If we vote for Brexit what happens

mayonnaise

Thrugelmir wrote: »

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



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

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

No, they are not moving to Europe. These CYBG jobs are lost.
As opposed to the 1000 HSBC jobs. Which are not lost.
They just moved to France.
Sorry, I can't make it any simpler.

gazapc

Why any large company would move business to France of all places I have no idea, I'm sure they will love paying some of the highest tax rates in the OEDC and definitely not the business friendly environment London is.

A_Medium_Size_Jock

Meanwhile today Barclays says that the bulk of its operations will stay in the UK.
Maybe they don't want to risk being boycotted, as may well happen with (for example) HSBC if they "up sticks" since many British customers will find that behaviour unacceptable.

"We may have to move certain activities, we may have to change the legal structure that we use to operate in Europe, but I think it's going to be at the margin and will be manageable," Jes Staley told BBC Radio in an interview in Davos, Switzerland.
"The bulk of what we do will continue to occur in London."

http://uk.reuters.com/article/uk-britain-eu-barclays-idUKKBN15310V?il=0

A_Medium_Size_Jock

Some finance business moving?
It looks like the EU need the help anyway.
Whilst the UK is - if not booming exactly - doing reasonably well thank you very much, the Eurozone is seeing investments fall and the current account deficit increase.

Investments in the euro zone fell sharply in November while the bloc's current account surplus widened, the European Central Bank said on Thursday.

http://uk.reuters.com/article/uk-eurozone-currentaccount-idUKKBN1530ZB?il=0

kabayiri

A_Medium_Size_Jock wrote: »

Meanwhile today Barclays says that the bulk of its operations will stay in the UK.
Maybe they don't want to risk being boycotted, as may well happen with (for example) HSBC if they "up sticks" since many British customers will find that behaviour unacceptable.
...

Of course. We are overstocked with Banks for private and business customers.

It's entirely up to the consumer if they don't like the business practice of a particular bank.

Even politicians seem quite happy to castigate internet retailers or international coffee chains if they feel there is political capital in it.

I'm sure HSBC will have modelled all this in their calculations...

kabayiri

davomcdave wrote: »

...
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:
...

This is still missing a key point.

If you can't convince voters in the regions that this is an important consideration, then you don't really have much sway do you?

There really isn't a lot of love for merchant bankers out in the country, not since they nearly brought us to the brink of financial apocalypse less than a decade ago.

Anyway, let's try and remain positive. Won't this free up some much needed homes in London for others? (probably rich Chinese or Russians...but such is life)

wotsthat

kabayiri wrote: »

There really isn't a lot of love for merchant bankers out in the country, not since they nearly brought us to the brink of financial apocalypse less than a decade ago.

That's why I wonder if consumers would find it unacceptable if a bank decided to relocate (in part or in full). I think they'd probably tut and think that's typical and then continue being more loyal to their bank than their spouse.

davomcdave

wotsthat wrote: »

That's why I wonder if consumers would find it unacceptable if a bank decided to relocate (in part or in full). I think they'd probably tut and think that's typical and then continue being more loyal to their bank than their spouse.

People seem to be willing to continue to use Starbucks despite the terrible coffee and questionable use of tax laws. My guess is roughly 0 people will close their bank account with HSBC as a result of some traders moving to France.

It will mean a fairly sizeable chunk of taxes no longer being paid to the Exchequer though.

CLAPTON

wotsthat wrote: »

That's why I wonder if consumers would find it unacceptable if a bank decided to relocate (in part or in full). I think they'd probably tut and think that's typical and then continue being more loyal to their bank than their spouse.

probably because changing one's bank is a lot of hassle and no fun
whereas changing one's spouse is also a lot of hassle but a lot of fun

mayonnaise

davomcdave wrote: »

More Project Fear blather no doubt:

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



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



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

And... more good news for Global Britain.

Brexit: Goldman Sachs 'considers moving half its London workforce (3,000 jobs) to Europe and New York'

http://www.independent.co.uk/news/business/news/brexit-latest-news-goldman-sachs-move-half-london-jobs-3000-employees-new-york-europe-eu-frankfurt-a7534776.html