hung around on the suspicion that the moment we left, Liz would slip out of her hiding place in the roof of the lift and jog, unseen, into the Room.

I hunkered down like it was the Harrods Sale, and watched the European Research Group arrive in dribs, drabs and the occasional straightjacket.

These are the true believers: if theyre angry at Liz for anything, its for not keeping the mini-Budget. Lord Frost, John Redwood, Kate Hoey, Jacob, Fabbers, the magnificent David Campell Bannerman dragging a suitcase - full, no doubt, of Monetarist literature - and Steve Muscles Baker.

Sir William Cash spread his arms like Jolson, and sang, Here we goooo!

To see whom? The PM, or whats left of her since a bunch of asset managers and Remainers took back control. What we saw of her on TV on Monday night, interviewed by Chris Mason, did not spark confidence as she uttered that dread word sorry, thus accepting personal responsibility for blunders past and future. It is the mark of an honest politician, she said, to admit mistakes. Thats true, but its also a dead giveaway for a not-very-good one, trying to turn a repeated error into a display of moral virtue. As Samuel Johnson might have said, Honesty is the last refuge of the incompetent.

What was I expecting? The PM to pass down the corridor on castors, tugged along by a gentle nurse?

But no! She bobbed into view in a dark blue dress and black tights - fresh-faced, one suspects, from a good nights sleep. Instinctively, I stood: she might be a PM, but shes still a lady. I earnt a cheeky nod. Those who cant fathom the rise of Ms Truss havent met her. She has a way of compromising you, of making you think youre on her side, and its the most fun side of the room to be on.

The ERG roared as she entered. She entertained them behind a closed door for about 45 minutes. Then she left, followed by Mr Francois who told us it was a very positive meeting.

The PM evidently spoke about Northern Ireland and her commitment to raising defence spending by the end of the decade, which is ambitious for a woman who could be out of office by Friday. And he noted that David Canzini, the clever political operative, was with her, an eminence so grise, none of us had noticed hed gone in.

No 10 confirmed it: he was hired as of that morning.

So, shes adding staff. She has two issues distinct from the Treasury to define herself by: Ulster and guns. And does she have the Brexit militants behind her? Speaking as one of them, Im not sure. The ambition was always to make Britain Singapore on Thames, but if even Liz cant do it, some of us are tempted to cut out the middleman and just move to Singapore.

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Truss, or what's left of her, has launched her fightback among the Brexit faithful - The Telegraph

Walton’s 1955 Club ‘forced’ to close its doors and blames Brexit and Vladimir Putin – Surrey Live

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A "popular" cafe in Surrey has permanently closed down after its owners blamed the "pressures" caused by the ongoing effects of certain global events, including rising energy costs and Brexit. The 1955 Club in Walton was located in The Heart Shopping Centre in the middle of the town and offered a variety of coffees, sandwiches and breakfasts.

However, a notice on its site confirmed its closure and read: "After 7 years we have been forced to close down. The pressures from the effects of Brexit, Covid and the war in Ukraine have proved too much.

"Staffing levels and costs, food and energy costs, and the high costs of being in a shopping centre have caused this closure. Thanks to all our customers who supported us and miss us. We miss you too.

READ MORE: Burger King looks to cash in on HSBC Walton closure

"Best wishes from Paul and Lesley and my staff." A Twitter user called Raab Must Go also posted a photo of a sign placed on the independent cafe's front that informed customers of its closure.

The post read: "Such a shame. The 1955 Club very popular cafe in Walton-On-Thames - If they couldn't make it work, there really is no hope. Crippled by higher labour costs and supply issues."

According to the sign, an alleged dispute with the site's landowners also contributed to the closure. The owners wrote they were both "genuinely sorry" to have made the decision to close.

In January, SurreyLive visited the cafe and said it lived up to the hype after being rated the best cafe in Walton on Tripadvisor. It had a four-and-a-half-star rating out of a total of 208 reviews,

It was described as having an impressive range of drinks from coffee to thick shakes to smoothies. While the sauted potatoes were called the "most beautifully fried potatoes with the perfect amount of saltiness".

