Published on 6 November 2017

This is my work over the last year on the financial case for Brexit: overwhelming and contained in the eight Brexit Papers.

The first four:

  • the UK’s exposure to Deutsche Bank as a test case of its exposure to a number of EU systemically important banks
  • how the Euro sits in the middle of everything the EU does and how it has failed to deliver on its promises
  • the EU payments market: stripped of revenues, heavy on regulation
  • £10 billion p.a. lost corporation tax and £10 billion p.a. of lost spend due to the exploitation of the Freedom of Establishment

Freedom of Establishment comes together for the UK with the beneficial tax regimes of smaller EU member states, notably Ireland, Luxembourg and Netherlands, and with Freedom of Movement: low-value jobs are created in the UK but with full access to UK public services, imposing a financial deficit on the rest of the UK population.

And the second four…

  • £2 billion p.a. lost tax due to Dutch banking/accountancy/taxation practices
  • £30 billion p.a. net cost of public services for EU economic migrants
  • EUR1.3 trillion liabilities under the EU Budget Commitments Appropriation
  • Total exposure, including the membership fees, and the rising risk

The rising risk focuses on the Italian banking sector and the way in which toxic debts (i.e. Non-performing loans) are being exchanged by Italian banks for Floating Rate Notes, which can then be discounted at the European Central Bank: a diastrous exercise in alchemy.

All downloadable from