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Financial Institutions leaving UK

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By *andS66 OP   Couple
over a year ago

Derby

Ha Ha! Told You so! say remainers...

Not seen anything on the forum today about the House of Lords report / warning about the effect on financial services of Brexit dependent upon the outcome of negotiations, and how hard the EU want to be with the UK.

Saw on the news this morning that they have raised concerns that Brexit may cause financial institutions to leave the UK.

Maybe we haven't seen any gloating from remainers because it went on to say that they wouldn't leave the UK for the EU, they would leave and go to the US.... and that they are even more likely to leave the EU as well because the US has a far better financial infrastructure than anywhere in the EU, second only to London.

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By *entaur_UKMan
over a year ago

Cannock


"Ha Ha! Told You so! say remainers...

Not seen anything on the forum today about the House of Lords report / warning about the effect on financial services of Brexit dependent upon the outcome of negotiations, and how hard the EU want to be with the UK.

Saw on the news this morning that they have raised concerns that Brexit may cause financial institutions to leave the UK.

Maybe we haven't seen any gloating from remainers because it went on to say that they wouldn't leave the UK for the EU, they would leave and go to the US.... and that they are even more likely to leave the EU as well because the US has a far better financial infrastructure than anywhere in the EU, second only to London.

"

Our ex Prime Minister David Cameron made his first private speech since he resigned as an MP, in the USA the other week (for a reported sum of around £120,000). In the speech he said that due to the turmoil in the EU now (Brexit and the referendum result in Italy) and over the next 12 months with elections coming in France, Netherlands and Germany which could go against the EU, then Britain will be a more stable and calm place for banks and financial institutions to do business rather than move to mainland Europe. Or as you say OP if they were to move USA would be a more likely destination for the reasons given plus America shares our common English language (which really is the global business language). From the speech Cameron gave he really doesn't sound like a committed Remainer. Finally David Cameron seems to be talking some sense, pity it's 7 months too late.

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By *obka3Couple
over a year ago

bournemouth


"Ha Ha! Told You so! say remainers...

Not seen anything on the forum today about the House of Lords report / warning about the effect on financial services of Brexit dependent upon the outcome of negotiations, and how hard the EU want to be with the UK.

Saw on the news this morning that they have raised concerns that Brexit may cause financial institutions to leave the UK.

Maybe we haven't seen any gloating from remainers because it went on to say that they wouldn't leave the UK for the EU, they would leave and go to the US.... and that they are even more likely to leave the EU as well because the US has a far better financial infrastructure than anywhere in the EU, second only to London.

"

Seems that remainers would love things to go down the pan, yet they claim to have the best interests for the country at heart, you have a odd way of showing it.

So you claim that finacial instituions are going to leave the uk because of brexit and the fear of losing access to the EU but they are going to the US not paris/franfurt etc ??????????

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By *andS66 OP   Couple
over a year ago

Derby


"Ha Ha! Told You so! say remainers...

Not seen anything on the forum today about the House of Lords report / warning about the effect on financial services of Brexit dependent upon the outcome of negotiations, and how hard the EU want to be with the UK.

Saw on the news this morning that they have raised concerns that Brexit may cause financial institutions to leave the UK.

Maybe we haven't seen any gloating from remainers because it went on to say that they wouldn't leave the UK for the EU, they would leave and go to the US.... and that they are even more likely to leave the EU as well because the US has a far better financial infrastructure than anywhere in the EU, second only to London.

Seems that remainers would love things to go down the pan, yet they claim to have the best interests for the country at heart, you have a odd way of showing it.

So you claim that finacial instituions are going to leave the uk because of brexit and the fear of losing access to the EU but they are going to the US not paris/franfurt etc ?????????? "

It's not me claiming it - it's the House of Lords in a report on BBC news early this morning - two more pro-Brexit organisations would be difficult to find.

What they are saying is that if the EU effectively try to place some sort of barrier or sanction against the UK during negotiations, thus making it difficult for the UK finance industry to do business, in the hope that they will relocate to the EU, they believe that those finance companies will relocate to the US instead - as a) the financial centres in the US would make it easier to transition there (infrastructure and set-up that they already have), and b) English is spoken.

There is also the fact that they deal in dollars, and that the Euro and Eurozone is, at present, seen as a little unstable.

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By *obka3Couple
over a year ago

bournemouth


"

It's not me claiming it - it's the House of Lords in a report on BBC news early this morning - two more pro-Brexit organisations would be difficult to find.."

Can I have a pint of what you are on

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By (user no longer on site)
over a year ago

Strange timing... I heard on the radio to today that Lloyds are moving to Dublin

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By *oi_LucyCouple
over a year ago

Barbados


"

Seems that remainers would love things to go down the pan, yet they claim to have the best interests for the country at heart, you have a odd way of showing it.

So you claim that finacial instituions are going to leave the uk because of brexit and the fear of losing access to the EU but they are going to the US not paris/franfurt etc ?????????? "

See, this is exactly what I meant by the thread I started.