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Walton's 1955 Club 'forced' to close its doors and blames Brexit and Vladimir Putin - Surrey Live

New Brexit visa which lets British expats wfh in Spain set to be launched this year – iNews

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David Shipp and his wife Nadine always enjoyed the laid-back lifestyle, the food and the weather when they spent a holiday at their villa in Murcia in south-eastern Spain.

Now, they are considering living it for real when Madrid brings a new digital nomad visa into force possibly later this year.

The visa will give Britons and other non-EU citizens the chance to work under the Spanish sun at a lower cost of living than the UK and with tax breaks thrown in as an extra sweetener.

The visas will be offered to people who work remotely for businesses outside Spain and for those who derive a maximum of 20 per cent of their income from Spanish firms.

Law firms that specialise in dealing with the visa said they have received thousands of enquiries from Britons.

Mr Shipp, 51, from Cambridgeshire, who is managing director of a company distributing polished concrete products, can work from anywhere using his laptop and telephone.

I have been keeping an eye on the digital nomad visa. Our intention to move would be in around two years. We are monitoring things now because I still have a daughter at university, he toldi from his home in Britain.

When we go away to Spain for long periods I am still working. This visa (would be) ideal really.

Mr Shipp said he had always admired the Spanish way of life. He bought a holiday home with his wife about a year ago in San Javier in Murcia, a region popular with Britons.

It is something that my wife and I have been speaking about for many years. We used savings to buy the house (in Spain), he said.

(We like) the laid-back attitude (of Spaniards), the weather, the food, all the clichs. It is just a great country.

Maria Luisa Castro, of CostaLuz Lawyers which specialises in dealing with the digital nomad visa, said there had been huge interest from Britons.

There have been hundreds of potential nomads waiting for the visa to be approved, she told i.

I would say that we have between 1,000 and 1,200 prospective applicants in our files.

British diplomats echoed this feeling, telling the i that there was considerable interest in Spains nomad visa.

Spains prime minister Pedro Snchez promised last month that the Start Up law, which includes the visa, would be passed before the end of the current legislature next year.

The visa will initially be valid for one year but can be renewed for up to five years, depending on the applicants situation. Close relatives, such as a spouse or children, will be eligible to join the applicant.

To qualify, the person must come from outside the European Economic Area and be able to demonstrate that they have been working for at least a year for a company outside Spain.

They must also have a contract of employment or, if freelance, they must be able to show that they have been working for companies outside Spain for more than a year.

Applicants must show they will earn enough to be self-sufficient and that they have a permanent address in Spain. It is likely, but not certain yet, that they will have to undergo a criminal record check.

For the first four years that they are living in Spain, they will be taxed at 15 per cent, rather than the standard 25 per cent base rate in Spain.

The Start Up law, which still has to overcome some final hurdles before coming into force, aims to boost the digital economy and attract foreign talent to Spain.

It is also hoped it will smooth foreign entrepreneurs path through the notorious Spanish bureaucracy.

At present, it takes an average of between 20 and 30 days to set up a company in Spain compared to one day in the UK.

Apart from its lifestyle and weather, Spain is well connected to the internet, a crucial factor for people who may be hoping to make the beach their office.

Internet speed is among the fastest in Europe at 148Mbps, almost double the UK speed of 75Mbps.

One disadvantage is that in cities like Madrid and Barcelona, rents have risen sharply in recent years.

Spain hopes good Wi-Fi even in country villages may attract nomads who want a taste of real Spain thus offsetting a growing political problem of rural depopulation.

When the nomad visa becomes a reality in Spain, it will make it the 15th country in Europe to bring in such a scheme.

Across the border in Portugal, nomads can apply for the D7 visa which requires a monthly income of 700 (600).

In Croatia, applicants must earn at least 2,300 per month while in Estonia the minimum figure is 3,500 (3,000) and in Iceland 7,100 (6,140).

