573 replies to this topic

[Takis1]

BREXIT is now a fact with almost 52% of the votes for an Exit and 48% against an exit.

Is this going to affect F1 teams that have their headquarters in UK?

[GrumpyYoungMan]

It won't have any effect in the long term, short term there budgets may get tight! As they are paid in dollars!

[404KF2]

Cheaper labour for foreign funded teams, as the employees are presumably paid in £.     

 

Edit: oops. They are paid in USD?  To be honest this is a non issue in its proper context.

Edited by 404KF2, 24 June 2016 - 05:38.

[emmanuelrubi]

Teams diversify to outside the UK i think its good.

[Szoelloe]

BREXIT is now a fact with almost 52% of the votes for an Exit and 48% against an exit.

Is this going to affect F1 teams that have their headquarters in UK?

 

The short answer is no-one has a clue. It seems to me the situation is like "Oh my god we actually won. What the hell should we do now?" It's all actually funny. If the recession hits like some think it will, F1 will be affected not the teams.

[Marklar]

Boullier and Lowe were asked earlier this month about it. They analyzed the situation and came to the conclusion that it makes little difference (they allowed their employees to vote whatever they want). Horner for instance even said that he is for Brexit.

However, it will bring some economical uncertaincy and this cant be good for now. Will it massively affect teams on the long run? I doubt it. As Boullier said most suppliers are in the UK anyway. Teams are being paid in USD, but some are operating with pounds. I can actually imagine that if customs are massively increasing that it will be another argument for Bernie to hold less races in Europe. But all will depend on how this topic will progress in the next weeks I guess.

Edited by Marklar, 24 June 2016 - 06:13.

[baddog]

Boullier and Lowe were asked earlier this month about it. They analyzed the situation and came to the conclusion that it makes little difference (they allowed their employees to vote whatever they want). Horner for instance even said that he is for Brexit.

 

 

!?!

 

Their employees can always vote how they want, it is none of their employer's business.

 

It is insanity mind you.

[Marklar]

!?!

Their employees can always vote how they want, it is none of their employer's business.

It is insanity mind you.

Oh maybe a bit weird worded, for some context: their employees asked them what would be the best for the team to vote for, but they told them that it makes no difference.

If you are uncertain what to vote for then it is somehow understandable that you are voting for this what is better for your employer and hence for your job.

[george1981]

I think the teams income is mostly in € now rather than $ as it was ~15 years ago. I believe most of the team costs are engines and staff. I think the engine contracts would be € (German, Italian and French companies) whereas the UK staff would be paid in £. The £ has lost ground against the € and will probably continue to do so.

In theory this would only really effect staff costs which would appear to be cheaper as the £ weakens.  

[HP]

It's good when a sport is not effected by economic issues.

 

To the OP, there is other racing going as well that is British centered. And those might be influenced more than a sport active worldwide, generating income from all over the globe.

 

Oh maybe a bit weird worded, for some context: their employees asked them what would be the best for the team to vote for, but they told them that it makes no difference.

If you are uncertain what to vote for then it is somehow understandable that you are voting for this what is better for your employer and hence for your job.

What these employers were saying, Brexit has overall not much to do with economic issues in the long term. At least for them. Right or wrong, food for thought for either side of the argument. For me as Swiss I know the feelings, the head and heart are not always perfectly aligned. There was a time when the mind said join the EU, but the heart said no. So far I am glad that the heart prevailed over mind.

 

Anyhow, I would think F1 has other more urgent issues than that.

[teejay]

/comment somehow blaming Brexit on Lewis 

[Nonesuch]

Perhaps Italy could refuse their visas to make sure Ferrari wins at Monza. It's been too long!

Other than that, it'll be fine.

[phrank]

There are more countries outside the EU then there are in, so why would it ever be a problem

[RECKLESS]

They are all going to fail and Ferrari will start dominating.

[Vitesse2]

/comment somehow blaming Brexit on Lewis 

He avoided Croydon, which voted Remain.

[Requiem84]

It will have a major impact from tax (wage tax income, VAT, CIT) point of view, and possibly also a legal perspective. All EU freedoms will be thrown out of the window for the UK. Might even have an impact for cross-border employees etc.

