HSBC Boss commits to Britain and....

The boss of HSBC has committed to stay in Britain and the chairman of Barclays says London WILL remain Europes financial centre despite Brexit! The doom and gloomers won't enjoy this...

http://www.ft.com/cms/s/0/512fa242-3...#axzz4D5ycCZIV

Actually, I think most Remain voters will think this is great news.

Strange as it may seem to you, Remain voters want what they thought was best for the UK - it may differ from the Leavers view of what is best for Britain, but I don't think many people, from either side of the debate, want the British people or economy to suffer, whoever won.

Your continuous negative portrayal of those who disagree with you often overshadow any valid points you may have, imho.

HSBC is a massive company so this is welcome. It was a big enough concern when they were looking towards Hong Kong some months ago, most of their money is Asia based these days. It's always disturbing how flippant some people are when it comes to the idea of losing the banking sector, it would have a big hit on tax receipts.

[djfunkdup]

Onwards and Upwards

[Gavin78]

I wouldn't surprise me if there wasn't some back door intervention going on?

Originally Posted by Hugh

Actually, I think most Remain voters will think this is great news.

Strange as it may seem to you, Remain voters want what they thought was best for the UK - it may differ from the Leavers view of what is best for Britain, but I don't think many people, from either side of the debate, want the British people or economy to suffer, whoever won.

Your continuous negative portrayal of those who disagree with you often overshadow any valid points you may have, imho.

Exactly, and the negativity is starting to get very irritating.
It doesnt matter who "won", everyone needs to get on with life now.

Originally Posted by Paul M

Exactly, and the negativity is starting to get very irritating.
It doesnt matter who "won", everyone needs to get on with life now.

It's onto the next war now though. What type of Brexit will it be? What will take it's place? Is there a way to get back in? Etc etc.

Remain voters for example would likely push for as close a relationship as possible with Europe.

[denphone]

Originally Posted by Hugh

Actually, I think most Remain voters will think this is great news.

Strange as it may seem to you, Remain voters want what they thought was best for the UK - it may differ from the Leavers view of what is best for Britain, but I don't think many people, from either side of the debate, want the British people or economy to suffer, whoever won.

Your continuous negative portrayal of those who disagree with you often overshadow any valid points you may have, imho.

Nicely put.

A close trade relation is as close as I'd prefer with Europe for a while not that close we start getting sucked back into the EU, until we are fully out a full picture of our future trade is going to be difficult. Sadly under EU rules even if we trigger article 50 we cannot negotiate trade deals officially until two years have passed though I'm sure unofficial talks would start straight away and would officially apply at the end of the two years. It's one of the reasons I want article 50 implemented sooner rather then later we must be able to establish trade as soon as possible and having EU rules dictating that you must be fully out before you can negotiate is too restrictive.

[Pierre]

This makes perfect sense.

London will continue to be a major global financial centre regardless.

We weren't in the Euro anyway so we've always been one step removed. The infrastructure is here and all the major players are here.

To think they would all up sticks and move to Paris or Frankfurt was not a realistic proposition.

But we dealt with Euro trades due to passporting - trillions of Euros trading are at risk now...

http://uk.reuters.com/article/us-bri...-idUKKCN0WY5DB

If Britons vote to leave the EU, London's financial center faces losing one of its top money spinners - the trade in trillions of euros in derivatives - and the European Central Bank will be pushing hard for the business to move onto its patch...


...The trading of euro-based securities spans trillions of euros of derivatives deals as well as the 'repo' market providing short-term funding for banks - 2 trillion euros (1.60 trillion pounds) of which experts say is based in London. On top of this, there is foreign exchange trading in the currency itself.

[Kursk]

I should imagine Notherners and the Valleys are wetting themselves with worry about derivatives. I know you'll say that what happens in the City affects everyone but this stuff is so far removed from the lives of joe public that they evidently couldn't see the need to sacrifice their principles for it.

Que sera, sera.

Until the tax revenue, which helps support the North, falls.

Just because they don't know about / understand it, doesn't lessen the impact...

[Ignitionnet]

Originally Posted by Kursk

I should imagine Notherners and the Valleys are wetting themselves with worry about derivatives. I know you'll say that what happens in the City affects everyone but this stuff is so far removed from the lives of joe public that they evidently couldn't see the need to sacrifice their principles for it.

Que sera, sera.

Depending on which Northerners you speak to that couldn't be further from the truth. Some of the cities, the economic centres, voted to remain.

The division is put into contrast in my area. I live on an affluent estate with household income 3 times that of the rest of our local authority ward which is largely social housing, post-industrial. This estate seems to have overwhelmingly voted to remain while the majority of the rest of the ward seems to have voted to leave.

I'm going to be very interested in seeing if we see an uptick in emigration.

This is a very difficult and divisive situation and if it hits the fan a lot of people may be asking themselves why they should see their tax bills go up while public services are cut further to pay for something that wasn't just avoidable but actively chosen.

Going to be a tumultuous rest of the decade.

---------- Post added at 11:30 ---------- Previous post was at 11:27 ----------

Originally Posted by Hugh

Until the tax revenue, which helps support the North, falls.

Just because they don't know about / understand it, doesn't lessen the impact...

Another thing that interests me is whether people will react with stoicism to this, accepting it as the price for the vote, or will be angry and upset.

Usually recessions come about through the actions of a few, be they in political power or business, this is a rare occasion where the many will probably cause one.

[Kursk]

Remain made the money argument. It failed to convince a principled majority.