• Leading Banks in Britain set to leave by next year following brexit
    65 replies, posted
[QUOTE]Britain’s biggest banks are preparing to relocate out of the UK in the first few months of 2017 amid growing fears over the impending Brexit negotiations, while smaller banks are making plans to get out before Christmas. The dramatic claim is made in the [I]Observer[/I] by the chief executive of the British Bankers’ Association, Anthony Browne, who warns “the public and political debate at the moment is taking us in the wrong direction”.A source close to Brexit secretary David Davis said he and the chancellor Philip Hammond had last week sought to offer reassurance that they were determined to secure the status of the City of London. However, the government’s stated intention to take control of the freedom of movement into the UK is widely recognised among officials to be a hammer blow to any chance of retaining the present terms of trade for banks, particularly given the bellicose rhetoric of major politicians on the continent. The so-called passporting rights for members of the single market allow UK-based banks to offer financial services to companies and individuals across the EU unimpeded, yet the French president François Hollande is among those who have insisted in recent weeks that hard Brexit will mean “hard negotiation” and that Britain will need to “pay the price” of leaving. A hard Brexit would involve the UK leaving both the single market, a central pillar of which is freedom of movement, and the customs union, which could potentially reintroduce tariff and non-tariff restrictions on British imports and exports.[/QUOTE] [URL]https://www.theguardian.com/politics/2016/oct/22/leading-banks-set-to-pull-out-of-brexit-uk?CMP=fb_gu[/URL] I don't think I even need to make a joke, Brexit is already a joke in and of itself.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] If there had been a comprehensive plan for constitutional, economic, and fiscal legislation for transitioning to a non-EU UK, then there wouldn't be as much grievance. But there wasn't.
[QUOTE=carcarcargo;51248176][URL]https://www.theguardian.com/politics/2016/oct/22/leading-banks-set-to-pull-out-of-brexit-uk?CMP=fb_gu[/URL] I don't think I even need to make a joke, Brexit is already a joke in and of itself.[/QUOTE] I don't understand? If the banks move to the USA then they are definitely outside the single market too. If they move to Paris/ Frankfurt then they will be subject to all EU legislation like the financial transaction tax. (Something the City of London lobbied hard to escape). Why the rush to move if we don't even know what our arrangements with the EU are going to be? I can only assume this is posturing to get their voices heard at the table tbh.
People should be trying to make it work rather than strip everything of value and run away. It's like a self-fulfilling prophecy.
[QUOTE=Mythman;51248198]I don't understand? If the banks move to the USA then they are definitely outside the single market too. If they move to Paris/ Frankfurt then they will be subject to all EU legislation like the financial transaction tax. (Something the City of London lobbied hard to escape). Why the rush to move if we don't even know what our arrangements with the EU are going to be? I can only assume this is posturing to get their voices heard at the table tbh.[/QUOTE] Because whatever deal the UK gets it can't possibly be as good as before the exit. So they either go to an EU country and have pretty much more of the same or stay in the UK and have it worse.
Partly posturing, and partly experienced executives with plenty of historical context realising the future is very dim with an entirely incompetent and flip-flopping government who are too busy fighting their back bench and opposition to actually formulate anything that might look like a plan. And even then, there is no confidence that their plan would be decent. What business does a career Home Secretary have taking an autocratic rule over a complex international renegotiation? Many of her former colleagues have speculated that she'd make a shit PM. And here we are. If my bank was dependent on her government, I'd be packing my boxes too.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] Do you want the UK to go back to "splendid" isolation?
[QUOTE=Megadave;51248209]People should be trying to make it work rather than strip everything of value and run away. It's like a self-fulfilling prophecy.[/QUOTE] The problem is we're coming to realise that it's very hard to try and make it work when the government will not take advice or concede any co-operation whatsoever with its own businesses, establishments or partners. It's like trying to treat an aggressive, clueless druggie who doesn't want the help. Muh automerge.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] Direct democracy [b]is[/b] a joke.
guys we just need to wait for that super awesome negotiation/trade deal then everything will be fine, plain sailing and sunny days forever
[QUOTE=Electrocuter;51248211]Because whatever deal the UK gets it can't possibly be as good as before the exit. So they either go to an EU country and have pretty much more of the same or stay in the UK and have it worse.[/QUOTE] If we stay in the Single Market: hooray, nothing changes! (for the banks atleast). If we leave the Single Market: hmmm, we need to consider whether our margins are better in the UK or in the EU then decide according to that. There are many advantages to London: Common law, English language, not being subject to EU financial regulation etc. These firms will make the decision based on a CBA and most will find that the UK is still the best place to be. There is a reason why London is the financial centre of Europe and why firms didn't move to Europe over the last 30 years.
