General Brexit discussion thread

[johnofgwent]

Wrong.  Passporting is a term used in the context of financial services. For members of the EU single market it means that if a firm is authorised to undertake certain activities by the regulator of one EU member state, it can apply for a 'passport' to do business throughout the EU without needing further authorisation. UK-based firms lose this automatic right with Brexit. The UK is now seeking an equivalence decision from the EU to allow UK-based financial services firms to continue to serve EU customers from the UK. Financial services companies have moved assets worth $1 trillion from the U.K. to the rest of Europe since the Brexit referendum. And it has nothing to do with trade.  That is why the likes of Germany do 4 times more trade with the likes of China.  And I have already explained the schedule of concession to you.  Which was rejected by around a dozen countries including the USofA,  Which  Big kranky bojo is supposed to be doing business with

https://www.cnbc.com/2019/01/07/brexit-uk-financial-services-sector-moves-1-trillion-in-assets-to-eu.html
https://www.ejiltalk.org/lack-of-certification-of-the-wto-schedules-of-the-united-kingdom-a-way-for-frictionless-trade-under-a-no-deal-brexit-scenario/

Not to mention that servicing and banking are 80% of the UK Economy and that is only as good as the next crash.  And you and I are still paying for the last one over 10 years ago. And the Uk economy will never  get back to pre crash levels this century.  If ever.  And as I type if the likes of Switzerland do not come to some sort of agreement with the EU.  They will protect their members and withdraw passporting rights to the Swiss banking sector.  That will wipe out 50% of its economy.  I will leave you to work out what will happen to the UK economy.  And not to mention.  Brexit has now cost the UK tax payer more than it has contributed to the EU.  The incompetence is on a greater level than the handling of the pandemic.  And if anybody believes one word coming from this bunch of useless incompetent zealots who call themselves a government really needs to go and see somebody.  And oh the pantomime toff has also moved his assets and company to Ireland.  Nuff said.

https://www.theneweuropean.co.uk/brexit-news/brexit-to-cost-more-than-uk-paid-in-to-eu-70804 
https://www.indy100.com/article/jacob-rees-mogg-brexit-tory-mp-eu-investors-london-dublin-twitter-response-8783421

Having been a database admin for Barclays, and about to become one again for a new UK bank, I too know a little about the banking sector, and I was there to witness Brown's delightful handling of the economy all the way to the bitter end when they posted hobby bobbies on the motorway bridges near the site in case any of us jumped on the way hone with our P45's (seriously, I gave two quite a scare).

What I find interesting in your post is your setting up the argument FOR the passporting as if you were a dyed in the wool remainer which is quickly followed by your denunciation of the financial sector for the damage it bestowed upon the UK, and indeed the global, economy when it tanked in 2008, and which it is about to do again of couerse courtesy of the corona pox.

So, what are you saying ? Are you putting the remainers case that a britain outside the passporting system is kissing goodnight to billions, or denouncing the invention of fiat money, the abandonment of the gold standard and brown's utter folly, or what ??

[Jaydee]

Yes, all banks operating in the UK wishing to operate in the EU have to also set up an HQ and register there now.
And vice versa.

Wrong.  Passporting is a term used in the context of financial services. For members of the EU single market it means that if a firm is authorised to undertake certain activities by the regulator of one EU member state, it can apply for a 'passport' to do business throughout the EU without needing further authorisation. UK-based firms lose this automatic right with Brexit. The UK is now seeking an equivalence decision from the EU to allow UK-based financial services firms to continue to serve EU customers from the UK. Financial services companies have moved assets worth $1 trillion from the U.K. to the rest of Europe since the Brexit referendum. And it has nothing to do with trade.  That is why the likes of Germany do 4 times more trade with the likes of China.  And I have already explained the schedule of concession to you.  Which was rejected by around a dozen countries including the USofA,  Which  Big kranky bojo is supposed to be doing business with

https://www.cnbc.com/2019/01/07/brexit-uk-financial-services-sector-moves-1-trillion-in-assets-to-eu.html
https://www.ejiltalk.org/lack-of-certification-of-the-wto-schedules-of-the-united-kingdom-a-way-for-frictionless-trade-under-a-no-deal-brexit-scenario/

