Rayvin 5310 Posted September 19, 2016 Share Posted September 19, 2016 Surely there's just no way Theresa May is going to do that? I have no great love of bankers but what we're talking about here would be devastating to an industry that we've just spent the last 8 years in austerity to try and save ffs. Link to comment Share on other sites More sharing options...
Alex 35615 Posted September 19, 2016 Share Posted September 19, 2016 If that's true about Hammond that sums up a lot of what is so shit about politics, i.e. willing to potentially wreak financial havoc just to win an election. Which is what got us here in the first place I suppose. Link to comment Share on other sites More sharing options...
Rayvin 5310 Posted September 19, 2016 Share Posted September 19, 2016 Seriously think the whole political class should be disbanded and we should just start again. This is just too important to leave to these utter clowns, on all sides. Link to comment Share on other sites More sharing options...
ewerk 31226 Posted September 19, 2016 Share Posted September 19, 2016 The FT was saying yesterday that Hammond was a lot keener to keep close ties with Europe than many of his cabinet colleagues. Link to comment Share on other sites More sharing options...
Alex 35615 Posted September 19, 2016 Share Posted September 19, 2016 Well May's given cabinet jobs to loads of the promient Brexiteers (especially the ones who actually meant it) so both stories could be accurate Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 Surely there's just no way Theresa May is going to do that? I have no great love of bankers but what we're talking about here would be devastating to an industry that we've just spent the last 8 years in austerity to try and save ffs. Doest the article say Moody's reckon it won't be devastating? Surely at the worst they'll just set up satellite offices in Ireland and the like. Link to comment Share on other sites More sharing options...
Alex 35615 Posted September 19, 2016 Share Posted September 19, 2016 And if future European legislation, over which we will have no influence, closes that loophole? Link to comment Share on other sites More sharing options...
Rayvin 5310 Posted September 19, 2016 Share Posted September 19, 2016 Doest the article say Moody's reckon it won't be devastating? Surely at the worst they'll just set up satellite offices in Ireland and the like. Â It's the principle though. The whole country was leveraged against saving the banks and ensuring London remained the financial centre of the world. Anything we do here to make it more difficult for our banks will mean that this privileged status will end. Â Yes they'll be able to continue trading - although I do wonder how long it will take them to just decide that they'd be better off overseas anyway. Link to comment Share on other sites More sharing options...
Dr Gloom 22185 Posted September 19, 2016 Share Posted September 19, 2016 (edited) as much as we might complain about the UK economy being dominated by financial services and the destruction of traditional industries, we'd be fucked without the city.  i'm in favour of rebalancing the economy, but it has to be a slow evolutionary process. you can't underestimate the damage that leaving the single market would have, from the banking passporting privilege that we would lose, alone.  which is why i don't think it will happen. i still can't see any outcome but brexit-lite - with some kind of fudged deal over an emergency brake on immigration. hard brexit is in no one's best interests. Edited September 19, 2016 by Dr Gloom Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 And if future European legislation, over which we will have no influence, closes that loophole? We'll take the fuckers to the European court. Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 It's the principle though. The whole country was leveraged against saving the banks and ensuring London remained the financial centre of the world. Anything we do here to make it more difficult for our banks will mean that this privileged status will end. Â Yes they'll be able to continue trading - although I do wonder how long it will take them to just decide that they'd be better off overseas anyway. It won't happen. Just the latest scare story. Link to comment Share on other sites More sharing options...
Rayvin 5310 Posted September 19, 2016 Share Posted September 19, 2016 What won't happen? Hard Brexit? I hope you're right if so. Link to comment Share on other sites More sharing options...
ewerk 31226 Posted September 19, 2016 Share Posted September 19, 2016 Surely at the worst they'll just set up satellite offices in Ireland and the like. Â Yes. The solution is that easy. Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 What won't happen? Hard Brexit? I hope you're right if so. The banking industry won't just clear off. A lot of stuff ties them to the city. Link to comment Share on other sites More sharing options...
ewerk 31226 Posted September 19, 2016 Share Posted September 19, 2016 The banking industry won't just clear off. A lot of stuff ties them to the city. Â Such as? Please, we're all keen for you to share your knowledge of the banking industry with us. Link to comment Share on other sites More sharing options...
Alex 35615 Posted September 19, 2016 Share Posted September 19, 2016 Give over man, the only thing that ties them to London is it being financially beneficial for them statying there. If Frankfurt becomes a better option, they'll gradually leave and go there. Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 Such as? Please, we're all keen for you to share your knowledge of the banking industry with us. Such as the massive legal service industry. Link to comment Share on other sites More sharing options...
Dr Gloom 22185 Posted September 19, 2016 Share Posted September 19, 2016 Give over man, the only thing that ties them to London is it being financially beneficial for them statying there. If Frankfurt becomes a better option, they'll gradually leave and go there.  what about the stuff? Link to comment Share on other sites More sharing options...
Dr Gloom 22185 Posted September 19, 2016 Share Posted September 19, 2016 The banking industry won't just clear off. A lot of stuff ties them to the city.  it won't clear off, you're right. but only because hard brexit won't happen. Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 Give over man, the only thing that ties them to London is it being financially beneficial for them statying there. If Frankfurt becomes a better option, they'll gradually leave and go there. It won't happen man. None of these big bankers want to uproot, leave the private clubs, take the kids out of Eton and go to Frankfurt. Â We heard all the same patter when we refused to join the Euro. Link to comment Share on other sites More sharing options...
Dr Gloom 22185 Posted September 19, 2016 Share Posted September 19, 2016 yeah, it's all about the private clubs  Link to comment Share on other sites More sharing options...
Alex 35615 Posted September 19, 2016 Share Posted September 19, 2016 Jesus. Link to comment Share on other sites More sharing options...
Christmas Tree 4851 Posted September 19, 2016 Author Share Posted September 19, 2016 You lot worry far too much. It will make you ill. Â Read and relax. Â https://theconversation.com/why-london-wont-lose-its-crown-as-europes-financial-capital-63362 Link to comment Share on other sites More sharing options...
Billy Whitehurst 933 Posted September 19, 2016 Share Posted September 19, 2016 It won't happen man. None of these big bankers want to uproot, leave the private clubs, take the kids out of Eton and go to Frankfurt. Â We heard all the same patter when we refused to join the Euro. Â For every one of what you classify as a big banker, there are 10 middle office/back office/support staff. It will start with these roles first (many of banks had already relocated certain support staff to Eastern Europe/India etc prior to Brexit). These jobs will be first to be relocated to within the EU (including the middle and back office jobs which probably can't be relocated to Eastern Europe/India). While these are not the best paid banking jobs, they are still paid a lot more than most professions so this will result in a fair amount of lost income tax. Furthermore, the loss of these roles will have a knock on effect on the industries supporting them (professional services, IT, childcare, bars and restaurants, cabbies etc) so the impact will be multiplied. Â If the Tories go for the hard Brexit option and prioritise immigration controls over access to the single market then that will have a major impact on the city and lot of jobs reliant on it. In addition, the curbs on immigration will adversely impact the economy as immigrants are net contributors to the economy. Â The country could end up going backwards all because a few out of touch, racist (let's call a spade a spade) old duffers in the Tory party can't stand the fact that immigration enrichs our country. Link to comment Share on other sites More sharing options...
Dr Gloom 22185 Posted September 19, 2016 Share Posted September 19, 2016 Yeah, but there's all the stuff Link to comment Share on other sites More sharing options...
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