London post-brexit as a financial center

[d08]

Well your bank account doesn't have to be moved if UK is still the best place for all your banking needs. It would be a potential loss of business for UK's financial sector but also might be a reduction of your banking welfare. It's a lose-lose situation for everybody but it doesn't have to be this way if EU can just set aside its personal vendetta to negotiate reasonable and mutually beneficial agreements with UK to adjust for UK's changed membership status with EU. Right now the problem is EU is not negotiating in good faith with UK to arrive at a mutually beneficial agreement for both EU and UK but instead is choosing to take a condescending and vindictive approach to make Britain's transition to be outside of EU as punishing to Britain as possible. Well that's not going to work well for UK, EU or the world even.

It's not really in EU's interest to negotiate in good faith. The amount of resources going into this Brexit is immense and obviously the EU wants it to be as hard as possible to set an example. It was never meant to be an union from which you can pop in and out.

Regarding banking, there are EU regulations and UK outside of EU is just another territory, unlike now. Regarding the funds safety, for most people Germany or Sweden is as good as the UK, it's not really a big loss for them.

 

[hoffmanw]

Fear not. I am sure Londoners are very resilient, smart people. They will find ways to overcome the problems and make London much more stronger.

New York City had the same problem. After 2008, US Congress passed the Dodd-Frank Act. It severely crippled Wall Street. It doesn't allow the banks to trade and make high risk investments. As result, New York City has lost thousands and thousands of high-paid finance jobs in addition to couple times more blue-collar workers who were indirectly affected.

Mayor Mike Bloomberg didn't want this to destroy NYC economy. He set up policy encouraging entrepreneurs and high-tech startups to move in. He allowed them to use unused public buildings and lands for very low rents. He builded high-tech research centers and schools. Eight years later, New York City becomes another Silicon Valley. It probably has more tech workers than San Francisco Bay area with Facebook, Amazon, Google, Microsoft and others moving in. They will bring thousands and thousands of high tech jobs to the city in the next couple years.

 

[JSOP]

It's not really in EU's interest to negotiate in good faith. The amount of resources going into this Brexit is immense and obviously the EU wants it to be as hard as possible to set an example. It was never meant to be an union from which you can pop in and out.

No Britain leaving EU is the best decision that it's ever made and soon all European countries will do the same. That's why EU is making the Brexit so painful for UK because they want to make an example of UK to deter anyone else from leaving. But really unless EU makes some reforms it's not sustainable. UK should've listened to Margaret Thatcher and never joined EU. She was opposed to UK joining EU right from the beginning; she had such foresight. They don't make good politicians like those days no more.

I said this seven days ago on Dec. 12, 2018 right on the very first page of this thread. LOL It took seven days for me to convince you to agree with me EU is being an a$$ and it's a f****ed up an institution that eventually everybody would want to leave if it doesn't reform. Nobody would ever want to be in an organization that one cannot leave. You can only lock up somebody for so long.

Regarding banking, there are EU regulations and UK outside of EU is just another territory, unlike now. Regarding the funds safety, for most people Germany or Sweden is as good as the UK, it's not really a big loss for them.

Banking is not just about safety LOL. But oh well, EU's loss and every single country in EU's loss. Like I said before Brexit is the way to go for the future of UK and all of the other European countries. One day they are going to realize this. Of course it would help a lot if UK gets a more competent negotiator than Theresa May. She's just too lame to realize that some things you negotiate, some things you don't even negotiate, it should just be a given regardless of what happens. And if EU doesn't comply, you sue for any resulting damages.

 

[d08]

I said this seven days ago on Dec. 12, 2018 right on the very first page of this thread. LOL It took seven days for me to convince you to agree with me EU is being an a$$ and it's a f****ed up an institution that eventually everybody would want to leave if it doesn't reform. Nobody would ever want to be in an organization that one cannot leave. You can only lock up somebody for so long.

Banking is not just about safety LOL. But oh well, EU's loss and every single country in EU's loss. Like I said before Brexit is the way to go for the future of UK and all of the other European countries. One day they are going to realize this. Of course it would help a lot if UK gets a more competent negotiator than Theresa May. She's just too lame to realize that some things you negotiate, some things you don't even negotiate, it should just be a given regardless of what happens. And if EU doesn't comply, you sue for any resulting damages.

I'm not saying EU is being an ass necessarily, they're doing what they should be doing.

You have a lot of tough talk but it's all completely delusional and unrealistic. You think UK should sue the EU, I'm sure that would be a breeze to win.

Instead of behaving like a child, UK should have pushed hard for an EU reform. It's easy to pout and slam the door as you leave but much more difficult to take leadership.

 

[schweiz]

I'm not saying EU is being an ass necessarily, they're doing what they should be doing.

