Monthly Archives: August 2022

Over the past few years, the UK has pressed on with building its space industry, from purchasing the OneWeb satellite constellation to opening the new spaceport Cornwall later this year. While Britain was hit with some setbacks, like being forced out of the EUs Galileo satellite constellation, it may become an exciting place for space companies to establish a space industry.

Speaking toExpress.co.uk, Bryan Dean, the co-founder of Dragonfly Aerospace hailed Brexit as an opportunity for the UK to work closer with other non-EU countries like the US and Australia.

Dragonfly is a satellite imaging systems company based in South Africa that makes optical cameras for space, along with satellites that use the technology.

His firm is looking to use satellites and satellite data to combat climate change, to help industries such as agriculture flourish, and to use data to help avoid or overcome humanitarian disasters.

He said: When you look in a pre Brexit context, Europe was clearly Britain's primary trading partner.

He admitted that while he wasn't supportive of Brexit when it happened, "from an economic point of view, international point of view, it marks a transition towards international bilateral collaborations and things like that.

I think that probably will be positive, so that's the one side on the economic level in terms of the trade Britain does.

Obviously from a space industry point of view, it marks a transition towards national priorities and nationalism.

Again, personally, I'm a bit proponent of globalism, but from the point of view of our company, UK internally focused means there's an opportunity for us to be a part of that.

READ MORE:US Navy hands Britain huge 480m contract for satellite tech

So that's our major development there, developing the radar capabilities in the UK makes sense to us.

In 2021, Britains space industry was already valued at 16.4billion, and the Government now has a goal of capturing about 10 percent of the global market, which is at $400billion (331.3billion).

Mr Dean noted that Brexit allowed the Government to focus on international trade, which even on a country-level, would eventually benefit space companies.

He said: In terms of bilateral trade agreements, the obvious one is between the US and the UK.

The US has traditionally been a strong trading partner for the UK and it seems to me that Brexit is a realigning of Britain's focus.

But it also opens up opportunities for trade agreements with other parties like Australia, and Japan, where a little bit of independence from Europe is actually a positive thing.

These country-level trade agreements broadly feed into the space industry as well.

As we see bigger trade deals with international partners, we also see space projects, agreements and collaborations increase well.

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We dont need EU! UK firms handed Brexit boost through new US and Australia links - Express

Dale Wood has spent the past 22 years investing in a huge variety of firms from technology, real estate to healthcare in countries ranging from East Asia to South America. The owner and CEO of Dale Ventures Group believes that Brexit has presented a fantastic opportunity for Britain, but warned that if it is not handled well it could backfire.

Speaking to Express.co.uk as Rishi Sunak and Liz Truss battle it out to replace Boris Johnson, he warned that people on all sides of the debate are unhappy with certain aspects of the current Brexit trade deal.

The global investor - who has invested in firms across Europe, Latin America, the Far East and the Middle East - added: Just like with any business, governments need to take the right approach.

Boris Johnson got Brexit done but there are clearly kinks in his deal - you can see that by the fact that people on all sides are unhappy with certain aspects of it.

That doesnt mean it cant be amended and I would hope that his successor makes that their top priority when they take office next month.

The UKs prime minister will no doubt be aware of that but whether they act upon it remains to be seen.

Mr Wood believes that Ms Trusss plans to cut taxes to boost economic growth could achieve their ambition as long as public services are still properly funded.

And the former Chancellors pledge to tame inflation - which rose to a 40-year high of 10.1 percent in July, is equally key, he said.

He said: There is no easy way to steady the UKs economy and both candidates have good ideas.

My libertarian streak leans towards Liz Truss because she wants to reduce the tax burden from its 70-year high.

But I am also mindful that the huge debts racked up during the pandemic need to be repaid and overheating the economy will not control inflation.

It is a difficult situation to be in and there is no doubt that something needs to be done to remedy it.

Whoever wins needs to be acutely aware of that and press ahead with making the most of Brexit on day one.

I know politicians love to talk about their plans for the first 100 days but this is more urgent than that.

The minute their foot is through the door the number one focus needs to be on tackling the cost-of-living crisis and delivering a truly Global Britain that will attract investment from across the globe.

Thats what we want to see at Dale Ventures and we believe it is possible whoever wins the race.

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'Prove all the naysayers wrong!' Next PM must take Brexit by horns' to transform UK - Express

Adrian Gillespie

By Ian McConnell

Business Editor

More than 1.4 billion of additional export sales are anticipated over the next three years by companies north of the Border on the back of support from taxpayer-funded Scottish Development International in the year to March.

