Brexit & the City of London

Brexit & the City of London

Didn't find your answer?

I live oop North.  There was a very sharp division between Central London (which voted heavily for Remain) and most of the rest of England & Wales (which voted Leave).

There is a possibility that Brexit will seriously damage the City of London, the international banks & financial institutions.

I think the rest of the UK will be secretly pleased to see them suffer.  It's payback time for the pain inflicted upon the UK by the bank induced recession & austerity since the 2008 crash & bank bail out.

That may be cutting off our nose to spite our face, but does it feel good - you bet!

RM

Replies (41)

Please login or register to join the discussion.

avatar
By Matrix
25th Jun 2016 08:33

Well I don't know how pleased you will be when the economy plunges since the taxes and spending earned from the City of London cease due to the financiers moving elsewhere. You are naïve to think that you are not benefitting from the financial markets located in London just because you are not in London.

Thanks (5)
Replying to Matrix:
RLI
By lionofludesch
25th Jun 2016 10:30

It's clear that it benefits the London economy more than the economies of the other regions. Someone's taking more than their fair share.

Just have a glance at the economic indicators if you doubt this.

Thanks (1)
Out of my mind
By runningmate
25th Jun 2016 09:22

Taxi for J P Morgan please!
RM

Thanks (0)
avatar
By Visitor
25th Jun 2016 10:34

Matrix your predictions of doom and gloom are based on no facts at all. Britain does not need London, indeed London, like Scotland, is a drain on the rest of Britain sucking investment from the rest of the UK.

It produces nothing of actual value. As regards financial services, in these days of electronic communications quite frankly it would make no difference if the financial markets were based in a tent in the Sahara.

Britain has voted for it's freedom, freedom from the EU cult, and freedom from self serving thieving bankers and politicians.

Thanks (0)
Out of my mind
By runningmate
25th Jun 2016 11:36

I do expect there will be a period of a few days during which Remainers will feel disappointed, frustrated - even bereaved - following the Brexit vote.
Hopefully they will have got over that by the middle of next week & politics will fade into the background again.
RM

Thanks (0)
By Marion Hayes
25th Jun 2016 14:28

Freedom - that is the concept we voted for - not against other matters.
We are now seeing politicians trying to benefit from the result for their ulterior motives, Bankers and Employers throwing their toys out of the pram because we didn't do what they told us to, and other countries trying to bully us into premature actions but to all of them I would just say - tough. We will not be pushed or bullied into taking actions/decisions before we are ready. I don't think anyone expected a Leave majority as they all thought that apathy would prevail as often is the case.
EU wants us to go now? Well it's not your choice, it's ours, and to start the clock before we have a team in place would be suicidal. I am sad David Cameron has chosen to stand aside as he would have been best placed to lead the team and had previously said he would stay regardless.
America says don't forget we told you we wouldn't talk to you - so what's the difference to now? You never made an agreement with Europe anyway
Bankers say they will move jobs - I bet the employees concerned will already be part of the internationally mobile sector anyway.
And as for Nicola - Scotland voted to remain part of the UK in full knowledge that this referendum was also going to happen. This is not a game changer and I hope parliament sends a very firm message that this is not the time for a second referendum. We now all have to work together to decide what we want our country to do/be and make it happen.
There was a small clip on the BBC this morning with the ex CBI head - he said we are not part of Europe but part of the World and I couldn't agree more

Thanks (5)
Replying to Marion Hayes:
RLI
By lionofludesch
25th Jun 2016 14:43

Marion Hayes wrote:
I am sad David Cameron has chosen to stand aside as he would have been best placed to lead the team and had previously said he would stay regardless.

This is the Dave Cameron who thinks tax avoidance is just for Prime Ministers and their parents, is it ?

He lied about staying on - why are you surprised ?

Thanks (1)
Replying to Marion Hayes:
By petersaxton
26th Jun 2016 07:44

Marion would get my vote any day.

Thanks (0)
David Winch
By David Winch
25th Jun 2016 15:30

Mr Cameron gave a passionate speech about how we are not quitters - a few days before announcing his resignation.
It is hardly surprising that the public do not trust a word they hear from politicians!

Thanks (4)
By Marion Hayes
25th Jun 2016 15:32

@lion
I didn't say I was surprised, but looking at all the possibilities I still feel that knowledge of past negotiations/ EU politicians thoughts would have meant he was best placed to oversee the extraction.