Greece brought in a nomad visa in 2021 and sets the minimum monthly income at 3,500. It is not known what the figure will be in Spain.

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New Brexit visa which lets British expats wfh in Spain set to be launched this year - iNews

Independence will not be ‘back-of-a-fag-packet’ plan like Brexit minister – Nation.Cymru

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//= do_shortcode('[in-content-square]')?> Scottish independence supporters march through Glasgow. Photo Lesley Martin PA Images.

Scottish independence will not rely on back-of-a-fag-packet planning like Brexit, a Scottish minister has said.

Neil Grays comments came after Nicola Sturgeon unveiled her plans for the economy in an independent Scotland on Monday, with the third in a series of papers designed to refresh the prospectus for an independent Scotland.

The First Minister said Scotland would continue to use Sterling after a vote to leave, only moving to a new Scottish pound when a number of requirements are met, including when the country is fiscally sustainable.

Ms Sturgeon repeatedly refused to say how long that period would last, but intimated in an answer to one journalist that she hoped it would be less than five years.

She also said there would be border checks on two major trunk roads and rail freight terminals between Scotland and England in the event of the country gaining EU membership.

The First Minister also said renewable energy would be the bedrock of the economy of an independent Scotland as North Sea revenues decline.

Speaking on BBC Radio Scotland today, 18 October, one of the Ms Sturgeons ministers rejected comparisons to the Brexit campaign.

We have produced already three prospectus papers, weve got more to come in the series, where were setting out the case to the people of Scotland, giving them the information so they can make an informed choice, Europe minister Neil Gray said on Good Morning Scotland.

Its not possible to compare the well-informed choice that people in Scotland are going to make over independence with the back-of-a-fag-packet case that was presented to people before the Brexit referendum.

He added: Weve got a plan not just to put to the people of Scotland in terms of a choice to make, but also one that would inform our state building after a Yes vote in an independence referendum.

No unified prospectus was put forward before the 2016 referendum on leaving the EU.

When asked if he believes Mondays paper will shift opinion in favour of independence, Mr Gray simply said: Yes.

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Greensboro College Launches Workforce Initiative To Meet Growing Employer Demand in Aerospace and Manufacturing – Yes! Weekly

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Greensboro, North Carolina, October 18, 2022 - Today, The Center for Innovation and Workforce Development at Greensboro College launched the latest in a series of new professional development initiatives. The online program is based on industry input and will help students build the skills sought by global aerospace and manufacturing employers in the Greensboro region. With the tremendous growth of these industries in the Piedmont Triad, demand for skilled workers is at an all-time high. This new certificate and credentialing program will help meet that demand with qualified and ambitious professionals ready to demonstrate their capabilities and expertise.

As we were reminded when President Biden and Boom Supersonic CEO Blake Scholl visited our state earlier this year, North Carolina is a national leader in aerospace manufacturing, says Greensboro College president, Lawrence D. Czarda. Our institution is transforming its offerings to help our region remain at the forefront of this and other industries. By preparing the skilled workers of tomorrow, Greensboro College is building on its essential role in our community to help ensure the continued success of companies throughout our region. We look forward to seeing our students thrive as our local economy continues to grow.

From the Wright Brothers first flight at Kitty Hawk to todays innovative research and development, North Carolina has enjoyed a long legacy as an aerospace leader. According to PwC, the state ranks fifth in the nation for aerospace manufacturing attractiveness. It is home to top aerospace companies with major operations in North Carolina, including pioneers such as GE Aviation, Honda Aircraft Company, HAECO, Cyril Bath, Raytheon Technologies, and Spirit AeroSystems. In fact, North Carolina is home to more than 200 leading aerospace companies that specialize in airplane assembly and parts manufacturing*. With 13% employment growth from 2015-2019, North Carolinas aerospace manufacturing sector has grown three times the national average. Here in 2022, North Carolinas 450,000 manufacturing workers comprise 10% of the states entire workforce**.

