If we vote for Brexit what happens

The_Last_Username

mayonnaise wrote: »

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'.

No, HSBC have been wanting to move for years.
Or perhaps that should read that they have been looking for an excuse to move for years?
Note this from April 2015:

This morning HSBC has announced that it is going to look - again - at whether it would be better served by moving its headquarters out of London.

http://www.bbc.co.uk/news/business-32446342

Privately, Mr Gulliver has pointed out that the levy wipes out a good chunk of the UK bank's profits.
And he doesn't like that very much.

How about 2011?

HSBC yesterday made its most explicit threat yet that it is prepared to quit the UK

http://www.independent.co.uk/news/business/news/banking-reforms-may-force-hsbc-to-quit-uk-6259555.html

ruggedtoast

Conrad wrote: »

This shows you need to get out of the biscuit tin echo chamber. Brexiteers I speak to / hear want the Lords ditched or to become elected, we see the likes of Baroness Whatcroft and Floella Benjamin from Playschool as utterly inept out of touch luvvies.

Floella Benjamin, OBE, author of over 20 books, actress, presenter of some of the most loved children's' TV shows in living memory, chair of numerous charities, and recipient of scores of honours and recognitions for her service to British life (or to point it out to you clearly, someone most people would refer to as a national treasure) was one of a family of 6 children who emigrated to the UK from Trinidad looking for a better life.

Her hard scrabble life in Trinidad saw her struggle through abusive foster families and unable to join her parents and siblings in England until she was 10. When things got a while lot worse.

http://www.samiraahmed.co.uk/swinging-racism-floella-benjamins-memoir-of-60s-london/

Floella Benjamin growing up near Crystal Palace, says she spent every single day like a soldier on patrol or guard duty, ready for for passers by in to hurl racist abuse at her. She remembers her handsome brother Lester being regularly beaten up; seeing him lying on the ground his white shirt covered in blood.“For the first four years of being in England,” she says, ...“I fought almost every day. You never know who would spit at you, or try to pee on you, or lift your skirt and say “Where’s your tail, monkey?””.

Yet she still grew up to be a complete success who loves the UK and is loved back by millions of people, people who generally are identifiable by not being gits.

And you have done what exactly?

Mortgagefreeman

We haven't had an update from Fantasy Island.

Thrugelmir

mayonnaise wrote: »

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'.

Cutting 50,000 jobs. Suggests something more fundamental. Like a contraction in activity for example.

Did you miss that in your haste to throw your boomerang

PS. HSBC already owns a French bank. Not as if it's starting an operation up from scratch.

How many jobs will be lost in the UK retail sector this year. May well put 1,000 banking jobs into perspective.

CLAPTON

Moby wrote: »

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!

really

you expect our ex-colonies to be forever grateful to their former masters.

how sweet and naive but presumably your trade unionist background taught you that.

Conrad

I'm seriously thinking we need to take the initiative, just say we're leaving, WTO with free trade access to our market for 6 months and then it's up to the EU how to take it from there

They have serious economic problems, let's play tough, no need for years of squabble that depends on which leaders happen to get elected

Let's focus our energy on trade, not squabbling with pompous technocrats that get paid handsomely regardelss

WTO will freighten the EU as we could import more cheaply without EU external tariffs applying, for example Asian car electronics

I can honestly see this happening

Thrugelmir

mayonnaise wrote: »

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.

Perhaps you should follow events more closely in the real world. Rather than spending your time trying to score points with nonsensical points of view

The Clydesdale and Yorkshire banking group (CYBG) is closing 79 branches with the loss of 400 jobs.
The Unite union said the closures represented a third of the bank's branch network.

PS. I doubt that these jobs are moving to Europe.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-38669280

Moby

Conrad wrote: »

I'm seriously thinking we need to take the initiative, just say we're leaving, WTO with free trade access to our market for 6 months and then it's up to the EU how to take it from there

They have serious economic problems, let's play tough, no need for years of squabble that depends on which leaders happen to get elected

Let's focus our energy on trade, not squabbling with pompous technocrats that get paid handsomely regardelss

WTO will freighten the EU as we could import more cheaply without EU external tariffs applying, for example Asian car electronics

I can honestly see this happening

'Seriously thinking 'is not a term I'd associate with you but in your delusion are you really going to organise all the British into going over the trenches then against the Hun from your little estate agent office in nowhere land.
http://www.independent.co.uk/voices/theresa-may-brexit-eu-dictating-terms-cliff-edge-david-davis-article-50-a7532806.html:rotfl:

Moby

Germany's Die Welt newspaper has accused Theresa May of "leading Great Britain into isolation" with her plan for a hard Brexit, as newspapers across continental Europe reacted very differently to those in the UK.

Splashing an image of Ms May across its front page with the headline "Little Britain", Die Welt ran an article online comparing Ms May's tone in Tuesday's speech to that of the last female Tory Prime Minister - Margaret Thatcher - who extolled the virtues of the single market.

Italian daily La Repubblica led with the headline, "Brexit, London gets its wall, 'away from the EU and the common market"'.

davomcdave

More Project Fear blather no doubt:

http://uk.reuters.com/article/us-davos-meeting-hsbc-idUKKBN1520SO

UBS Chairman Axel Weber said that about 1,000 of the Swiss bank's 5,000 employees in London could be affected by Brexit, while HSBC Chief Executive Stuart Gulliver said his bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris.

Germany's Handelsblatt newspaper also reported that Goldman Sachs is considering halving its London workforce to 3,000 and moving key operations to New York and continental Europe, particularly Frankfurt, where it could move up to 1,000 staff.

If trading moves to France then some really well paid people will be moving there to do it. Financial services is a huge part of Britain's GDP, exports and tax base:

http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06193

In 2014, financial and insurance services contributed £126.9 billion in gross value added (GVA) to the UK economy, 8.0% of the UK’s total GVA. London accounted for 50.5% of the total financial and insurance sector GVA in the UK in 2012. The sector’s contribution to UK jobs is around 3.4%. Trade in financial services makes up a substantial proportion of the UK’s trade surplus in services. In 2013/14, the banking sector alone contributed £21.4 billion to UK tax receipts in corporation tax, income tax, national insurance and through the bank levy.

Still just think of all the wonderful opportunities that will be freed up as financial services stops dominating the British economy.