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Post by baggins on Aug 23, 2018 12:48:29 GMT
Don't know what we're all worried about, come March 29th we'll be a Super Power again what with our exports (I can't name any but that's by the by), our Financial Centre (which actually might move away from the Capital but we can just ignore that), our new trade agreements (we've got loads of them right?), but hey, we've still got that bus with £350 mil written in the side of it.
Enjoy everyone.
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Post by Deleted on Aug 23, 2018 12:58:46 GMT
Don't know what we're all worried about, come March 29th we'll be a Super Power again what with our exports (I can't name any but that's by the by), our Financial Centre (which actually might move away from the Capital but we can just ignore that), our new trade agreements (we've got loads of them right?), but hey, we've still got that bus with £350 mil written in the side of it. Enjoy everyone. March 29th...the new Independence day ! London's Financial Center is not going anywhere. 75% of all trading on the Deutsche Börse (German Stock Exchange) comes from either the US or the UK. Do you really think the Germans want that to stop? It's not going to happen. The US, Singapore, Hong Kong etc etc are not in the EU, yet they are able to conduct financial transactions with EU countries. What will be different for the UK? |
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Post by Deleted on Aug 23, 2018 13:01:19 GMT
Don't know what we're all worried about, come March 29th we'll be a Super Power again what with our exports (I can't name any but that's by the by), our Financial Centre (which actually might move away from the Capital but we can just ignore that), our new trade agreements (we've got loads of them right?), but hey, we've still got that bus with £350 mil written in the side of it. Enjoy everyone. I did laugh at the Liam Fox speech. Vacuous hardly covers it. Today we had Dominic Raab outlining the first 25 advisory papers to be read in advance of a potential no deal. A huge amount of effort required for no discernable gain. Amazing. I have to admit I felt his tone resembled a script from Dads Army. |
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Post by Deleted on Aug 23, 2018 13:03:41 GMT
Don't know what we're all worried about, come March 29th we'll be a Super Power again what with our exports (I can't name any but that's by the by), our Financial Centre (which actually might move away from the Capital but we can just ignore that), our new trade agreements (we've got loads of them right?), but hey, we've still got that bus with £350 mil written in the side of it. Enjoy everyone. March 29th...the new Independence day ! London's Financial Center is not going anywhere. 75% of all trading on the Deutsche Börse (German Stock Exchange) comes from either the US or the UK. Do you really think the Germans want that to stop? It's not going to happen. The US, Singapore, Hong Kong etc etc are not in the EU, yet they are able to conduct financial transactions with EU countries. What will be different for the UK? London as a financial centre is much more than the Stock Exchange. One word, Passporting. |
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Post by baggins on Aug 23, 2018 13:06:18 GMT
Don't know what we're all worried about, come March 29th we'll be a Super Power again what with our exports (I can't name any but that's by the by), our Financial Centre (which actually might move away from the Capital but we can just ignore that), our new trade agreements (we've got loads of them right?), but hey, we've still got that bus with £350 mil written in the side of it. Enjoy everyone. March 29th...the new Independence day ! London's Financial Center is not going anywhere. 75% of all trading on the Deutsche Börse (German Stock Exchange) comes from either the US or the UK. Do you really think the Germans want that to stop? It's not going to happen. The US, Singapore, Hong Kong etc etc are not in the EU, yet they are able to conduct financial transactions with EU countries. What will be different for the UK? Would it make any difference to the EU if the Financial Trading moved away from London? |
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Post by Deleted on Aug 23, 2018 19:50:52 GMT
March 29th...the new Independence day ! London's Financial Center is not going anywhere. 75% of all trading on the Deutsche Börse (German Stock Exchange) comes from either the US or the UK. Do you really think the Germans want that to stop? It's not going to happen. The US, Singapore, Hong Kong etc etc are not in the EU, yet they are able to conduct financial transactions with EU countries. What will be different for the UK? London as a financial centre is much more than the Stock Exchange. One word, Passporting. So, tell me Oldie, how do Hong Kong, Singapore, China, the US etc etc manage to trade with the EU without these famous 'passporting rights' ? How does London, which is currently in the EU, manage to trade successfully with the rest of the world, ans just why would it be different if the UK were outside the EU? Do you really know what you are talking about, or are you just paraphrasing the Project Doom nonsense ? |