There are many factors that aerospace companies consider when making decisions about where to locate their operations, says Kevin J. Baker, Executive Director of the Piedmont Triad International Airport, which generates an estimated $6 billion in economic impact for the local economy each year. Every company we speak to identifies the availability of a trained workforce as their top concern. The Piedmont Triad has deep bench strength in the industry, but demand for skilled workers is constantly growing. As such, the new aerospace and manufacturing programs at Greensboro College are an essential element of an evolving workforce pipeline that will prove vital to our regions ability to compete now and long into the future.

The importance of this pipeline is clear to local economic development leaders such as NC Works Executive Director Chris Rivera. He states that When we look at data specific to the number of individuals we have placed into employment in the manufacturing industry, were at about 6,500 people per year and that figure is poised to increase. With multiple high-tech companies such as Toyota, Boom Supersonic, and Vinfast moving into the area, there are plans for an additional 9,500 manufacturing job openings in the coming months.

The new program launched today at Greensboro College ensures that it will be at the center of preparing local workers to fill those openings and drive economic growth for years to come. The additional workforce development certification programs include technician training in:

Advanced Manufacturing Production

Aerospace Electrical Assembly

Aerospace Quality

Aerospace Structures

Apprentice Tool Making

CNC Lathe Production

CNC Machining Center Production

Composites Manufacturing & Repair

Drafting & CAD

Mechatronics & Industrial Automation

Quality Assurance

Safety

More information about these programs can be found here.

About Greensboro College

For 184 years, Greensboro College has had the opportunity to genuinely know, encourage and prepare our students. In the classroom. In student life. Into their future careers. And throughout their lives. Today, we celebrate all those who give power to small numbers. We celebrate that which makes each student his or her own. It is this rich patchwork of individuality, community and experience that is unmistakably and uniquely Greensboro.

*Economic Development Partnership of North Carolina, North Carolina Aerospace Industry 2016

**Piedmont Triad Partnerships National Manufacturing Week October 10, 2022

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Greensboro College Launches Workforce Initiative To Meet Growing Employer Demand in Aerospace and Manufacturing - Yes! Weekly

TAT Technologies announces the signing of a contract expansion with Collins Aerospace – Yahoo Finance

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The contract will include Maintenance Repair and Overhaul services (MRO) for Boeing 777 thermal components.

The additional annual revenue from the contract expansion is estimated at $6million per year.

NETANYA, Israel, Oct. 18, 2022 /PRNewswire/ -- TAT Technologies Ltd. (TASE: TAT Tech) (NASDAQ: TATT), a leading supplier of products and services for the commercial and military aviation industries and the ground defense industries, announces a significant contract expansion with Collins Aerospace.

Limco Airepair (Limco), a wholly owned subsidiary of TAT located in Tulsa, Oklahoma, which specializes in Maintenance Repair and Overhaul (MRO) services for heat transfer components and OEM production of heat transfer solutions, today reports the signing of a significant contract expansion with Collins Aerospace, for the provision of MRO services for Boeing 777 thermal components.

This is an expansion of an existing successful partnership for over 20 years between the companies, where Limco Airepair is providing MRO services to Collins' customers in North America.

The contract will expand the scope of services to be provided to Collins' customers worldwide. The contract expansion represents potential additional revenues of $6 million per year.

Igal Zamir, CEO of TAT: "Our long term strategy of partnering with large global aerospace providers proves itself once again. We are proud to be part of Collins' preferred suppliers for MRO activity. This new contract will leverage our relationship to a higher stage and is a perfect match to our strategic investments in Limco, building it as the largest independent Aerospace Thermal Components OEM & MRO service provider in the world. The contract will start to yield revenues this year."

