Eq: Dev ex-US

(London)

In what seems to be a major growing issue between England and Scotland, the UK’s PM Theresa May is set to reject Scotland’s calls for a flexible Brexit deal where Scotland would retain access to the EU single market. The country wants to retain access to the EU market even if the UK as a whole leaves. Likewise, London has proposed a special work permit scheme for workers only in the capital. Both demands show that the country’s desire for Brexit varies across different regions. PM May is likely to resist demands for any special exemptions from Brexit. Scotland’s first minister, Nicola Sturgeon, is trying to pull together a “cross-party” coalition to stop the UK from a “hard Brexit”, or one where it loses access to the EU single market.


FINSUM: Brexit is an absolute mess. It is tearing the country apart and no one can agree how to proceed. Stay tuned for more scary headlines.

Source: Financial Times

(Edinburgh)

For those who are unaware, Scotland voted very strongly to remain in the EU during Britain’s June referendum vote. That marked a wide divergence from their English neighbors to the south. Scotland also voted narrowly to remain in the UK in 2014, and now that fragile union appears to be unraveling as the Scottish are taking steps to launch a new referendum to decide on whether they want to join the UK in leaving the EU. Scotland’s first minister, Nicola Sturgeon is putting forth a draft bill to parliament today, which although non-binding, will make it much easier for her to call a referendum if need be.


FINSUM: Scotland is scared of Brexit as a whole and very afraid of a ‘hard’ Brexit. We think that if England presses ahead, Scotland will likely vote to leave the UK.

Source: Bloomberg

(New York)

Here is a fascinating, if tangential article in Bloomberg. It says that a major university study has shown that American workers, on average, put in 25% more hours of work than their colleagues in Europe. This equates to about an hour extra per day on average. While productivity measurements are king in employment studies, having accurate hours worked measurements are fundamental to measuring that productivity. So how do the authors account for the big difference in hours? The answer is a few key reasons: lower taxes in the US giving more incentive, the fact that the range of incomes is wider in the US, which makes a promotion worth more, the fact that labour unions are stronger in Europe, and finally, that pensions are more generous, incentivizing older people to work less.


FINSUM: We found this article an interesting cross-border cultural and structural comparison and thought readers might as well.

Source: Bloomberg

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