Not to mention that servicing and banking are 80% of the UK Economy and that is only as good as the next crash.  And you and I are still paying for the last one over 10 years ago. And the Uk economy will never  get back to pre crash levels this century.  If ever.  And as I type if the likes of Switzerland do not come to some sort of agreement with the EU.  They will protect their members and withdraw passporting rights to the Swiss banking sector.  That will wipe out 50% of its economy.  I will leave you to work out what will happen to the UK economy.  And not to mention.  Brexit has now cost the UK tax payer more than it has contributed to the EU.  The incompetence is on a greater level than the handling of the pandemic.  And if anybody believes one word coming from this bunch of useless incompetent zealots who call themselves a government really needs to go and see somebody.  And oh the pantomime toff has also moved his assets and company to Ireland.  Nuff said.

https://www.theneweuropean.co.uk/brexit-news/brexit-to-cost-more-than-uk-paid-in-to-eu-70804 
https://www.indy100.com/article/jacob-rees-mogg-brexit-tory-mp-eu-investors-london-dublin-twitter-response-8783421

[GerryT]

Hows the golfing on the Emerald Isle?

Absolutely brilliant.

So I heard on the upper echelons grapevine.

not so great if your a TD, expensive day out there !

[Sheepy]

Hows the golfing on the Emerald Isle?

Absolutely brilliant.

So I heard on the upper echelons grapevine.

[Streetwalker]

Brexit: More than 60,000 EU citizens apply to settle in NI

https://www.bbc.co.uk/news/amp/uk-northern-ireland-53928943

I guess they are smart and can see a good deal when it's offered.

I advise every other EU migrant in this here country to do the same.

Sure that's nothing, over 350,000 UK nationals have got Irish passports since brexit, and their not working or living in Ireland, they must really love it over here.
https://www.theguardian.com/politics/2020/jan/30/brexit-730000-britons-acquired-non-uk-eu-irish-passports-since-2016

All that suggests to me is  that  people who work or live in Europe want to be able to do so without the hassle of the possible extra paperwork  . We dont know as yet what restrictions will be placed on continental workers or new residents . For the sake of  what £80 its a no brainer if your plans are in Europe .

[GerryT]

Brexit: More than 60,000 EU citizens apply to settle in NI

https://www.bbc.co.uk/news/amp/uk-northern-ireland-53928943

I guess they are smart and can see a good deal when it's offered.

I advise every other EU migrant in this here country to do the same.

Sure that's nothing, over 350,000 UK nationals have got Irish passports since brexit, and their not working or living in Ireland, they must really love it over here.
https://www.theguardian.com/politics/2020/jan/30/brexit-730000-britons-acquired-non-uk-eu-irish-passports-since-2016

[Streetwalker]

Brexit: More than 60,000 EU citizens apply to settle in NI

https://www.bbc.co.uk/news/amp/uk-northern-ireland-53928943

I guess they are smart and can see a good deal when it's offered.

I advise every other EU migrant in this here country to do the same.

Yes I would as well . There is no reason why people who have made their homes here  legally should not be able to stay . I don't think that was ever not going to be the case

[Borg Refinery]

Brexit: More than 60,000 EU citizens apply to settle in NI

https://www.bbc.co.uk/news/amp/uk-northern-ireland-53928943

I guess they are smart and can see a good deal when it's offered.

I advise every other EU migrant in this here country to do the same.

[GerryT]

Hows the golfing on the Emerald Isle?

Absolutely brilliant.

[Sheepy]

Strange, reading all these "discussions" gives me a nostalgia that it is now 1940 and the NAZI German Brussels is giving the Pom an ultimatum of "peace or destruction", yet Churchill  Bojo stands firm and is singing the tune of Dad's army : 'Cause Who do you think you are kidding Mr. Barnier. If you think old England's done?"
-
And guess what, my youtube auto-played Vera Lynn's "There"ll always be an England" just when I was typing this .........

It's far more like the scene from blazing saddles when the new sheriff holds a gun to his head and "stay back or i'll shot, I'm serious..." poor old UK leaving the EU and demanding the terms of a trade deal, the EU paying very little attention really, still bewildered that the UK don't understand that Macron and Merkel don't control the EU.

Hows the golfing on the Emerald Isle?

[GerryT]

Strange, reading all these "discussions" gives me a nostalgia that it is now 1940 and the NAZI German Brussels is giving the Pom an ultimatum of "peace or destruction", yet Churchill  Bojo stands firm and is singing the tune of Dad's army : 'Cause Who do you think you are kidding Mr. Barnier. If you think old England's done?"
-
And guess what, my youtube auto-played Vera Lynn's "There"ll always be an England" just when I was typing this .........

