Re: &#@%!?
Originally Posted by
Banchory
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The banks don’t need to go anywhere, they just need of open an office in the EU and then don’t need equivalence. It’s the trades and the money tat moves and just a few months in London has already seen 10% of its business move to the EU which brings in about £7.5 billion in tax revenue per year which we have now lost and is only £1.9 billion less than our net contribution to the EU was.
It seems you are not aware that passporting requires membership of the EU so is no longer available. The best we can hope for is recognition of equivalence
5 years??? It’s been less than 4 months since we formally left the EU. No wonder you are confused
However it’s good to see that you now understand that the major EU banks are not too concerned with equivalence as they already have offices here but it’s also the reason that trades one money are mostly moving in one direction and that is to the EU
Where have I ever stated the EU is utopia? You really should stop making things up
Passporting is done all over the world, not just in the EU.
There are loads of countries we don't have trade deals with which we have vice versa regulatory recognition with. I've said before, regulatory recognition for financial services is nothing to do with EU membership otherwise China, Australia, USA etc would all be members of the EU (your bit in bold above).
I've already explained and mutual recognition as well - it's to avoid passporting in the first place so I'm not doing it again. If the EU refuse UK passporting then it would be replicated on the UK side (it works both ways) and besides over 70% of Euro trades are requested to be done I the UK anyway by clients, due to the EU corruption, false accounting and reporting issues but mainly because of the UK regulations etc around money laundering etc. The UK is way ahead of the EU in financial operations, its why we are the world leader and the financial centre the world trusts. Nobody says that about the EU, they never have and they never will.
The project fear ship sailed years ago Banchory.