Scottish firms were supported to enter 208 new markets over the 12 months, with a focus on opportunities in the US, China, Germany, Spain and France. As part of this, 176 new products and services left Scotland for these new markets, SDI noted yesterday as it published its annual results.

Overall, 467 companies trade efforts were supported by SDI in the year to March.

READ MORE:Bewildering Tory detachment as grim winter looms: Ian McConnell

The anticipated additional export sales total of 1.44bn is up sharply on the 1.16bn projected on a three-year view from support that was provided by SDI in the 2020/21 financial year.

Asked how the distinction was made between export sales that companies would have had anyway and those arising from the support, a spokesman for SDI replied: The international sales figures are additional export sales forecast to be achieved from the activities we have supported. The estimated additional international exports are validated by the company at that stage.

The results combine company projects supported by SDI, and Scottish Enterprise and its sister agencies Highlands and Islands Enterprise and South of Scotland Enterprise.

The spokesman noted that SDI is pan-Scotland so these results [cover] all the agencies (SE, SoSE and HIE).

Adrian Gillespie, chief executive of Scottish Enterprise, said: These are very positive results and show that, despite a difficult environment for exporters, Scotlands goods and services continue to be incredibly attractive to global markets and buyers.

READ MORE:Ian McConnell: EU deal with New Zealand shows how desperate Tories failed UK farmers

Scottish exporters have demonstrated enormous resilience over the past year to adjust to the challenges they have faced due to Covid-19, Brexit and now the conflict in Ukraine. Our SDI trade colleagues have been there to support companies every step of the way, providing knowledge, skills and access to our international networks, enabling hundreds of firms to enter new markets overseas.

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He added: Supporting innovative Scottish companies scale up and grow through exports is a priority for us. Not only is this a major contributor to Scotlands economy, an international focus plays a vital role in encouraging the innovation and competitiveness that are essential to our future economy. With markets fully opening up and our exporters taking advantage of additional routes to overseas customers, we are positive about future trade opportunities for Scottish exporters.

HIE chief executive Stuart Black said: It has been an extremely challenging few years for Highlands and Islands businesses that trade internationally, so these results from SDI are particularly encouraging.

"Our regions businesses contribute significantly to the value of Scotlands exports, which are dominated by sectors such as energy, aquaculture and whisky sectors where the Highlands and Islands high-quality products are internationally recognised.

Firms supported by SDI in the year to March included agritech innovator Intelligent Growth Solutions, marine energy management and storage technologies company Verlume, and Boe Gin.

Scottish Government trade minister Ivan McKee said: These results are extremely positive, and they highlight the demand for Scotlands goods and services across the globe. Trade and investment plays an integral role to help us create new, sustainable jobs and grow our economy.

He flagged the resilience of Scottish businesses over the last few years, noting export success had been achieved "despite the complications of the Covid-19 pandemic and the consequences of Brexit".

South of Scotland Enterprise chairman Russel Griggs said: These are fantastic results which show, despite the pandemic, trade is a significant part of the Scottish economy. We are already seeing a result of this in the number of inward investment enquiries we are getting in the south of Scotland.

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1.44bn boost to Scotlands exports in spite of Brexit woe - Yahoo News UK

Emily Maitlis has criticised the BBC for both-sideism in its coverage of Brexit suggesting its attempts to hear both sides of the argument led to superficial balance.

The former BBC journalist also argued the BBC and other media outlets are failing to tackle the impact of leaving the EU today, saying that sidestepping the issue feels like a conspiracy against the British people.

Maitlis, who left the broadcaster this year for rival media group Global, was addressing the annual MacTaggart Lecture at the Edinburgh TV Festival on Wednesday.

In one striking passage that won praise on social media, Maitlis said: It might take our producers five minutes to find 60 economists who feared Brexit and five hours to find a sole voice who espoused it.

But by the time we went on air we simply had one of each; we presented this unequal effort to our audience as balance. It wasnt.

She added: Id later learn that the ungainly name for this myopic style of journalism: both-sideism, which talks to the way it reaches a superficial balance while obscuring a deeper truth.

Not everyone agreed.

The broadcaster suggested the problems continue, and outlets including the BBC adopt an automatic crouch position whenever the Brexit issue looms large.

She said: Many broadcasters fear discussing the obvious economic cause of major change in this country in case they get labelled pessimistic, anti-populist, or worse still, as above: unpatriotic.

And yet every day that we sidestep these issues with glaring omissions feels like a conspiracy against the British people.

Maitlis joined the BBC in 2001 and presented Newsnight from 2006.