It's far more like the scene from blazing saddles when the new sheriff holds a gun to his head and "stay back or i'll shot, I'm serious..." poor old UK leaving the EU and demanding the terms of a trade deal, the EU paying very little attention really, still bewildered that the UK don't understand that Macron and Merkel don't control the EU.

[GerryT]

Yes, all banks operating in the UK wishing to operate in the EU have to also set up an HQ and register there now.
And vice versa.

The vice versa being the larger number.

Demand.
I have a demand for a new car, but i still like to go to the car dealer to get one.
The EU has a demand for borrowing. London has the biggest debt dealers in the world.


The EU is a solid investment I expect. They will be able to sell their bonds.
They won't sell many in the EU however. The demand for debt is there, the matching demand for loans is not.

Those markets are mainly found elsewhere.
Which is why all the EU banks just registered to trade in the UK.
They didn't do it for no reason.

They did it because London is the biggest global centre for such trading.
You can deny that, but it doesn't change anything.

However I'm just repeating myself now, which is boring. So I'll leave you to disagree in peace.
Thanks for taking the time to explain your perceptions to me.

We do come from different perspectives, you suggest because London is such a leader in financial services that's why the EU put so much business through it. I see the opposite, the EU pushes so much business through London it became a global leader in financial services.
If the EU stops using London then the Financial Service providers will setup in the EU and do it there.

I do agree that if all EU business was stripped from London then London would continue to be a key financial hub. But without financial passporting it is estimated that there will be a 20b tax hit due to the loss and that's the point of it.

[Baff]

Yes, all banks operating in the UK wishing to operate in the EU have to also set up an HQ and register there now.
And vice versa.

The vice versa being the larger number.

Demand.
I have a demand for a new car, but i still like to go to the car dealer to get one.
The EU has a demand for borrowing. London has the biggest debt dealers in the world.


The EU is a solid investment I expect. They will be able to sell their bonds.
They won't sell many in the EU however. The demand for debt is there, the matching demand for loans is not.

Those markets are mainly found elsewhere.
Which is why all the EU banks just registered to trade in the UK.
They didn't do it for no reason.

They did it because London is the biggest global centre for such trading.
You can deny that, but it doesn't change anything.

However I'm just repeating myself now, which is boring. So I'll leave you to disagree in peace.
Thanks for taking the time to explain your perceptions to me.

[Tbird]

Strange, reading all these "discussions" gives me a nostalgia that it is now 1940 and the NAZI German Brussels is giving the Pom an ultimatum of "peace or destruction", yet Churchill  Bojo stands firm and is singing the tune of Dad's army : 'Cause Who do you think you are kidding Mr. Barnier. If you think old England's done?"
-
And guess what, my youtube auto-played Vera Lynn's "There"ll always be an England" just when I was typing this .........

[GerryT]

Yes, the EU banks may also have chosen to register in Singapore or the USA fpr access to those markets.
But for London, they didn't used to have to.
Now they do.

A simple admin process, but as it stands the USA banks that are located in London servicing the EU market are moving to the EU. They can do their trading there and service the full EU Market. As for EU banks looking to register in London why on earth would they do that ?  without a deal London can't service those customers, they won't be registering in London.

The EU financial sector is not massive. Sorry to disillusion you.
The two major Euopean financial hubs, London and Geneva are not in the EU.

It's you that's delusional, the market is the EU not the hub providing the finance. That finance is global, it moves through electronic transfer's and it services the massive EU market. You somehow have it backwards. If the EU doesn't look for money in London then the money leaves London and goes to where the EU is going to get it. With time that will be within the EU, maybe Dublin will do it. Reese Mogg thinks so as he moved the lions share of his investment fund to Dublin last year, the Brexiteer taking his money and jobs out of the UK and into the evil clutches of the EU.

Certainly the EU demand for borrowing is massive.
But the EU's ability to acquire that funding is not present. They need access to the global markets for that.

Don't be naive, the demand is there, the EU is a solid investment, those with the money will provide it for the returns, as they have done for decades.

London's financial centre grew beacuse of the EU, it's easily eroded as the only thing that moves is some expertise and an electronic bank transfer.