16-04-2021, 02:57 PM
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Banks and insurers move £1 trillion of assets from UK to EU
More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit, with more pain still to come, according to new research.A study by the New Financial think tank indicates that*Brexit has hit the City of London harder than first thought and the impact is likely to grow.
"The worse news is that this analysis is almost certainly a significant underestimate of the real picture," the report said. "We are only at the end of the beginning of Brexit,”
Banks, insurers, pension funds and wealth managers had hoped that the UK would secure a high level of access to the EU but the Brexit deal does not cover financial services, one of the UK's most lucrative specialisms. Brussels has conceded very little ground in talks about separate agreements for financial services.
16-04-2021, 03:04 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
That doesn't quite seem to tie up with this:Brexodus from City of London to the EU slows
"EY said in its latest Brexit Tracker that job moves have risen to almost 7,600, up by 100 since October, while the number of new hires in Europe since Britain’s EU referendum in 2016 remains flat at around 2,850 new jobs.
The loss is a small fraction of total jobs in British financial services and is far lower than initial predictions."
https://www.reuters.com/article/us-b...KCN2AU006?il=0
Yes.
We were warned that between 100,000 and 285,00 jobs would go as a result of Brexit.
That's a bit different to 7,600.
Or this:
UK – Number of financial services jobs available in London on the rise: Morgan McKinley
https://www2.staffingindustry.com/en...McKinley-57348
But anyway, so what?
We knew there would be change.
And the EU have again shot themsel;ves in the foot while the USA gains more out of this than they do.
16-04-2021, 03:23 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
It said the argument about how many jobs have moved so far is a red herring. "The bigger issue is not jobs leaving the UK but new jobs in the EU being created in future that might otherwise have been created in the UK."The report added: "The shift in business, assets and legal entities will gradually chip away at the UK’s influence in the banking and finance industry in Europe and around the world, as a greater proportion of business is authorised by and conducted in the EU.
16-04-2021, 03:27 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Solasch
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It said the argument about how many jobs have moved so far is a red herring. "The bigger issue is not jobs leaving the UK but new jobs in the EU being created in future that might otherwise have been created in the UK."The report added: "The shift in business, assets and legal entities will gradually chip away at the UK’s influence in the banking and finance industry in Europe and around the world, as a greater proportion of business is authorised by and conducted in the EU.
And don't forget the EU financial operations have had to set up shop here to in order to maintain access to UK markets.
"Nine of the world’s largest asset managers have ramped up hiring in the UK since the vote, with their total combined headcount rising 35 per cent to more than 10,000 employees over the period." said the FT.
16-04-2021, 03:34 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Zaphod
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Ah but the trouble with that is that jobs HAVE been created here, haven't they?And don't forget the EU financial operations have had to set up shop here to in order to maintain access to UK markets.
"Nine of the world’s largest asset managers have ramped up hiring in the UK since the vote, with their total combined headcount rising 35 per cent to more than 10,000 employees over the period." said the FT.
It is a bit like james dyson stated, it is logic to be there where your clients are.
16-04-2021, 03:44 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Solasch
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Nope, then the reports of jobs shifting would be correct. They are and will be created in the EU.It is a bit like james dyson stated, it is logic to be there where your clients are.
But more jobs have been created too.
You like the EU are scared that we'll do well.
I suppose reaching accord with the Swiss won't help your obvious nervousness.
"The City of London has almost closed the share trading gap with Amsterdam since dealings in Swiss shares resumed in the UK capital following Brexit, figures from Cboe exchange showed on Thursday."
https://www.reuters.com/article/us-b...-idUSKBN2BO54O
16-04-2021, 03:49 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Zaphod
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You like the EU are scared that we'll do well.I suppose reaching accord with the Swiss won't help your obvious nervousness.
"The City of London has idUSKBN2BO54O[/url]
16-04-2021, 03:52 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Solasch
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No, no, no. We want you to do well and be prosperous. How else will you be able to buy our products? Going for cheap junk from china?
Already we are buying less from the EU - and that's not going to improve with the EU's farcical attitudes.
We will do well and spend less with you.
Win-win for the UK.
16-04-2021, 05:04 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Solasch
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More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit, with more pain still to come, according to new research.A study by the New Financial think tank indicates that*Brexit has hit the City of London harder than first thought and the impact is likely to grow.
"The worse news is that this analysis is almost certainly a significant underestimate of the real picture," the report said. "We are only at the end of the beginning of Brexit,”
Banks, insurers, pension funds and wealth managers had hoped that the UK would secure a high level of access to the EU but the Brexit deal does not cover financial services, one of the UK's most lucrative specialisms. Brussels has conceded very little ground in talks about separate agreements for financial services.
They do that every day !!
It's what they DO !!
Donkeyman! 👍🤗👍
16-04-2021, 05:15 PM
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Re: Banks and insurers move £1 trillion of assets from UK to EU
Originally Posted by Donkeyman
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That's nothing to shout about Solly ??They do that every day !!
It's what they DO !!
Donkeyman! 👍🤗👍
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