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$1T is leaving Britain because of Brexit

cnn.com

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Re: $1T is leaving Britain because of Brexit

#141

Post by yakshaving_jgt »

growlist wrote: post #136
yakshaving_jgt wrote: post #130

Earlier quoted context omitted.

Regaining control of our borders? Have you ever been to a UK border? We’re not in Shengen. You can’t just stroll across. This trope about discarding democracy is tired too. A democracy isn’t “choose once and keep forever”. We are free to change our minds. Or are you surprised that we have general elections every so often?

> This trope about discarding democracy is tired too Imagine the contempt with which calls for a second referendum would be treated if it were remain that had won. Not to mention, we were told that the vote would settle the issue for a generation. Oh whoops, apparently only if we voted remain!

But that was exactly Farage’s plan.

How did you miss this?

Re: $1T is leaving Britain because of Brexit

#142

Post by samuelfekete »

arethuza wrote: post #17
lazyjones wrote: post #12

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.

The majority of people in London (where prices are most inflated) live in rented homes, with an average rent that is about the same as in San Francisco, for example, but with salaries that are about half or less.

Foreign property investors shifting away from London will be bad for people whose primary contribution to the economy is buying up properties, and good for everyone else who lives or works in London.

Re: $1T is leaving Britain because of Brexit

#143

Post by yakshaving_jgt »

justaguyhere wrote: post #132
yakshaving_jgt wrote: post #120

Earlier quoted context omitted.

A democracy needs an informed electorate to function. By your own admission, [the majority of] those that voted Leave didn’t understand what they were voting for. By that measure, I don’t believe “democracy won”.

That is why I said I don't know how to take this. Yes, a democracy needs an informed electorate to function. But it is the electorate's responsibility to keep themselves informed. There will always be fake news, click baits and outright wrong/illegal manoeuvers from someone or the other. IMHO, if the electorate can't take a few mins to understand what they are voting on, they don't deserve to vote.

I agree with you.

Sadly, any time I have suggested that not everyone is equal and therefore not everyone deserves the same rights in determining circumstances for others, someone has invoked Godwin’s law.

Tough problem to solve.

Re: $1T is leaving Britain because of Brexit

#144

Post by pjc50 »

justaguyhere wrote: post #102
myrandomcomment wrote: post #5

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…

I don't feel bad (much) for those who voted for Brexit - all they had to do was spend 15 mins googling and thinking. Even if they didn't understand the full impact of leaving the EU, it was plain then (and now) to see it is such a bad idea from any angle. I do feel bad for those who voted to stay - they're gonna suffer now, despite voting responsibly and sensibly. I don't know how to take this - one way to look at it…

The newspapers have spent 30 years running misleading stories about the EU, and at least 20 running scaremongering about immigrants ever since ECHR came in. In some ways it's the biggest victory for a campaigning press in history.

Re: $1T is leaving Britain because of Brexit

#145

Post by steve_gh »

pseudolus wrote: post #68
sabertoothed wrote: post #15

Earlier quoted context omitted.

> Deals are made in UK because English law is really, really good. Can you elaborate?

English law (technically the laws of England and Wales) are not "really, really good". English law is incorporated in contracts because of ubiquity. Over the years, and for historical reasons, English contract law has become a lingua franca (mirroring the English language) in international commerce - just as likely to be understood by a company in France as by a company in China. There's nothing inherently superior t…

English law is also a common law system, relying heavily on previous precedents that have been set down in similar decisions. Civil law juristictions (for example France) give less weight to precedence, so courts have narrower scope to interpret areas the current law does not cover exactly.

See here for an explanation (EDIT: more relevant secion from same wikipedia page) https://en.wikipedia.org/wiki/Common_law#Common_law_as_a_fou...

English civil law therefore has gained popularity, as it is reliable (precedents can be consulted), and because judges can easily adapt previous rulings to new circumstances.

Re: $1T is leaving Britain because of Brexit

#146

Post by dijit »

PunchTornado wrote: post #125
Loughla wrote: post #56

Earlier quoted context omitted.