You have a lot of tough talk but it's all completely delusional and unrealistic. You think UK should sue the EU, I'm sure that would be a breeze to win.

Instead of behaving like a child, UK should have pushed hard for an EU reform. It's easy to pout and slam the door as you leave but much more difficult to take leadership.

For the British it is very simple:

• Britain rules the world!
• Britain will always win and never lose anything.
• Britain is always right.
• All the others are always wrong.
• If Britain does not get what they want, reasonable or not, the others are a$$...
• etc...

No wonder the rest of EU has problems with the British.

 

[Visaria]

Instead of behaving like a child, UK should have pushed hard for an EU reform.

Um, we did. In 2016, PM Cameron tried to persuade the EU to mend their ways. He told them there was a chance that the Brexit referendum slated for later in the year could go the 'wrong' way. The EU didn't believe him and refused to do anything.

Too bad!

 

[JSOP]

I'm not saying EU is being an ass necessarily, they're doing what they should be doing.

You have a lot of tough talk but it's all completely delusional and unrealistic. You think UK should sue the EU, I'm sure that would be a breeze to win.

Yes EU is being an a$$. Business is business. It's supposed to negotiate all dealings in good faith which is what responsible businessmen/women do instead of having small-town mentality of alienating someone just because they didn't join some "club".

I didn't say UK should sue blanketedly. I said UK should sue for damages IF it is due to EU's failure of implementing something because of its obsession with punishing UK because not everything is up to negotiation. Something should be just a given. What if a plane from EU cannot land in UK in a medical emergency and that person on the plane dies just because that UK airport is not "certified" because EU wants to use it as some of kind of bargaining chips to "negotiate" aka bully UK?

Instead of behaving like a child, UK should have pushed hard for an EU reform. It's easy to pout and slam the door as you leave but much more difficult to take leadership.

Look who's calling the kettle black? LOL Reform only comes from changes. If UK never leaves EU would've never realized something is wrong; it would've still gone on with status-quo thinking everything is just chummy. Even when UK is leaving, effecting a change, EU with close-minded people like you as its "citizen" is still thinking that it's UK that's wrong and everything is fine you think if UK still stays in EU, EU would all of sudden wants to listen to UK to let it take "leadership" to reform? LOL France wants to reform and has been saying it for years, is EU listening to France? The Netherland and many of the Scandinavian countries are all contemplating to leave but are still staying but want to reform EU, is EU listening to them? Look who's the child now. LOL

 

[JSOP]

For the British it is very simple:

• Britain rules the world!
• Britain will always win and never lose anything.
• Britain is always right.
• All the others are always wrong.
• If Britain does not get what they want, reasonable or not, the others are a$$...
• etc...

No wonder the rest of EU has problems with the British.

Britain is not always right but on this one, it is. EU doesn't want to admit it, that's EU's problem. It will pay for it eventually.

 

[Visaria]

"At the end of the day Britain has a trump card to play, which was apparent in my recent analysis on the impact of Tory Brexit chaos on Britains housing market, and that Trump card is QE, or good old Bank of England money printing. The BoE can do today what they did 10 years ago during the financial crisis which is to print money to inflate asset prices though buying Bank stocks and Government bonds which the banks hold.

This would have the effect of allowing the Government to run a large budget deficit to offset BrExit economic consequences and thus Britain could just about avoid an economic recession (at least 2 consecutive quarters of a fall in GDP). Though in reality it is highly probable there will be a mild NO DEAL recession, probably resulting in a contraction of about 1.5% of GDP. Or about 1/3rd that of the 2008-2009 Bankster recession."

I think the Bank of England is quietly accelerating its QE programme rather than winding it up. If so, this will be interesting since the ECB is closing its programme end of year.

 

[JSOP]

"At the end of the day Britain has a trump card to play, which was apparent in my recent analysis on the impact of Tory Brexit chaos on Britains housing market, and that Trump card is QE, or good old Bank of England money printing. The BoE can do today what they did 10 years ago during the financial crisis which is to print money to inflate asset prices though buying Bank stocks and Government bonds which the banks hold.

This would have the effect of allowing the Government to run a large budget deficit to offset BrExit economic consequences and thus Britain could just about avoid an economic recession (at least 2 consecutive quarters of a fall in GDP). Though in reality it is highly probable there will be a mild NO DEAL recession, probably resulting in a contraction of about 1.5% of GDP. Or about 1/3rd that of the 2008-2009 Bankster recession."

I think the Bank of England is quietly accelerating its QE programme rather than winding it up. If so, this will be interesting since the ECB is closing its programme end of year.

BoE would need to be careful with QE though. You don't want to drop the interest rate too low that UK gets hyper-inflation like Venezuela right now or Germany after WWI. The key for UK right now is one thing and one thing only: Productivity and efficiency. Once UK can achieve a high level of that, it would be fine.