The Consequences of Brexit (part 2)

[L00b]

And so it begins.... inevitable, irreversible and as more do it even more unstoppable.

 

Get your money out now whilst you still can..

Oh, it began a while back, and very quietly at that (so my Dublin and Lux sources kept telling me since July'16; as it happens one whose wife is working at the LFI (French school) in Dublin was saying earlier today that they've received 20 enquiries from London finance types enquiring about kids schooling places this week, many of whom were saying Madrid is another potential destination).

 

May just gave the starter order publicly last week: when you consider where other significant outfits are already at (scroll down past the Barclays bit: Credit Suisse Group AG, Standard Chartered Plc, Citigroup Inc., Lloyds Banking Group Plc, JPMorgan Chase & Co., HSBC Holdings Plc, UBS Group AG <...>), it's clear they've been at it since well before last week (of course, no surprise to you or me), and I'd argue that it's already reached -or just about to- that unstoppable stage by now.

 

Like retep posted yesterday, it's all over for the shouting. At least where the City is concerned. They're the very services that have propped up the UK's 2% growth in 2016.

And another,

http://www.independent.co.uk/news/business/news/barclays-to-keep-global-hq-in-london-no-matter-outcome-of-brexit-a7547546.html

Not quite sure what your point is: they're a British company, and it's not as if I or anyone else claimed or suggested that Barclays plc is going 'as a whole'. My link was about Barclays plc decision to offshore EU finance jobs to Dublin. A predicted consequence of a Brexit vote, now finally become a reality.

 

I'll take it that you're OK with the City's loss of Barclay's (and others) EU (and others) financial business to Dublin, then?

 

So I'll just leave this here:

Finance is the largest industry in London by gross value added (EVA) and plays a vital role in the wider UK economy. Financial services, including the insurance sector, accounted for around £127bn of UK GVA in 2014, some 8% of the UK’s total GVA, and trade in financial services makes up a substantial proportion of the UK’s surplus in the trade of services. London itself accounted for 50.5% of total UK output in the financial and insurance sector in 2012.

 

The UK financial sector plays an important role in financial services activity across the whole of the EU, accounting for almost a quarter of all EU financial services income and 40% of financial service exports from the EU.

(source) Edited January 27, 2017 by L00b

[apelike]

 

Like retep posted yesterday, it's all over for the shouting. At least where the City is concerned. They're the very services that have propped up the UK's 2% growth in 2016. Just saying.[/Quote]

 

Are these also the same banks and services that helped cause the crash of 2008 through their greed? Let them go as when the big Euro crash comes they will be the ones worse off.

[unbeliever]

It was always obvious that some EU specific banking activity would move.

The net effect is what matters.

[andyofborg]

It was always obvious that some EU specific banking activity would move.

The net effect is what matters.

 

well at the minute the net effect is negative

[unbeliever]

well at the minute the net effect is negative

 

Can you back that up?

[retep]

Oh, it began a while back, and very quietly at that (so my Dublin and Lux sources kept telling me since July'16; as it happens one whose wife is working at the LFI (French school) in Dublin was saying earlier today that they've received 20 enquiries from London finance types enquiring about kids schooling places this week, many of whom were saying Madrid is another potential destination).

 

May just gave the starter order publicly last week: when you consider where other significant outfits are already at (scroll down past the Barclays bit: Credit Suisse Group AG, Standard Chartered Plc, Citigroup Inc., Lloyds Banking Group Plc, JPMorgan Chase & Co., HSBC Holdings Plc, UBS Group AG <...>), it's clear they've been at it since well before last week (of course, no surprise to you or me), and I'd argue that it's already reached -or just about to- that unstoppable stage by now.

 

Like retep posted yesterday, it's all over for the shouting. At least where the City is concerned. They're the very services that have propped up the UK's 2% growth in 2016.

Not quite sure what your point is: they're a British company, and it's not as if I or anyone else claimed or suggested that Barclays plc is going 'as a whole'. My link was about Barclays plc decision to offshore EU finance jobs to Dublin. A predicted consequence of a Brexit vote, now finally become a reality.

 

I'll take it that you're OK with the City's loss of Barclay's (and others) EU (and others) financial business to Dublin, then?

 

So I'll just leave this here:(source)

 

I'm not the one trying to talk the country down, but you carry on, the whining gets louder but it'll be over soon.

[L00b]

Are these also the same banks and services that helped cause the crash of 2008 through their greed? Let them go as when the big Euro crash comes they will be the ones worse off.

Possibly, in fact probably, although certainly less their EU-focused services (which were unconcerned with the sort of 'toxic assets' peddled by US traders, and which services are now going) than their rest-of-the-world -focused services (which are those staying in the City...if they don't eventually decamp to New York, which is increasingly the plan for most of the big league US firms in tow to Trumponomics).

 

[sarcasm] I don't recall you moaning much about their respective and sizeable contributions to the Treasury in the last 8 years? [/sarcasm]

 

I'm not the one trying to talk the country down, but you carry on, the whining gets louder but it'll be over soon.

You're never better than when you're taking pot shots at the messenger, peter

[Obelix]

Are these also the same banks and services that helped cause the crash of 2008 through their greed? Let them go as when the big Euro crash comes they will be the ones worse off.

 

Not really no. Barclays never was much of a problem in that regard. Most of the problems originated from over the pond after the breakdown of Glass-Steagall.

 

Mind you if you look at the amount of money they've posted back from 2011 onwards it's quite telling just how much they make for the UK...

 

---------- Post added 27-01-2017 at 15:28 ----------

 

I'm not the one trying to talk the country down, but you carry on, the whining gets louder but it'll be over soon.

 

What part seems to confuse?

 

I mean that's the usual reason for your outbursts of petty namecalling - you cant understand the argument and jump to abuse.

 

Or perhaps you realise you don't have any way of refuting what was placed above..

 

---------- Post added 27-01-2017 at 15:30 ----------

 

it's clear they've been at it since well before last week (of course, no surprise to you or me), and I'd argue that it's already reached -or just about to- that unstoppable stage by now.

 

Which of course is why the smart people, or just the moderately awake ones jumped ship a long time back and moved capital overseas.

 

Didn't bank on Trump though. He's a spanner in the works for sure...

[unbeliever]

Sure. Barclays are locating 150 jobs in Ireland instead of the UK.

That's 0.1% of their staff. By all means lets run around in circles panicking.

[L00b]

Didn't bank on Trump though. He's a spanner in the works for sure...

The problem I see with Trump, is that Eurosceptic Tories currently in charge appear to believe (on the basis of government and Leave MP noises) that he is cut from the same cloth as them, when -so far- there is no objective reason to believe that he is anything other than a free-roaming political agent with an overdeveloped sense of opportunity and self-publicity, and less morals than an alley cat.

 

As I put it in another thread ages ago, which was about (IIRC) 'Brexit & Trump' (and in which I asked not to forget the puppetmaster, Mr Putin): this will end well!