Milliband wants Banks to pay for free childcare..

[I1L2T3]

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.

 

Of course it couldn't be done immediately but the bank wouldn't just leave immediately either. Just pulling out would result in destabilisation of the system and the bank itself. In reality it would be a managed move over a period of time supervised by the Bank of England (to ensure system stability) and regulatory bodies. The BofE would implement a framework to protect retail and business customers, ringfence certain units of the business and transfer them to other banks.

 

That isn't going to happen though. The most likely thing is a global HQ move and hopefully a transfer of risk away from UK taxpayers.

 

---------- Post added 18-11-2013 at 21:03 ----------

 

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.

 

Ah, another shift of the goalposts.

 

Of course it makes a difference. There's a little thing called pounds sterling.

[Happ Hazzard]

And there's another little thing called Euros, and another called US dollars, and another called Chinese Yuan. It's all money. Makes no difference at the end of the day. Pound sterling can be traded anywhere in the world, as can any currency. It's just 0s and 1s in cyberspace after all.

[I1L2T3]

And there's another little thing called Euros, and another called US dollars, and another called Chinese Yuan. It's all money. Makes no difference at the end of the day. Pound sterling can be traded anywhere in the world, as can any currency. It's just 0s and 1s in cyberspace after all.

 

This doesn't even warrant a serious answer. God you are scraping the barrel now.

[Happ Hazzard]

What do you think can be done in banks based in the UK that cannot be done in banks based outside of the UK?

[I1L2T3]

What do you think can be done in banks based in the UK that cannot be done in banks based outside of the UK?

 

For UK retail and business customers just about everything required on a day to day basis in terms of domestic transactions.

[Scabbydog]

For UK retail and business customers just about everything required on a day to day basis in terms of domestic transactions.

 

My no1 credit card is from a USA based bank. I have no problem with using that. I have an account with Santander and another with ICICI. They work just fine although the profits are taxed outside the UK. But them I'm just moving the goal posts mentioning such things.

 

If HSBC moved its office to Hong Kong it would operate exactly the same in the UK although the profits would be taxed in China not here, and those guys earning a million plus would pay their taxes there too.

[I1L2T3]

My no1 credit card is from a USA based bank. I have no problem with using that. I have an account with Santander and another with ICICI. They work just fine although the profits are taxed outside the UK. But them I'm just moving the goal posts mentioning such things.

 

If HSBC moved its office to Hong Kong it would operate exactly the same in the UK although the profits would be taxed in China not here, and those guys earning a million plus would pay their taxes there too.

 

But you don't have current accounts denominated in Yuan, dollars or Euro do you?

Your domestic accounts will be sterling denominated.

 

As for Santander UK etc... They are just brands owned by foreign banks. But to operate here they have to have a base here and be subject to UK laws and regulations. To operate here they will need a UK HQ, branches etc...

 

Look, if the banks want to base their high risk activities elsewhere let them go. Those activities are run by guys earning the mega salaries and when they mess it up we pay. I don't want to pay a penny more than I already have to for their mistakes.

[vinyl]

But you don't have current accounts denominated in Yuan, dollars or Euro do you?

Your domestic accounts will be sterling denominated.

 

As for Santander UK etc... They are just brands owned by foreign banks. But to operate here they have to have a base here and be subject to UK laws and regulations. To operate here they will need a UK HQ, branches etc...

 

Look, if the banks want to base their high risk activities elsewhere let them go. Those activities are run by guys earning the mega salaries and when they mess it up we pay. I don't want to pay a penny more than I already have to for their mistakes.

 

There are 175 Overseas banks operating in the UK. Not all have branches here. Paypal for example doesn't have any bank branches in the world. It is registered in Luxembourg and is used daily by millions in the UK via the internet. Just what are you thinking of doing to tax them?

 

Most folk nowadays bank online. They don't need to go into banks any more.

[I1L2T3]

There are 175 Overseas banks operating in the UK. Not all have branches here. Paypal for example doesn't have any bank branches in the world. It is registered in Luxembourg and is used daily by millions in the UK via the internet. Just what are you thinking of doing to tax them?

 

Most folk nowadays bank online. They don't need to go into banks any more.

 

Oh look, yet another shift of the goalposts.

 

So let's see. To back up the argument around the threat of the banks leaving so far we have:

 

1. Banks operating here that don't have a presence here. They already left before they arrived so how can they leave

 

2. Foreign banks with HQs abroad operating UK brands. How can the HQ leave? It was never here

 

Let's get down to the nitty gritty. Tell me which banks are going to leave?

 

I think you will find no banks are going to end all UK operations. Some banks may move HQs away. Some might move high risk activities elsewhere. Good - let tax payers in other countries pick up the tab for their screw-ups. Good riddance.

[vinyl]

Oh look, yet another shift of the goalposts.

 

So let's see. To back up the argument around the threat of the banks leaving so far we have:

 

1. Banks operating here that don't have a presence here. They already left before they arrived so how can they leave

 

2. Foreign banks with HQs abroad operating UK brands. How can the HQ leave? It was never here

 

Let's get down to the nitty gritty. Tell me which banks are going to leave?

 

I think you will find no banks are going to end all UK operations. Some banks may move HQs away. Some might move high risk activities elsewhere. Good - let tax payers in other countries pick up the tab for their screw-ups. Good riddance.

 

You seem to spend so long claiming the goal posts have moved that you are ignoring the big picture. Banks pay the bulk their corporation tax in their base country. The folks on the £million salaries are based there. So when Santander took over Alliance & Leicester the UK lost a massive amount to tax revenue.

It has clearly escaped your notice that only a few financial institutions needed a bail out. The rest continued to contribute 12-15% of UK GDP and tax revenues just as they have done for the last 20 years. If you are happy to see that money go to another country and make up the shortfall from increased tax here you are a very jaded person. Perhaps we should just let all these folks move out and halve the size of the NHS.