Another new Brexit thread

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west didsblue said:
He’s a specialist in commenting on articles he hasn’t read, so here’s the bit you’re talking about. Can’t see much scope for a different interpretation.

So, 1 January 2021 will bring big changes.
UK firms will lose the benefit of the financial services passports.
This should not come as a surprise to you. We have been warning about this for the past 3 years.
Click to expand...

I read it alright just as I have read these - the Brexit dream is fast becoming a nightmare as you all realise Project Fear was no such thing - I just love watching you all reassure yourselves you were right and everything will be alright despite events providing the alternate reality .... First July in less than 3 hours....are we just walking away then? If so we will end up being nuked by business leaving the UK.

https://www.theguardian.com/busines...n-each-other-for-prolonging-citys-uncertainty

https://www.telegraph.co.uk/news/20...face-brexit-hit-barnier-tells-finance-chiefs/

https://www.cityam.com/barnier-confirms-uk-has-not-completed-brexit-equivalence-assessments/

https://www.bloomberg.com/news/arti...tor-rejects-u-k-plans-for-post-brexit-banking

https://www.express.co.uk/news/poli...est-boris-johnson-single-market-customs-union

https://www.bbc.co.uk/news/uk-north...ves_the_eu&link_location=live-reporting-story
 
BlueAnorak said:
Irrelevant.
The City wont take a much of a hit if any.
The City prepared for this by Christmas 2017. I know, I worked on one of many major projects to deliver the IT in the cloud to do it. You cant stop services at a border. Even Eurotrading can be done remotety via a client office in the EU.

Some front office jobs will be lost in the UK but new front office jobs will be created in the UK by foreign firms who need City finance setting up London offices to do similar things as the City has done in reverse. The planed EU financial transaction tax will accelerate the latter. Indeed ther are 10% more City jobs in the UK than there were in June 2016.

Moving much of the City IT to the cloud even turned out to be a useful way of moving tax liabilities away from the UK should Corbyn have come to power.
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That is why I was asking about 'did you understand the narrative'

The EU's planned Transaction tax - plus the EU's stated intention of a long term strategy to move 'power' from London to other EU financial centres (2015) - means that for the CITY it is perhaps better to go head to head now/in the coming years.

There is much misunderstanding amongst Remainers about the status of the CITY of London Vs Frankfurt, Paris and Dublin

There was nothing 'new' in that expression of frustration from Barnier - the UK just need to move on
 
west didsblue said:
You’re sort of correct in that the big City firms won’t suffer as they have been planning for this, but those plans have involved setting up offices in the EU, so although the companies won’t suffer too much, the City will due to the outflow of capital and services to the continent that will only be partly offset by EU companies setting up small UK offices.
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I'm not sure that the outflow of capital will be that much. Money will be moved prior to a deal - it's all 1s and 0s now for the most part anyway.
An EU transaction tax would simply get companies to set up UK subsidiaries and borrow in the UK.
The only funds that can be directly affected are those that cover Euro clearing - and stopping that happening in the UK could result in a full on US trade war with the EU as it would also stop the US from doing some Euro clearing in New York.
 
BlueAnorak said:
I'm not sure that the outflow of capital will be that much. Money will be moved prior to a deal - it's all 1s and 0s now for the most part anyway.
An EU transaction tax would simply get companies to set up UK subsidiaries and borrow in the UK.
The only funds that can be directly affected are those that cover Euro clearing - and stopping that happening in the UK could result in a full on US trade war with the EU as it would also stop the US from doing some Euro clearing in New York.
Click to expand...
Something like £1 trillion of assets has already been moved from the UK to the EU.
 
bluethrunthru said:
I read it alright just as I have read these - the Brexit dream is fast becoming a nightmare as you all realise Project Fear was no such thing - I just love watching you all reassure yourselves you were right and everything will be alright despite events providing the alternate reality .... First July in less than 3 hours....are we just walking away then? If so we will end up being nuked by business leaving the UK.

https://www.theguardian.com/busines...n-each-other-for-prolonging-citys-uncertainty

https://www.telegraph.co.uk/news/20...face-brexit-hit-barnier-tells-finance-chiefs/

https://www.cityam.com/barnier-confirms-uk-has-not-completed-brexit-equivalence-assessments/

https://www.bloomberg.com/news/arti...tor-rejects-u-k-plans-for-post-brexit-banking

https://www.express.co.uk/news/poli...est-boris-johnson-single-market-customs-union

https://www.bbc.co.uk/news/uk-north...ves_the_eu&link_location=live-reporting-story
Click to expand...
These are all just 'fluff - statements of the obvious' articles

I am not surprised you enjoy them - as I said - there seems to be a desire for you to indulge in 'hoped for' bad news for the UK

Whatever floats your boat I guess - I prefer to support the best interests of the UK
 
mcfc1632 said:
These are all just 'fluff - statements of the obvious' articles

I am not surprised you enjoy them - as I said - there seems to be a desire for you to indulge in 'hoped for' bad news for the UK

Whatever floats your boat I guess - I prefer to support the best interests of the UK
Click to expand...

You have your fingers in your ears shouting la-la-la at any negativity - childish but I am impressed that you can type whilst doing so...................
 
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