It’s certain there will be an accelerating exodus of various companies from the UK!
Philip Hammond, the Chancellor of the Exchequer (the UK's finance minister) told a group of British bankers in July that he fears that European countries led by France are trying to take advantage of Brexit to weaken the City
Why not? if we don’t seem to want/need the business. Crazy
It is hardly surprising that HSBC should aim to reduce risk to its business.
Now remind me how “Project Fear” was just scaremongering.
Before you all wet your selfs with excitement, does anybody know how many jobs are being lost, the Guardian article does not say, is it 5 or 50 or 1000s?
But it’s not just about the jobs.
Thank you Paul but I do not think the announcement as surprised anyone, that was top of the list of the project fear crowd.
I didn’t say the announcment was a surprise - I think that it has been public knowledge since last year but this does provide confirmation that they are pulling out of or scaling down the London operations.
Surprise announcement was intended by me to be a general assumption and not aimed at you.
As you all acknowledge, any change at this monumental level will evoke change. Will be interesting to see if UK banks might now develop something, as a result. All of this is so fluid. Jobs go in one company, but perhaps are gained in another? Sometimes so hard to measure as innovation in smaller ventures isn’t always followed. Especially if it’s not deemed pointedly positive in a direct line correspondingly, or, pointedly negative. The negative causalities are so clear and direct. Almost too easy to report on. Fear and anxiety are at the base of some of our worst…behaviors. Is it too soon to post anything on the other side of the coin?
The reason that news items like this are so important is that the UK’s balance of trade relies so much on ‘services’ and banking is the centre of that trade. It will be vital for the UK’s economy after Brexit for London to to remain at the centre of the World’s financial markets but it very easy for banks to move their headquarters from one location to another so any moves, however small are bound to create waves.
Doesn’t seem long ago when company Head Offices were looking to relocate from Scotland to England during the Indyref. I guess it comes with the territory of leaving EU. Key is that the trickle from London has not yet turned into the predicted flood and most doubt it will.
most doubt it will.
No… 10%. 15% at most, surely!
We’ll see soon enough. Frankfurt and Paris have always been envious of London. Though Bankers more than anyone else know its unwise to cut your nose to spite your face. A wounded UK will be bad news for EU over the coming years. Passporting will lead to moves to EU bases but if they end up moving to Eire it would be amusing. I think its becoming clearer that the EU will also damage itself if it tries to punish UK too much. Just look at petrol/ diesel prices on the continent - as EURO weakens against the $ it costs the man in the street. Trade is ultimately what finances Governmental spend - any self inflicted recession in the UK and EU would be ill advised and neither are immune. With high levels of unemployment especially amongst the young on continental Europe and an increase in euro scepticism, such as in Italy, the risk of a punitive Brexit deal is waning, the “face saving” packaging will be a thing of beauty though and occur at the last minute for maximum drama.
At least we all have a ringside seat to see how it unfolds and affects us, I’m certain there’s a few twists and turns yet.
All of this is my opinion but I trust my judgement.
Punish? That’s a very biased opinion. The U.K. wants to leave the club why should they expect to retain any of the advantages when keeping those advantages would be at the expense of the other members? Yes, the euro has fallen against the dollar recently but at the same time the pound has lost to both.
yes UK wants to leave the club and will end up on the life support system.
I fear the patient is on its last legs Barbara… BJ, IDS, et al want to switch the machine off…
and then they will run off! To France or into the arms of Trump?
Maybe Italy Barbara, so they can still claim their Winter Fuel Allowance