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> Banks and other financial companies have shifted at least £800 million ($1 trillion) worth of assets Hang on, that's not right. Do they mean "£800 billion ($1 trillion)", or "£800 million ($1 billion )"?
Seems to have been fixed: "£800 billion ($1 trillion)"
> Correction: An earlier version of this story incorrectly stated the value of assets moving in pounds.
Car registrations fell here in Austria as well, despite good economic indicators, it's not a big deal.
Lots of things are going to change. Things worked before the EU. I am sure things will continue to work after the exit.
No surprise. Passporting (allow banks to operate in all members of the EU if they are licensed in one member) is a key to all of the banks operations. Every bank based in London for that purpose now has to open a regulated branch in an EU member. The next thing to kill the market in London will be the movement of Euro clearing to an EU member. Brexit is a self inflicted shot to the head. The number of people that sup…
How many of them don't have one yet?
Also, every bank based in the EU will have to open a regulated branch in UK in order to operate in this large market.
> The number of people that supported leave and lacked understanding of all the ties of the businesses that operate in the UK but sell in the EU was amazing.
Perhaps they're just not trying to see only the drawbacks and ignore successful non-members in Europe like Switzerland and Norway.
> have shifted at least £800 billion ($1 trillion) worth of assets out of the country And what's the significance of that? Suppose I had $100 in a bank in UK and I moved it to a bank in Germany. Neither country is better or worse because of that. The article doesn't bother to explain the ramifications. Deals are made in UK because English law is really, really good. Having to maintain offices in EU will surely increa…
Can you elaborate?
Lots of things are going to change. Things worked before the EU. I am sure things will continue to work after the exit.
Is that good or bad news for Britons? Most tangible assets won't be leaving any time soon and nobody but banks will miss this amount in the banks' accounts. It's very likely that real assets, like real estate will become a little more affordable. Car registrations fell here in Austria as well, despite good economic indicators, it's not a big deal.
For many people in the UK any decrease in house prices is regarded as a very bad thing indeed.
No surprise. Passporting (allow banks to operate in all members of the EU if they are licensed in one member) is a key to all of the banks operations. Every bank based in London for that purpose now has to open a regulated branch in an EU member. The next thing to kill the market in London will be the movement of Euro clearing to an EU member. Brexit is a self inflicted shot to the head. The number of people that sup…
> Every bank based in London for that purpose now has to open a regulated branch in an EU member. How many of them don't have one yet? Also, every bank based in the EU will have to open a regulated branch in UK in order to operate in this large market. > The number of people that supported leave and lacked understanding of all the ties of the businesses that operate in the UK but sell in the EU was amazing. Perhaps t…
Lots of things are going to change. Things worked before the EU. I am sure things will continue to work after the exit.
No, things that aren't yet determined how or if they are going to "work" are those relating to shipment of food and medicine. There is a very high risk of short-term chaos. Considering that in 2018 there were a few days without fresh food simply because of two feet of snow, people are really underestimating the potential risks here.
Is that good or bad news for Britons? Most tangible assets won't be leaving any time soon and nobody but banks will miss this amount in the banks' accounts. It's very likely that real assets, like real estate will become a little more affordable. Car registrations fell here in Austria as well, despite good economic indicators, it's not a big deal.
"real estate will become a little more affordable" For many people in the UK any decrease in house prices is regarded as a very bad thing indeed.