 

I think the majority of the brexit voters have no clue about how big this is going to be. Every time an UK company now orders a good from outside the UK, it will have to be customs cleared for instance.  This puts up huge barriers to deal with UK. 

 

UK will lose quite a big appeal as a country of establishment for companies. Perhaps this will also apply for companies which are already established in UK. 

[Fastcake]

The collapse in the pound could be pretty nasty as F1 largely works in dollars, but that's something that's going to hit everyone. Remains to be seen what else specific to motorsport will be hit in the long run.

It wasn't something that was overly reported, but one of the things that really hurt Sauber was currency fluctuations, in their case the strength of the Swiss franc meaning they got less for their FOM and sponsor dollars.

[pdac]

The outcome means very little (it always has). The leave or the remain campaign don't run the country - the government do. In the short term,  at least, the markets across the globe will panic because they don't know what's happening. It's now up to the UK government to show everyone what their future strategy is. Once that happens then everyone will move  forward.

 

In the short term this means, for F1, that the £ might be weaker and so if they are getting income in $ they will be slightly better off (especially if they haven't been paying their debts). In the long term, I cannot see this making very much difference.

[Thursday]

The British based teams have effectively had their budgets slashed with the drop in the £.

They still have to pay out the same amount of £'s as they did before but their $'s buy less £'s so the are paying more in $.

Also the huge fall in the stock market will affect any present or future sponsorship from British based companies as the exit vote has wiped out the past 5 years of growth overnight.

All this makes it possible that the British economy will head into recession and may drag the Euro zone with it which would have wide reaching consequences.

[Szoelloe]

The outcome means very little (it always has). The leave or the remain campaign don't run the country - the government do. In the short term,  at least, the markets across the globe will panic because they don't know what's happening. It's now up to the UK government to show everyone what their future strategy is. Once that happens then everyone will move  forward.

 

In the short term this means, for F1, that the £ might be weaker and so if they are getting income in $ they will be slightly better off (especially if they haven't been paying their debts). In the long term, I cannot see this making very much difference.

 

To F1? Not too much but it may be negatively affected. I would say on the long term if there is a team that will be affected, that will be McLaren. About the future strategy part: There doesn't seem to be any. The whole brexit was a publicity stunt that went seriously south now.

Edited by Szoelloe, 24 June 2016 - 10:11.

[EthanM]

The British based teams have effectively had their budgets slashed with the drop in the £.

They still have to pay out the same amount of £'s as they did before but their $'s buy less £'s so the are paying more in $.

Also the huge fall in the stock market will affect any present or future sponsorship from British based companies as the exit vote has wiped out the past 5 years of growth overnight.

All this makes it possible that the British economy will head into recession and may drag the Euro zone with it which would have wide reaching consequences.

 

 

umm no ... lower pound means more pounds for your dollar. 

[Thursday]

umm no ... lower pound means more pounds for your dollar. 

you are right...oops 

[Dick Dastardly]

British teams won't be allowed to take part in the European GP......

[muramasa]

Any possibilities for Brethinking and Brevert or Breturn?

[Takis1]

Any possibilities for Brethinking and Brevert or Breturn?

 

Same chances as Mercedes losing the constructors Championship.

[TheManAlive]

/comment somehow blaming Brexit on Lewis 

 

Beat me to it!! Its clearly his fault. He didn't vote as he wasnt in Croydon!

[Szoelloe]

British teams won't be allowed to take part in the European GP......

 

In Baku? That would be funny.

[phrank]

The British based teams have effectively had their budgets slashed with the drop in the £.

They still have to pay out the same amount of £'s as they did before but their $'s buy less £'s so the are paying more in $.

Also the huge fall in the stock market will affect any present or future sponsorship from British based companies as the exit vote has wiped out the past 5 years of growth overnight.

All this makes it possible that the British economy will head into recession and may drag the Euro zone with it which would have wide reaching consequences.

I am sure their earnings are in dollars or euro's, so their income will remain the same. I cannot imagine they rate of the pound has more effect in the euro than the current bankruptcy of Greece

[phrank]

In Baku? That would be funny.

Its not the EU GP...

