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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

#171

Post by flexie »

benj111 wrote: post #59
flexie wrote: post #39

Earlier quoted context omitted.

When it comes to financial legislation applying to banking, to securities trade etc., English law is largely whatever EU law says it is (it's regulated by the EU). It still remains to be seen what English law will be after Brexit. As for rule of law in general, it's debatable whether its better in the UK than in the other Western or Northern European nations.

"English law is largely whatever EU law says it is (it's regulated by the EU)." Aha, but as the major financial services industry player, we actually had a seat at the table, and could actually influence those laws. Now we may have to follow rules we have no say in, or something.... Only 3 months away, no rush.

Yes, that’s how (some of) you have chosen it should be.

Re: $1T is leaving Britain because of Brexit

#172

Post by m-i-l »

lazyjones wrote: post #98
Xylakant wrote: post #86

Earlier quoted context omitted.

The UK could easily stay in the single market by officially canceling brexit. It’s even a unilateral decision. It’s just that you cannot pick the benefits of being a EU member while shedding the obligations. In that regard it’s no different from a good old fashioned British Club.

> It’s just that you cannot pick the benefits of being a EU member while shedding the obligations. Of course you can, it's a matter of negotiations. UK has/had plenty of exemptions as EU member and Switzerland for example is not part of Schengen but in the single market. It amazes me how people here think that the EU is somehow the entity that makes up all the rules. It's not, deals are bilateral.

Deals are bilateral, but club membership isn't. You wouldn't seriously expect to be in a strong negotiating position with Amazon if you decided you wanted to leave Amazon Prime but retain some of the benefits without having to pay the membership fee, for example.

Re: $1T is leaving Britain because of Brexit

#173

Post by bayesian_horse »

cm2187 wrote: post #38
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…

> Every bank based in London for that purpose now has to open a regulated branch in an EU member nitpicking but these are unlikely to be branches but rather subsidiaries. London banks will still be able to have branches in the EU to clear EUR payments and access the ECB but are unlikely to be able to do any regulated activity (selling financial products, taking deposits or writing mortgages) out of these branches.

These banks can't do that part of the business out of the UK or with a UK workforce anymore. So the tax income, foreign currency trade etc goes elsewhere.

Re: $1T is leaving Britain because of Brexit

#174

Post by NicoJuicy »

growlist wrote: post #166
NicoJuicy wrote: post #156

Earlier quoted context omitted.

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…

Realism:

It's logical that the UK was involved when they were a EU member ( through partnerships as your opinionated source mentions).

1) It doesn't mean they are a leader ( as you mentioned).

2) It doesn't mean they have the expertise to set everything up ( which they didn't want to, since they tried negotiating for military access to Galileo)

3) It's not going to be cheaper now. They already spent 2,1 billion pounds when they were in the EU.

:)

Edit: can't reply anymore, but I do agree that I don't work in that sector and I don't know those companies.

It would surprise me that there is no ( current) EU-member alternative for the work that SSTL had done.

Edit 2: the current owner of SSTL is EADS ( Airbus). Which has it headquarters in France. SSTL is founded in the UK though.

Edit 3: Inmarsat History is synical in your statement that the UK is better off alone with brexit. Since it's origin is because of international cooperation

:)

Re: $1T is leaving Britain because of Brexit

#175

Post by growlist »

dijit wrote: post #162
growlist wrote: post #157

Earlier quoted context omitted.

> 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)

So then why not encourage the population to breed, rather than sourcing our fertility abroad?!

Re: $1T is leaving Britain because of Brexit

#176

Post by cm2187 »

bayesian_horse wrote: post #173
cm2187 wrote: post #38

Earlier quoted context omitted.

> Every bank based in London for that purpose now has to open a regulated branch in an EU member nitpicking but these are unlikely to be branches but rather subsidiaries. London banks will still be able to have branches in the EU to clear EUR payments and access the ECB but are unlikely to be able to do any regulated activity (selling financial products, taking deposits or writing mortgages) out of these branches.

These banks can't do that part of the business out of the UK or with a UK workforce anymore. So the tax income, foreign currency trade etc goes elsewhere.

