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...................
 
Oh boy....being developed by the same team that has developed our world class track and trace system that went live a month ago one assumes?

 
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...
With respect - that might have gone over the heads of some;-)

Dublin is poised to take over from London as a global financial centre don't you know....
 
mcfc1632 said:
With respect - that might have gone over the heads of some;-)

Dublin is poised to take over from London as a global financial centre don't you know....
Click to expand...

Dublin....capital city of the EUs biggest bitch!
Small time country trying to act big but in reality just in the Germans pocket
Funnily enough Ireland are one of the reasons I wanted out of the EU
How much how they made over the years off the back of others??
 
Here's a Panorama episode from 1975 in which Tony Benn puts forward the anti EU case that is the very same as that which holds true now for people like me. For balance he's debating with Roy Jenkins who puts the pro EU case. It's a long watch, but notable that they were both Labour MP's - at once dispelling the myth that it was just the right that are Eurosceptic, and that it is just the tories that are divided over Europe. Also notable is the quality of the debate from both sides compared to the twitter size debates and politicians we have now.
 
Mazzarelli's Swiss Cheese said:
Here's a Panorama episode from 1975 in which Tony Benn puts forward the anti EU case that is the very same as that which holds true now for people like me. For balance he's debating with Roy Jenkins who puts the pro EU case. It's a long watch, but notable that they were both Labour MP's - at once dispelling the myth that it was just the right that are Eurosceptic, and that it is just the tories that are divided over Europe. Also notable is the quality of the debate from both sides compared to the twitter size debates and politicians we have now.
Click to expand...

"the myth that it was just the right that are Eurosceptic". 1975 not a myth.... 2020 yeah, bit of a myth....
 
Tb1981 said:
Dublin....capital city of the EUs biggest bitch!
Small time country trying to act big but in reality just in the Germans pocket
Funnily enough Ireland are one of the reasons I wanted out of the EU
How much how they made over the years off the back of others??
Click to expand...
A Tax Haven, that could change very quickly if the UK lowered corporation tax.
 
mcfc1632 said:
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
Click to expand...
Oh I understand the 'narrative'.
If they haven't done so already, lots of nameplate businesses will be springing up across the EU and in London. Wasted money for lawyers and auditors but that's about it.
 
Churchlawtonblue said:
A Tax Haven, that could change very quickly if the UK lowered corporation tax.
Click to expand...
The use of deferred taxation in the form of long term investment grants would have a big effect as well.

Indeed, the use of aditional tariff income (predicted to be £12.8bn) + non-returned contributions (£9bn) should be used en mass to reduce business taxation and introduce mass investment grants (as deferred taxation) as well. This will more than offset business increases in EU tariffs (predicted to be £5.6bn) and increased costs. An additional £16.2bn per annum in total revenue.
It should be noted that UK corporation tax in total in 2018/19 was £51.15bn so business could pay a 1/3 less tax.
I would prefer most of it in investment grants, as additional business tax savings will result in minimal investment in the future of the UK.They will simply be exported as profits to the lowest tax regieme.
 
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BlueAnorak said:
Any business that hasn't migrated to container transport to/from the EU by December 31st is barking.
Click to expand...

Any leaving country that hasn't developed a world class ( or even do-able) export and import system by December 31st is barking....oh that will be us then....
 
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