Look above your post, robka, it is a post from a Brexit-supporter chiding remainers for not responding to a report from the House of Lords. Then responded to by another brexit-supporter. And then your response to those two posts are that "remainers would love things to go down the pan". As far as I can see, not a single remain-supporter has commented on this thread yet. Why are you so hell bent on trying to paint remain-supporters as wanting the country to go down the pan? Is it because you can't actually refute what they are saying with any coherent argument? Or do you just like to shit-stir? Or are you just so dogmatic that any viewpoint differing to your own must mean that the holder of that viewpoint wants to burn the house down?

I really am genuinely curious, as I am trying my hardest to understand the thinking of some people.

-Matt

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By *nleashedCrakenMan
over a year ago

Widnes


"Ha Ha! Told You so! say remainers...

Not seen anything on the forum today about the House of Lords report / warning about the effect on financial services of Brexit dependent upon the outcome of negotiations, and how hard the EU want to be with the UK.

Saw on the news this morning that they have raised concerns that Brexit may cause financial institutions to leave the UK.

Maybe we haven't seen any gloating from remainers because it went on to say that they wouldn't leave the UK for the EU, they would leave and go to the US.... and that they are even more likely to leave the EU as well because the US has a far better financial infrastructure than anywhere in the EU, second only to London.

"

Maybe the reason why their not gloating is because, unlike many BREXITers, they want what's best for Britain. Financial institutions possibly leaving the UK because of BREXIT uncertainty, whether for the US or the EU, is definitely not good for Britain; therefore there is nothing to gloat about. But when, or if, this does happen we will turn round and tell you 'told you so' but I hope and pray we never get the chance to.

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By *oi_LucyCouple
over a year ago

Barbados


"Strange timing... I heard on the radio to today that Lloyds are moving to Dublin

"

Bugger looks like they might be seriously considering it:

http://www.independent.co.uk/news/business/news/brexit-lloyds-of-london-insurance-market-brokers-move-eu-base-business-2017-a7476566.html

-Matt

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By *obka3Couple
over a year ago

bournemouth


"

Seems that remainers would love things to go down the pan, yet they claim to have the best interests for the country at heart, you have a odd way of showing it.

So you claim that finacial instituions are going to leave the uk because of brexit and the fear of losing access to the EU but they are going to the US not paris/franfurt etc ??????????

See, this is exactly what I meant by the thread I started.

Look above your post, robka, it is a post from a Brexit-supporter chiding remainers for not responding to a report from the House of Lords. Then responded to by another brexit-supporter. And then your response to those two posts are that "remainers would love things to go down the pan". As far as I can see, not a single remain-supporter has commented on this thread yet. Why are you so hell bent on trying to paint remain-supporters as wanting the country to go down the pan? Is it because you can't actually refute what they are saying with any coherent argument? Or do you just like to shit-stir? Or are you just so dogmatic that any viewpoint differing to your own must mean that the holder of that viewpoint wants to burn the house down?

I really am genuinely curious, as I am trying my hardest to understand the thinking of some people.

-Matt"

It wa started by a remainer was it not ?

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By *oi_LucyCouple
over a year ago

Barbados


"

It wa started by a remainer was it not ?"

No.

If you didn't even read the actual post, I would have thought the very first line of the post indicates the opinion of the OP.

-Matt

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By *obka3Couple
over a year ago

bournemouth


"

It wa started by a remainer was it not ?

No.

If you didn't even read the actual post, I would have thought the very first line of the post indicates the opinion of the OP.

-Matt"

Well its how I read it, perhaps I didnt do subtle

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By *oi_LucyCouple
over a year ago

Barbados


"

It wa started by a remainer was it not ?

No.

If you didn't even read the actual post, I would have thought the very first line of the post indicates the opinion of the OP.

-Matt

Well its how I read it, perhaps I didnt do subtle "

Ok. Whatever. It wasn't subtle.

But regardless of that. As UnleashedCraken says above, the reason that Remainers are not gloating is that they DON'T WANT bad things to happen to the UK. I'm still curious as to why you think they do?

I'm not disputing that you disagree with their vote choice. That is a given. But you seem to be trying to attribute some kind of delight or pleasure of the UK doing badly to remainers. That is the bit I really don't understand. What is it that makes you think that?

-Matt

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By *andS66 OP   Couple
over a year ago

Derby

You only have to read various threads on this forum to realise that certain remainers take great delight in gloating about any bad news, putting everything down to Brexit.... several threads have been started about banks and financial institutions relocating to the EU from the UK, and that the EU will entice those institutions to the EU from the UK... I do believe even George Osborne said something similar during the referendum campaign...

This is what's reported in Business Insider UK today

Financial services relocating away from Britain as a result of Brexit are more likely to move to New York than elsewhere in the European Union, a House of Lords committee has concluded.

The House of Lords European Union select committee says in a report on Brexit's impact on financial services published on Thursday: "We were told that much of the business lost by the UK would be more likely to relocate to New York than to the EU."

The committee highlighted the fact that New York already has a highly evolved finance "ecosystem," second only to London, and says businesses feel it would be easier to become part of New York's scene than try to replicate a rival ecosystem in a city like Paris, Frankfurt, or Dublin.

The difficulties in replicating London's unique financial services system could also be used as a bargaining tool, the committee suggests.

