XXTickerXX Posted June 24, 2016 Share Posted June 24, 2016 FTSE down 3.9%. German DAX down 6.8%. French CAC down 8.2%. Brexit has hit German and French companies much more than UK companies. Granted that is in their currency. It was obvious an exit vote would trigger momentary shock. They will stabilise (I hope!). The pound is climbing back up. Canadian MP calling for Canada UK free trade. The Germans are calling for zero tariff free trade already. Is it really Armageddon? Link to comment Share on other sites More sharing options...
MobileB Posted June 24, 2016 Share Posted June 24, 2016 Morgan Stanley are moving 2000 workers out of the UK. That's those that will move and are not being made redundant. 2000 high earners. That's about oooh finger in the air, a tax take of £20k each. So £40m a year loss in income tax. In terms of money to the economy as well, triple that figure. That's one bank. Airbus are almost certainly going to stop investment in. That's a lot more than 2000 jobs. Rest of the banks will be doing the same. They all have offices with empty space and will take perhaps a week to move people. You might not like them but they drop an awful lot of money into the economy. London.. Leeds.. Manchester.. York - all voted remain. Spot the areas with the high tech jobs scene with people comfortable working with others from different cultures..... Think you might have underestimated the tax element. £20K Tax and Ni per year is a salary £65K. They're earning that when they are 21! In reality before bonus they are earning between £90K and £120K basic. Just taking the £120K and ignoring bonus the tax intake for the Government of somewhere in the region of £94million for just these 2000 people. And before anyone complains they get paid too much - that tax for the Government is the equivalent of over 70,000 full time employees aged over 25 on the minimum wage. Link to comment Share on other sites More sharing options...
Eater Sundae Posted June 24, 2016 Share Posted June 24, 2016 FTSE down 3.9%. German DAX down 6.8%. French CAC down 8.2%. Brexit has hit German and French companies much more than UK companies. Granted that is in their currency. It was obvious an exit vote would trigger momentary shock. They will stabilise (I hope!). The pound is climbing back up. Canadian MP calling for Canada UK free trade. The Germans are calling for zero tariff free trade already. Is it really Armageddon? Free trade (ie no import duties) is not the issue, IMO. Protectionism is. Currently we give so much to the EU, and get some of it back in grants etc, money for infrastructure projects etc. Other countries do the same. Some get back less than they pay, some get more. That money is spent. At present, when that money is spent British companies can bid for the work, as of right, as we are part of the single market. If we are good atbwhat we do, British companies can prosper. It is up to us to perform. Once we are out, the same British companies will not get the chance to quote. Link to comment Share on other sites More sharing options...
Obelix Posted June 24, 2016 Share Posted June 24, 2016 The Germans are calling for zero tariff free trade already. Is it really Armageddon? According to my numbers, we have just been overtaken by France as the fifth largest economy in the world, due to the way that the pound has fallen off the largest cliff it's ever seen. It's hardly roses and sunshine is it. Link to comment Share on other sites More sharing options...
Quik Posted June 24, 2016 Share Posted June 24, 2016 Yep,just wait 'til it comes... If you are waiting on Juncker et al wreaking their revenge you'll have a long wait. For all the bombast coming from the EU the tone in European capitals has been reflective and pragmative. And they are ultimately the ones who matter. Link to comment Share on other sites More sharing options...
milquetoast1 Posted June 24, 2016 Share Posted June 24, 2016 (edited) One that seems highly probable (although by no means certain) is a second Scottish independence referendum. Nicola Sturgeon has been saying as much this morning [LINK] After the unpleasant events surrounding the Brexit vote, I wouldn't like to bet against the Scots choosing to leave our Union this time around. And who could blame them? Of course the vote in Scotland was never just about the EU. Remember when the SNP was strongly against the EU? What happened to change their mind I wonder? As it turns out the vote in Scotland went just absolutely perfectly for them. Just enough Leavers to help tip the UK for Leave, but not enough to prevent a clean sweep of Remain. Nicola Sturgeon must be so pleased that her country is being forced to do something they don't, but did before 2014, but now don't honest, want to do. Anyway, when they get to vote (again) on their status there won't just be two choices this time. It will be three ... 1. Keep in the 300 year union with your neighbour, with a shared border. Keep the pound as currency. 2. Go totally independant. Have a new currency. 3. Start a new union with the EU. No shared border. Adopt the Euro as currency. I can't see anybody really advocating for 2, and when they really think about it why is 3 any better than 1? Plus can you really see Spain sanctioning Scotland's membership of the EU? What signal would that send to their own secessionist regions? Edited June 24, 2016 by milquetoast1 Link to comment Share on other sites More sharing options...
foxy lady Posted June 24, 2016 Share Posted June 24, 2016 Not if that out house is in Europe it won't. Why would the value of your out house in Europe drop? Link to comment Share on other sites More sharing options...
NigelFargate Posted June 24, 2016 Share Posted June 24, 2016 When the blame game for this extraordinary result begins in earnest, I do hope that the current president of the European Comission, Jean Claude Juncker, is deservedly splattered with opprobrium. I think previous presidents would have tried harder to respond positively to Cameron's modest reform proposals in February. Unfortunately, Juncker will still be in office for the Brexit negotiations, which does not bode well for a successful outcome. Link to comment Share on other sites More sharing options...
milquetoast1 Posted June 24, 2016 Share Posted June 24, 2016 According to my numbers, we have just been overtaken by France as the fifth largest economy in the world, due to the way that the pound has fallen off the largest cliff it's ever seen. It's hardly roses and sunshine is it. I think I said on the other thread that I expect the GBP to fall against the EUR on the 24th if the vote was for Brexit, but then the smart money will switch out of EUR. Take a look at the long term chart for the EUR. It's not pretty. Link to comment Share on other sites More sharing options...
foxy lady Posted June 24, 2016 Share Posted June 24, 2016 I think I said on the other thread that I expect the GBP to fall against the EUR on the 24th if the vote was for Brexit, but then the smart money will switch out of EUR. Take a look at the long term chart for the EUR. It's not pretty. I note the FTSE is back above 6200. Link to comment Share on other sites More sharing options...
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