[Politics] Brexit

[beorhthelm]

I am not missing the point, I acknowledge it would be mutually beneficial to have a working arrangement, I think you are missing the point that 27 members of the EU are unlikely to all agree to allowing the UK financial services to operate without regulation, or fees.

nope, you're missing the point by a mile because you're looking 180deg wrong way round. the issue in hand is whether EU have free access to UK financial markets, they come to us. for this to work in practice normally a company needs to setup a legal presence here, then still have to deal with local regulations on any services, products or deals done. the cost would be upon the EU member, not the UK side. so to "gain access" the EU needs to remove the restrictions (or leave things as they are) so their members can access the market without additional overheads. why would they not agree to that, and force fees and costs upon themselves?

 

[portslade seagull]

nope, you're missing the point by a mile because you're looking 180deg wrong way round. the issue in hand is whether EU have free access to UK financial markets, they come to us. for this to work in practice normally a company needs to setup a legal presence here, then still have to deal with local regulations on any services, products or deals done. the cost would be upon the EU member, not the UK side. so to "gain access" the EU needs to remove the restrictions (or leave things as they are) so their members can access the market without additional overheads. why would they not agree to that, and force fees and costs upon themselves?

The EU look like they néed us more than we need them in regards to the financial institutions. Our starting position for negotiations is looking stronger

 

[Baldseagull]

But you are just shoving your unsubstantiated prediction further upstream on a different scenario, it still holds true that those that are now saying what you are now saying were the exact same people that said it about us not joining the Euro and they were wrong, so very wrong as the sector actually boomed post that decision.

You cannot keep making predictions, ontop of previously inaccurate predictions and expect to be afforded any credibility whatsoever.

Whether the predictions come to pass or not is a guess by whoever makes it, but can we agree that there is a risk? Not being in the Euro also had risks attached, there was a long court case with the ECB who wanted all Euro denominated clearing to take place inside the Euro zone, the UK successfully argued against that at the EU general court.
There are definitely some in Europe who see financial services as a prize that is up for grabs.

 

[Herr Tubthumper]

The EU look like they néed us more than we need them in regards to the financial institutions. Our starting position for negotiations is looking stronger

Equally you could say it's the "look what you could have" bargaining strategy. I would not read too much into it.

 

[portslade seagull]

Equally you could say it's the "look what you could have" bargaining strategy. I would not read too much into it.

We will see. I reckon that 90% or more stay in London

 

[Baldseagull]

nope, you're missing the point by a mile because you're looking 180deg wrong way round. the issue in hand is whether EU have free access to UK financial markets, they come to us. for this to work in practice normally a company needs to setup a legal presence here, then still have to deal with local regulations on any services, products or deals done. the cost would be upon the EU member, not the UK side. so to "gain access" the EU needs to remove the restrictions (or leave things as they are) so their members can access the market without additional overheads. why would they not agree to that, and force fees and costs upon themselves?

Because there is a potential long term win of creating a large financial centre in the EU. They need to make a decision on whether they want to go for it now, or leave themselves dependant on a marketplace in a non member state, they may decide that the timing is wrong for them and allow business to continue as usual, as you suggest. This will not be the end of it though and we will still be at risk of new regulation that may require Euro clearing to be done in the EU in the future, as I have posted previously, this is something already attempted, but as members we were able to argue against it in the EU courts, which obviously would not be something we could do when out.

 

[Pretty pink fairy]

Anything like a Norway option (for me personally) is not really what i voted for and i will be honest here,i was unaware of the options until a Remainer started to highlight them in the early days before the vote,i did some online re-search and wanted WTO and No 4 Freedoms,so a Hard Brexit, when voting to leave.

If a deal is done of sorts to accommodate any financials then perhaps a deal can be done on limiting Freedom of movement.It would appear that No deal can be done on the 4 freedoms,so this may be a non starter,not too long though to wait before things get under way..

leaving the EU is exactly how it is , we WONT be dangling a foot in the water to test the temperature , believe me
regards
DR

 

[Pretty pink fairy]

Equally you could say it's the "look what you could have" bargaining strategy. I would not read too much into it.

WE'VE ALREADY SEEN WHAT WE CAN HAVE THAT'S WHY WE'RE LEAVING no strings attached
regards
DR

 

[beorhthelm]

Because there is a potential long term win of creating a large financial centre in the EU. They need to make a decision on whether they want to go for it now, or leave themselves dependant on a marketplace in a non member state, they may decide that the timing is wrong for them and allow business to continue as usual, as you suggest. This will not be the end of it though and we will still be at risk of new regulation that may require Euro clearing to be done in the EU in the future, as I have posted previously, this is something already attempted, but as members we were able to argue against it in the EU courts, which obviously would not be something we could do when out.

where is this fabled EU financial centre going to arise? Paris, Frankfurt, Dublin, Warsaw, Luxembourg? all have an eye on the trade, you think the EU, the political entity that cant even settle on a single parliament building, will be able to determine a single location? and in a couple of years? without the critical mass of a single centre it would prove difficult to shift to one, so the role be left to one of the existing financial centres (London, Singapore or New York). theres the point of the article, the EU members themselves recognise they need to access the markets effectively and not cut off access to spite themselves, and those markets are already in London.

 

[studio150]

If the story in the Sun on Sunday is true Tuesday is going to be a fun day for the financial markets.

