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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

#161

Post by technotony »

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…

Sure, in the sort run lots of pain from this. However maybe in the long run brexit will be amazing for britain. The UK has a highly educated, creative, dynamic work force with strong anglo saxon work ethic. This is the country that invented industrialization and modern democratic governance. We stand at the dawn of a new era of technological shifts that are going to require radically different political/economic systems - I would not bet against the UK being the place that invents those systems now it's free from the shackles of the EU. Note I voted remain but the short term economic arguments don't carry much weight to me, all we know is that we don't know as there is so much uncertainty here.

Re: $1T is leaving Britain because of Brexit

#162

Post by dijit »

growlist wrote: post #157
dijit wrote: post #146

Earlier quoted context omitted.

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…

> it's required to sustain the country because? If it's because we aren't fertile enough, or our education system isn't good enough, or we aren't paying enough for certain jobs, why not address this? I'm interested to know whether you think there should be any upper limit to the population of the UK: 100m? 500m? more?

Because we have an aging population, and pensions are the single largest government expense. (more than double the NHS, which is also heavily burdened by our aging populaton)

Re: $1T is leaving Britain because of Brexit

#163

Post by saosebastiao »

The article implies through its journalistic voice that this is objectively bad for GB. The fact that capital has left the country does not have any implication towards the rationality of that move. Various questions to ponder:

1) If this is just capital moving around within their own respective due to legal jurisdictional changes, this may be rational and may not even matter at all. Sometimes you change your behavior due to a change in rules but it affects you neither positively nor negatively.

2) If capital is leaving due to economic fears of leaving the EU, it may be entirely irrational. It has yet to be seen the long term impacts of leaving the EU. It isn't even a settled matter as to whether being a part of the EU is a good thing. Switzerland has done just fine without the EU, Greece has made off like bandits by being a member of the EU, and Germany has likely slowed their potential economic growth by being tied to countries like Greece via the EU.

3) Capital system geographies are surprisingly robust to change. It took centuries for capital systems to move away from Venice and later the low countries. Those capital systems survived massive recessions, multiple unprecedented geopolitical shifts, and numerous invasions and wars. They didn't die because of political turmoil or economic turmoil, they died because other regions learned from them and incrementally improved on their innovations. Compared to the level of turmoil seen in Europe throughout the 16th-19th century, Brexit looks like a walk in the park.

I hold zero opinions on whether Brexit is good for Britain. But economically speaking, I don't see much to fear. I haven't seen much indication that they are trying to destroy their trade regime that was established by default through their membership in the EU, which means that it is still effectively a single market. They already have their own currency and it was already free floating. The banking industry may be prominent in the UK, but all the banks were already multinational and headquartered in various countries to begin with; HSBC isn't losing out on EU business any more than Citibank is. Why is everybody running around like the sky is falling?

Re: $1T is leaving Britain because of Brexit

#164

Post by NicoJuicy »

growlist wrote: post #105
NicoJuicy wrote: post #97

Earlier quoted context omitted.

> QLTS is the official fast-track route that enables foreign lawyers to qualify as solicitors in England and Wales. Not really an independent opinion so it seems. It would surprise me if they suggested something else, considering their business. Everyone can find someone to agree with on the internet :) International people have been judged in "Den Haag" a lot more than anywhere else. Here are my "opinionated" source…

Ad hominem.

You have 0 objective references. I have at least 1 ( Wikipedia) and 1 that should be pro UK ( UK news paper)

Re: $1T is leaving Britain because of Brexit

#165

Post by dabeeeenster »

technotony wrote: post #161
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…

Sure, in the sort run lots of pain from this. However maybe in the long run brexit will be amazing for britain. The UK has a highly educated, creative, dynamic work force with strong anglo saxon work ethic. This is the country that invented industrialization and modern democratic governance. We stand at the dawn of a new era of technological shifts that are going to require radically different political/economic syst…

What are "the shackles of the EU"?!?!