[QUOTE=Megadave;51248209]People should be trying to make it work rather than strip everything of value and run away. It's like a self-fulfilling prophecy.[/QUOTE] Why would international banks give a shit about trying to make brexit work? They have literally no reason to go along with it, it's not in their interests to waste time and money to fix Britain's dumb mistakes.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] Ah, so when I can't defend a policy I stand for, I too should just cry foul and tell others to shut up because democracy is perfect and nobody could ever make a bad vote out of misinformation or ignorance.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] whats going on in britain right now isnt democratic nor is it political independence
Technocracy is the only way
[QUOTE=Electrocuter;51248224]Direct democracy [b]is[/b] a joke.[/QUOTE] I know this is somewhat unrelated but it's not [I]completely[/I] a joke. I think our constitution demanding a referendum every time there is a change to it is a good idea so that the voice of the people can be heard. At the same time however, it does create awkward cases like last year's Marriage Equality referendum, which while it was fantastic the people passed it, I think everyone agrees it would have been better if our representatives just voted it in since 90% of them supported it. The Brexit vote was completely unnecessary though, since referendums in the UK are not legally binding and leaving the people to decide economic and trade issues is a terrible idea. I think you can argue for social issues it's a good idea to get the voice of the people, but for things like Brexit it's a terrible idea as people can be influenced by fear mongering and lies - which is what happened in June. The fact that basically no plan as been presented by the British right now is a joke and a disgrace. I wish our government was piping up a bit more - sometimes the Brits need an Irishman to sort them out, just like Parnell did a hundred or so years ago :V.
[QUOTE=Electrocuter;51248224]Direct democracy [b]is[/b] a joke.[/QUOTE] Switzerland would like to have a word with you.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] yeah i'm sure lying your way into and out of brexit and leaving 48% of the population out of that independency is quite something to be proud of
Please big banks, don't go :( What are we going to do without your bullshit moneyless lending policies and market manipulation?? :(
[QUOTE=Mythman;51248233]There is a reason why London is the financial centre of Europe and why firms didn't move to Europe over the last 30 years.[/QUOTE] Yes - they currently get lower taxes than in Europe, but still get access to the EU financial services "passport" - meaning they can deal with EU banks. If Brexit goes through, they lose that access to European banks, which is worth way, way, way more than the lower taxes they get here.
If the Soviet Union still existed, they would of used this whole shitshow as a weapon against democracy. I feel really sorry for those who can't for whatever reason leave the country. I think we are going to get hit really hard by this.
I wonder if house prices will finally go down in London.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] the only joke here is the way you've managed to spot someone disagreeing with a political decision and interpret it as swearing off democracy seriously, how do you manage?
[QUOTE=Doom64hunter;51248293]Switzerland would like to have a word with you.[/QUOTE] Switzerland doesn't have half the country filled with retards who have had zero education on political matters and don't trust at those who actually do.
[QUOTE=TornadoAP;51248464]Switzerland doesn't have half the country filled with retards who have had zero education on political matters and don't trust at those who actually do.[/QUOTE] It's a hard truth, but the UK is filled with complete fuckwits and a government that just isn't interested in helping us, but serving themselves and their pals. Direct democracy in such a country would be like nailing tent pegs into my kneecaps
[QUOTE]On Saturday, there were frantic diplomatic efforts to salvage a deal after Canada’s international trade minister, Chrystia Freeland, walked out of talks. She described the situation as “impossible” on Friday and cast doubt on the bloc’s ability to operate effectively after the proposals were blocked by a regional administration in Belgium. The parliament in Wallonia is holding up the deal, although the region’s leader, Paul Magnette, suggested the standoff could be resolved within days. It has concerns the deal will undermine labour, environment and consumer standards, and allow multinationals to crush local firms.[/QUOTE] This bit is quite relevant too.
there was already a great option for people living in the uk that wanted out of europe; getting on a fucking plane
Good riddance, bailed these bastards out and this is how they repay us.
[QUOTE=Chopstick;51248577]Good riddance, bailed these bastards out and this is how they repay us.[/QUOTE] Yes good riddance to a major part of our economy. If you haven't realised yet we don't have a manufacturing economy (we're literally the second largest importer in the world) so all of our economy comes from services and banking, both of which could fuck off to Europe soon.
[QUOTE=Cructo;51248185]I, too, think democracy and political independence are a joke.[/QUOTE] yeah, except we are now in a less democratic position than ever.
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