 

[JC Footy Genius]

If the story in the Sun on Sunday is true Tuesday is going to be a fun day for the financial markets.

MIGRANT BABY BOOM Third of babies born in England and Wales in 2015 have at least one foreign parent

Latest figures – covering the whole of 2015 – show that there were a total of 141,203 babies born where both parents had been born abroad.

Another 89,608 born were born to a couple where one of the parents was an immigrant.

In total 679,852 children were born during that year.

It means that in England and Wales 33 per cent – just under a third – of children born in had at least one parent who had travelled here after being born abroad.

....... Alp Mehmet, Vice Chairman, of Migration Watch UK, said: “These figures show how uncontrolled migration leads to pressure on services; in this case maternity services and, in due course, on school places too.

“Our population is growing at its fastest in 100 years, driven mainly by migration; that is why getting current levels down is an absolute must.”

John Bickley, UKIP’s Immigration spokesman, said: “It’s unacceptable that the old, tired established parties are forcing mass immigration upon our poorest communities, sowing the seeds of wage compression, unfair competition for scarce jobs, pressure on local services, houses and the undermining of social cohesion.”

Did you mean this one?

 

[portslade seagull]

If the story in the Sun on Sunday is true Tuesday is going to be a fun day for the financial markets.

Just don't get it. You really want Brexit to end in failure so you can be proved right. Such a weird logic

 

[studio150]

MIGRANT BABY BOOM Third of babies born in England and Wales in 2015 have at least one foreign parent

Latest figures – covering the whole of 2015 – show that there were a total of 141,203 babies born where both parents had been born abroad.

Another 89,608 born were born to a couple where one of the parents was an immigrant.

In total 679,852 children were born during that year.

It means that in England and Wales 33 per cent – just under a third – of children born in had at least one parent who had travelled here after being born abroad.

....... Alp Mehmet, Vice Chairman, of Migration Watch UK, said: “These figures show how uncontrolled migration leads to pressure on services; in this case maternity services and, in due course, on school places too.

“Our population is growing at its fastest in 100 years, driven mainly by migration; that is why getting current levels down is an absolute must.”

John Bickley, UKIP’s Immigration spokesman, said: “It’s unacceptable that the old, tired established parties are forcing mass immigration upon our poorest communities, sowing the seeds of wage compression, unfair competition for scarce jobs, pressure on local services, houses and the undermining of social cohesion.”

Did you mean this one?

No.

 

[Herr Tubthumper]

MIGRANT BABY BOOM Third of babies born in England and Wales in 2015 have at least one foreign parent

Latest figures – covering the whole of 2015 – show that there were a total of 141,203 babies born where both parents had been born abroad.

Another 89,608 born were born to a couple where one of the parents was an immigrant.

In total 679,852 children were born during that year.

It means that in England and Wales 33 per cent – just under a third – of children born in had at least one parent who had travelled here after being born abroad.

....... Alp Mehmet, Vice Chairman, of Migration Watch UK, said: “These figures show how uncontrolled migration leads to pressure on services; in this case maternity services and, in due course, on school places too.

“Our population is growing at its fastest in 100 years, driven mainly by migration; that is why getting current levels down is an absolute must.”

John Bickley, UKIP’s Immigration spokesman, said: “It’s unacceptable that the old, tired established parties are forcing mass immigration upon our poorest communities, sowing the seeds of wage compression, unfair competition for scarce jobs, pressure on local services, houses and the undermining of social cohesion.”

Did you mean this one?

Alp Mehmet, good solid British name. This bubble should look in the mirror.

 

[Mental Lental]

Alp Mehmet, good solid British name. This bubble should look in the mirror.

Migration Watch UK are a sinister bunch. "Oooh look we've got an immigrant on our board! That means we're a serious, completely neutral and non-political organisation!"

 

[alfredmizen]

Migration Watch UK are a sinister bunch. "Oooh look we've got an immigrant on our board! That means we're a serious, completely neutral and non-political organisation!"

Sinister? No they're not , typical disinformation.

 

[Mental Lental]

Sinister? No they're not , typical disinformation.

Sinister in that they claim to be impartial yet have a clear anti-immigration right wing agenda. Which obviously resonates with you given your knee-jerk reactionary post refuting my suggestion.

 

[alfredmizen]

Sinister in that they claim to be impartial yet have a clear anti-immigration right wing agenda. Which obviously resonates with you given your knee-jerk reactionary post refuting my suggestion.

There is nothing "sinister" in wanting immigration controlled.

 

[alfredmizen]

Alp Mehmet, good solid British name. This bubble should look in the mirror.

Mehmet is a Turkish name , so I doubt he'd appreciate being called a bubble!

 

[alfredmizen]

where is this fabled EU financial centre going to arise? Paris, Frankfurt, Dublin, Warsaw, Luxembourg? all have an eye on the trade, you think the EU, the political entity that cant even settle on a single parliament building, will be able to determine a single location? and in a couple of years? without the critical mass of a single centre it would prove difficult to shift to one, so the role be left to one of the existing financial centres (London, Singapore or New York). theres the point of the article, the EU members themselves recognise they need to access the markets effectively and not cut off access to spite themselves, and those markets are already in London.

I had lunch hour with two people whose job is in clearing sales for a large bank , they Augher when I brought up the possibility of London losing the clearing business , there is nowhere in Europe capable of handling it.