counter_violent
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They have not been told how the EU is going to make up their funding shortfall after we leave.
Banks thinking of shifting their operations are for the most part smoking a crack pipe. Firstly there is a massive amount of skills in financial services here in the UK that they won't easily replace elsewhere. Secondly they are not going to get all their key staff to relocate - most of these people have families here and won't be willing to uproot. Thirdly, don't think for a second that high profile people won't take legal action if they are forced into a rock and a hard place. Finally, it's going to cost huge amounts of cash to pay redundancies and relocation costs.
barjon
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They will base themselves where they need to be in order to best operate their business. Staffing consideration, such as you mention, are secondary to that and just hurdles that have to be overcome.
I doubt that they will want to leave London unless they suffer significant disadvantage by remaining there.
Do you know how hard it is to find talent in financial services?
Signalcalc
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Shouldn't that be:
Do you know how hard it is to find honest people in financial services?
barjon
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Yes, I didn't say it was unimportant, merely subsidiary. No good having the skill if it can't be used.
We have heard this before and every time its never materialised. We were told Sterling would be worthless when we didn't adopt the euro. We were told by large financial firms including HSBC, Standard Chartered,and Barclays would leave as a result of regulatory changes. We were told immediate recession post brexit and yet here we are growing better than Europe.
Lets set aside the hearsay for a moment and look at some factors that will play on decisions
- The World Bank's doing business ranking on paying taxes puts the UK at 15th position. Germany is ranked 72 and France is Ranked 87
- The UK has a wider lead in terms of flexible labour regulation (a crucial factor supporting UK business in the financial sector)
- The UK is ahead of the EU when it comes to law that protects shareholders (Bank shareholders hold a lot of power). The UK is 4th (behind only Hong Kong, New Zealand and Singapore) while France holds 29 and Germany is 49
- Protecting creditor rights. The UK is 19 while Germany is 28 and France is 79
- Talent rankings in fintech puts the UK in the top spot followed by California, New York, Singapore and in 5th spot is Germany
But forget all that, lets rather listen to Tar from Jordan who thinks i am in denial. lets forget about the fact that everything that has been said about brexit has been wrong
Well forker, looking back, it seems we were fed both sides of the story both for the euro. Some sources were for adoption, some against. So its wrong to select the pessimistic euro warnings which were incorrect, and imply we can therefore ignore the pessimistic warnings with regards a brexit vote.
Do I need to point out also the UK is still a member of the EU?
Do I need to point out also the UK is still a member of the EU?
counter_violent
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Hardly needs saying but the pessimistic Euro warnings were correct back then and correct now.
Europe is in a far worse political and economic position now because of the One size fits all policy they have adopted. It's worth reminding everyone that this is just the beginning of the end game for Europe, we have a good few years hopefully to get as far away as possible from the train crash that will happen.
Flawed. Those are facts unlike your argument which starts at the value of sterling and ends at the value of sterling. You really have no clue what you are talking about. Why don't you stay on your scalping thread and leave the real conversation to people that base their arguments of more than bull5hit
tokyojoe
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Half the world has family here Tar, doesn't stop people resenting us though eh !
At least you have finally said something positive ..... the UK most certainly won't fall apart, not really in our genes you see !
There are the exceptions of course, people running for the hills or wrapped in their "own agenda" safety blanket at the first sign of trouble.....
"but the Euro-fats, they said nasty words about us, quick run away !!!!"
I have long thought of the Euro as bait - for the Europhiles, i.e. the true "Europeans" for whom the EU is a stepping stone towards political unity. If the Euro worked, this would be visible proof of the greater benefits to be enjoyed by devolving even more national power to Brussels. If it failed, this would plunge some parts of the Eurozone into economic despair, the EU would step in with assistance, and this would either strengthen national feelings of collaborative benefit or allow them to be coerced into a United States of Europe. Either way, the US of E is the end-game.
From this point of view, failure of the Euro as a major currency is not a problem for the political unionists. And they control the EU.
I only hope the EU persists in a weaker and weaker form so we can screw them for good trading deals. It will then hopefully break up before they can unite and overpower us economically under Germany's dominance, allowing us in our turn, to dominate a fractured Europe economically.
Might sound like the same game we have been in since the Middle Ages. I believe it is, recent events like the creation of Italy and Germany only raised the stakes but we are still in a form of war with the major or aspiring European powers. To be honest, I would join the US of E if I thought the UK would win the war.