In February, she and Jon Sopel announced they were leaving the BBC to join Global, where they are hosting a new podcast, titled The News Agents, and a radio show together on LBC.

In her speech, Maitlis also said the BBCs board includes an active agent of the Conservative party as she issued a warning about her former employers impartiality.

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Emily Maitlis Has A Brutal Message For The BBC Over Its Brexit Coverage - HuffPost UK

London will lose its status as a global financial hub and be downgraded to a middling regional market without a post-Brexit overhaul of City rules, the chairman of the London Stock Exchange has warned.

Michael Findlay, who also chairs an influential advisory group to the City watchdog, issued a stark warning, saying officials must tear up decades-old orthodoxies and water down a host of stock market rules if the Square Mile is to remain competitivewith the likes of New York, Shanghai, Tokyo and even Amsterdam.

In a submission to the Financial Conduct Authority (FCA)s primary markets review, Mr Findlay said the UK has a once-in-a-generation opportunity to implement radical reforms to ensure London remains a relevant destination for flotations and capital raisings.

He added that without this essential modernisation, Londons status as a global market runs a material risk of diminishing to that of a regional exchange and that the size of Britain's public capital markets will continue to shrink.

The warning is the strongest indication yet that the Government and City regulators could be pushed to axe swathes of red tape in the financial services industry amid fears London is falling further behind rival cities.

It also comes as tensions continue to grow between ministers and watchdogs over the pace of post-Brexit regulatory reform, with Liz Truss weighing a potential merger of the Citys main regulators in a bid to put growth and competitiveness at the heart of post-Brexit regulation.

Mr Findlays submission, authored with Mark Austin, a partner at law firm Freshfields and chairman of another advisory panel to the FCA, argued that regulators must quickly do away with excessive rules, which are acting as a competitive disadvantage to the UK.

It said: We are in a foot race with our competitors, and we cannot afford to be ignorant of that or complacent about what we need to do if we want to stay relevant.

It means that we as a jurisdiction cannot and should not continue to assume that the gold plating that we currently have in place in regulatory terms is necessarily fit for purpose for our markets if we want to keep them relevant in the coming years.It was relevant in the past couple of decades, but it is unlikely to be in the coming two decades unless we are satisfied with slipping gently into being a relatively mid-market, regional capital market.The submission proposed abandoning the restrictive philosophy that governs the current listings regime in favour of a disclosure-led approach that was previously adopted by the Financial Services Authority, the FCAs predecessor.It also advocated a radical simplification of the current listings regime, including scrapping the current premium and standard segments and creating a genuine single segment with less stringent rules. In May, the FCA also proposed scrapping the current premium and standard regime to lure tech companies to the UK, with additional mandatory and supplementary obligations that public companies would have to meet.However, Mr Findlay and Mr Austin said this would in effect maintain a two tier regime, adding: "The FCAs current proposed criteria remain in some respects onerous and could operate as a competitive disadvantage when put side by side with other listing venues with which the UK competes." At present, only companies with a premium listing are eligible to be included in the FTSE indexes, meaning that scrapping the current regime would mark one of the most significant overhauls of Londons stock market rules since the 1980s.Londons capital markets ground to a halt this year following Russias invasion of Ukraine and the outlook remains bleak as a recession looms. In the first six months of the year, only 13 listings took place in the capital, raising proceeds of just under $150m, mammoth declines of 71pc and 99pc respectively on the previous year.Last year, the FCA reformed Londons listings rules to allow dual class share structures and lower free float requirements in a bid to boost the market, but the intervention from Mr Findlay suggests that the reforms do not go far enough.He warned that London is no longer the default European venue for listings and equity raises, adding that even cities such as Warsaw have shown an ability to host initial public offerings at attractive valuations with the participation of global investors.The submission also proposed relaxing the current sponsor regime, which requires a third party to provide oversight and assurances to the FCA about listed companies in a bid to protect investors.Mr Findlay was writing in capacity as chairman of the Markets Practitioner Panel, while Mr Austin chairs the FCAs Joint Listing Authority Advisory Panel.A spokesman for the FCA said: We are currently seeing feedback from the industry on potential changes to the listing regime in an aim to attract more high quality, growth companies to list in the UK. We are pleased to see the degree of debate it has provoked, and we welcome the panels' contribution.