Re: $1T is leaving Britain because of Brexit

#166

Post by growlist »

NicoJuicy wrote: post #156
growlist wrote: post #92

Earlier quoted context omitted.

> UK setting up their own GPS alternative The only reason this is possible is due to UK leadership in the area, so it's actually a brilliant opportunity for the UK to remain at the leading edge.

And I thought they had to, because they weren't allowed to have the military part of Galileo. Which makes the UK the only country without access to high precision GPS. They had no success negotiation access to Galileo, so they are forced door a Homebrew alternative. America is the leader with GPS, last time I checked. To be honest, a lot of your comments lack realism and objective references. I'm 100% sure you live i…

Having done a lot of the work here there is considerable expertise in the UK, thus it will be far cheaper for the UK to go it alone than would otherwise be the case.

'SSTL was selected to supply the navigational payloads for the first 14 Galileo Full Operational Capability satellites, in partnership with prime contractor OHB System AG of Germany, in January 2010. In 2012, the OHB-SSTL partnership was awarded a second contract to supply a further 8 spacecraft for the programme and earlier this year the Batch 3 contract was again awarded to the OHB-SSTL partnership.'

Source: https://www.sstl.co.uk/media-hub/latest-news/2017/sstl-celeb...

> To be honest, a lot of your comments lack realism and objective references. I'm 100% sure you live in the UK

:)

Re: $1T is leaving Britain because of Brexit

#167

Post by hnnh44 »

technotony wrote: post #161
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…

Sure, in the sort run lots of pain from this. However maybe in the long run brexit will be amazing for britain. The UK has a highly educated, creative, dynamic work force with strong anglo saxon work ethic. This is the country that invented industrialization and modern democratic governance. We stand at the dawn of a new era of technological shifts that are going to require radically different political/economic syst…

You're assuming those "highly educated, creative, dynamic workforce" will stick around through the "short term" (decades?) pain rather than migrate.

Rather, as with Detroit, there's a good chance the best and brightest will take their talents where they'll be useful and well compensated.

The people with the least value and mobility will be what's left.

Being the pioneers doesn't mean they'll be the ultimate beneficiaries of it.

Re: $1T is leaving Britain because of Brexit

#168

Post by bayesian_horse »

It really looks like they are going through with it. Up to a couple months ago I almost expected the Brexit to be cancelled.

I wonder when Britain will try to get back into the EU. It would take the swallowing of a lot of pride on the British side, but basically there is already a majority against the current Brexit conditions, pretty soon there will be a majority for remaining in the EU, period.

Re: $1T is leaving Britain because of Brexit

#169

Post by growlist »

pjc50 wrote: post #140
growlist wrote: post #133

Earlier quoted context omitted.

> It's the lower / under paid workers who will see pay freezes and lay offs while the cost of living will continue to rise. But doesn't mass immigration also hurt those at the bottom? It's not the well off that are facing competition for jobs, housing etc. is it?

Every time someone tries to prove this by doing an unbiased economic investigation, it concludes that the negative effect is either nonexistent or tiny. Housing competition is fundamentally local - everyone in the world wants London property, regardless of living there. Nobody wants houses in Stoke on Trent.

> Every time someone tries to prove this by doing an unbiased economic investigation, it concludes that the negative effect is either nonexistent or tiny.

That's a pretty bold assertion, not what a quick google reflects

Re: $1T is leaving Britain because of Brexit

#170

Post by bayesian_horse »

pow_pp_-1_v wrote: post #134
justaguyhere wrote: post #102

Earlier quoted context omitted.

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…

> I don't know how to take this - one way to look at it is democracy won and people spoke Democracy failed here. People elect representatives for a reason. Normal people shouldn't be expected to understand the complexities and nuances of a public policy decision. It should have been the responsibility of the elected representatives to have reasoned discussions, to weigh the pros and cons etc. and finally make decisio…

That's not so much the problem here. The problem is that the voters answered the wrong question, as a result of a bad binary choice and lying campaigns.

If voters had known what they are in for, they wouldn't have voted to leave.

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