Located in Tulsa, Oklahoma, Limco is aFAA-certified repair station provides MRO services for airlines, air cargo carriers, maintenance service centers and the military, especially for heat transfer components. In addition to its MRO services, Limco is an OEM of heat transfer solutions for aircraft and system manufacturers and other selected related products. During 2021 TAT started a strategic transaction to combine all of TAT's heat transfer solutions, both MRO and OEM, to one place in Tulsa Oklahoma. As part of it, TAT intends to establish its global R&D center in the US. This will enable Limco to provide end-to-end solution to aircraft and system manufacturers from design to OEM production and MRO aftermarket services. Limco has received several incentives from the state of Oklahoma to support its entire investments, capability ramp up and rapid increase in manpower to support its rapidly growing activity.

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Limco's assessment of the contract expansion may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on the future environment, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release.

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing ("OEM") of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT's activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT's activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT's Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT's activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT's Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT's activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

For more information of TAT Technologies Ltd., please visit our web-site:

http://www.tat-technologies.com

Contact:Mr. Ehud Ben-YairChief Financial OfficerTel: +972-8-862-8503ehudb@tat-technologies.com

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company's shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company's filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

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SOURCE TAT Technologies Ltd

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TAT Technologies announces the signing of a contract expansion with Collins Aerospace - Yahoo Finance

Space Event Explores How Houston is Advancing the Aerospace Industry – Rideshare Houston

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NASA astronaut training at JSC in 2019. (Courtesy: NASA/Bill Brassard)

Aerospace industry leaders shared why Houston is the current and future leader of human space exploration during the Partnerships annual State of Space event on October 11.

At some point in the very near future, were going to land human beings on the moon, and were going to say, Moon, Houston, NASA Astronaut Kate Rubins said during a panel discussion. This is the only city in the world whose name is looped into this scenario.

Steve Altemus, Intuitive Machines President and CEO, Peggy Guirgis, General Manager of Space Systems at Collins Aerospace and Vanessa Wyche, Johnson Space Center Director, were also part of the panel moderated by Rice Space Institute Director David Alexander. The panel discussed the exciting developments occurring in Houston, including its involvement in NASAs Artemis program. JSC serves as mission control for every manned mission, which will include Artemis 1 once it launches.

Its incredible that were collectively leading this mission back to the moon and its starting from Houston, Altemus said. Intuitive Machines is working on several projects for NASA, including developing lunar landers and other technology. The Houston-based company and Collins Aerospace are major tenants at the Houston Spaceport, a hub for aerospace and aviation activities.

The panelists pointed to the regions talent, infrastructure and sense of community as attributes that attract companies. That sense of community is what allows aerospace companies, NASA and others to come together to achieve our goals, Altemus said.

But the panelists also noted that continued investments in infrastructure, building a talent pipeline and more private-public partnerships will be key for Houston to be seen as the epicenter of human exploration and discovery.

We need to continue to collaborate and work together to ensure that were not only establishing the infrastructure, but that we continue building that talent pipeline that keeps pace with the rapidly changing ecosystem, Guirgis said.

Innovators, companies and local colleges and universities are already showing their commitment to investing in positioning Houston as a leader in the aerospace industry. The Collins Aerospace facility at the spaceport will include Houstons first-ever spaceflight incubator, where startups, universities and industry professionals will be able to solve complex space technology challenges. Additionally, the San Jacinto College EDGE Center focuses on building a talent pipeline, and the Ion is partnering with JSC to launch a technology transfer center at the ion to bolster innovation.

No one country is going to be able to do this on their own. Its going to require our international, industry and academia partners. Its going to require all of us, Wyche said.

Houston is home to over 350 companies involved in aircraft or space vehicle manufacturing, research and technology or other air transportation support activities. The regions trade in aircraft, spacecraft, and parts totaled $1.3 billion in 2021.

Learn more about Houstons aerospace and aviation industry.

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Space Event Explores How Houston is Advancing the Aerospace Industry - Rideshare Houston

Oliver Wyman to Buy Aerospace & Defense Consulting Firm Avascent; Nick Studer Quoted – GovCon Wire

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Oliver Wyman, a Marsh McLennan (NYSE: MMC) subsidiary, has agreed to acquire Avascent, a strategy consulting firm supporting clients across aerospace, defense and government markets, for an undisclosed sum.