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Post by stuart1974 on Aug 23, 2018 22:40:44 GMT
London as a financial centre is much more than the Stock Exchange. One word, Passporting. So, tell me Oldie, how do Hong Kong, Singapore, China, the US etc etc manage to trade with the EU without these famous 'passporting rights' ? How does London, which is currently in the EU, manage to trade successfully with the rest of the world, ans just why would it be different if the UK were outside the EU? Do you really know what you are talking about, or are you just paraphrasing the Project Doom nonsense ? Are we really comparing like with like here? We can still trade but it won't be on the current terms and if we become the same as the others we lose many of the advantages we currently enjoy. The options are: Passporting where services are automatically assumed comparable and are freely sold. Only available to EEA members. Equivalence where we share the same rules and regulations. This is granted by the EU and can be revoked once we diverge. WTO (or GAT) rules. These come nowhere near the same level of benefits as passporting. Free Trade Agreement. Again, no real comparison currently available. Canada is probably the nearest but still not as good as what we currently have. The other option non-EU businesses have is to establish a subsidiary office. Currently this is London due to the access, international staff and infrastructure. Little reason to stay once the former is lost. |
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Post by Deleted on Aug 24, 2018 4:13:32 GMT
So, tell me Oldie, how do Hong Kong, Singapore, China, the US etc etc manage to trade with the EU without these famous 'passporting rights' ? How does London, which is currently in the EU, manage to trade successfully with the rest of the world, ans just why would it be different if the UK were outside the EU? Do you really know what you are talking about, or are you just paraphrasing the Project Doom nonsense ? Are we really comparing like with like here? We can still trade but it won't be on the current terms and if we become the same as the others we lose many of the advantages we currently enjoy. The options are: Passporting where services are automatically assumed comparable and are freely sold. Only available to EEA members. Equivalence where we share the same rules and regulations. This is granted by the EU and can be revoked once we diverge. WTO (or GAT) rules. These come nowhere near the same level of benefits as passporting. Free Trade Agreement. Again, no real comparison currently available. Canada is probably the nearest but still not as good as what we currently have. The other option non-EU businesses have is to establish a subsidiary office. Currently this is London due to the access, international staff and infrastructure. Little reason to stay once the former is lost. Thank you Stuart, saved me having to spell it out. |
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Post by Deleted on Aug 24, 2018 7:17:51 GMT
Don't worry about London. The financial stuff is going nowhere.
In fact, I'm willing to make a forecast. The EU are desperate to introduce a Transaction Tax on financial deals. It is seen as one of the best ways to raise funds for the EU to spend. Up to now, they have been stopped from doing this by the UK. After Brexit, I predict that within the EU there will be a Transaction Tax imposed, and I also forecast that the vast majority of financial dealings in Europe will 'move somewhere else' where there isn't a Transaction Tax. Financial Institutions are not stupid. Why trade in one place where you have to pay a tax on that trade, when you can do the exact thing somewhere else, and pay no tax (thereby keeping all the profit).
This was actually introduced in Sweden in the 1980's, and virtually overnight Sweden's Financial Market was destroyed.
"On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information prior to the announcement, which might explain the 535% price decline in the 30 days prior to the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in line with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax.
Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of futures trading fell by 98% and the options trading market disappeared. 60% of the trading volume of the eleven most actively traded Swedish share classes moved to the UK after the announcement in 1986 that the tax rate would double. 30% of all Swedish equity trading moved offshore. By 1990, more than 50% of all Swedish trading had moved to London. Foreign investors reacted to the tax by moving their trading offshore while domestic investors reacted by reducing the number of their equity trades."
Don't worry about London.
