WHO Poll

Queens Fish Bar 12:30 Sun Oct 23
How real is this bank threat?

Britain’s biggest banks are preparing to relocate out of the UK in the first few months of 2017 amid growing fears over the impending Brexit negotiations, while smaller banks are making plans to get out before Christmas.

Hard Brexit would put UK's skills and expertise advantage at risk
The dramatic claim is made in the Observer by the chief executive of the British Bankers’ Association, Anthony Browne, who warns “the public and political debate at the moment is taking us in the wrong direction”.

A source close to Brexit secretary David Davis said he and the chancellor Philip Hammond had last week sought to offer reassurance that they were determined to secure the status of the City of London.

However, the government’s stated intention to take control of the freedom of movement into the UK is widely recognised among officials to be a hammer blow to any chance of retaining the present terms of trade for banks, particularly given the bellicose rhetoric of major politicians on the continent.

The so-called passporting rights for members of the single market allow UK-based banks to offer financial services to companies and individuals across the EU unimpeded, yet the French president François Hollande is among those who have insisted in recent weeks that hard Brexit will mean “hard negotiation” and that Britain will need to “pay the price” of leaving.

A hard Brexit would involve the UK leaving both the single market, a cental pillar of which is freedom of movement, and the customs union, which could potentially reintroduce tariff and non-tariff restrictions on British imports and exports.

Browne warns that both British and European politicians who appear to be pursuing “anti-trade” goals need to recognise that “putting up barriers to the trade in financial services across the Channel will make us all worse off”.

Browne, whose organisation has been in intense negotiations with the government, further warns the EU that banks based in UK are currently lending £1.1tn, therefore “keeping the continent afloat financially”, and that this arrangement is at risk.

Anthony Browne, head of the British Bankers' Association
Anthony Browne, head of the British Bankers’Association, says the whole of Europe will suffer if Britain choses a hard Brexit. Photograph: Bloomberg
Of Britain’s position, he writes that banking is the country’s biggest export industry by far, and that the current trajectory threatens not just tariff-free trade but the legal right of banks to provide services.

He says: “Most international banks now have project teams working out which operations they need to move to ensure they can continue serving customers, the date by which this must happen, and how best to do it.

“Their hands are quivering over the relocate button. Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”

Sources close to Davis dismissed speculation that he believed a solution would be for the City to strike an “equivalence” deal with the EU, under which the regulatory systems are recognised by both parties through a one-off agreement. Browne writes that some Brexiters have made such an argument but that such a deal would not be enough to stop banks deserting Britain.

“On this side of the Channel, some high-profile Brexiters have poured scorn on the idea that we need passporting at all and that other regimes such as ‘third country equivalence’ will do.

“But the EU’s equivalence regime is a poor shadow of passporting – it only covers a narrow range of services, can be withdrawn at virtually no notice, and will probably mean the UK will have to accept rules it has no influence over. For most banks, equivalence won’t prevent them from relocating their operations.”

It has been reported that Goldman Sachs is among those drawing up plans to transfer around 2,000 of its employees to a rival European city should the UK lose its passporting rights.

The industry body, TheCityUk, has claimed that up to 70,000 financial jobs could be lost if Britain leaves the EU without a new credible relationship in place for the City of London.

European banks warn against political 'intrusion'
Browne says he understands the motivation of those who are seeking to take business from UK shores, but he condemns politicians who appear to be willing to break up the integrated financial market, which “makes it easier and cheaper for French farmers, German manufacturers and Italian fashion designers to secure funding”.

He writes: “It is understandable that other European cities want to attract jobs from London. Delegations from Frankfurt, Paris, Dublin and Madrid are all coming to the UK to pitch to bankers. I am pro-competition, and long may they try to make their labour market and fiscal policy more attractive to international investors.

“That is not the problem. The problem comes when national governments try to use the EU exit negotiations to build walls across the Channel to split Europe’s integrated financial market in two, in order to force jobs from London.”

The scale of the task facing the UK in striking a good Brexit deal with the EU has been put in stark relief by the apparent collapse of the proposed EU-Canada trade pact.

On Saturday,there were frantic diplomatic efforts to salvage a deal after Canada’s international trade minister, Chrystia Freeland, walked out of talks. She described the situation as “impossible” on Friday and cast doubt on the bloc’s ability to operate effectively after the proposals were blocked by a regional administration in Belgium.

The parliament in Wallonia is holding up the deal, although the region’s leader, Paul Magnette, suggested the standoff could be resolved within days. It has concerns the deal will undermine labour, environment and consumer standards and allow multinationals to crush local firms.

Replies - Newest Posts First (Show In Chronological Order)

Hayzer 9:57 Mon Oct 24
Re: How real is this bank threat?
Recently built a pool at a brokers house in sidcup. He was booing that he last 20k cos of brexit. Stuck his money where he thought he'd make money out of remian. Fck em. They're only gamblers.

Mike Oxsaw 8:00 Mon Oct 24
Re: How real is this bank threat?
I suspect the media saw a leave vote as a veritable Scoopfest and are royally pissed off that it hasn't panned out that way.

