Banks poised to relocate out of UK over Brexit

nkomp18

German media is reporting booming of Frankfurt's office space market, with UK banks reserving office space. This, of course, has not been reported at UK media although I do think it is inevitable that at some point the UK media needs to report it too.

http://www.bbc.co.uk/news/business-37743700

The_Last_Username

Uh-huh.
"Project fear" hasn't worked so far.

No emergency budget; no collapse of civilisation ............ in fact the economic outlook for the UK at this point in time is determinedly positive.
http://www.telegraph.co.uk/business/2016/10/22/uk-economy-to-grow-even-faster-this-year-than-was-forecast-befor/
Actual hard data since the referendum vote is also mostly determinedly positive in nature.

Do you think therefore that - just maybe -some might not like this positivity?
That perhaps John Redwood is correct when he says that the BBC are "distorting" stories and "booing Brexit", as this certainly appears to be the case?

There is also the possibility that Germans are attempting distraction from their own troubles at home, as voiced by Daniel Johnson in The Times today.

Plus there is Patrick Minford saying "City bosses appear to be on a relentless and misguided campaign to try and pressure Government into staying in the Single Market, in spite of there not being a true Single Market in financial services. “That seems astonishing to us when our projections show how much better off over the long-term the industry will be out of the EU and outside the Single Market, as the UK exploits its natural strengths in the service sector."
(That from The Sun today, 23rd Oct.)


Now I'm not saying it won't happen.
But personally I just really wish the clairvoyant carp would stop so that we can use facts to base our judgement upon, rather than "if's" and "maybe's".
Is that really too much to ask after the farce that the referendum descended into?

Thrugelmir

Where's the influence coming from? US banks perhaps, i.e. lobbying by the establishment. Just like the CBI appears to be the voice of large International Corporations over the voice of UK companies.

nkomp18

The "EU passport" is a real thing and banks have warned hundreds of times of what it is and why they need it: http://www.bbc.co.uk/news/business-36630606
None of this should come as a surprise. Banks need to do whatever they need to do in order to continue doing business and survive.

I am sure a lot of people would rather they didn't know that the predictions of Brexit are now happening but burying the head under the sand is a dangerous tactic.

Thrugelmir

nkomp18 wrote: »

I am sure a lot of people would rather they didn't know that the predictions of Brexit are now happening but burying the head under the sand is a dangerous tactic.

There's far more than Brexit going on. Banks are undergoing fundamental change. As intra bank trading declines in particular. Boom years are well and truly over. Banks are returning to the days of being utilities rather than a growth industry.

Yamumuk

Got an "answer" for everything Brexiters. Except it's a blame game, I wonder whose fault Brexit turning into a disaster will be, remainers, non white people, poor people, unemployed people, the disabled, ill people ? A personality trait that is incapable of looking inwards. Everyone's fault but their own. The only consolation being they will never be happy.

Rolandtheroadie

nkomp18 wrote: »

German media is reporting booming of Frankfurt's office space market, with UK banks reserving office space. This, of course, has not been reported at UK media although I do think it is inevitable that at some point the UK media needs to report it too.

http://www.bbc.co.uk/news/business-37743700

http://www.huffingtonpost.co.uk/entry/brexit-fears-prompt-britains-biggest-banks-to-prepare-to-leave-uk_uk_580c628de4b0fce107d0e564

http://www.independent.co.uk/news/uk/politics/brexit-banks-planning-to-leave-uk-early-next-year-anthony-browne-british-bankers-association-a7376141.html

https://www.theguardian.com/politics/2016/oct/22/leading-banks-set-to-pull-out-of-brexit-uk

http://news.sky.com/story/top-banks-planning-to-move-abroad-over-brexit-fears-banking-boss-10629202

Thrugelmir

Yamumuk wrote: »

Got an "answer" for everything Brexiters. Except it's a blame game, I wonder whose fault Brexit turning into a disaster will be, remainers, non white people, poor people, unemployed people, the disabled, ill people ? A personality trait that is incapable of looking inwards. Everyone's fault but their own. The only consolation being they will never be happy.

Follow the business as well as the political news. Business doesn't stand still. Constantly changing in fact.

No idea what you are rambling on about. Plenty of unemployed and poor in Europe. Has been for decades. Brexit won't help them. Though might focus the EU to address the issues properly. Before it's too late and the whole project disintegrates.

norm_

More idle scaremongering by banks only interested in themselves. Made the same empty threats in the Scottish referendum.

https://www.theguardian.com/uk-news/2014/sep/10/scottish-independence-create-mortgage-drought

Thrugelmir

norm_ wrote: »

More idle scaremongering by banks only interested in themselves. Made the same empty threats in the Scottish referendum.

RBS is restructuring to comply with the new regulations. As a consequence retail (Natwest) and markets (Investment banking) will be entirely English based. All that's left in Scotland is the old regional RBS business. In essence not a lot.

A_Medium_Size_Jock

Prof. Patrick Minford (as qouted by TLU above) also said in the report today:

London is the financial capital of the world and free from the shackles of this regime it will undoubtedly thrive, growing by £20 billion pounds over the next 10 years.

And perhaps of more importance:

The Civitas report estimated new tariff barriers on UK-EU trade would come to £5.2billion on British exports to the EU but £12.9billion for goods coming the other way.

http://www.express.co.uk/news/uk/724342/Clean-Brexit-boost-predicted-financial-sector-Britain-leaves-single-market