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Post by Deleted on Aug 24, 2018 10:29:24 GMT
Couldn't get a word based copy of this, but the link gives a copy of the advice that the Government issued to the City yesterday. The list of encumbrances are stark, and leaves no place for blind optimism t.co/7qTdRh5opsThe twitter handle is not relevant, just the copy of the text |
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Post by Deleted on Aug 24, 2018 10:51:00 GMT
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Post by Deleted on Aug 24, 2018 11:14:57 GMT
That article really is a load of nonsense. Why oh why do people keep peddling this absurd stuff about trade stopping between the UK and the EU? |
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Post by stuart1974 on Aug 24, 2018 11:43:14 GMT
That article really is a load of nonsense. Why oh why do people keep peddling this absurd stuff about trade stopping between the UK and the EU? It's not 'no trade' though, it's the loss of frictionless trade where goods are wrapped up in further red tape and face inspections which affects time to market. For what it's worth, I think the news yesterday is still political posturing though not aimed at scaring Leave voters but Conservative MPs on both sides trying to back May's compromise. |
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Post by stuart1974 on Aug 24, 2018 11:56:51 GMT
Don't worry about London. The financial stuff is going nowhere. In fact, I'm willing to make a forecast. The EU are desperate to introduce a Transaction Tax on financial deals. It is seen as one of the best ways to raise funds for the EU to spend. Up to now, they have been stopped from doing this by the UK. After Brexit, I predict that within the EU there will be a Transaction Tax imposed, and I also forecast that the vast majority of financial dealings in Europe will 'move somewhere else' where there isn't a Transaction Tax. Financial Institutions are not stupid. Why trade in one place where you have to pay a tax on that trade, when you can do the exact thing somewhere else, and pay no tax (thereby keeping all the profit). This was actually introduced in Sweden in the 1980's, and virtually overnight Sweden's Financial Market was destroyed. "On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information prior to the announcement, which might explain the 535% price decline in the 30 days prior to the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in line with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax. Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of futures trading fell by 98% and the options trading market disappeared. 60% of the trading volume of the eleven most actively traded Swedish share classes moved to the UK after the announcement in 1986 that the tax rate would double. 30% of all Swedish equity trading moved offshore. By 1990, more than 50% of all Swedish trading had moved to London. Foreign investors reacted to the tax by moving their trading offshore while domestic investors reacted by reducing the number of their equity trades." Don't worry about London. Partly agree, although the UK vetoing the Transaction Tax was useful for others who could then hide behind it. I doubt it will come in, at least for some time as others will have to be the one "blamed" for not bringing it in. It won't work unless it is adopted worldwide and people in Frankfurt and Paris know this. Out of interest, how is this playing in Germany? Is Merkel still under pressure from German industry to cut us a deal? |
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Post by Deleted on Aug 24, 2018 12:07:43 GMT
Don't worry about London. The financial stuff is going nowhere. In fact, I'm willing to make a forecast. The EU are desperate to introduce a Transaction Tax on financial deals. It is seen as one of the best ways to raise funds for the EU to spend. Up to now, they have been stopped from doing this by the UK. After Brexit, I predict that within the EU there will be a Transaction Tax imposed, and I also forecast that the vast majority of financial dealings in Europe will 'move somewhere else' where there isn't a Transaction Tax. Financial Institutions are not stupid. Why trade in one place where you have to pay a tax on that trade, when you can do the exact thing somewhere else, and pay no tax (thereby keeping all the profit). This was actually introduced in Sweden in the 1980's, and virtually overnight Sweden's Financial Market was destroyed. "On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information prior to the announcement, which might explain the 535% price decline in the 30 days prior to the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in line with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax. Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of futures trading fell by 98% and the options trading market disappeared. 60% of the trading volume of the eleven most actively traded Swedish share classes moved to the UK after the announcement in 1986 that the tax rate would double. 30% of all Swedish equity trading moved offshore. By 1990, more than 50% of all Swedish trading had moved to London. Foreign investors reacted to the tax by moving their trading offshore while domestic investors reacted by reducing the number of their equity trades." Don't worry about London. Partly agree, although the UK vetoing the Transaction Tax was useful for others who could then hide behind it. I doubt it will come in, at least for some time as others will have to be the one "blamed" for not bringing it in. It won't work unless it is adopted worldwide and people in Frankfurt and Paris know this. Out of interest, how is this playing in Germany? Is Merkel still under pressure from German industry to cut us a deal? There is very little Brexit talk over here. It hardly gets a mention in the media, but that's the way the media work in Germany. |
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Post by Deleted on Aug 24, 2018 12:11:10 GMT
That article really is a load of nonsense. Why oh why do people keep peddling this absurd stuff about trade stopping between the UK and the EU? It's not 'no trade' though, it's the loss of frictionless trade where goods are wrapped up in further red tape and face inspections which affects time to market. For what it's worth, I think the news yesterday is still political posturing though not aimed at scaring Leave voters but Conservative MPs on both sides trying to back May's compromise. Precisely. The reference to a nine month timeline to for registration of organic foodstuffs being a point in example. I agree with you Stuart. I do wonder if this to no small degree part of the internal wrangling going on amongst Tories Nero, fiddles and burning come to mind. |
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