Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

$1T is leaving Britain because of Brexit

cnn.com

Post reply on HN
Print view View original

81–90 of 283 posts

Re: $1T is leaving Britain because of Brexit

#81

Post by cm2187 »

flavor8 wrote: post #74
cm2187 wrote: post #42

Earlier quoted context omitted.

And London was a major financial centre well before the creation of the EU.

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 London (eurostar).

Re: $1T is leaving Britain because of Brexit

#83

Post by growlist »

Loughla wrote: post #56
growlist wrote: post #51

Earlier quoted context omitted.

And property prices in London/South East become affordable again, Sterling falls benefiting inward investment, exports, and tourism. So not all bad news then! :) There's so much defeatism within the UK and anti-Brexit propaganda flying around from vested interests. It's all so tiresome. > Brexit is a self inflicted shot to the head. Money isn't the only thing in life.

>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?

For many people it was about regaining control of borders and reducing immigration. Personally I'm willing to trade off being a little poorer in exchange for being a sovereign nation once again, although the current direction of travel makes it look like we will be getting Brino i.e. Brexit in name only, about which by the way I'm staggered at how blithely people are willing to discard democracy when the result doesn't go their way.

Re: $1T is leaving Britain because of Brexit

#84

Post by lorenzhs »

pjc50 wrote: post #4
PhasmaFelis wrote: post #2

> 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 )"?

When I looked at it they'd fixed it to £800 billion. I was wondering if someone had accidentally used the old UK billion meaning a "million million". (Whole article is very likely to get flagged off, btw)

I don't know why this was downvoted, but the UK officially used the "long scale" (million = 10^6, milliard = 10^9, billion = 10^12) until 1974, although the "short scale" (billion = 10^9, trillion = 10^12) had become increasingly popular before that: https://en.wikipedia.org/wiki/Long_and_short_scales#Use. In most of Europe, the long scale is still used today.

Re: $1T is leaving Britain because of Brexit

#85

Post by jcranmer »

lazyjones wrote: post #54
lhopki01 wrote: post #23

Earlier quoted context omitted.

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)

> The UK is proposing to leave the single market (in the best case) No, May wants to stay in the single market, the EU is refusing that option. https://www.independent.co.uk/news/uk/politics/single-market... This stubbornness on behalf of the EU will damage both sides economically and thus be corrected at some point when the current EU administration is replaced by a more reasonable one.

The Brexit movement has generally rejected calls for a Norwegian or Swiss "you're in the single market but you have to follow most of the EU rules without having a say in their governance." (Not that the Swiss model in particular was on offer, because the EU is pretty unhappy with the amount of specialness it generates).

Re: $1T is leaving Britain because of Brexit

#86

Post by Xylakant »

lazyjones wrote: post #54
lhopki01 wrote: post #23

Earlier quoted context omitted.

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)

> The UK is proposing to leave the single market (in the best case) No, May wants to stay in the single market, the EU is refusing that option. https://www.independent.co.uk/news/uk/politics/single-market... This stubbornness on behalf of the EU will damage both sides economically and thus be corrected at some point when the current EU administration is replaced by a more reasonable one.

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.

Re: $1T is leaving Britain because of Brexit

#87

Post by GreaterFool »

ryan_j_naughton wrote: post #44
GreaterFool wrote: post #10

> 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…

Your seriously misunderstand the banking sector's very real impacts on everyday lives. Having more assets under management is very impactful because money doesn't just sit in a bank -- it is used again for other things. Thus, there would be less money for loans and other investments. If you're trying to get a mortgage or start a business, that's very impactful. If you are a construction worker and financing for new c…

Yes, but you have nothing to suggest that this would be the case.

The connection to lending and borrowing is tenuous. There are many things on the books that can't be used to borrow against!

The article just says "assets". What if those were $1T worth of toxic derivatives? Still bad (for UK)?

I simply wish this article was better written and provided some useful and insightful information. $1T makes a nice headline and I guess that's all they needed.

Re: $1T is leaving Britain because of Brexit

#88

Post by 51Cards »

marliechiller wrote: post #36
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.

"real estate will become a little more affordable" For many people in the UK any decrease in house prices is regarded as a very good thing indeed. (perhaps i'd be able to finally afford a property!)

For those who don't own, yes. For those who do own, and who banked on the value of their property for things like retirement, etc... or who will go underwater and into financial crisis... it's bad. There is always a two sided balance that has ripple effects in both directions.

Re: $1T is leaving Britain because of Brexit

#89

Post by siidooloo »

mbrumlow wrote: post #6

Lots of things are going to change. Things worked before the EU. I am sure things will continue to work after the exit.

Britain isn’t going to turn into some Mad Max wasteland like some claim, but it will be worse off. The big thing is that on average the larger more open market will have more growth than the smaller more closed one. That growth will be compounded over the years. In several decades people in Britain will be asking why people in Poland have a better standard of living than them.

Re: $1T is leaving Britain because of Brexit

#90

Post by pjc50 »

growlist wrote: post #83
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?

For many people it was about regaining control of borders and reducing immigration. Personally I'm willing to trade off being a little poorer in exchange for being a sovereign nation once again, although the current direction of travel makes it look like we will be getting Brino i.e. Brexit in name only, about which by the way I'm staggered at how blithely people are willing to discard democracy when the result doesn…

> regaining control of borders

What does this actually mean specifically? What policy changes do you want that you think you can't have within the EU?

> sovereign nation once again

The UK is sovereign. It's just made some international agreements to align with other countries. If you think the EU is bad for this, wait until you see things like TTIP: all of the legislative override, ability to sue the state in foreign courts etc, and none of the democracy.

Post reply on HN