If we vote for Brexit what happens

Matt_L

Jacob Rees-Mogg as always gave a fantastic speech....

davomcdave

Lloyd Blankfein [Goldman Sachs' CEO] states that Brexit has slowed the pace of Goldman’s expansion in the UK:

https://www.bloomberg.com/politics/articles/2017-01-31/what-the-world-s-biggest-banks-say-about-fleeing-brexit-britain

The Wall Street firm is considering making Frankfurt its main hub inside the EU and could move as many as 1,000 employees, including traders and senior managers, according to a person familiar with the matter. Chief Executive Officer Lloyd Blankfein has publicly said the bank has shelved plans to move more key operations to the U.K.


“We were on track to move more and more of our global activities, so global ops, global tech -- all those things made more and more sense to operate out of the U.K.,” because of the time zone, Blankfein said in a Bloomberg interview in Davos, Switzerland, in January. “Now, we’re slowing down that decision, and only moving there what we have to move there. We don’t value doing things twice; moving them there and then moving them away from there.”

A_Medium_Size_Jock

davomcdave wrote: »

Lloyd Blankfein [Goldman Sachs' CEO] states that Brexit has slowed the pace of Goldman’s expansion in the UK:

Uh-huh.
Is this the same Goldman Sachs that donated a six-figure sum to back the pro-EU campaign in the referendum?
http://www.bbc.co.uk/news/uk-politics-35366994


In other news I see that The National Institute of Economic and Social Research is today upgrading it's forecast for the UK economy this year.
Not that they have shown much of a propensity for accuracy in their forecasts recently; in August last year they predicted growth for 2016 of 1% - and the actual figure was double that.

Britain's economy now looks set to slow only slightly in 2017 after its resilient response to last year's Brexit vote, but growth is still likely to be a lot weaker than if the country had decided to stay in the European Union, a think tank said.

http://uk.reuters.com/article/uk-britain-boe-niesr-idUKKBN15G2Y4?il=0

Slower than if the UK had decided to stay in the EU?
Righty-ho.
But still the fastest-growing of the G7 economies.

wotsthat

CLAPTON wrote: »

so basically are simply lying now but previously were as pure as the driven snow.
of course.

There's no basically about it.

I don't know if they are/ were lying or truth telling.

I just understand what lobbyists do.

setmefree2

Great interview here on Globalisation...

Immelt on Globalization, Trump's Policies and GE's Future

https://www.bloomberg.com/news/videos/2017-02-01/immelt-on-globalization-trump-s-policies-and-ge-s-future

setmefree2

davomcdave wrote: »

Lloyd Blankfein [Goldman Sachs' CEO] states that Brexit has slowed the pace of Goldman’s expansion in the UK

The Good News just keeps on coming......:beer::beer:

setmefree2

London midday: Stocks rise after upbeat manufacturing PMIs

London stocks gained on Wednesday after positive manufacturing reports and ahead of the Federal Reserve’s interest rate decision.
At midday, the FTSE 100 rose 0.50% to 7,134.43 points.
The pound strengthened, rising 0.44% against the dollar to $1.2634 and 0.43% versus the euro to €1.1699

Markit’s UK manufacturing purchasing managers’ index for January fell to 55.9 from December's two-and-a-half-year high of 56.1, exactly in line with forecasts. A reading above 50 signals expansion in sector activity.

http://www.digitallook.com/news/market-report-midday/london-midday-stocks-rise-after-upbeat-manufacturing-pmis--2503660.html

setmefree2

UK plans to adopt EU's trade agreements with third countries after Brexit: minister

Britain expects to be able to adopt the European Union's free trade agreements (FTA) with around 40 countries after it leaves the bloc rather than negotiate new deals, trade minister Liam Fox said on Wednesday.

Fox said the agreements were not all of equal value and Britain would prioritize the EU-Korea and EU-Switzerland deals as they accounted for about 80 percent of the trade by value.
"We see it as simply being transitions," he told a committee of lawmakers.

"We have made it very clear to countries that we would like to see a transition of their agreements to a UK agreement when we leave the EU. So far we have not yet had a country that didn’t want to do that. That is a lot easier as a process than negotiating a new FTA."

http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN15G46E

setmefree2

It came as Mr Trump’s trade chief put the US on a collision course with Germany after he accused Berlin of using a “grossly undervalued” euro to “exploit” the US and the rest of the EU.
Peter Navarro, who heads the US president’s new National Trade Council, described the single currency as an “implicit Deutsche Mark” that gave Germany a competitive advantage over its trade partners.

The economics professor also said Germany was the main obstacle to a trade deal between the US and European bloc as he dismissed a revival of Transatlantic Trade and Investment Partnership (TTIP) talks.
“A big obstacle to viewing TTIP as a bilateral deal is Germany, which continues to exploit other countries in the EU as well as the US with an 'implicit Deutsche Mark’ that is grossly undervalued,” Mr Navarro said.
“The German structural imbalance in trade with the rest of the EU and the US underscores the economic heterogeneity within the EU — ergo, this is a multilateral deal in bilateral dress.”
Mr Trump has highlighted a preference for “one-on-one” trade deals. He pulled the US out of the Trans-Pacific Partnership (TPP) with 11 Pacific Rim nations on his first full day in office.

http://www.telegraph.co.uk/business/2017/01/31/donald-trumps-trade-chief-peter-navarro-accuses-germany-abusing/

setmefree2

The Risk to Germany’s Economy
Germany is, perhaps, the biggest de facto currency manipulator in the G-8. It has the second highest trade surplus as a percentage of GDP (after Holland) of any leading exporting country, including China and was added to a “watch list” of currency manipulators by the Treasury last year.
While manipulator countries usually sell their own currency for that of other nations to lower the value of the home country currency, Germany’s manipulation is more subtle.
Germany props up the weaker EU economies of Southern Europe with a policy that bankers call “extend and pretend:” lending good money after bad, with the expectation the loans are unlikely to be repaid or, at best, that their terms will be extended far into the future. That keeps the weaker economies in the Eurozone and reduces the value of the euro relative to other currencies, the same objective of traditional manipulators.

If Merkel helps the rightists, nationalists and populists come to power in Europe, as discussed above, she puts the euro at risk. If Eurozone governments return to their own sovereign currencies, Germany’s export economy will suffer substantially because its exports would be more expensive. Even Germany’s “extend and pretend” loan portfolio to poorer EU countries will require a substantial write-down that could throw Germany into a deep recession.

The chancellor would be wise, then, to tread carefully in trying to impose free movement as a condition for the UK’s access to its market. It is a decidedly unpopular policy with a large segment of European voters.
Merkel’s migration policy was even contested Sunday by Wolfgang Schäuble, her powerful finance minister. Notably, Schäuble reacted strenuously to Theresa May’s threat to make Britain a tax haven in her speech of January 17th. But his support for EU freedom of movement has been much more muted.
Schäuble, an erudite, conservative, politician who has sometimes been more popular than Merkel, has likely already surmised the political risks of continuing the free movement issue and has set other priorities for Germany in the Brexit negotiations.
Chancellor Merkel would be wise to follow his lead.

https://origin-nyi.thehill.com/blogs/pundits-blog/international/317116-angela-merkel-puts-her-foot-down-on-brexit-at-germanys-risk