General Brexit discussion thread

[Baff]

Why do you feel that passporting is an issue?
You have passporting between every other country.

It's the global norm.

The vast bulk of financial transactions operate in this manner.

[papasmurf]

All works well and indications are it will continue to be easy after January 2021...

What indications?  There appears to be total silence about passported financial transactions.

[patman post]

We have regular payments to France. We use XE (used to be HiFX). We have a choice of setting up payments by buying euros at a set rate, or quickly arranging individual payments via a debit card. All works well and indications are it will continue to be easy after January 2021...

[Nick]

I wish you would post to references to back up your ethereal meanderings.

Only this morning I carried out a movement of money from a UK bank to a French one, no charges, at either end, that will cease on the Ist of January 2021. (Which is why I transferred the money now.)

I just sent some money to India, which last time I looked wasn't in the EU. Cost me £3 odd, worth every penny and when we are out I will happily pay it also.

[papasmurf]

Why would I not want you to be charged for it?
I'm a shareholder.

The transaction costs money to do. I don't see why I should have to pay for you.

Money flowing in the opposite direction, will not only make me money, but also the taxman.

You aren't having to pay for me over a certain amount of transfer from Britain to France, there are no charges. (Instead they rob you on the exchange rate.)

[Baff]

Why would I not want you to be charged for it?
I'm a shareholder.

The transaction costs money to do. I don't see why I should have to pay for you.

Money flowing in the opposite direction, will not only make me money, but also the taxman.

[papasmurf]

In the end the EU is looking to borrow a hell of a lot of money.
And London is the best place to find it.

Far from being one of our critical weakeness. It is one of our greatest strengths.

I wish you would post to references to back up your ethereal meanderings.

Only this morning I carried out a movement of money from a UK bank to a French one, no charges, at either end, that will cease on the Ist of January 2021. (Which is why I transferred the money now.)

[Baff]

Do you actually understand what a trade deficit is.  It means matey.   A trade deficit occurs when a nation imports more than it exports.  So you tell me what has the UK trade deficit to do with the EU?  That is a question and I even put a question mark.  Not that I expect a answer. And do you actually understand  that 80% of the UK economy is banking and servicing.  And that is not considered trade.   In 2019, the service industries accounted for 80% of total UK economic output  Services accounted for 81% of workforce jobs in April-June 2020.  Now do you understand there is UK deal within the EU by a method known as passporting.

This sector is of crucial importance for the UK economy, with financial services being one of the UK's key export industries and London being regularly rated the top global financial services centre. The success of the City as Europe's major financial hub, however, is to a significant degree the result of the functioning of the EU single market. Financial markets in the UK and the rest of the EU are deeply intertwined. In particular, the EU single market enables many firms to base their capital market activities and conduct much of their EU-wide business from the UK. The UK's leading role in shaping European financial markets in turn helps to boost growth across the EU. Therefore, the implications of the UK's withdrawal from the EU for cross-border trade in financial services is a major area of concern.  Source..  UK Treasury

To maintain that regularity on a crash out. The UK will have to do one of two things. Pay more than it does now to access the market.  Or crash out and lose rights. I will leave you to work out out the damage to the UK economy.  If the UK does a desal. It will not be leaving the EU.  It will be the patsy in the corner, paying more than it does now.  With no vote.  Get that ensconced in the grey matter.  In addition to market uncertainty and volatility, Brexit causes critical regulatory challenges. Replicating over 40 years of EU regulations presents a very difficult task. The UK would have to incorporate all existing EU legislation into British law (the so-called "Great Repeal Bill," promised by Theresa May at the beginning of October) in order to provide legal certainty to businesses. If the UK chose not to replicate new EU legislation, it would have to enter into negotiation with the EU every time there was an update to EU financial regulations.

For these reasons, London may no longer serve as an entry point to other European markets. That is why other European cities, such as  Paris and Frankfurt, home to the European Central Bank, are, as The Wall Street Journal recently put it, battling "for London's finance crown" The Financial Conduct Authority, the UK's financial regulatory body, stressed an important Brexit-shaped regulatory challenge the day after the referendum: given that much financial regulation currently applicable in the UK derives from EU legislation, Brexit's long-term impact on the overall financial regulatory framework will depend on the future of the UK's relationship with the EU.  Now if you choose to believe the absolute lying fanny, and swallowing it hook line and sinker,  coming from Big Kranky Bojo, the world leading muppet. Then there is not a lot I can say.  Your nobody knows conclusion, is just plain rubbish.  Many people know.  Your continual use of the word WE, US and the like translates to YOU do not know. And that mean matey.  Like most Brexiteers. You voted for something you did not have a scoobie about.  To be fair.  You at least admit it. And it is clear the penny is dropping in most parts of England. But heh why let facts get in the road..

https://www.wsj.com/articles/eu-finance-cities-pounce-on-london-after-brexit-vote-1467345602
https://www.euractiv.com/section/uk-europe/opinion/brexit-will-destroy-the-city-of-london-as-we-know-it/

Given that no vote on EU finacial services has gone the UK's way ever, I don't see how not having a vote makes any difference.