Oliver Wyman said Monday it will integrate Avascents team of about 130 professionals with its private capital and transportation and services practices upon the deals closing, which is expected before the end of 2022.

Avascent will complement Oliver Wymans expertise, and strengthen it significantly in the Aerospace and Defense sector, both with our corporate and private equity clients, said Nick Studer, president and CEO of global management consulting firm Oliver Wyman.

The company also has a similar business focus built on deep industry expertise, analytics, impact and collaboration and we believe these values will benefit our clients, added Studer.

Founded in 2007, Avascent supports clients by providing them advice and insights in the areas of strategic growth, mergers and acquisitions and value capture.

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Oliver Wyman to Buy Aerospace & Defense Consulting Firm Avascent; Nick Studer Quoted - GovCon Wire

Boeing and IISc Commemorate 15 Years of Partnership in Aerospace R&D – Force Magazine

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Boeing India and the Indian Institute of Science (IISc), Bengaluru, commemorated 15 years of partnership in fuelling aerospace research and innovation, in India, for India, and for the world.

This partnership began in 2007 with IISc as a strategic university engagement partner for Boeing, for driving early-stage research in aerospace materials and structures technologies.In 2009, Boeing, IISc, Wipro technologies Ltd., and HCL Technologies Ltd., launched ANRC, the countrys first public-private aerospace research consortium. ANRC India continues to develop technologies across airspace communication networks, Internet of Things and Artificial Intelligence areas. The research finds direct application in aerospace technology and is helping improve passenger experience, increasing data connectivity within the aircraft, and preventing aircraft delays.

Over the past decade, our collaboration with Boeing, Wipro and HCL Technologies through ANRC has spawned crucial technological advances, particularly in advanced manufacturing, airspace communication, and more recently in emerging areas such as IoT, AI and ML, saidDirector, IISc, Prof Govindan Rangarajan. We are excited about extending this long-standing and successful academia-industry partnership, which will continue to foster vital R&D and technology translation in the aerospace and related sectors.

In addition to ANRC, Boeing has delivered multiple projects and technology transitions along with IISc over the years in alloy design, advanced manufacturing processes, additive manufacturing, composites materials and coatings all of which contribute to the performance, cost effectiveness, and improved safety of aircrafts. This has also led to the training of numerous IISc students and research staff, nurturing STEM talent to help drive critical inventions in India.

With IISc, we are able to leverage the knowledge of leading scientists and researchers and integrate those capabilities into the products and solutions we offer to our customers. Likewise, the R&D work we do at our engineering and technology centre enables the IISc faculty and students to leverage best global and local technology practices in aerospace. The association will continue to play a pivotal role in promoting innovation at the interface of university and industry, saidmanaging director, Boeing India Engineering & Technology Center, and chief engineer, Boeing India, Ahmed Elsherbini.

IISc is also one of the key partner incubators of Boeing University Innovation Leadership and Development (BUILD) programme, along with IIT Bombay, IIT Delhi, IIT Gandhinagar, IIT Madras, T-Hub Hyderabad, and KIIT Bhubaneshwar. BUILD is currently inviting applications for innovative startup ideas from 2022 graduates and early-stage entrepreneurs in India.

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Boeing and IISc Commemorate 15 Years of Partnership in Aerospace R&D - Force Magazine

Volatus Aerospace Expands into UK with the Acquisition of iRed Remote Sensing, a Leading Thermographic Survey Company – Yahoo Finance

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Toronto, Ontario --News Direct-- Volatus Aerospace Corp.

Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company") announced today that it has signed an arms length definitive agreement dated Oct 17, 2022 to acquire iRed Limited, a drone services and training company based in Emsworth, England (iRed). This acquisition provides a foundation for continued growth in the region and reinforces Volatus overall thermographic capabilities.

