$1T is leaving Britain because of Brexit • Hacker News Board

Re: $1T is leaving Britain because of Brexit

#21

Post by SmellyGeekBoy » Mon, Jan 07, 2019, 4:37 PM UTC

lazyjones wrote: post #14

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. 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.

Re: $1T is leaving Britain because of Brexit

#22

Post by Zigurd » Mon, Jan 07, 2019, 4:37 PM UTC

This is 21st c. social media-based warfare. Damaging the West with brexit and right wing nationalists is as strategically effective as a victory in a shooting war.

Re: $1T is leaving Britain because of Brexit

#23

Post by lhopki01 » Mon, Jan 07, 2019, 4:37 PM UTC

lazyjones wrote: post #14

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. 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…

Norway is a member of the single market via the EEA and Switzerland essentially is because of it's bilateral treaties.

The UK is proposing to leave the single market (in the best case)

Re: $1T is leaving Britain because of Brexit

#24

Post by pjc50 » Mon, Jan 07, 2019, 4:38 PM UTC

lazyjones wrote: post #14

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. 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…

Ironically both Switzerland and Norway are part of Schengen. If we were leaving to Norway's status everything would be fine, but we're not.

Re: $1T is leaving Britain because of Brexit

#25

Post by boudin » Mon, Jan 07, 2019, 4:38 PM UTC

lazyjones wrote: post #14

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. 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…

Both Switzerland and Norway are part of single market with free movement of EU citizen. If Brexit happens with a no-deal or no single market access, it's unlikely that it can be compared with Switzerland and Norway situation.

Re: $1T is leaving Britain because of Brexit

#26

Post by hkt » Mon, Jan 07, 2019, 4:39 PM UTC

It really is regrettable that my country has decided to blow its own head off. Finance was pretty much all we had after Thatcher "strategically" destroyed manufacturing and placed the entire country outside of London into a state of "managed decline".

C'est la vie. Maybe I'll move to Ireland.

Re: $1T is leaving Britain because of Brexit

#27

Post by [deleted] » Mon, Jan 07, 2019, 4:39 PM UTC

lazyjones wrote: post #14

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. 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…

[deleted]

Re: $1T is leaving Britain because of Brexit

#28

Post by zepto » Mon, Jan 07, 2019, 4:40 PM UTC

pc86 wrote: post #20

arethuza wrote: post #17

Earlier quoted context omitted.

"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.

Only for people using real estate as an investment or their primary store of wealth.

Almost everyone who owns their home has real estate as their ‘primary store of wealth’.

Re: $1T is leaving Britain because of Brexit

#29

Post by cm2187 » Mon, Jan 07, 2019, 4:41 PM UTC

The article doesn't mention how much of these assets will be backed to back to an entity in the UK, effectively making the shift of the assets a mere operational step. And working in the industry, I expect the number to be substantial.

Re: $1T is leaving Britain because of Brexit

#30

Post by onetimemanytime » Mon, Jan 07, 2019, 4:41 PM UTC

IMO it's pretty dumb of the British. You can't join and leave just like that, everything is integrated with EU.

Now, go ahead and undo it because a few % more voted to leave at a certain point. These decisions to join/leave should be like adding a new Constitutional Amendment in USA, very hard to do, either way and require super-majorities.