Comments by "SaBa" (@saba1030) on "The New Labour Government: So Frustrating!" video.
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 @riz8437Â
Well, "joining the EUs SM/EEA/CU is available for EU and EFTA member states ONLY, not though for 3rd countries, according to article 126 of tve EEA Agreement !!
EEA = EUs SM
NOT negotiatable !!
Norway and Iceland/EFTA, are stating since years, that they'll veto the UK joining EFTA, because they don't want a "trouble maker in their club".
ALL NEW EU member states have to join the Schengen area and adapt the €/Euro, as soon as the new EU member state has a stabile enough economy.
Therefor it's part of the EUs joining criteria to have a national debt of max 55-60 %, the UKs national debt is at 101,2 % recently.. = about £ ONE TRILLION it has to get rid of..
The UK lost £ 100 billion due to Brexit in 2022
The UK lost £ 140 billion due to Brexit in 2023 | Bloomberg and Financial Times
January this year the "passporting" went back into the EU27, June 2025 the "Euroclearing" will be back in the EU27, then Brexit is complete, as the transition period of FOM for capital ends June 2025.
This is a huge loss for the City of London, as those financial services are making up about one third of worlds market for clearing services = a value of £ 260 trillion per year.
Those figures don't include the loss of the clearing services yet...
Of course UK can prepare for EU membership, but it'll take quite a while...
I wish you all the best with greetings 👋
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