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Brexit shake-up essential to save the City of London, stock exchange warns - The Telegraph

On any given week, I do a number of things that, increasingly, put me on the naughty step. Just yesterday I had high carbon-emitting agricultural produce for dinner (steak), and on Monday Im making a transatlantic flight back to Blighty, with another low-cost hop to France coming hot on its heels. Beyond generally chucking things in the right bin, I give as little thought to recycling as possible. I love to blast air conditioning, if available, when its truly boiling outside, and to blast the heating, equally, when its freezing. And, to make it all worse for the armies of cultural puritans finger-wagging everywhere from government to activism to the highest echelons of celebrity culture and the royal family, I dont feel bad about any of it. In fact, I regard flying, and advanced forms of consumption, from Amazons next-day deliveries of completely random stuff to the ability, following Ubers implosion, to summon a black cab in two minutes on an app, as nothing short of marvellous and just as it should be.

No, what I feel bad about is the fact that all that nice stuff good meat, flights and holidays, not having to overthink heating ones home or cooking or keeping lights on has already become extremely difficult for millions, and is only going to get worse when the mercury plummets. I feel bad about the fact not, as some seem to censoriously suggest, that we consumed, polluted and, with Brexit, voted ourselves into a brutal cost of living crisis, but rather that a grisly storm of silly priorities by the government, unavoidably outlandish spending during Covid, a muddled, under-used work force, a broken energy sector and the egregious Russian invasion of Ukraine has landed us here.

Its clear that Britain is hitting the skids, and, thanks to the added seasoning of relentless mass transport strikes, has already slid back to a 1970s-style economic and infrastructural mess. What is needed are solutions, not the further embrace of punitive finger-wagging.

We face several years, perhaps, of miserable drear and grind as costs and prices soar, and the inflation rate, currently at over 10 per cent, poisons economic stability. But those seizing on this perilous situation to blame capitalism, Brexit, and to lecture about climate change, are missing the point. The point is not that we got ourselves into this, that we spend too much, enjoy too much cheap travel and variety at the supermarket, got the energy market wrong, and had the audacity to want to break free of the EU. The point is that we need better thinking about markets, and better technology to reduce carbon emissions, fix the energy sector, water shortages, and the problems caused by long-distance food haulage. We need to creatively embrace the possibilities afforded by Brexit, not go down in the mire, ideological and practical, of a poorly-managed transition. The point, in short, is not just desserts, but making sure we can keep enjoying lots of delicious desserts, or, put in safer metaphorical terms, the fruits of modernity thoroughly and securely.

The working and middle classes are due a break. For years we have been berated about everything from plastic bag use to sugar consumption, slapped with eye-watering congestion charges, and disrupted by malodorous environmental and anti-capitalist protesters as we simply tried to commute to work. Covids universal cats cradle of nonsensical rules further entrenched the sense of being fatally and perpetually constrained.

If a break is not forthcoming in the present mess, we are at the very least due a bit of encouragement, a bit of hope. And yet there is no let-up. Last week, responding to the most recent heat wave, the focus was back on how we need to do and eat less of what we fancy. Henry Dimbleby, adviser on the governments food policy, and founder of Leon, the food chain, said that the only way for Britain to meet its biodiversity and climate targets was for the consumption of meat to be drastically curtailed, including through penalties. Meanwhile, despite the present government being one of the most aggressive pursuants of net zero on earth today, researchers are complaining that its not doing enough to heckle people into lifestyle changes. Yougov polling showed the July heatwave caused some panic and reflection about climate change among the public, but understandably not enough to make people want to change their lifestyles by forking out for an electric car, eating less red meat, and giving up flying.

To green-heads in policy and research, this is a shame; in their view, the little people should bite the bullet while the government should be less focused on innovation. It should stay mum about the possibilities of electric planes, for instance, and instead focus on making it harder for people to heat their homes or go on holiday. And while few would publicly clap their hands with glee while arguing that Brexit is causing millions to struggle to feed their families there is, nonetheless, a whiff of cackling Remainiac told-you-so-ism about the present moment too. Much was made in the usual quarters of a study earlier this summer on the effects of Brexit on Britains economic outlook. Put out by the Resolution Foundation, a thinktank, in partnership with the LSE, it was surprise surprise a celebration of all the allegedly grim outcomes Remainers warned of. The cost of living crisis, an apparent plummeting in both openness and competitiveness and all the rest of it was explored in fairly one-sided detail.

Brexit has certainly caused some economic constriction, but next to sensible embrace of the broader picture, there is no reason it should not be relatively short-term. Its the same for the rest of the current horror show. Indeed, the main thing about the present mess is not that we deserve it, but that we deserve to get out of it as quickly as possible.

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It wasn't Brexit or capitalism that got us into this mess - but try telling that to the new Puritans - The Telegraph

One of the things Liz Truss said about Brexit earlier this year already looks pretty ridiculous.

