If we vote for Brexit what happens

CLAPTON

gfplux wrote: »

http://www.independent.co.uk/news/business/news/brexit-latest-news-hsbc-bank-move-20-per-cent-fifth-london-banking-operations-paris-chief-executive-a7532711.html

HSBC chief executive Stuart Gulliver said trading operations that generate about 20 per cent of revenue for the lender’s investment bank in London may move to Paris, quantifying some of the aftershocks for the UK after Brexit.

“Activities specifically covered by EU legislation will move, and looking at our own numbers, that’s about 20 per cent of revenue,” Gulliver said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, with John Micklethwait. The bank confirmed that he was referring to the lender’s global banking and markets operations in the UK capital.

For the Brexiteers so they don't need to reply.
1) He's an expert
2) note the word "May" in the headline
3) so what.

another good day for you then?

CLAPTON

Herzlos wrote: »

This is the reality, and why the next generation is likely to suffer from this decision:

/18/hsbc-to-move-1000-staff-from-london-to-paris-after-brexit?utm_medium=Social&utm_campaign=Echobox&utm_source=Twitter&utm_term=Autofeed#link_time=1484748082

I agree, we shall miss those highly paid, honourable, tory voting investment bankers.


I didn't know you were a fan though but its good to learn something new each day

StevieJ

CLAPTON wrote: »

I agree, we shall miss those highly paid, honourable, tory voting investment bankers.


I didn't know you were a fan though but its good to learn something new each day

I also agree, as they contributed 11.5 % of total govt tax receipts.

The financial services sector as a whole made a total tax contribution of £65.6bn in the tax year to the end of March 2014, representing almost 11.5% of total government tax receipts. This figure includes taxes paid, as well as taxes collected, by the sector.

https://www.cityoflondon.gov.uk/business/economic-research-and-information/statistics/Pages/research-faqs.aspx

StevieJ

Thrugelmir wrote: »

No one has cared previously about the loss of jobs in the UK when they are moved overseas on commercial grounds. Why the concern now. People prefer cheap Chinese imports over UK produced goods. Really is so much hot air spoken. Brexit illustrates how much people don't know. Yet lap up the media coverage if it's the bible.

Agreed, seems the media run our country now.

mayonnaise

Thrugelmir wrote: »

No one has cared previously about the loss of jobs in the UK when they are moved overseas on commercial grounds. Why the concern now.

No concern.
I suppose we can easily replace these lost banking jobs with 'real' jobs, like sewing socks or t-shirts and start competing with Bangladesh.

Thrugelmir

StevieJ wrote: »

I also agree, as they contributed 11.5 % of total govt tax receipts.

Such short memories people have. Before Brexit in May of last year. Nothing like a smokescreen to cover ones backside.

HSBC has announced plans to cut 840 technology staff in its UK business and move their jobs to India, China and Poland as part of the bank’s cost-saving programme.

Most of the affected jobs are at HSBC’s data centres in Sheffield, Tankersley in South Yorkshire and London, and represent the first wave of redundancies in the bank’s three-year plan to slash up to 8,000 British jobs.

"As part of a global relocation exercise, around 840 non-customer-facing IT roles will transfer from the UK to other sites around the world by the end of March 2017,” said John Hackett, chief operating officer of HSBC UK.

HSBC aims to save $5bn in costs by the end of 2017, part of which will come from cutting up to 50,000 jobs worldwide.

http://www.telegraph.co.uk/business/2016/05/16/hsbc-cuts-840-jobs-in-british-it-as-wave-of-redundancies-begins/

The_Last_Username

Thrugelmir wrote: »

Such short memories people have. Before Brexit in May of last year. Nothing like a smokescreen to cover ones backside.

Beat me to it.

It's so much easier to blame it on Brexit though, isn't it?
If only because there is little else for them to grumble at.

mayonnaise

Thrugelmir wrote: »

Such short memories people have. Before Brexit in May of last year. Nothing like a smokescreen to cover ones backside.





http://www.telegraph.co.uk/business/2016/05/16/hsbc-cuts-840-jobs-in-british-it-as-wave-of-redundancies-begins/

Moving call centres and IT functions from the UK to lower wage countries is a cost saving exercise.
Moving parts of your global banking and markets operations from the UK to France is not a cost saving exercise.
I thought the difference would be clear to a guru like you with a 'lifetime spent dealing with finance'.

The_Last_Username

Another piece this time in the Telegraph on the EU's impending budgetary difficulties post-Brexit, from a report by the Jaques Delors Institute in Berlin :

Britain's departure from the EU will leave a €10bn black hole in the European Union budget that will pit rich and poor EU members states against each other in a fight over how to fund the Union, a leading EU think-tank has warned.

http://www.telegraph.co.uk/news/2017/01/17/brexit-will-bring-bitter-eu-budget-wars-report-warns/

However the report by the Jacques Delors Institut warns of bitter struggles to come among EU members as they seek to heal the financial shortfall left by the departure of Britain which makes a net contribution to the EU of around £8.5bn (€10bn) a year.
"It is clear that Brexit will deal a shock to the EU budget. There is no easy way to fill the 'Brexit Gap' of around €10bn per year," the report said.

Moby

A_Medium_Size_Jock wrote: »

Given your assumed age regarding your retirement statement above, your bilious description is quite astounding.

This "tin pot nation" was the fastest-growing G7 nation in 2016 and looks to be heading that way this year too.
Number 5 in GDP world ranking despite being #22 by population.
That is some "tin pot".

The only way that "their world will become a nastier, more intolerant, inward looking place" as you so eloquently put it is if intolerance and bigotry such as demonstrated in some of the posts in these forums is taken to heart by a majority which - very fortunately - so far seems unlikely, thanks to a sensible majority if not supporting then at least accepting Brexit.

It is quite evident that the whole world is going through a period of immense change.
Since the EU is obviously not prepared to adapt and change, the UK must give itself the best possible opportunities and these opportunities are certainly not to be found inside a greedy, corrupt, idealistic and bureaucratic trading bloc.

It's a terrible mistake and we'll pay the price for years to come imo.
Even the PM of a friendly ex colony (Malta) President of the Council at the moment said today we will not get a favourable deal. It'll happen over time.....we'll shrink smaller and smaller....5 in GDP now, (incidentally while in the EU) but India will pass us soon. It's just basic common sense....you walk away from your club and trading partner you suffer the consequences. All the emollient words from various heads of EU Govmts don't mean a fig! They will want to make us suffer and there are 26 of them against us. We should have stayed in and gone for major reform to free movement etc. Walking away makes us look so bad!.....and I fear for the future of the Union now as well!