Japan Agree First Post-Brexit Deal With UK

The UK government announced yesterday that it had agreed with Japan a new trade deal. In this video, I take a look at the claims from the government, what we can infer, without having seen the details yet, and how it still doesn't come close to compensating for the massive loss to GDP that brexit is going to cost the country.

[arthurfarrow]

I am familiar with the expression 'lose a pound and find a penny'; however, to deliberately to throw away a pound, and to celebrate finding a penny, sounds deluded.

[batbrewer]

I live in Japan, where perceptions of the UK have historically been highly favourable ("shimaguni konjo" = island-nation-feeling, roughly translated, and the British monarchy is viewed in some ways with even more affection than Japan's Imperial dynasty, appearing more "human" since Diana in particular). WW2 apart, obviously. The UK has been seen as cool-headed, pragmatic, reliable, sensible, and people of their word. That's why the Brexit vote was such a shock --- everyone here thinks Brexit is just screaming insanity, and that the UK has totally lost its collective mind. Since 2016 I keep getting asked WTF is going on by exasperated Japanese friends and colleagues.

No doubt the trade terms offered to the UK will be as favourable as they can be, given the generally favourable history and perception of the UK, but will still factor in steep discounts to reflect the UK's perceived desperation for a deal, its far smaller population than the EU, and its plummeting credibility given its apparently newly-relaxed attitude to breaking its word, not to mention the law. That's really not a good look here. And firms that invested in the UK as a manufacturing gateway to the EU are unimpressed beyond mere words --- "f*** business", indeed.

[kelletamas]

But the EU just recently signed a deal with Japan. We would've had this (if not more) just by staying in the EU anyway and without the loss of all the other deals...

[iandavidson]

The government just need a flag to wave. The EU will want to take a look at this deal and make sure it doesn’t break their agreement between the EU & Japan. If it does then the EU will want changes made to the UK agreement or to its own agreement with Japan. This UK Japan deal cannot be BETTER than the EU deal.

[berend_dijk]

As a European, may I congratulate the UK with their trade deal with Japan. Hopefully this will bring you a solution to get rid of all of your fish.

[DDocScotland]

“Agreed in principle”?
Like the EU Withdrawal Agreement?
So, it’s worthless?

[mickeythompson]

£1.5bn... in a £2 trillion economy.
Exactly the same as we had... but we've lost everything else, and still haven't forced Stilton on a mould- and lactose- intolerant people.

[mashfour]

This is by far the best Brexit channel on YouTube that I've discovered...thanks Phil for the context and numbers 👍

[CatholicSatan]

Apparently.... what the UK has negotiated "better" than the EU is an increase in exports of... *malt!* Yeehaw!!! The UK is saved!

[bikkiikun]

"Agreed in principle" just means, that they will now start negotiations properly. Nothing has been agreed until it was signed and ratified (which will take at the very least a year).
...and with the UK breaking an important treaty, Japan will ask for strong (and expensive and harshly punitive) safeguards.

[Tzilandi]

Have the Japanese announced this deal? Because I don't trust the UK government on anything right now.

[terryneale]

I wonder how Japan is viewing the UK's willingness to break it's agreements after only a few months.

[Phase]

hey guys, I threw out the cake but I managed to get back this 1 piece of crumb! Aren't you glad I threw out that cake?!

[NickAskew]

Ooh hastily arranged deal that has not been scrutinised? What's the bettering some plonker is going to want to break the deal in some limited and specific way in about 8 months time.

[zuperblue]

THE IN PRINCIPLE GETS ME it basicaly means nothing is agreed. no point in this declaration of NOTHING

[roydullman]

But it's great having a market that is far away. That's why instead of going to my local supermarket I'm driving 300 miles to London.

[nothingbutchappy]

If the UK tries to wrestle in on Australia's lucrative food exports to Japan they got a fight on their hands

[tollyt]

I only have two things to say about "in principle" This government has no principles, and "Nothing is agreed until everything is agreed"
'Back to my coffee' ☕

[Mocking_Muppets]

£800 million in the long run. So lets assume Phil's 10 years.
So, on to some Maths. That's going to be fun...
800m / 10y = 80m / 1y
80m / 31m (taxpayers) = £2.58
£2.58 / 1y = 21.5p / 1month

WOW that's a massive amount for UK workers in regards to more income as per government figures. This Japan (unsigned) deal is so world beating... /s

Wastemonster at its best. Not world beating but beaten by the world. Effing clowns.

SAOR ALBA

[pierrelindgren]

So historic that they had already agreed to it as part of the European Union.