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Economist Podcasts

Exit-stage plight: Brexit’s costs come due

Economist Podcasts

The Economist

News, News & Politics

4.35K Ratings

🗓️ 12 February 2021

⏱️ 23 minutes

🧾️ Download transcript

Summary

Stock-trading is shifting to the continent; businesses are bound up in red tape; border issues are still simmering. There is far more than mere “teething problems” as Britain and Europe adjust to their new relationship. Our correspondent looks at the slippery nature of risk by speaking with wing-suited daredevils. And in Kenya the flower-industry bounce-back is blooming great news.For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

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Transcript

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0:00.0

Hello and welcome to the intelligence on Economist Radio. I'm your host, Jason Palmer. Every weekday, we provide a fresh perspective on the events shaping your world.

0:18.0

Risk is a funny thing. Actuaries and economists try to anticipate it, but people deal with hazards in unexpected ways.

0:26.6

Our correspondent meets with base jumpers wearing wingsuits to find out why some people chase risk rather than avoid it.

0:34.6

And one perhaps unexpected bounceback from the pandemic shock is in the flower industry.

0:41.4

Flowers seem to be a joy that consumers are willing to indulge during dark times. And in Kenya,

0:47.4

that's blooming great news.

0:56.0

But first... It's been six weeks since the end of the transition period when Brexit formally, fully, finally happened.

1:07.0

This is an amazing moment for this country. We have our freedom in our hands, and it is up to us to make the most of it.

1:16.6

So far, it hasn't been straightforward. This week, the European Commission listed a series of shortcomings in how Britain is following border agreements in Northern Ireland. Meanwhile, Amsterdam passed London as Europe's largest centre of share trading.

1:33.3

Yes, of course there are teething problems and what I can say...

1:38.3

Britain's government is projecting confidence about getting past this teething period.

1:42.3

There are some specific issues that relate to our departure from the European Union

1:45.8

that can be resolved in the next few weeks and months as we adjust to a new situation.

1:52.1

At the same time, figures released this morning show that the country is grappling with a record fall in economic output.

1:59.1

Although the deal is done, the transition period over, the relationship

2:03.0

between Britain and Europe, whether on banking or trade, is still far from settled.

2:07.7

It was inevitable when Brexit took effect that some business would move out of London because

2:13.5

the business of London in the city has lost its automatic right to trade out of London across Europe.

2:19.4

John Pete is the economist's Brexit editor.

2:22.3

And because it's lost that, it's not recognised by Brussels,

2:25.4

and therefore quite a lot of share trading in European shares and other euro-denominated bonds,

2:32.4

was going to move, and it has moved. It's moved very fast, most of it to

...

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