"Repatriation could happen. But the difficulties associated with replicating the services currently provided in the UK give us some hope that a deal might be reached that would be in the mutual economic interest of both the UK and the EU."

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By *at69driveMan
over a year ago

Hertford

I do not think that many Financial Institutions will want to leave the uk any time soon. Labour costs in other countries are too high and the UK has the financial expertise

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By *ercuryMan
over a year ago

Grantham

London is, and will continue to be, one of the best financial cities in the world.

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By *LCCCouple
over a year ago

Cambridge


"London is, and will continue to be, one of the best financial cities in the world."

Agreed, until we lose passporting rights and they lose access to 435,000,000 customers that is.

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By *LCCCouple
over a year ago

Cambridge


"

It wa started by a remainer was it not ?

No.

If you didn't even read the actual post, I would have thought the very first line of the post indicates the opinion of the OP.

-Matt

Well its how I read it, perhaps I didnt do subtle

Ok. Whatever. It wasn't subtle.

But regardless of that. As UnleashedCraken says above, the reason that Remainers are not gloating is that they DON'T WANT bad things to happen to the UK. I'm still curious as to why you think they do?

I'm not disputing that you disagree with their vote choice. That is a given. But you seem to be trying to attribute some kind of delight or pleasure of the UK doing badly to remainers. That is the bit I really don't understand. What is it that makes you think that?

-Matt"

Where as in this thread, the OP is gloating that the financial institutions are leaving, but not going to the EU. How exactly is that a win for the UK?

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By *LCCCouple
over a year ago

Cambridge

Some quotes taken directly from the report:

"The financial services industry constitutes around 7% of UK GDP, directly employs 1.1 million people, two-thirds of them outside London, and contributes a significant proportion of tax revenue. Avoiding major disruption to this industry and the resulting job losses should be a high priority in the Government’s negotiations on leaving the EU”

"The length and terms of a transition period will depend on the extent to which a new relationship with the EU differs from the current arrangements. The Government is seeking a bespoke deal with the EU, but at this stage it is not clear how much access to the single market will be sought; it is even less clear how much will be achieved. The existing business models of UK-based financial services rely to a degree on ‘passporting’ rights granted in several pieces of EU legislation, and it has been estimated that around £40 to £50 billion of annual revenues are related to the EU”

"A vital task will be to determine the extent to which firms currently rely on passporting and the degree to which equivalence provisions might provide a substitute. The Government should go into the negotiations with the strongest possible evidence base. This will not be an easy task: we heard that even the firms themselves did not have a clear idea of their reliance on passporting."

Please can someone explain to me how this is good for the UK?

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By (user no longer on site)
over a year ago

The unelected house of Lords is against brexit anyway

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By *oo hotCouple
over a year ago

North West


"You only have to read various threads on this forum to realise that certain remainers take great delight in gloating about any bad news, putting everything down to Brexit.... several threads have been started about banks and financial institutions relocating to the EU from the UK, and that the EU will entice those institutions to the EU from the UK... I do believe even George Osborne said something similar during the referendum campaign...

This is what's reported in Business Insider UK today

Financial services relocating away from Britain as a result of Brexit are more likely to move to New York than elsewhere in the European Union, a House of Lords committee has concluded.

The House of Lords European Union select committee says in a report on Brexit's impact on financial services published on Thursday: "We were told that much of the business lost by the UK would be more likely to relocate to New York than to the EU."

The committee highlighted the fact that New York already has a highly evolved finance "ecosystem," second only to London, and says businesses feel it would be easier to become part of New York's scene than try to replicate a rival ecosystem in a city like Paris, Frankfurt, or Dublin.

The difficulties in replicating London's unique financial services system could also be used as a bargaining tool, the committee suggests.

"Repatriation could happen. But the difficulties associated with replicating the services currently provided in the UK give us some hope that a deal might be reached that would be in the mutual economic interest of both the UK and the EU.""

This is a bizarre post and reads as though the poster is happy that banking jobs will be leaving the UK for the US and is doubly happy that those jobs will not be going to a neighbouring EU country?

How is any option other than jobs staying in the UK supposed to be good?

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By *entaur_UKMan
over a year ago

Cannock


"London is, and will continue to be, one of the best financial cities in the world.

Agreed, until we lose passporting rights and they lose access to 435,000,000 customers that is."

Jumping the gun a bit there, negotiations on these issues haven't started yet.

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By *LCCCouple
over a year ago

Cambridge


"London is, and will continue to be, one of the best financial cities in the world.

Agreed, until we lose passporting rights and they lose access to 435,000,000 customers that is.

Jumping the gun a bit there, negotiations on these issues haven't started yet. "

True, we might not lose passporting rights, but are we in agreement that it would be bad if we did?

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By *ercuryMan
over a year ago

Grantham

I just wonder if the US bound ones are US firms getting rattled about Trump's proposed punitive taxes.

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By *LCCCouple
over a year ago

Cambridge


"I just wonder if the US bound ones are US firms getting rattled about Trump's proposed punitive taxes."

You think Trump the billionaire, and his cabinet filled with other billionaires and millionaires are going to be anti business?

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