olgitgooner wrote:All the doom and gloom scaremongering would be funny, if it wasn't so damaging.
Last weekends "massive" story on Skynews is a case in point. The head(?) of the British Banking Association was telling the world that major banks had "their fingers hovering" over some button which would relocate them away from London and seriously bugger the U.K. This guy is Anthony Browne. He is purely a PR man and ex journalist. We all know how some journalists will create a headline without letting any truths get in the way.
We had exactly the same bullshit when the Euro was launched. We were told that we had to be in the Euro. That our economy would collapse outside the zone. Our financial services industry would collapse. The City of London would be no more. It would be a dead parrot. Nailed to a perch.
Here are some more facts........
1. The UK now has almost 32 million people in work. A substantial increase since the referendum. A whopping great 560,000 more than a year earlier.
2. Wells Fargo bank has stated there is no change in their international strategy since the referendum. It intends to expand it's business in the U.K. It has just bought new offices in London. £300million.
3. The UK has a large trade deficit with the EU. IF we end up trading within the WTO tariff system then the EU will be the net loser. To the tune of about £8billion a year.
None of us actually know what the future holds. But some people (very strangely) think they DO.
PS......anybody bored with this thread does not need to read it
How is it scaremongering if banks are already leaving the city? You can't call anything scaremongering if a company or a figure in a professional body makes a comment on what may happen, especially if it is highly likely. The votes have been cast, now we are living with the consequences. There will be speculation that's the way the world works, hell we get it every summer with Arsenals transfer activity.
Even if there is a bit of angle shooting from the BBA, can you blame them based on the disregard that the new prime minister seems to have for matters in the square mile?
To answer your bullet points:
1) Yes we have low unemployment (not far from full employment), that has been during a period of stability in the EU. The expectation is for unemployment to increase over the next year or so. Regardless of this its the quality of jobs that if they go from the city that will have a profound effect on the finances of this country. Saying 560,000 more people are in work since June is just pie in the sky, it reminds me of a childrens program by Johnny Ball years ago "Think of a Number".
.
2) With regards to Wells Fargo, they have pretty much put all their employees in one building.They have said they are recruiting in Real Estate and Banking in London but they have contingencies to move jobs into Europe if pass-porting rights are lost. They only employ 900 people in London anyway, hardly part of the bigger picture is it. £300m for an office really isn't a lot these days. If you are going to report on a company at least try to give a balanced view.
http://www.bloomberg.com/news/articles/ ... for-brexit
3) The trade deficit comes up time and time again, yet people just do not get the impact of tariff/taxes on imports into the UK. Canada have been trying to negotiate a deal for 7 years, and last week when it was expected to be rubber stamped by the EU, Belgium veto'd ffs!!
If that is Canada's experience what do you think will happen to us when the Europeans have already indicated they will not give us an easy ride. Seven fucking years !!!
https://uk.news.yahoo.com/trade-expert- ... 00221.html
You can try to spin the positives on Brexit as much as you like, but the net effect is not positive for this country at any level.