We began our expansion in the UK earlier this year with the addition of a seasoned business development executive, Steve Emerson, to build our presence and provide regional leadership. iRed is an established brand with a solid base of resources from which to grow that will enhance our global capabilities in thermography, said Glen Lynch, CEO of Volatus Aerospace. Thermography is in high demand in verticals like public safety, forestry, infrastructure, and agriculture. These use cases are only growing as drone capabilities mature and there is higher demand to reduce greenhouse gas emissions through early detection via thermographic imaging.

Founded in 2001, iRed started as a company specialized in infrared technologies, training, and services. While infrared training and inspection remains a core competency of the company, the advent of drones provided enhanced opportunity for thermography, which ultimately led to the expansion of the company into a variety of drone related services, equipment sales, and a diversified customer base. iRed is targeting year-end revenues of $1M with an EBITDA margin of 7%.

Im very proud of what iRed has accomplished over the past 20 years, said Ray Faulkner, President of iRed. Joining Volatus will provide us with the resources necessary to take our company to the next level. We look forward to expanding our product offering, growing our service business, and pushing our training programs to the larger global market. Volatus Aerospace shares our commitment to sustainability and reducing our carbon footprint, and we look forward to what we can accomplish together.

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Under the terms of the agreement, Volatus will make an equity investment of 100K in iRed in exchange for newly issued shares (treasury shares) that will represent 51% of all outstanding shares. The investment will be used by iRed for ongoing expansion activities. The transaction is scheduled to close October 31st, subject to board of director, regulatory, and TSX approvals. Volatus will assume over all long-term debt obligations of 221K and the seller is subject to operational and financial metric as defined in the definitive agreement, at one year anniversary, the iRed investor(s) will have an option to sell remaining 49% for up to 125K in exchange of Volatus shares at a valuation of $0.65 per share or 12 months anniversary price, whichever is lower.

This news marks another geographic expansion for Volatus following the announcement of their joint venture in Latin America in June of this year as well as their commitment toward offering green solutions to their clients.

About Volatus Aerospace:

Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.

Forward-Looking Statement

This news release contains statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as plans, expects, is expected, budget, scheduled, estimates, forecasts, intends, anticipates, or believes or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results may, could, would, might or will (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on managements current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Companys current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSXV. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Source: Volatus Aerospace Corp.

TSXV: VOL

Abhinav Singhvi

+1 833-865-2887

abhinav.singhvi@volatusaerospace.com

Volatus Aerospace

View source version on newsdirect.com: https://newsdirect.com/news/volatus-aerospace-expands-into-uk-with-the-acquisition-of-ired-r-remote-sensing-a-leading-thermographic-survey-company-218473120

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Volatus Aerospace Expands into UK with the Acquisition of iRed Remote Sensing, a Leading Thermographic Survey Company - Yahoo Finance

Where Howmet Aerospace Stands With Analysts – Howmet Aerospace (NYSE:HWM) – Benzinga

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Howmet Aerospace HWM has observed the following analyst ratings within the last quarter:

These 4 analysts have an average price target of $38.5 versus the current price of Howmet Aerospace at $32.915, implying upside.

Below is a summary of how these 4 analysts rated Howmet Aerospace over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock

This current average has decreased by 8.33% from the previous average price target of $42.00.

Stay up to date on Howmet Aerospace analyst ratings.

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Where Howmet Aerospace Stands With Analysts - Howmet Aerospace (NYSE:HWM) - Benzinga

Hill Aerospace Museum celebrates construction of third gallery – hill.af.mil

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HILL AIR FORCE BASE, Utah --

Officials gathered Oct. 17 to celebrate the work underway on Hill Aerospace Museums new, 81,000-square-foot gallery.

The gallery is expected to be completed before Thanksgiving 2023 and will allow for most of the aircraft currently residing in the airpark outside the museum to have a place inside, protected from the elements.