Correct. Though if that business was already made out of a EU branch of a London bank (likely for retail business), the tax income was already in the EU, not in the UK.

Re: $1T is leaving Britain because of Brexit

#177

Post by bayesian_horse »

SmellyGeekBoy wrote: post #21
lazyjones wrote: post #14

Earlier quoted context omitted.

> 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…

The UK is the 5th biggest economy in the world. Switzerland is 20th and Norway 30th. The UK has traditionally punched well above its weight economically, it will be interesting to see if we become just another Switzerland or Norway after Brexit rather than the world economic power that we are today. Being the banking capital of the EU is a huge contributing factor to that position, btw.

Switzerland and Norway both accept large parts of EU legislation and regulations without having a say. They pay into EU programs, without having a say. They accept free movement of workers, without having a say...

UK is currently not willing to do any of the sort. So no, Britain will not get the benefits Norway or Switzerland enjoy...

Re: $1T is leaving Britain because of Brexit

#178

Post by adventured »

lazyjones wrote: post #95
Latteland wrote: post #80

Earlier quoted context omitted.

Here's a list of the top 10 est 2019 world economies. UK will go from #5 down to 7 for sure. If they actually suffer much trouble they'll fall further. #5 UK 2.982T, France 2.935T, India 2.934T. I forgot Brazil was so high, #9 at 2.095. https://www.focus-economics.com/blog/the-largest-economies-i...

> UK will go from #5 down to 7 for sure. Mostly because of India's growth. So what? It's GDP we're talking about, a largely meaningless indicator nowadays. UK is #27 in GDP (PPP) per capita rankings. India is #122. Is it better to live in an economy with large GDP or better purchasing power? Is India somehow better off than the UK once it overtakes it by GDP due to population growth?

PPP GDP is nearly worthless as a measure. It's a fraudulent number cooked up subjectively at a distance with very little on the ground information. Nobody actually goes country to country and surveys the details to calculate the PPP figures, it's created half out of thin air.

That's how you get Saudi Arabia at $55k PPP GDP per capita, ranking above Sweden, Germany, Australia, Denmark, Netherlands, Canada, Austria, Belgium, Finland, France, UK - you know, just most of the nicest countries on earth.

Back in reality, their GDP per capita is actually $21,000 and ranks them near Greece and below Portugal.

It's also how you get Puerto Rico ranking above Czech, Portugal, Estonia, Israel and nearly outranking Italy, New Zealand, South Korea and Spain. What a joke. Nobody actually went top to bottom through Puerto Rico's situation on the ground before calculating that.

Half of Russia lives very nearly in third world poverty, with incomes bordering on third world levels. By PPP GDP per capita they get ranked next to Portugal instead, which says absolutely nothing about the actual conditions on the ground for the bottom 1/3 or 1/2 of Russia.

Iraq gets ranked above China, Brazil and Colombia per capita PPP GDP. And just below Mexico and Argentina. Again, a joke.

You get Equatorial Guinea ranking on PPP per capita above Slovenia, Slovakia, Estonia and Portugal; just a bit below New Zealand, Spain and Italy. In reality it's a country with a GDP per capita of just $14,000 and a third world life expectancy of ~58 years. Another farcical PPP adjustment invented out of thin air with zero considerations for reality on the ground.

Re: $1T is leaving Britain because of Brexit

#179

Post by cjjuice »

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…

More immediate access to information leads to more direct democratic pressure on legislators. This is not necessarily a good thing.

Re: $1T is leaving Britain because of Brexit

#180

Post by siquick »

namdnay wrote: post #57
SmellyGeekBoy wrote: post #21

Earlier quoted context omitted.

The UK is the 5th biggest economy in the world. Switzerland is 20th and Norway 30th. The UK has traditionally punched well above its weight economically, it will be interesting to see if we become just another Switzerland or Norway after Brexit rather than the world economic power that we are today. Being the banking capital of the EU is a huge contributing factor to that position, btw.

+ Norway and Switzerland both have partly artificial economies, buoyed by Oil for the former and dirty money for the latter.

Britain has both oil in Scotland, and dirty money flowing through London
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