[Ross Stonefeld]

No one actually knows what the end result will look like. Brexit was really just the option to negotiate. They may keep immigration/travel and trade the same as it is, for all we know. And it's going to be a few years probably for them to work it out. So, it's all completely hypothetical.

[Takis1]

No one actually knows what the end result will look like. Brexit was really just the option to negotiate. They may keep immigration/travel and trade the same as it is, for all we know. And it's going to be a few years probably for them to work it out. So, it's all completely hypothetical.

I thought BREXIT is more than just an option to negotiate..unless I misunderstood the whole referendum topic, it is a decision to leave EU...

[kamikaze1]

So.. how much are Silverstone weekend tickets…. screw that… ermm… how much are the Saturday and Sunday Paddock Pass tickets for Silverstone in the value of Euro today???

 

And on the negotiation topic… I can't imagine the EU will be a breeze to negotiate with after the biggest "F U" it has ever been given.  I sense these negotiations aren't going to go well for Great Britain.  Which surely will have long lasting effects of team staff travelling to other European countries etc.  (I'm not pro EU) 

Edited by kamikaze1, 24 June 2016 - 11:32.

[jjcale]

Nothing will change....

[phrank]

If the pound drops, expect lots of visitors from Europe!

 

They say it takes two years to complete the Brexit, we can expect the EU also to look very differently by that time

[scheivlak]

 I think the engine contracts would be € (German, Italian and French companies) 

Which might mean that the engines have to be imported, going through customs, should be taxed etc.....

[Thursday]

I thought BREXIT is more than just an option to negotiate..unless I misunderstood the whole referendum topic, it is a decision to leave EU...

Just because the electorate has said they want to leave it doesnt mean that the politicians has to listen.

Whoever replaces Cameron as prime minister has the option to invoke Article 50 which starts 2 years of negotiations with the EU (trade agreements, work visas, reciprocal health care agreements etc.).

[HP]

It will have a major impact from tax (wage tax income, VAT, CIT) point of view, and possibly also a legal perspective. All EU freedoms will be thrown out of the window for the UK. Might even have an impact for cross-border employees etc.

 

I think the majority of the brexit voters have no clue about how big this is going to be. Every time an UK company now orders a good from outside the UK, it will have to be customs cleared for instance.  This puts up huge barriers to deal with UK. 

 

UK will lose quite a big appeal as a country of establishment for companies. Perhaps this will also apply for companies which are already established in UK. 

No big deal IMO. They can learn from Switzerland how to do things profitable, especially since the UK has a much greater economic clout.  It only can get bad if the new government doesn't stand their ground. The UK remains interesting for the EU, and I'm sure the British will now their value. Change will be required though, even in F1, because some suppliers are from EU countries and that forces teams to think even more ahead because of customs.

 

BTW. I saw the voting map, and that said it all to me that change was required. Not changing a thing was no option. Wishing UK the best in a new world reality.

 

Another thing Bernie Ecclestone was for Brexit. "I know what we give the EU, but I'm not sure what we get from the EU." Clearly the outgoing PM has failed to explain that issue to the people.

[Takis1]

Just because the electorate has said they want to leave it doesnt mean that the politicians has to listen.
Whoever replaces Cameron as prime minister has the option to invoke Article 50 which starts 2 years of negotiations with the EU (trade agreements, work visas, reciprocal health care agreements etc.).

I was not aware of that...well, if that's the case it beats the purpose of a referendum..it just means politicians will honor the result only if it suits their agenda...it's a strange world

[JAW97]

/comment somehow blaming Brexit on Lewis 

 

Don't be silly.

 

 

 

...It's clearly Maldonado's fault.

[kamikaze1]

 starts 2 years of negotiations with the EU (trade agreements, work visas, reciprocal health care agreements etc.).

 

 

There goes the hopes of a French Grand Prix again . 

[gilez]

I know it may sound sentimental and I know I'm Italian so from a "poor" country, but it's sad that it had to happen, I can't shake off a feeling of profound sadness today. Anyways, UK saved our a** during WW2 so they might really know better. Good luck. And please make Bernie retire.