>Money isn't the only thing in life. Disclaimer - I'm not trying to be hateful. That seems like a completely nonsense, garbage statement. Brexit is primarily about money and economics, from what I can tell on the outside looking in. So what was your purpose in writing that?

no, Brexit is not about economics and it never was. Brexit is about having fewer immigrants in the country. My driving instructor was very honest with me, even if I was a foreigner. He said 50% of his students are foreigners. But he still voted for Brexit even if he knows it will make him worse off financially. He just wants fewer immigrants in the country.

I grew up in a predominantly "brown people" part of the country, I use "brown people" because there were Pakistani's, Indians and other peoples from the crown colonies.

It's worth noting that, we as a country fail to integrate those people. It's not their fault.

It's worth double-noting, that those people are not the people we're removing ourselves from. We're actually removing ourselves from those who are culturally similar enough to integrate independently.

Immigration is /going/ to happen, it's a net positive for the country, in fact it's required to sustain the country. You've just ensured that it's the "brown people" who get imported.

--

Please bear in mind, I have no ill-will to anyone from those countries, but when people argue against immigration it's almost always because of the polish (which was hugely self-inflicted) or "brown people". The majority of leavers I know don't expect this outcome, they think it'll be a net decline in all immigration (including those from India, Pakistan etc;)

Re: $1T is leaving Britain because of Brexit

#147

Post by pjc50 »

freedomben wrote: post #94
lazyjones wrote: post #50

Earlier quoted context omitted.

> The UK has traditionally punched well above its weight economically How is its trade balance doing lately? Not so good. https://tradingeconomics.com/united-kingdom/balance-of-trade > Being the banking capital of the EU is a huge contributing factor to that position, btw. I'm not sure what economic indicators you are talking about. Certainly none that reflects the actual well-being of the population.

I generally support Brexit, but I'm guessing for reasons much different than yours (I always favor decentralization as a way of increasing the power of the average citizen relative to their government). Maybe we agree? The trade balance tho is not typically a good indicator of economic health, at least not how it's typically pitched: https://mises.org/wire/nonproblem-trade-deficit

The UK is one of Europe's most centralized states, and Brexit will make it more so - see Scottish government lawsuits.

Re: $1T is leaving Britain because of Brexit

#148

Post by inflagranti »

cm2187 wrote: post #81
flavor8 wrote: post #74

Earlier quoted context omitted.

History. And the EU didn't exist then as an alernate location for banks to access a large economy. EU GDP: $19.2T UK GDP: $2.6T

Yeah but the reasons for being the case haven't really changed. English speaking country, stable and predictable legal framework, cosmopolitan city. Nothing to do with GDP. All the noise I hear (or read in newspapers) tend to go along banks moving as little staff and activity as they can get away with and staff being reluctant to move. And Paris being mentioned as a prefered location because of its proximity to Londo…

> English speaking country, stable and predictable legal framework, cosmopolitan city.

English speaking being the only real differentiator here and probably the most critical reason. However that only goes so far. And what for sure has changed is that we're down from 20+ currencies before to one huge single market with mostly the same currency.

How that all factors in is impossible to say, but to argue that nothing has/will change seems equally unrealistic as the over-the top reporting of the media suggesting the UK banking sector will collapse. Things will go on, but my bet would be there will be a considerable hit.

Re: $1T is leaving Britain because of Brexit

#149

Post by Consultant32452 »

jpfr wrote: post #126
Consultant32452 wrote: post #118

Earlier quoted context omitted.

I suspect it will take about ten seconds for the trade concerns the doom and gloomers are worried about to get resolved. UK is the second largest economy in the EU. The idea that they won't quickly and easily resolve trade concerns seems silly. EU member states will still want UK money.

> EU member states will still want UK money. Those shiny Euros the UK is coining? Seriously, the banking services provided by the city will move to Paris and Frankfurt in no time. Outside the EU, London has zero structural advantage or lock-in.

Again, it'll take about ten seconds for those London Banks to spawn subsidiaries in a member state to take care of that.

Meanwhile they get to drop the EU common external tariff. That alone will be a significant economic benefit to UK.

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