Mate, the banks are already taking action. Your rebuttal of that is like the person who closes their eyes in the hope that nobody will see them.
Off Topic EU deabte. Which way are you voting ?
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Mate, the banks are already taking action. Your rebuttal of that is like the person who closes their eyes in the hope that nobody will see them.
That's not free and full access then is it ? We will have to pay into the EU (as we did before) and accept movement of EU citizens into the UK (as we did before)
It's not as we did before though, there's a different dynamic to the arrangements. That will probably leave us with an easier transition when the EU collapses.
Mate, the EU works by member states contributing to it. If a non member state wants access to the single market then they have to pay and accept terms to access it. The EU needs reform, but it simply isn't going to just give the UK free and full access to the market without terms and conditions attached.
But you will have to leave
I'll afford you enough respect to assume that was meant as a joke. So I'll just point out that it was not ****ing funny, not at all.
It is free access to the common market, "free" used in the sense that there won't be barriers in place to stop us having the same access everyone else does. Not in the sense that it won't have some kind of financial package attached (which will be far lower than our current membership fee). And yes, I've said for ages that we will likely end up compromising on free movement of labour to have access to the common market and that anyone voting for Brexit based on immigration would end up rather dissapointed.
The banks don't need to be in the UK. If they think that there is going to be a period of uncertainty that will impact their business then they will just say **** it and move to somewhere else less uncertain. If it's Dublin it will also be cheaper than London.
I'm not claiming they will. It's a different dynamic, even if the ultimate deal is the same.
I don't think you've really grasped what is happening. The US banks cannot 'passport' their operations from the UK into the EU, so they will have to relocate to EU cities. The same as UK banks that trade in EU securities.
They've threatened the same for years, so blaming it all on Brexit is bollocks, particularly as **** all has happened yet.
I wasn't aware that rule kicked in yet. Did it happen the minute the result was announced?
As Piskie has been trying to explain to you, the passporting issue is happening.
You claimed that the EU would cease to exist if they didn't change. Well they will reform on the back of Brexit, but the point for us is that we've just given up our seat at the table to influence that change. We will now be subject to the conditions that they place upon us if we want access to the market.
The rule won't kick in until Article 50 is invoked, but knowing it is coming, the banks are taking action now to move some of their operations out of the UK.
But we will be able to do our own deals now outside of the common market which won't be subject to the same regulations and conditions.
So then what do you think the benefit is, if we have to pay into the EU and accept conditions on free movement, if we want access to the single market ?
Can you let the other fella know, he seems to think it's already happening.
The banks are edging their bets, but they were here for a reason, and those reasons may become even stronger with any deal.
My initial comment was more about the stock market, but this banking bit still makes a similar point.
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