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re: Post EU Referendum
Originally Posted by Dick Dasterdly
(Post 12024711)
Have you read the article, Dick? Or just the headline? |
re: Post EU Referendum
and a fine mess the financial industry got us into.
How exactly does the financial sector benefit the average bloke, the laid off, or the zero hours contract worker. |
re: Post EU Referendum
Originally Posted by johnwoo
(Post 12024735)
and a fine mess the financial industry got us into.
How exactly does the financial sector benefit the average bloke, the laid off, or the zero hours contract worker. Nearly 70% of the UK's GDP is from public services (e.g. NHS, government, councils, police, transportation, etc.). Paid for with taxes, a few hundred billion of it from the financial services industry. NHS is the country's largest employer. |
re: Post EU Referendum
So where are all the doom and gloom remainiacs who forcast that London would lose its financial centre in the event of Brexit ?
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re: Post EU Referendum
Well, it's quite likely (presuming Britain actually leaves). It's one of the more expensive effects of it.
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re: Post EU Referendum
Originally Posted by amideislas
(Post 12024820)
Well, it's quite likely (presuming Britain actually leaves). It's one of the more expensive effects of it.
London has several advantages as a financial center whether it is part of EU or not. Because of not having onerous regulations as in the US ( SOX etc) many companies prefer to get listed in the UK. Many companies seeking financing/listing for operations in Africa or Asia prefer London. There is quite a base of financial expertise in London for trading, much of which doesn't need to be based on access to EU market, just as Swiss banks have a fair share of international clients without being part of EU. London was base for many international corporations before the EU. Sure some business will be lost, but not sure how much. |
re: Post EU Referendum
Originally Posted by Gordon Barlow
(Post 12024602)
But what was Britain's situation before it ever joined the EU? I ask out of ignorance, but if I recall correctly, London was always and traditionally Europe's #1 financial centre.
This should be good.... |
re: Post EU Referendum
Well, again, despite the optimistic claims of "freedom and prosperity" for a post-brexit Britain, when you look at the details, there's only downside at every turn. A little lost here, a lot lost there, oh, and this other thing... Oh, and to make up for that, we'll have to do this, and that will mean lower tax revenues... And... And...
The fact is, a post-brexit Britain needs to reset its expectations. It's going to be very expensive, while the means to pay for it will be limited. The term that's been bandied about even by the new leadership is "new economic reality". All just talk though, because as the new leadership digs down into this, they increasingly see how astronomically expensive it is. There's a point at which they have to ask "remind me again why we're doing this?". I have to suspect that question has already been brought up in cabinet meetings on multiple occasions. |
re: Post EU Referendum
Originally Posted by amideislas
(Post 12025010)
Well, again, despite the optimistic claims of "freedom and prosperity" for a post-brexit Britain, when you look at the details, there's only downside at every turn. A little lost here, a lot lost there, oh, and this other thing... Oh, and to make up for that, we'll have to do this, and that will mean lower tax revenues... And... And...
The fact is, a post-brexit Britain needs to reset its expectations. It's going to be very expensive, while the means to pay for it will be limited. The term that's been bandied about even by the new leadership is "new economic reality". All just talk though, because as the new leadership digs down into this, they increasingly see how astronomically expensive it is. There's a point at which they have to ask "remind me again why we're doing this?". I have to suspect that question has already been brought up in cabinet meetings on multiple occasions. |
re: Post EU Referendum
Amideislas said:
I have to suspect that question has already been brought up in cabinet meetings on multiple occasions. __________ That is unlikely since the cabinet does not normally meet during the summer recess. |
re: Post EU Referendum
The brexit hangover just got worse
Those who supported a departure from Europe are only now coming to terms with the crippling economic realities—including the fact that many didn’t quite understand the rules and the whims of their neighbors. David Hannay, who was one of Britain’s representatives when the U.K. joined the E.E.C. and who later became an ambassador to the U.N., recently wrote a piece that perfectly captures the folly of the Brexit vote. The following paragraph explains not only the tariff bind that Britain finds itself in, but more important, the lunacy of leaving an arrangement that can’t be bettered in a world where a relatively small country cannot hope to make advantageous trading deals with huge economies like China and the U.S., or with large trading blocks. “The technicalities of constructing a new U.K. tariff, for which neither [the pro-Brexit trade minister] Liam Fox nor the officials advising him have any relevant experience, will themselves be pretty daunting. Tariff rates will need to be set for thousands of tariff positions and sub-positions. Should these be higher than those set in the E.U.’s Common External Tariff, in which case we will either have to cut tariffs on [other] products to compensate all our W.T.O. trading partners or suffer higher retaliatory tariffs from them? Or should the tariffs be set lower, in which case U.K. manufacturers will have to face up to more competition and less protection? Or should they be set at the same level as now, in which case one wonders what all the fuss was about in the first place?” |
re: Post EU Referendum
Originally Posted by Editha
(Post 12025042)
Amideislas said:
________ That is unlikely since the cabinet does not normally meet during the summer recess. |
re: Post EU Referendum
Originally Posted by amideislas
(Post 12025044)
The brexit hangover just got worse
Those who supported a departure from Europe are only now coming to terms with the crippling economic realities—including the fact that many didn’t quite understand the rules and the whims of their neighbors. Yes, the level of knowledge about international trade in the UK is quiet shocking. If you imagine that there are not many tariffs left between the EU and the US (so the UK can trade with the US without the hindrance of many tariffs and customs at this very moment) one can ask what TTIP is all about? One can also ask what a free trade agreement between the UK and the US will make better? TTIP is actually about harmonization of regulations! The European Commission states TTIP’s objective as achieving “greater regulatory compatibility between the EU and the US, and paving the way for setting global standards.” Different regulations are one of the main barriers left in international trade, and differences in regulations are one of the biggest costs factors in international trade - that is one of the reasons why the trade within the EU is so important. You produce in your country and you can without regards to any other laws or regulations sell your product in 27 other countries. Countries that are also very close by so not much hassle with transport either. You do not have to ask any lawyers or have an agent or jump through different bureaucratic hoops. The EU makes international trade really easy and cheap. |
re: Post EU Referendum
Originally Posted by amideislas
(Post 12025045)
What, you think they haven't met yet? You can be sure they have. And you can be sure there were strong words.
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re: Post EU Referendum
Originally Posted by Dick Dasterdly
(Post 12024817)
So where are all the doom and gloom remainiacs who forcast that London would lose its financial centre in the event of Brexit ?
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