Milliband wants Banks to pay for free childcare..

[Expat owl]

You reckon no drugs money from the UK ends up in South America? I would think it does..eventually...

 

Maybe a trickle. The majority of UK drug money is laundered through the high street betting shops and FOBTs.

[Scabbydog]

HSBC I wouldn't mind too much if they left

 

Easy words until it happens. It's not as though we miss Ford Transit production, although I think those who built them here might disagree. Similarly with Dyson, Cable & Wireless and INEOS. No one really noticed them go until they looked at the GDP figures.

 

I bet you didn't even spot Richard Branson clearing off or Aardman Animations. But every time one of these businesses moves overseas British jobs go as does a huge amount of UK revenue, which in turn means the services you expect from the NHS, welfare etc get cut too.

[I1L2T3]

None of it. HSBC problems were in Mexico and other S.American countries.

 

---------- Post added 18-11-2013 at 20:24 ----------

 

 

 

Well considering how much of the UKs payments traffic goes through HSBC systems, I think there's a whole host of people and businesses that would mind and that's just one example.

 

Don't let that cloud your views though.

 

That business could just be done by another bank. The business is still there, still happening. It isn't dependent on the presence of HSBC or any other bank.

 

But let's take the most likely scenario of a move of the HSBC global HQ. HSBC would still be present in the UK. It would still do business here. It would still have a big shiny HQ somewhere in the UK. It would still have a massive UK workforce. It would do all of this to retain access to UK markets and the City. They won't just leave.

[truman]

That business could just be done by another bank. The business is still there, still happening. It isn't dependent on the presence of HSBC or any other bank.

 

 

So why is HSBC doing that business now? If other banks are better why don't they have it..? Don't you want competition in the UK's businesses?

[I1L2T3]

Easy words until it happens. It's not as though we miss Ford Transit production, although I think those who built them here might disagree. Similarly with Dyson, Cable & Wireless and INEOS. Then there was the UKs No one really noticed them go until they looked at the GDP figures.

 

I bet you didn't even spot Richard Branson clearing off or Aardman Animations. But every time one of these businesses moves overseas British jobs go as does a huge amount of UK revenue, which in turn means the services you expect from the NHS, welfare etc get cut too.

 

Nice attempt to try and shift the goalposts there but I'm not convinced when it comes to the banks.

 

The best that can be said is that a sudden mass exodus of bank global HQs might be a sudden shock to the economy. That can be mitigated against by gradually tapering UK reliance on high risk finance, I.e. economic restructuring

[Happ Hazzard]

Some people also think that hard-working taxpayers should pay for the spectacular economic meltdown that was caused by the Greedy bankers.

 

Perhaps we should introduce a drop of common sense here and just say to Greedy bankers and prospective Greedy bankers, if you screw up the economy, then DON'T expect a huge bailout of taxpayers money.

 

Problem solved.

Who caused the boom that preceded the bust? Someone other than the bankers?

 

Who was it that bailed out the bankers, in any case? Was it everyone favourite "party of the people" New Labour? Surely they are the ones to blame, they could have just let the banks go to the wall?

[I1L2T3]

So why is HSBC doing that business now? If other banks are better why don't they have it..? Don't you want competition in the UK's businesses?

 

They're doing it because it is there and they want to be here doing it. If they decided they didn't want to do the business any more another bank would absorb it. Simple as that.

[Expat owl]

That business could just be done by another bank. The business is still there, still happening. It isn't dependent on the presence of HSBC or any other bank.

 

But let's take the most likely scenario of a move of the HSBC global HQ. HSBC would still be present in the UK. It would still do business here. It would still have a big shiny HQ somewhere in the UK. It would still have a massive UK workforce. It would do all of this to retain access to UK markets and the City. They won't just leave.

 

Lets just clarify. The business I quoted couldn't be done immediately by other banks because they can't handle the volumes and I don't believe there is a timescale currently available as to when another bank could take on the volumes........therefore big problem.

 

Secondly, and as we've discussed already, you're right. They wouldn't just leave but would move their HO. The current building in Canary Wharf is only leased.

[truman]

They're doing it because it is there and they want to be here doing it. If they decided they didn't want to do the business any more another bank would absorb it. Simple as that.

 

Why are their customers choosing them and not other banks...? Would you be happy with less competition..? Genuine question by the way..

[Happ Hazzard]

That business could just be done by another bank. The business is still there, still happening. It isn't dependent on the presence of HSBC or any other bank.

But why would it be done by another bank if the customers are happy with HSBC? It makes very little difference to the customer what country the work is done in, or in which country HSBC is based.