25-10-2016, 07:52 AM
11
Re: Banks threatening to relocate
Originally Posted by Baxter8
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My thoughts exactly.They'll probably relocate to Dublin under light legislation and tax favourable conditions.
Bank regulation in the Eurozone is tougher then here in the UK.
25-10-2016, 08:47 AM
12
Re: Banks threatening to relocate
Interesting perspective.As an aside :- we changed from RBS to Santander. RBS customer care was excellent, Santander absolute rubbish and the staff member told a bare faced lie in order to get our business and denied saying it, I was shocked.
Originally Posted by Rainmaker
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You only have to look at the origin of this statement to see its a poorly concealed attempt at blackmail. Even out of Europe the UK ( The City of London) will be the best place to do business. Dublin already faces threats from the EU over the way they tempted business to the country by the use of ridiculously low tariffs and unfair tax rates to the detriment of other EU countries. Out of Europe we would, do be our own masters, free to set whatever terms of business we wished. I don't imagine the government would refuse to use low tax rates to temp the banks to stay, if indeed that's what we really want.
As for the new banks, I'm pretty sure they will up their game once the unfair competition from the big four disappears.
RBS, despite what you hear are making good progress. The problem for them is the compensation for the mis-selling scandals plus repaying taxpayers which is preventing them showIing a profit.
25-10-2016, 08:51 AM
13
Re: Banks threatening to relocate
Originally Posted by Baxter8
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Not sure if anybody else has read this. Banks poised to relocate after referendum result. Makes control and penalising the bankers somewhat harder if they're no longer under our jurisdiction.
More importantly isn't there something inherently unnerving about having one's money (not mine as I don't have enough to worry about), insurance, mortgage, loan, pension etc.. under the control of another nation state or if in the EU a super-nation state?
I guess we'll still have the nationalised Royal Bank of Scotland otherwise known as Royal Bank of Monumental FU.
http://www.bbc.co.uk/news/business-37743700
25-10-2016, 09:00 AM
14
Re: Banks threatening to relocate
It is highly unlikely any banks will vacate London although they may set up small branches in europe. Europe isn't the entire world just a small part of it and London is a hub for world banking.
25-10-2016, 09:10 AM
15
Re: Banks threatening to relocate
Originally Posted by Meg
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Heard it all before the relevant word being 'threatening'.It is highly unlikely any banks will vacate London although they may set up small branches in europe. Europe isn't the entire world just a small part of it and London is a hub for world banking.
25-10-2016, 09:33 AM
16
Re: Banks threatening to relocate
Originally Posted by tarantula
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Hmmmmmmmmmm, we shall see, our bank may well relocate.
In defiance of talk that the Brexit vote will see thousands of bankers forced out of town, Dutch giant ING is shifting 40 traders from Amsterdam and 20 from Brussels to its London headquarters in Moorgate in the heart of the Square Mile.
ING says support staff are likely to follow, but that it is too early to say how many.
Percy Rueber, head of ING Financial Markets, said: “The intention to move some functions to London might seem counter-cyclical. However, even after Brexit, London has and will continue to have a deep labour talent pool.”
We can all trawl the press to find a story to suit our particular stance
Yes we will see.
25-10-2016, 10:02 AM
17
Re: Banks threatening to relocate
The banks can 'threaten', one thing to take into account will be the huge costs of relocation staff and the fact that many will prefer to live and work in London and have no wish to relocate.I know someone in the bankinging industry, she is a high flying economist never married and her job is her life. She travels all over the world but her home and her base is in London.
She voted remain but now leaving is a fait accompli (in spite of some people clinging on to the hope that the decision can be reversed) says it is highly unlikely that many main banking headquarters will relocate to Europe.
Of course like the press she can only speculate, we won't know anything for sure until the terms of our exit from Europe are known and final decisions taken.
25-10-2016, 11:42 AM
18
Re: Banks threatening to relocate
Originally Posted by Baxter8
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Interesting perspective.As an aside :- we changed from RBS to Santander. RBS customer care was excellent, Santander absolute rubbish and the staff member told a bare faced lie in order to get our business and denied saying it, I was shocked.
25-10-2016, 12:21 PM
19
Re: Banks threatening to relocate
Hi£65 Billion in taxes is a lot to lose.
It is not the Retail Banks who are the issue here, it is the rest of the financial services, including Insurance, investment banks, Export Credits, Foreign Exchange trades for exporters and Government Debt, not just our own, but throughout the EU.
Many of the major companies involved are not UK owned, they have no loyalty to the UK at all.
Mrs May is going to have a tough job on her hands.
25-10-2016, 03:51 PM
20
Re: Banks threatening to relocate
Banks being the very epitome of multi-nationals. They reside in the most favourable and profitable locations. If London ceases to be lucrative because of its isolated position then I suspect they'll move elsewhere. So I agree think May really does have a job on her hands.
Originally Posted by swimfeeders
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Hi£65 Billion in taxes is a lot to lose.
It is not the Retail Banks who are the issue here, it is the rest of the financial services, including Insurance, investment banks, Export Credits, Foreign Exchange trades for exporters and Government Debt, not just our own, but throughout the EU.
Many of the major companies involved are not UK owned, they have no loyalty to the UK at all.
Mrs May is going to have a tough job on her hands.
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