The many benefits of leaving the EU.

johnblack

Über Member
A report on the BBC https://www.bbc.co.uk/news/business-56155531
Brexit: 1,000 EU finance firms 'set to open UK offices'
Nice to see a bit of good news.
 

johnblack

Über Member
Well sort of good news....of the type, I used to have a top of the range Porsche and the good news is I now have a Trabant.
C'mon give it a bit of positivity, two thirds of these business' have never had a UK presence before, that's brand new jobs, along with the news last week that nearly all city firms completely over reacted with their job loss fears and there have been far fewer lost than predicted. It's good, lets just celebrate it for what it is.
 

Rocky

Reprobate
C'mon give it a bit of positivity, two thirds of these business' have never had a UK presence before, that's brand new jobs, along with the news last week that nearly all city firms completely over reacted with their job loss fears and there have been far fewer lost than predicted. It's good, lets just celebrate it for what it is.
What it is....it’s a massive shift of trading to Europe capitals with a few rump firms setting up offices in the opposite direction to trade scraps with the UK.
 

Pale Rider

Legendary Member
A report on the BBC https://www.bbc.co.uk/news/business-56155531
Brexit: 1,000 EU finance firms 'set to open UK offices'
Nice to see a bit of good news.
Certainly looks like good news, although I'm not sure how many of this type of application are usually on the stocks.

The consultant bloke in the story, who we may have to accept knows a lot more about this type of stuff than we do, is of the opinion it's positive.

The financial sector in general has been relatively silent about Brexit which tells me they see it as an opportunity not a problem.

Adapt and profit rather than stand still and moan.
 

Rocky

Reprobate
Certainly looks like good news, although I'm not sure how many of this type of application are usually on the stocks.

The consultant bloke in the story, who we may have to accept knows a lot more about this type of stuff than we do, is of the opinion it's positive.

The financial sector in general has been relatively silent about Brexit which tells me they see it as an opportunity not a problem.

Adapt and profit rather than stand still and moan.
The finance sector always shifts to where the business is......look at the massive flows of assets moved out of the UK. What may be an opportunity for them in Paris, Amsterdam, Frankfurt is a loss to the City of London and the UK tax payer.

BTW, the consultant bloke in the story....when I worked in consultancy, it was said that a consultant uses your watch to tell you the time.
 

Rocky

Reprobate
It was a very glass half empty comment for a good piece of news, there has been plenty of bad news stories for everyone to comment on, when even a small story of positive news is posted, it is stamped on immediately, almost as though good news is unacceptable.
The major outflow of financial assets to European finance centre is bad news, very bad news. If you are happy with a minor sop, then I'm happy for you. But taken in the round, there is no good news about what has happened to the City of London since Brexit as far as the UK tax payer goes.
 

Pale Rider

Legendary Member
The major outflow of financial assets to European finance centre is bad news,
A bold assertion, but one which may lack, er, veracity.

The tale about Amsterdam overtaking London was largely debunked when someone pointed out putting the trades down as Amsterdam based was as a result of EU procedure, but the risk management and settlement of those trades was still in London.

Barclays' biggest banker Jes Staley wasn't bothered about Brexit in his latest financial statement.

Quite the reverse, he said profits from the bank's City of London trading arms had helped prop up the group which had suffered Covid-related problems in its traditional banking activities.
 

Rocky

Reprobate
A bold assertion, but one which may lack, er, veracity.

The tale about Amsterdam overtaking London was largely debunked when someone pointed out putting the trades down as Amsterdam based was as a result of EU procedure, but the risk management and settlement of those trades was still in London.

Barclays' biggest banker Jes Staley wasn't bothered about Brexit in his latest financial statement.

Quite the reverse, he said profits from the bank's City of London trading arms had helped prop up the group which had suffered Covid-related problems in its traditional banking activities.
https://www.euronews.com/2021/02/22...hubs-steal-london-s-crown-now-the-uk-has-quit

Plenty more veracity where that came from.

What seems to confuse people is the difference between what might be good for the finance firms and what might be good for the UK citizen. As I said, the finance firms will always go where the business is and will always make money.......but in this case, it just means a much reduced tax take for the UK government. So Jes might be happy but that doesn't mean that he's working for us - he's working for his shareholders.,
 

Pale Rider

Legendary Member
So Jes might be happy but that doesn't mean that he's working for us - he's working for his shareholders.,
Of course he is, but he's not bleating about Brexit having an adverse impact on Barclays, and as a whole the company is still making boatloads of money in the City of London.

He did say something about 'looking towards' New York and Singapore, but for years our major banks have traded abroad.

I think his remarks were more about expanding into those territories, rather than quitting London to move there.

What he said was also a useful reminder to Europhiles that Europe, and in particular the EU, does not represent the centre of the known universe.

There are trading opportunities there, but there are plenty more elsewhere.
 
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