Passporting is a two way street.
For every one UK bank that has had to register in the EU to meet their requirement for passporting, three have had to register in the UK to meet ours.
Meaning we have made a considerable profit on it so far.
The EU however has suspended it for the time being. As they don't have the infrastructure to replace UK services.

In the end the EU is looking to borrow a hell of a lot of money.
And London is the best place to find it.

Far from being one of our critical weakeness. It is one of our greatest strengths.
They could shoot themselves in the foot and refuse access to UK financial services.
Best guesses are that they will run out of cash in under one week if they do however.
So don't expect them to do so any time soon.

Instead expect them to keep on passing barriers and restrictions to our financial service trade just as they always have. Just as every other country does too.
Fools that they are.
The more restrictions they pass, the more enticing London becomes as a centre for that investment.

They suck at banking mate. The political culture there is wrong for it.

[Sheepy]

Well lets have your facts, and correct what I said.  And most of that paywall matey.  Is EU law.  Which you can access.  So do it.  Then correct what i have just posted.  It is as simple as that. Or let me put it likes this.  last I heard it was crime to murder someone in England.  Oh jings that is behind a paywall, it is just my opinion.   Meaning of in denial.  The definition of in denial is a refusal or unwillingness to accept something or to accept reality. An example of someone who is in denial is a wife who cannot cope with and won't admit that her husband has left her.  But heh why let facts get in the road. And if you voted leave.  Did you know all this. Or are you going to kid on and say yes.  You knew all this, and Brexit means Brexit

anyway, why ain't you lecturing the Spanish authorities, all that sun sea and freedom seems to have done a runner.

[T00ts]

Well lets have your facts, and correct what I said.  And most of that pay wall matey.  Was EU law.  Which you can access.  So do it.  Then correct what i have just posted.  It is as simple as that.  Meaning of in denial.  The definition of in denial is a refusal or unwillingness to accept something or to accept reality. An example of someone who is in denial is a wife who cannot cope with and won't admit that her husband has left her.  But heh why let facts get in the road. And if you voted leave.  Did you know all this. Or are you going to kid on and say yes.

I try very hard to follow your arguments but I am beginning to think that  it's all irrelevant. Since the majority vote for leave it has all been rather academic. We will leave now that we have the right people in place. I sincerely hope that the government holds it's nerve and from that moment we have a new beginning. We will stand by what we have voted for, even those who currently struggle with the thought of a whole new direction they will be foolish to hanker after their EU blanket.

All your arguments for me are a denial of what the EU really is. For my part I voted leave as much for political reasons as anything else and firmly believe that that is something that is ignored. Freedom as a nation is far more important than anything else. If the EU remained a market then ok but it has changed to a bit of a monster.

[Sheepy]

Facts behind a paywall, or "facts" (which happen to be opinions of) a pro European in 2014 prior to the referendum?

And, what does "It means matey" as a sentence actually mean, Jaydee?

Roll on January 1st.

Funny thing, the electorate get it wrong when they won't follow along with politicians especially EU ones, but they never get it wrong when voting for them, but politicians never get anything wrong and even if they do, which is often, the electorate suffer the pit of mistakes, rarely politicians themselves, then we are meant to turn out and vote for them all over again as we suffer the consequences of their previous mistakes, but don't worry they will put them right at your cost. After all what the feck you think is irrespective after the votes are cast.

[Jaydee]

Facts behind a paywall, or "facts" (which happen to be opinions of) a pro European in 2014 prior to the referendum?

And, what does "It means matey" as a sentence actually mean, Jaydee?

Roll on January 1st.