[Takis1]

I know it may sound sentimental and I know I'm Italian so from a "poor" country, but it's sad that it had to happen, I can't shake off a feeling of profound sadness today. Anyways, UK saved our a** during WW2 so they might really know better. Good luck. And please make Bernie retire.

 

Are you suggesting a Referendum about Bernie?

[gilez]

Are you suggesting a Referendum about Bernie?

 

Haha well, here you go: Eccxit!

 

or... Bernit?

Edited by gilez, 24 June 2016 - 12:08.

[RECKLESS]

I do wish we could all vote against Bernie. But he's a dictator so..

[Szoelloe]

I know it may sound sentimental and I know I'm Italian so from a "poor" country, but it's sad that it had to happen, I can't shake off a feeling of profound sadness today. Anyways, UK saved our a** during WW2 so they might really know better. Good luck. And please make Bernie retire.

 

Brexit was pushed through by good old Bernie's clueless generation from the previous century. So no. This possibly means Bernie will never retire. Hobbits have a long lifespan.

[TheManAlive]

I know it may sound sentimental and I know I'm Italian so from a "poor" country, but it's sad that it had to happen, I can't shake off a feeling of profound sadness today. Anyways, UK saved our a** during WW2 so they might really know better. Good luck. And please make Bernie retire.

 

As a Brit, sorry to tell you that we dont know better. This was a clusterf@@k of epic proportions. Please just remember that there are a lot of us who dont want this at all. I travel Europe a fair bit and have always felt at home there and I will make sure I get IN Tattooed to my forehead (or maybe just a bumper sticker) so I can show my solidarity with them when I go next. 

 

There is no plan for how the negotiations will go as the government opposed it - being seen to plan for it would be seen as an admission that they were going to lose. It was the same with the Scottish Independence (ahhh, remember thos days when we didn't feel the need to use stupid phrases like BREXIT!!) - there were no plans in place for Scotland leaving.

[pdac]

I was not aware of that...well, if that's the case it beats the purpose of a referendum..it just means politicians will honor the result only if it suits their agenda...it's a strange world

 

It's what's called an "advisory referendum" - I think the constitution requires that the elected government make such decisions as join/stay/leave. I'm old enough to remember the last referendum and remember academics stating that the government really had to be on the winning side otherwise it would have constitutional implications.

[TheManAlive]

Brexit was pushed through by good old Bernie's clueless generation from the previous century. So no. This possibly means Bernie will never retire. Hobbits have a long lifespan.

 

Yup. The irony is that the generation that voted it through have betrayed their parents (who fought in WW2 and the EU was created to prevent any further conflicts) and their children and grandchildren. 

[TheManAlive]

It's what's called an "advisory referendum" - I think the constitution requires that the elected government make such decisions as join/stay/leave. I'm old enough to remember the last referendum and remember academics stating that the government really had to be on the winning side otherwise it would have constitutional implications.

 

This is what has made this result so unique. There is no party that was wholly for exit (apart from UKIP, but they are not a party, they are a bunch of .....). There is no group that can actually form a majority in Parliament as they are divided on differing party and EU lines. Even if they go to an election I have no idea who will win! I dont think that they do. Those who want in will punish the parties that wanted out. Its insane.  

 

And as for the impact on F1.....I suppose the good news is that as and when Farage and his right wing lunatics get in to power at least there has been a precedent set for F1 still going to countries with horrific regimes in power!

[Kalmake]

No big deal IMO. They can learn from Switzerland how to do things profitable, especially since the UK has a much greater economic clout.  It only can get bad if the new government doesn't stand their ground. The UK remains interesting for the EU, and I'm sure the British will now their value. Change will be required though, even in F1, because some suppliers are from EU countries and that forces teams to think even more ahead because of customs.

 

BTW. I saw the voting map, and that said it all to me that change was required. Not changing a thing was no option. Wishing UK the best in a new world reality.

 

Another thing Bernie Ecclestone was for Brexit. "I know what we give the EU, but I'm not sure what we get from the EU." Clearly the outgoing PM has failed to explain that issue to the people.

Switzerland has maintain EU rules of freedom of movement to get their EFTA. Same goes for the EEA countries. Seems unlikely to work for UK, since ending those freedoms was a key point for the brexit folk.