EU ordering European banks to bulk up their financial services in the EU at their offices in the EU. A pre-cursor to the next step of ordering plethora of London based brokers servicing their EU clients.
Has it dawned on Boris how fvcked financial services industry in London are unless he secures a deal with the EU?
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But bankers are evil, so this is good!
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sorry - can you imagine a [Crypto] and [/Crypto] either end of that?
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It's totally fine. Mairead McGuinness says there will be no cliff-edge.
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Doesn’t matter, the City isn’t dominated by highly paid, highly skilled jobs which is what we are going to have instead.
What’s that you say? Oh.
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I read this in a sort of positive way, in that they're having to order it because the flood of FS business out of London they expected just isn't materialising.
otoh it's completely within their power to order it and there's essentially nothing we can do about it.
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for every high-paid city job lost, we'll create an equally remunerated (once the hyper-inflation kicks in) job at the gruel factory!
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The big banks might be alright relocating people, but if you're not a big bank hiring for this is an absolute nightmare.
"You have to employ risk people in the EU" - okay please find some for me to employ because as far as I can tell they don't fvcking exist.
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Boris doesn't gaf.
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I don't think the FS industry in UK is fcuked, it has lost a huge advantage it had over some other centres but as per other thread HK isn't what is used to be and that leaves what? NY and ZH as serious other centres.
You might get a build up in Amsterdam and/or Dublin over time but I think London will just have a bit of a slow decline behind some of its competitors rather than a collapse there are some other advantages to the UK and HMG whatever the boris "fcuk business" headline is is never going to stop sucking off the banks etc
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Customers don’t like being told that they are going to get fewer services at worse prices because they cannot use world markets.
Most big, and indeed many not so big, corporates in the EU have worked out what structures they need so that they can still access the deep pools of capital, liquidity, risk and skills available in London.
All the fireworks are doing is increasing the cost of finance for corporates based in the EU.
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mmmmmmh gruel!
on nom nom
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Elfffi -as if extra costs had deterred brexiteers from seeking uplands.
Same applies to the EU.
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I can't believe the FT are still so salty about this
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Great. The bankers can retrain as HGV drivers.
Sunny uplands!
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Tbf HGV drivers probably made more than most "brokers" even before Brexit and covd
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depends AMI - some of the commodity brokers have been minting a healthy % on the net.
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Coffers, boris doesn't care and don't think there is anything we can do as EU want to fook us.
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Anyone would think Brexit wasn’t for bankers but for ordinary people. Funny to see Labour shilling for banks.
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I'm for the economy, stupid.
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Today’s lead in the FT made it too heavy to lift.
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Strutter will be foaming over this thread on Monday.
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Don’t the fishing industry will replace those jobs.
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Worry
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