In January, the now Tory leadership contender said Brexit had been fine and had not led to "Armageddon" with "huge queues at Dover" but this is absolutely not true.

She told the Andrew Marr Show on BBC One: There were all kinds of predictions of Armageddon, that wed have huge queues at Dover, it would all be very difficult. In fact, many businesses have succeeded in undergoing those new processes, continuing their exports, we havent seen those predictions of Armageddon come true.

At the time, it was called out for being a bit ridiculous given there was already evidence of queues in Dover which industry groups blamed Brexit for.

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And months on, it has just appeared even less of a credible take as these queues have become more of a regular occurrence. As recently as last month. Some Tories have tried to blame the French for the problems, but have been shut down.

Regardless of the ins and outs of how they have happened, it is clear that queues in Dover have indeed started since Brexit.

Great prediction, Liz.

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Liz Truss' Brexit prediction has aged terribly in just seven months - indy100

The Government can look forward to a post-Brexit windfall worth 135 billion after the UK leaves the European Union, a report claimed in 2017.

The Economists for Free Trade (EFT) group said Brexit will be overwhelmingly positive for the British economy provided the Government adopts the right policies.

The EFT headed by Professor Patrick Minford says the priority for the Government should be to bring down trade barriers with the rest of the world once Britain has left the EU while reducing the burden of regulation and taxation on firms and individuals.

Yes it is that Patrick Minford who is calling Truss the new Thatcher,

Back in July BBCs Nick Robinson interviewed Liz Truss.

He asked: Will borrowing billions of pounds, you say over 30billion increase or decrease inflation?

Ms Truss replied My tax cuts will decrease inflation.

Mr Robinson interjected: Really? You dont point to a single Chancellor or a single Governor of the Bank of England, a single leading economist who thinks that cutting taxes with borrowed money does anything other than increase inflation.

Ms Truss hit back: Patrick Minford. Hes written an article about it this weekend.

In 1981 over 300 economists wrote a letter criticising Margaret Thatchers disastrous economic policies, Minford defended the government and received a letter from Thatcher congratulating him for his efforts.

John Spiers wrote on Twitter: Liz Truss just told Radio 4 that she wants to follow the advice of Patrick Minford, a fringe economist who said that for Brexit to succeed economically we would have to get rid of farming and manufacturing and live with much bigger wage inequality.

Now he has told the Times that Liz Truss is the nearest thing we have to Margaret Thatcher.

Not everyone is convinced

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Related: Boris Johnson will run the country from Chequers and people arent having it

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'Liz Truss is nearest thing we've got to Margaret Thatcher' - The London Economic

According to members of the UKs leading Napoleonic re-enactment society, the customs red tape fails to account for their firearms. As a result, they are at risk of having their weapons confiscated as they head to the central Spanish-Portuguese border for an event. Members say they may have to wield pitchforks as Portuguese peasants, instead of being British soldiers armed with muskets and rifles.

Chair of the Napoleonic Association Lisa Stanhope said: "What you cant risk is having your beautiful, historically accurate and expensive weapon taken off you by a customs officer who doesnt know the rules.

They are heading to the border this week for a re-enactment for the 1810 Siege of Almeida.Prior to the UK leaving the EU, re-enactors could get a free European licence alongside their shotgun licence. The European licence is used for old-fashioned long arms, allowing them to travel freely with the weapons.

But it seems that for this niche activity, no Brexit provisions exist to guarantee they will be able to continue their re-enactments. Ms Stanhope said she had received conflicting advice from officials at HMRC. She had spoken to four different people who she says could not provide clear guidance.

Ms Stanhope added that she had been told by both French and Spanish officials as well as ferry operators that their community were being held back by UK rules, not EU ones. The rules require them to fill out complex and expensive forms to continue post-Brexit.

Re-enactment societies are already an expensive activity, with outfits costing over 1,000.

They say that the cost and uncertainty of the situation is putting them off it entirely. Re-enactor Richard Cocker, meanwhile, took a swipe at the priorities of the Brexit deal.

READ MORE:'Pay with your liberty' Macron gives chilling ultimatum to French[REVEAL]

He said: "Were not rich guys going off on a hunting holiday, which seems to be totally catered for."

An HMRC spokesman said they were working to provide clearer guidance for those affected, adding that it was the EUs remit to decide on the process.

They said: "The EU determines what is required to import goods into member states. We are working on providing clearer guidance that addresses the requirements on temporarily moving items to the EU."

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Brexit red tape sees battle re-enactment societies at risk of having weapons confiscated - Express