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EU said UK is now a third world country?

" After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete. "

5th richest economy with rich history is now somehow a third world country???? Does this sound stupid to anyone else?
(edited 7 years ago)

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well it is now 6th richest...

if the EU wants to respond to our "political statement" with "economic damage" then go ahead. At least everything will be cheaper in this country and people won't want to work here :biggrin:
Two things:

It says third country, not third world country.

History is irrelevant to your current situation.
Original post by shawn_o1
well it is now 6th richest...

if the EU wants to respond to our "political statement" with "economic damage" then go ahead. At least everything will be cheaper in this country and people won't want to work here :biggrin:


Cheaper for who?I thought inflation made things expensive...
Reply 4
Original post by posthumus
Cheaper for who?I thought inflation made things expensive...


Cheaper for people to buy our stuff.
Reply 5
Original post by Alba2013
Two things:

It says third country, not third world country.

History is irrelevant to your current situation.


Whats the difference from third country and third world country than? Isn't it the same thing?
Original post by ckfeister
" After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete. "

5th richest economy with rich history is now somehow a third world country???? Does this sound stupid to anyone else?

Silly, silly, silly.
Reply 7
Original post by ckfeister
Cheaper for people to buy our stuff.


We don't make much stuff and we are a net importer.

The stuff we import will now be more expensive.

Posted from TSR Mobile
Original post by ckfeister
Whats the difference from third country and third world country than? Isn't it the same thing?
No, it is not

in EU terms, "third country" means simply a non-EU country

"third world country" is a (somewhat obsolete) term meaning originally a country neither aligned with the West nor the Soviet bloc, and which then took up the meaning of "developing" or, better, "underdeveloped" country
Original post by jneill
We don't make much stuff and we are a net importer.

The stuff we import will now be more expensive.

Posted from TSR Mobile


But the higher import costs (and any future tariffs on EU imports) will act as a strong incentive to buy British goods, encouraging both consumers to buy them and manufacturers to invest in facilities to make more goods here. At the same time our existing exports become even more attractive to non-EU countries.
Original post by ckfeister
Whats the difference from third country and third world country than? Isn't it the same thing?


Not surprised things sound stupid when you can't read. From your very own op:

Original post by ckfeister
" After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete. "
Original post by jneill
We don't make much stuff and we are a net importer.

The stuff we import will now be more expensive.

Posted from TSR Mobile
effect of a currency devaluation on external trade balance is determined by the Marshall-Lerner condition : net effect depends from export and import demand elasticity : could be positive, could be negative

https://en.wikipedia.org/wiki/Marshall%E2%80%93Lerner_condition
"The Marshall–Lerner condition (after Alfred Marshall and Abba P. Lerner) refers to the condition that an exchange rate devaluation or depreciation will only cause a balance of trade improvement if the absolute sum of the long-term export and import demand elasticities is greater than unity".
(edited 7 years ago)
#ThirdWorldProblems :rolleyes:
They simply want to say that the UK will be neither an EU member nor an associated member (EEA or w/e) when it exits. It'll be a "third" country.

Mountains out of molehills.
Reply 14
Original post by Good bloke
But the higher import costs (and any future tariffs on EU imports) will act as a strong incentive to buy British goods, encouraging both consumers to buy them and manufacturers to invest in facilities to make more goods here. At the same time our existing exports become even more attractive to non-EU countries.


"In 2014, the United Kingdom exported $472B and imported $663B, resulting in a negative trade balance of $191B."

We import 40% more than we export.

How quickly do you think that trade imbalance will be corrected?

Posted from TSR Mobile
Original post by jneill

How quickly do you think that trade imbalance will be corrected?


I don't know, obviously, but we have a steadily growing trade surplus with the non-EU world, despite tariffs, and it is a far bigger market than the EU and growing much faster. The EU actively constrains us from developing better links with it at the moment.
I thought we got rid off all the immigrants? they were bringing us down I'm sure

us British are too good to be classed as third

we are number one in the world

Spoiler

Original post by Good bloke
I don't know, obviously, but we have a steadily growing trade surplus with the non-EU world, despite tariffs, and it is a far bigger market than the EU and growing much faster. The EU actively constrains us from developing better links with it at the moment.


Yes but the EU has a lot more to offer when we make those links as a union.

They have 500+ million and thousands of different ports / airports / hubs etc.
Original post by ckfeister
" After Brexit, the UK would become a "third country" in EU terms, she said - meaning trade would be carried out based on World Trade Organisation rules until a new deal was complete. "

5th richest economy with rich history is now somehow a third world country???? Does this sound stupid to anyone else?


This is a good exercise in learning to read. She did not say that the UK would become a "third world country", she said that the UK would become "a third country in EU terms", and then goes on to very clearly explain what this means.
Original post by Kieran1996
Yes but the EU has a lot more to offer when we make those links as a union.

They have 500+ million and thousands of different ports / airports / hubs etc.


Not a lot of use if the unwieldy nature of the EU and the need for consensus mean the EU takes three times longer to make deals.

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