Join for free
Banchory
Senior Member
Banchory is offline
Kent
Joined: Dec 2018
Posts: 1,207
Banchory is male  Banchory has posted at least 25 times and has been a member for 3 months or more 
 
11-05-2021, 06:06 AM
1

Brexit impact on City of London

It seems the exodus of trade and jobs might resume once the pandemic is over

https://www.reuters.com/business/fin...dy-2021-04-15/
Solasch's Avatar
Solasch
Chatterbox
Solasch is offline
Netherlands
Joined: Sep 2018
Posts: 8,963
Solasch is male  Solasch has posted at least 25 times and has been a member for 3 months or more 
 
11-05-2021, 12:41 PM
2

Re: Brexit impact on City of London

Originally Posted by Banchory ->
It seems the exodus of trade and jobs might resume once the pandemic is over

https://www.reuters.com/business/fin...dy-2021-04-15/
It was foreseeable that the biggest trading bloc in the world, with its own currency, would want monetary trade to be based in a member state. As the euro is slowly but surely pushing the dollar from its prime place, london will fade into an obscure city.

"That access is unlikely to be forthcoming, so it is perhaps better for the industry to take the damage from Brexit on the chin and focus instead on recalibrating the framework in the UK so that it is more tailored to the unique nature of the UK financial services industry," the study said.

This seems to be a veiled attempt to say that london will be the hub where money is laundered. Why else the drive from this sector to evade the upcoming new EU rules by a brexit?
7779311
Senior Member
7779311 is offline
Germany
Joined: Jun 2020
Posts: 390
7779311 is male  7779311 has posted at least 25 times and has been a member for 3 months or more 
 
11-05-2021, 02:19 PM
3

Re: Brexit impact on City of London

Originally Posted by Solasch ->
It was foreseeable that the biggest trading bloc in the world, with its own currency, would want monetary trade to be based in a member state. As the euro is slowly but surely pushing the dollar from its prime place, london will fade into an obscure city.

"That access is unlikely to be forthcoming, so it is perhaps better for the industry to take the damage from Brexit on the chin and focus instead on recalibrating the framework in the UK so that it is more tailored to the unique nature of the UK financial services industry," the study said.

This seems to be a veiled attempt to say that london will be the hub where money is laundered. Why else the drive from this sector to evade the upcoming new EU rules by a brexit?
I would not know any other reason. But there are more questions (at least for me):

- is it still only a small price to pay for the sovereignty?
- why was it no bigger issue furing the TCA negotiations?
- is the UK really planing to rebuild production to get away from the high percentage of financial services to the GDP?

Interesting development and IMO pretty difficult to paint it pink.
Solasch's Avatar
Solasch
Chatterbox
Solasch is offline
Netherlands
Joined: Sep 2018
Posts: 8,963
Solasch is male  Solasch has posted at least 25 times and has been a member for 3 months or more 
 
11-05-2021, 06:05 PM
4

Re: Brexit impact on City of London

Originally Posted by 7779311 ->
I would not know any other reason. But there are more questions (at least for me):

- is it still only a small price to pay for the sovereignty?
- why was it no bigger issue furing the TCA negotiations?
- is the UK really planing to rebuild production to get away from the high percentage of financial services to the GDP?

Interesting development and IMO pretty difficult to paint it pink.
What sovereignty? The UK never lost it, but is now handing it in bit by bit. Every trade deal requires adjustment to standards and rules of the trade partner.

TCA negotiations were, with assent of both parties, explicitely not on services. If they were, it would have given the EU great leverage during the TCA negotiations, since the UK has much to lose on access to the single market of services.

Of course not! Remember they lost out to cheaper producing countries on much of their produce. It was the protection of the single market of the EU that provided for the possibility to sell their goods. And still there was an enormous deficit.
7779311
Senior Member
7779311 is offline
Germany
Joined: Jun 2020
Posts: 390
7779311 is male  7779311 has posted at least 25 times and has been a member for 3 months or more 
 
11-05-2021, 07:35 PM
5

Re: Brexit impact on City of London

Originally Posted by Solasch ->
What sovereignty? The UK never lost it, but is now handing it in bit by bit. Every trade deal requires adjustment to standards and rules of the trade partner.

TCA negotiations were, with assent of both parties, explicitely not on services. If they were, it would have given the EU great leverage during the TCA negotiations, since the UK has much to lose on access to the single market of services.

Of course not! Remember they lost out to cheaper producing countries on much of their produce. It was the protection of the single market of the EU that provided for the possibility to sell their goods. And still there was an enormous deficit.
Of course sovereignty was never lost. However Brexiteers use the argument frequently ("take back control of ..."). That implies a loss of sovereignty. Funny enough that everybody accepts the loss of sov. when it comes to the FTA with Japan. Or with the other FTAs.

A good way to demonstrate this is by listening to James o'Brien, when people call him and tell him how glad they are to have left. As soon as James asks for details or examples they all fall very quiet...
 

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.