Aaron Clark, Hill Aerospace Museum director, said the expansion will drive a major reorganization of the entire aircraft collection.

Layouts in the two existing galleries will change to enhance the existing storylines and improve the care of the collection, he said.

The museum began in 1984 as a 12,000-square-foot warehouse with five aircraft and a handful of artifacts. With the help of the U.S Air Force Heritage Program and the creation and support of the Aerospace Heritage Foundation of Utah, the museum has expanded to 145,000 square feet of exhibit space under two galleries and a 34-acre outdoor airpark.

Clark said support from across the state is funding this new $20 million expansion.

For the past five years, our foundation has worked hard to communicate our vision to the surrounding communities and to our elected officials, and then gain their support for this project, he said. This expansion is happening because of the generous and selfless contributions of our state and our donors.

Included in the current construction and renovation project is the removal of a World War II barracks and renovation of the chapel that sits on the museums property.

Clark said museums encounter historical objects changing and aging over time, especially outdoor structures, but in most cases, it should not be concerning.

It is the natural process of time impacting these objects, he said. However, we know it is our job to preserve the stories of these objects through one of many approaches, including the actual preservation of the physical object, or it could mean through displays and narratives.

A new exhibit is planned that will highlight what life would have been like on base and in the surrounding community during World War II, including a major element focusing on the railroad and how it impacted the state and base workforce.

Clark said this new exhibit will also provide improved protection and care for historical aircraft that are part of the national collection and more educational opportunities.

With this expansion, the Hill Aerospace Museums ability to educate and inspire our youth, to be a center of the community locally and abroad, will grow exponentially, he said. We will be able to experience this through the expansion of our storylines and new exhibits, new educational programming, and much more, while thriving for decades to come.

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Hill Aerospace Museum celebrates construction of third gallery - hill.af.mil

Collins Aerospace Receives Milestone Certification for Combined Vision Systems – I-Connect007

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Collins Aerospace has achieved a technical standard order (TSO) for its combined vision system (CVS) for business aviation aircraft. The CVS provides clarity to pilots in all types of weather to confidently and securely navigate aircraft through low visibility situations.

A long-time industry leader in head-up display (HUD) technology, Synthetic Vision Systems (SVS) and Enhanced Vision Systems (EVS), Collins advanced CVS algorithms blend the full EVS image and SVS into a single conformal view, creating the best possible image on the HUD and primary flight display (PFD) that pilots use to safely and efficiently navigate through challenging environments.

TSO certification is an important step in our journey to provide dynamic CVS technology to our customers who rely on our vision systems to guide them through low visibility situations in every stage of flight, said Craig Brown, general manager of Vision Systems for Collins Aerospace. Whether its poor weather, smoke, dust, demanding terrain or busy airports, CVS clearly and automatically displays the critical visual information pilots need to safely operate their aircraft.

CVS brings together Collins proven HUD, PFD, SVS and EVS technologies, to present the best view to pilots. Advanced algorithms detect and extract real-time features from the complete EVS image such as from Collins EVS-3600 multi-spectral EVS sensor and integrate them with Collins feature-rich SVS which accurately presents terrain, obstacles, airports and runways, independent of the visibility conditions. These CVS images are displayed conformally on the HUD and in color on the PFD, providing clarity through low-visibility conditions like smoke, fog and darkness.

Collins true CVS is a single enhanced view, enabling pilot visibility far beyond what the eye can see. This greatly improves situation awareness, reduces workload by eliminating the need for manual switching between vision systems and enables maximum operational credit by allowing aircraft to continue all the way to the runway surface in low visibility scenarios rather than necessitating a go-around. CVS is ready to support these future operations, such as EFVS takeoff and EFVS approaches in lower visibilities.

Collins Vision Systems solutions are currently installed and flying on both commercial and military platforms, including the C-130 Hercules and the Boeing 737 family of aircraft, with future certification installments planned for additional military rotorcraft.

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Collins Aerospace Receives Milestone Certification for Combined Vision Systems - I-Connect007