The way some go on, you may well come to the conclusion that they'd bet their house on a remain outcome.

Willtell 5:12 Mon Oct 24
Re: How real is this bank threat?
"But the gloom-laden claims were undermined by the fact that a number of High Street banks said leaving the EU would make little difference to their business.

Santander pointed out their Spanish owners were happy to have operations located outside the EU.

One bank told the Daily Mail the BBA’s warnings were ‘nonsense’, while another insisted: ‘Brexit is a bit of a non-issue for us.’

Last night John Redwood, Tory MP for Wokingham, also pointed out that foreign banks are currently investing in Britain.

‘We have seen ING move more of its traders into London recently, and Wells Fargo announced a new £300million headquarters – after the Brexit vote,’ he said.

‘So far the actual responses from the banks themselves have been positive not negative, so I find what the BBA is warning to be quite difficult to believe.’

Conservative MP Peter Bone added: ‘This is nothing more than a continuation of Project Fear. These people simply have not accepted the referendum result.’

Mr Browne – a former journalist...."

Nuff said!

mashed in maryland 4:55 Mon Oct 24
Re: How real is this bank threat?


J.Riddle 3:55 Mon Oct 24
Re: How real is this bank threat?
Oxsaw, you mean like this?


gph 3:34 Mon Oct 24
Re: How real is this bank threat?
The currency of Poland is the (new) złoty - it was the old one to 1995.

Mike Oxsaw 3:13 Mon Oct 24
Re: How real is this bank threat?
I think the real question is how to spin things on this thread so as to make it seem you were correct all along.

Everything else can go fuck spiders.

Willtell 3:03 Mon Oct 24
Re: How real is this bank threat?
Ahhh! Made a mistake there - that's the figure in PLN which I guess was the currency before Euros. They only get €106bn in the 6 years from 2014 - 2020

From the Polish Treasury...

"Poland to get nearly EUR 106 bln from 2014-2020 EU budget pool – expected impact on the Polish economy, chances and challenges...."

Hammer and Pickle 3:01 Mon Oct 24
Re: How real is this bank threat?
The question is not whether to honour the result but how. I'd have thought that was pretty much the first issue of politics (and managment for the matter).

Mike Oxsaw 2:34 Mon Oct 24
Re: How real is this bank threat?

Pickle's cabbage bill's just about covered by now then, I expect.

Fuck knows what happens when the Offy come a-calling.

Willtell 2:12 Mon Oct 24
Re: How real is this bank threat?
I'll do it for you. H&P lives in Poland and has done for nearly 25 years. From joining the EU in 2004 to 2020 it is planned for the EU to donate a total of €500billion to Poland.

That's why he's in favour of UK staying in the EU....

mashed in maryland 2:09 Mon Oct 24
Re: How real is this bank threat?
Doesn't matter, he won't, and in a few hours he'll go back to drunkenly threatening people again.

Council Scum 2:05 Mon Oct 24
Re: How real is this bank threat?
"Please talk us through how you arrived at this conclusion H&P?"

Please don't

mashed in maryland 2:02 Mon Oct 24
Re: How real is this bank threat?
Didn't realise that expecting the government to honour the result of a referendum makes someone a "far right radical".

Please talk us through how you arrived at this conclusion H&P?

Hammer and Pickle 1:59 Mon Oct 24
Re: How real is this bank threat?
What is hilariously predictable is how far-right "radicals" start bleating on about the "will of the people" when it comes to actual government policy - as if that had anything to do with actually running a company let alone a country. The hilarious bit is they sound exactly the same as left wing radicals when it comes to business and generally people who do know something about running one.

Mike Oxsaw 1:54 Mon Oct 24
Re: How real is this bank threat?
Yeah, mashed. The old comfort blanket syndrome:

We know (KNOW) we're regularly getting torn a new one almost every day, but we're kind of used to it now. Some of us even like it and base our lives around it's predictability. THANK you, Sir! may I have another!!??"

Oh, and please don't keep reminding us, it makes us feel a bit icky.

, 1:48 Mon Oct 24
Re: How real is this bank threat?
Big business and international banking are forces for good in my book.

Council Scum 1:47 Mon Oct 24
Re: How real is this bank threat?
What I don't get is, if being in the EU is so important and we are all fucked now.

Why is half of Calais still trying to get over here?

mashed in maryland 1:44 Mon Oct 24
Re: How real is this bank threat?
Interesting how the same lefties who used to constantly share "Anonymous"-style memes about how big business and international banking are evil.... are now almost gloating at the prospect of the democratic will of the people being overruled in favour of the interests of big business and international banking.

By interesting I mean hilariously predictable.

Willtell 1:37 Mon Oct 24
Re: How real is this bank threat?
, 12:52 Mon Oct 24
"Good point scum, especially as several posters meet the criteria."

Hello Mr Pot. Why are you calling the kettle black?

Eddie B 12:53 Mon Oct 24
Re: How real is this bank threat?
NHD, what happened in 2008?

Page 1 - Next

Copyright 2006 WHO.NET | Powered by: