Brexit was a mistake
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With 6 votes and 2 points ahead, the winner is ...
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Bris Johnson looks like an albino Baboon fitting such and absurd Monkey Creature is the champion of such a dog turd as brexit
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Brexit was a bad idea and hurts everyone all around
After Theresa May's deal was defeated, the Brexit deadline was extended to 31 October.
To avoid a no-deal Brexit on this date, the UK government must pass a Brexit divorce plan into law, obtain another extension from the EU, or cancel Brexit.
Many politicians are against no deal and Parliament has passed a law that could keep the UK in the EU until the new year.
Opponents of no deal say it will damage the economy and lead to border posts between Northern Ireland and the Republic.
But some politicians support no deal and say any disruption could be quickly overcome.
What would it mean for trade?
Under a no-deal Brexit, there would be no time to bring in a UK-EU trade deal.
Trade would initially have to be on terms set by the World Trade Organization (WTO), an agency with 162 member countries.
If this happens, tariffs - taxes on imports - will apply to most goods UK businesses send to the EU. Some companies worry that could make their goods less competitive.
The UK government has already said most tariffs will be abolished for EU goods coming to the UK, if there is no deal. But the EU doesn't have to do the same.
Trading on WTO terms would also mean border checks for goods, which could cause bottlenecks at ports, such as Dover.
No deal would also mean the UK service industry would lose its guaranteed access to the EU single market.
That would affect everything from banking and insurance to lawyers, musicians and chefs.
The term originated in the United Kingdom, expressing a pugnacious attitude toward Russia in the 1870s, and it appeared in the American press by 1893. https://en.wikipedia.org/wiki/Jingoism
- Slower growth in the EU and UK although currency declines will cushion the blow.
- Monetary policy to remain highly accommodative; potential rate cut in the UK.
- Export activity and business investment in the UK to slow; UK trade with EU is 45% of their total trade.
- Banking activity to shift from London to France or Germany over the next few years- loss of high paying jobs.
- Limited impact to North American GDP growth as trade with the UK represents only 3% of total trade of Canada and US.
- US dollar-a safe haven, to rise.
- Canadian dollar--downward pressure due to strength in US dollar.
- US and Canadian corporate profits for exporting companies will shift down slightly however, the UK accounts for only a small share of North American trade.
- Fed on hold until September at the earliest.
- Bank of Canada on hold until 2017 or later.
- Canadian bond yields to remain at low levels to year end or longer.
- Small negative impact on oil price due to slower growth in EU, UK and strength in the US dollar.
- GDP growth in Canada and US down slightly.