Well lets have your facts, and correct what I said.  And most of that paywall matey.  Is EU law.  Which you can access.  So do it.  Then correct what i have just posted.  It is as simple as that. Or let me put it likes this.  last I heard it was crime to murder someone in England.  Oh jings that is behind a paywall, it is just my opinion.   Meaning of in denial.  The definition of in denial is a refusal or unwillingness to accept something or to accept reality. An example of someone who is in denial is a wife who cannot cope with and won't admit that her husband has left her.  But heh why let facts get in the road. And if you voted leave.  Did you know all this. Or are you going to kid on and say yes.  You knew all this, and Brexit means Brexit

[Barry]

But heh why let facts get in the road..

https://www.wsj.com/articles/eu-finance-cities-pounce-on-london-after-brexit-vote-1467345602
https://www.euractiv.com/section/uk-europe/opinion/brexit-will-destroy-the-city-of-london-as-we-know-it/

Facts behind a paywall, or "facts" (which happen to be opinions of) a pro European in 2014 prior to the referendum?

And, what does "It means matey" as a sentence actually mean, Jaydee?

Roll on January 1st.

[Jaydee]

As long as we operate a trade deficit with them, there really is little else they can do with all that surplus of our cash.

Do you actually understand what a trade deficit is.  It means matey.   A trade deficit occurs when a nation imports more than it exports.  So you tell me what has the UK trade deficit to do with the EU?  That is a question and I even put a question mark.  Not that I expect a answer. And do you actually understand  that 80% of the UK economy is banking and servicing.  And that is not considered trade.   In 2019, the service industries accounted for 80% of total UK economic output  Services accounted for 81% of workforce jobs in April-June 2020.  Now do you understand there is UK deal within the EU by a method known as passporting.

This sector is of crucial importance for the UK economy, with financial services being one of the UK's key export industries and London being regularly rated the top global financial services centre. The success of the City as Europe's major financial hub, however, is to a significant degree the result of the functioning of the EU single market. Financial markets in the UK and the rest of the EU are deeply intertwined. In particular, the EU single market enables many firms to base their capital market activities and conduct much of their EU-wide business from the UK. The UK's leading role in shaping European financial markets in turn helps to boost growth across the EU. Therefore, the implications of the UK's withdrawal from the EU for cross-border trade in financial services is a major area of concern.  Source..  UK Treasury

To maintain that regularity on a crash out. The UK will have to do one of two things. Pay more than it does now to access the market.  Or crash out and lose rights. I will leave you to work out out the damage to the UK economy.  If the UK does a desal. It will not be leaving the EU.  It will be the patsy in the corner, paying more than it does now.  With no vote.  Get that ensconced in the grey matter.  In addition to market uncertainty and volatility, Brexit causes critical regulatory challenges. Replicating over 40 years of EU regulations presents a very difficult task. The UK would have to incorporate all existing EU legislation into British law (the so-called "Great Repeal Bill," promised by Theresa May at the beginning of October) in order to provide legal certainty to businesses. If the UK chose not to replicate new EU legislation, it would have to enter into negotiation with the EU every time there was an update to EU financial regulations.

For these reasons, London may no longer serve as an entry point to other European markets. That is why other European cities, such as  Paris and Frankfurt, home to the European Central Bank, are, as The Wall Street Journal recently put it, battling "for London's finance crown" The Financial Conduct Authority, the UK's financial regulatory body, stressed an important Brexit-shaped regulatory challenge the day after the referendum: given that much financial regulation currently applicable in the UK derives from EU legislation, Brexit's long-term impact on the overall financial regulatory framework will depend on the future of the UK's relationship with the EU.  Now if you choose to believe the absolute lying fanny, and swallowing it hook line and sinker,  coming from Big Kranky Bojo, the world leading muppet. Then there is not a lot I can say.  Your nobody knows conclusion, is just plain rubbish.  Many people know.  Your continual use of the word WE, US and the like translates to YOU do not know. And that mean matey.  Like most Brexiteers. You voted for something you did not have a scoobie about.  To be fair.  You at least admit it. And it is clear the penny is dropping in most parts of England. But heh why let facts get in the road..

https://www.wsj.com/articles/eu-finance-cities-pounce-on-london-after-brexit-vote-1467345602
https://www.euractiv.com/section/uk-europe/opinion/brexit-will-destroy-the-city-of-london-as-we-know-it/

[Sheepy]

As long as we operate a trade deficit with them, there really is little else they can do with all that surplus of our cash.

You have to have something to trade.

So China won't be a beneficial trade partner with us ever, unless you are willing to trade these things.

If trading these things is not beneficial to you, then you must engage in trade protections to prevent it.
Trump has. He is the only one who has.
And you are knocking him for having done so.

Well you know what they say, every dog has its day, or if you keep thinking you can kick your dog don't be surprised when you get bitten. I see great opportunity from Brexit and always have.