The Consequences of Brexit [part 4]

[apelike]

Here we go. The big announcements are starting.

 

https://www.theguardian.com/politics/2017/dec/11/brexit-city-of-london-jobs-ey-dublin-frankfurt

 

The headline states "will lose jobs" and the meat of the article states "likely to be affected," and then later states "could" so it seems even they are not sure. These are just estimates and have already been revised down before.

[I1L2T3]

The headline states "will lose jobs" and the meat of the article states "likely to be affected," and then later states "could" so it seems even they are not sure. These are just estimates and have already been revised down before.

 

Can you tell me.......what does sand taste like?

 

Trust me this is real. First of many.

[apelike]

Can you tell me.......what does sand taste like?

 

Probably the same a scare and hype.

 

Trust me this is real. First of many.

 

I await proper confirmation.

[ENG601PM]

This is going to stun Brexiters day after day because the scale is not something they could have imagined.

I'm decidedly not stunned. You have no idea what scale is. 10,500 is less than one half of one percent of workers in London's financial / service sector.

 

For an additional sense of scale, EY alone have something like a quarter of a million employees worldwide. Your little work bubble of seems very little if you're impressed / depressed by 10,500 jobs shifting. Get a grip old chap.

[I1L2T3]

Probably the same a scare and hype.

 

 

 

I await proper confirmation.

 

You won’t have to wait long.

 

---------- Post added 11-12-2017 at 13:16 ----------

 

I'm decidedly not stunned. You have no idea what scale is. 10,500 is less than one half of one percent of workers in London's financial / service sector.

 

For an additional sense of scale, EY alone have something like a quarter of a million employees worldwide. Your little work bubble of seems very little if you're impressed / depressed by 10,500 jobs shifting. Get a grip old chap.

 

One company of many. You are trying to make it sound like EY is the only company with any plans.

[ENG601PM]

The UK received, for decades, money from the EU to try and turn a sinking ship around. It worked, the UK economy turned the corner and became successful, then the UK started paying into the EU to try and turn other countries fortunes around.

 

If I read that correctly that's an egregious misrepresentation even though you might have made it innocently.

 

What actually happened is that growth figures around Europe in the quarter century after WW2 were determined in large part by the reparations and growth from a physically devastated continent. Cities, towns and villages were rebuilt, farmlands were restored, industries pieced back together, all using with the latest technologies, ideas and techniques. You can imagine how that translates into unprecedented growth. By contrast the UK had huge war bills to pay, but not much war rebuilding to do.

 

Rather than receiving reparations like much of Europe, the UK actually wrote off most of Germany's debts from WW1. Imagine that for generosity! Continental Europe was substantially aided by British skills and investment which came at additional cost to UK growth which was largely stuck with pre-WW2 technology and management and nothing but enormous war debts to the USA and Canada.

 

By the time the UK entered the Common Market the job of rebuilding Europe was more or less done. That meant that Europe's rate of growth slowed down while the UK more or less carried on the same trajectory, although the 70's industrial strife didn't exactly help.

 

To suggest that the Common Market / EEC / EU is responsible for the UK's growth since the 70's is to misunderstand history, or more likely to innocently believe the pro-EU propaganda from people who either misunderstand or deliberately misrepresent it.

[melthebell]

I'm decidedly not stunned. You have no idea what scale is. 10,500 is less than one half of one percent of workers in London's financial / service sector.

 

For an additional sense of scale, EY alone have something like a quarter of a million employees worldwide. Your little work bubble of seems very little if you're impressed / depressed by 10,500 jobs shifting. Get a grip old chap.

and in the real world...10.500 jobs is a hell of a lot for this country to lose, when say a large shop goes down how many jobs do they lose? 900? 1000 maybe.

Thats a lot of coffers not going into the economy to pay for that 350m for the NHS

[apelike]

You won’t have to wait long.

 

But will you hold your breath while I wait..

 

---------- Post added 11-12-2017 at 13:21 ----------

 

and in the real world...10.500 jobs is a hell of a lot for this country to lose,

 

Providing they are actually lost!

[ENG601PM]

One company of many. You are trying to make it sound like EY is the only company with any plans.

 

I don't make it sound anything of the sort and you didn't even read your quoted article correctly - it's not about EY. You have no sense of perspective, and to be frank, no idea either. You sound very silly when you make predictions of doom and gloom.

 

Nobody knows what's going to happen- we're all (UK & EU) going to stumble on and make the best of it. One thing that I can say with total confidence though is that Frankfurt and Paris are not going to take over London's world position. The Troika will be re inflating French banks and renaming the Euro as the Mark first.

[L00b]

<...>

 

Many more of these coming in the new year. This is going to stun Brexiters day after day because the scale is not something they could have imagined.

It's not going to, you know. As typified by the responses of apelike, ENG and similar.

 

The full scale-effects of these Brexit-caused departures are not going to come through (to the extent that you could quote the impartial ONS to back up the point, rather than MSM articles, all fact-based that they may be) until a good year [EDIT: from Brexit date, post-transition] at least.

 

And even then, expect the Leavers to still be pointing at the full range of proxies, including in no particular order-

• the unelected EU
  
• immigrants still here
  
• remoaners
  
• lefties / Labour voters / Corbyn
  
• young people
  
• public sector workers
  
• scroungers the sick / vulnerable / unemployed
  
• other traitors, saboteurs, insufficiently patriotic or enthusiastic
  
• the BOE / financial experts (headed by an immigrant)
  
• lawyers, judges, human rights people
  
• academics / teachers
  
• 'experts'
  
• Ireland & the Irish

-instead of coping on some.

 

This latest newsbit from the City is not even the visible part of the iceberg, it's the tiniest of portions of the summit - at the most. It's highly symptomatic of course, because the City forging ahead with relocation plans simply confirms that Theresa's "deal in extremis " last week proved to be worth about as much as a mousefart to them. But that's only of any significance to 'expert' observers like you and I. Not to the blindly faithful, nor to those without any skin in the economic game.

 

And it will continue to be so, for very many Leavers until the day they rock up to A&E or call for an ambulance, and are summarily told to leave, because there's no way anyone will see them in the next 12 hours...and even then, there's still no guarantee that they'd connect the dots.

Problem is it’s too late. Many of our clients are so spooked at not being able to fully plan the next financial year that they are already decided.

It's been too late since late summer 2017. I told you that then.

 

Just leave them to it already. They're just like teenagers, sometime you have to let them make the big mistakes themselves, no other way for them to learn and graduate to adulthood

Edited December 11, 2017 by L00b