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After ‘Brexit,’ Finding a New London for the Financial World to Call Home

nytimes.com

31–40 of 139 posts

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#31
post #6

Well... Actually it would seem that Scotland would really like to become independent and be part of the EU. That article should have considered Edimburg, even if it might have been a journalistic faux-pas.

Unless they can arrange and commit to a neat handoff where UK leaves the EU, Scotland becomes independent, and Scotland joins the EU at the same time, there's a period of time when Scotland is outside the EU, and too much uncertainty for that to be feasible.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#32

Earlier quoted context omitted.

It's not in some places. You can easily get by in Stockholm, and to some extent Berlin, with just English. Then learn the local language gradually if you stay there. In fact it can be difficult to speak the native language as people will talk to you in English as soon as they realize you're not native. I've actually had a harder time conversing with people in some parts of Scotland by phone, due to our different acce…

Surely when writing a technical book, rather than a novel about some specifically English people or in a English context, it would be hard to make it specifically British rather than international English. I am trying to think of scenarios where englishms could even occur in an ASP.NET book.

I'm not saying it shouldn't be in international English, it definitely should. It just takes a bit of getting used to if that's not how you write already.

http://www.imdb.com/title/tt0863046/quotes?item=qt0449604

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#33

Some banks are already backtracking on their promises of leaving London for Paris or Frankfurt [1] [2]. [1] http://www.ft.com/fastft/2016/06/30/hsbc-rules-out-leaving-l... [2] http://www.independent.co.uk/news/business/news/hsbc-headqua...

Backtracking all around!

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#34
post #2

Why is English so important? You are going to speak it in the workplace, for sure, but why do you need that the people in the street are fluent in English? The couple of sentences that you'll exchange in the restaurant will come through even if people are not fluent.

Because those companies will hire from the population living in those cities. English is the international language of business, so all things being equal, you'd choose a population that is fluent in English as a second language.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#35
post #15

Earlier quoted context omitted.

"become independent and part of the EU" - an oxymoron, no?

Not really. The UK decided itself to leave the EU. The UK claims that Scotland doesn't have the legal standing to make that call itself. That's a fairly clear sign of loss of sovereignty.

gadders has a point. It'd be leaving one union to 'gain independence' only to join another, with a corresponding loss of sovereignty. Indeed the main reason (according to Lord Ashcroft's poll) people voted to leave the EU in the refendum was to regain sovereignty.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#36

>Badly hurt by the financial crisis, the Dutch have capped bankers’ bonuses at just 20 percent of their annual salaries — a far more drastic curb than was imposed by the European Union. Several bankers told me that unless the Dutch repealed the cap, they wouldn’t consider moving to Amsterdam. “I’d love to relocate to Amsterdam,” one top executive told me. “But I don’t think we’re wanted there.” My deepest sympathy go…

You shouldn't have sympathy for the bankers, but it shouldn't be surprising that they would prefer countries with more favorable regulations.

Anyway what is the justification for a cap on bonuses? As opposed to taxing them more or something.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#37
post #27

There's an ongoing offshoring of certain divisions anyway, something the article alludes to with the Polish IT staff. That kind of thing is Brexit independent. Michelin stars are not synonymous with having good restaurants. Something like a good steakhouse is not captured my Michelin, which is a very narrow definition of good food. There's also the requirement of variety, which London does extremely well: food from m…

> It's also not that clear that Brexit will force finance away from London, which is well entrenched. Maybe not all, but a lot. Over the last few decades London has captured a lot of business that has to be conducted within the EU for regulatory and legal reasons. One example is clearing trades; London clearing houses have captured about 80% of clearing activity from exchanges all across Europe. there are many others…

We may simply never leave the EU in the first place. I think parliament won't vote to leave because they're not idiots and we won't leave.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#38
post #30
post #12

Earlier quoted context omitted.

If there is market incentive to move banking to Holland, it will happen. The bankers will move where the jobs go, they don't have much say in the matter.

what is market incentive? I'm not sure we can separate the incentive effects of the company making more money, or the bankers themselves making more money. The people at the top of these companies are bankers themselves, and they have bonuses too.

Profit differential in billions on investments would be a great market incentive. Good luck holding this off by forming a mid-level bank clerk conspiracy circle.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#39
post #35

Earlier quoted context omitted.

Not really. The UK decided itself to leave the EU. The UK claims that Scotland doesn't have the legal standing to make that call itself. That's a fairly clear sign of loss of sovereignty.

gadders has a point. It'd be leaving one union to 'gain independence' only to join another, with a corresponding loss of sovereignty. Indeed the main reason (according to Lord Ashcroft's poll) people voted to leave the EU in the refendum was to regain sovereignty.

I covered this in the post you're replying to, but having to beg someone to let you leave vs. saying "we're leaving" shows a clear disparity in sovereignty. Most of the claims of loss of sovereignty to the EU were in fact nonsense.

This video by an expert in EU law covers it in detail:

https://news.liverpool.ac.uk/2016/06/16/watch-dishonesty-ind...

> So let us start with a couple of myths. The first is the myth of sovereignty, there is no doubt whatsoever that the United Kingdom is a sovereign state under international law. There is no doubt whatsoever that the parliament in Westminster is the supreme law making authority in this country.

> Conversely there is no doubt whatsoever that the EU is not a sovereign entity, far from being a sovereign state, it is not even a sovereign entity, it has only those powers which has been given under the EU treaties. If the UK courts sometimes give priority to EU law in the event of a conflict with domestic law, it is purely because our parliament has expressly instructed them to do so in our own legislation.

> So is the UK a sovereign state? Yes.

> Is parliament our supreme legislative authority? Yes.

> So why do we keep hearing about sovereignty in this debate. The fact is that sovereignty is not really an issue in the debate, it is about power and influence and sovereignty is being used as a shorthand to talk about power and influence.

Re: After ‘Brexit,’ Finding a New London for the Financial World to Call Home

#40
post #6

Well... Actually it would seem that Scotland would really like to become independent and be part of the EU. That article should have considered Edimburg, even if it might have been a journalistic faux-pas.

Scotland won't be independent, because they would have to take the Euro.

They won't be allowed to use the Pound.

So, they will end up like Greece.

I really why people don't see this.

It's the BRITISH parliment in WESTMINISTER who will decide who uses the pound. NOT YOU, Mr/Mrs Commentator.

And they will decide to not allow scotland to use it.

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