Thanks (2)
David Winch
By David Winch
25th Jun 2016 17:57

I have read an analysis which tries to make sense of the UK wide pattern of voting. It suggests that what motivated voters throughout the UK may have been their acceptance / rejection not of the EU or Brussels - but of London.

Scottish & Northern Irish voters went for Remain because they reject London (and prefer their own devolved governments & Brussels). English & Welsh voters (outside London & a few other cities) voted Leave because they reject London (and rejected London foisting EU membership upon them).

London, Oxford, Cambridge & a few other city centres were pro-London.

An interesting analysis!
David

Thanks (0)
paddle steamer
By DJKL
25th Jun 2016 20:30

Marion

"And as for Nicola - Scotland voted to remain part of the UK in full knowledge that this referendum was also going to happen. This is not a game changer and I hope parliament sends a very firm message that this is not the time for a second referendum. We now all have to work together to decide what we want our country to do/be and make it happen."

Are you sure re your timeline? Our Independence Referendum was in September 2014 well before the issue of the Conservative manifesto for the 2015 General Election.

Frankly I expect Scotland will wait until we see what sort of relationship is formed with the EU post leaving and things will go from there, however they better deliver the straightforward trade deal promised, and disentagle the legals quickly, because if the deal brokered falls significantly short of expectations I would expect all bets will be of re Scotland.

I was strongly anti independence in 2014 but I am reserving judgement on how I will vote if given another chance until I see the flavour of the divorce settlement, I suspect a fair few will be similar.

Leave promised the earth now they can deliver.

Thanks (0)
By Marion Hayes
25th Jun 2016 20:59

Hi DJKL
My memory was that a referendum was promised pre coalition too - not necessarily in the manifesto - but I remember being disappointed when it was one of the casualties of creating the coalition.

Thanks (1)
Replying to Marion Hayes:
paddle steamer
By DJKL
25th Jun 2016 23:32

Could be, these days I am not sure what I ate for breakfast or even if I ate breakfast.

Thanks (0)
avatar
By In a Daze
26th Jun 2016 00:35

I think we will be able to come to an agreement with Europe over trade.

The main reason i voted out was so we are free to make our own laws instead of taking orders from Brussels.

I am sad that David Cameron has resigned i believe he has been a good PM lets face it look at the mess the last lot left us in. And without Cameron we would never of got the vote.

Thanks (0)
RLI
By lionofludesch
26th Jun 2016 09:51

Despite having a natural edge in that there is a tendency to vote for the status quo, being backed by 80% of MPs including the PM and most of the Cabinet and having two buffoons as their leading opponents, Remain were still unable to win more than 50% of the vote.

It speaks volumes about the low quality of leadership we have these days.

They should have romped away with it.

Thanks (1)
By ShirleyM
26th Jun 2016 10:31

Please watch this very short video. This American understands the UK people better than most of our UK politicians.
http://therightscoop.com/david-cameron-made-a-huge-mistake-john-bolton-e...

Thanks (2)
Out of my mind
By runningmate
27th Jun 2016 09:37

All the focus this morning in the UK media is on Westminster politicians.
It is noticeable that Westminster politicians on both sides of the referendum lied to us. Dave is a quitter. George's punishment budget will not happen. Boris will not be sending £350m to the NHS. The shadow cabinet are not right behind Jeremy.
But there is no discussion in the UK media of the problems faced by rEU - not only from Brexit but from immigration from the middle East & economic collapse in the eurozone.
RM

Thanks (2)
Replying to runningmate:
By ShirleyM
27th Jun 2016 10:24

No, the propaganda machine is still in full swing. I am curious as to how long the EU elite and our government can withhold the bad news from the Eurozone, Brussels and the civil unrest in rEU.

Thanks (0)
Replying to runningmate:
RLI
By lionofludesch
27th Jun 2016 10:46

runningmate wrote:

All the focus this morning in the UK media is on Westminster politicians.
It is noticeable that Westminster politicians on both sides of the referendum lied to us. Dave is a quitter. George's punishment budget will not happen. Boris will not be sending £350m to the NHS. The shadow cabinet are not right behind Jeremy.

Gosh! Who'd've thought it ?

And they wonder why they're not trusted.

Thanks (1)
avatar
By Mr Hobbit
27th Jun 2016 12:06

@Runningmate - next you will be calling for a blue passport. Revenge serves nobody well. This is a complete shambles! There isn't a single politician stepping up with a plan. They are simply quitting, backtracking or hiding in their country bolt hole.. Very uncertain times ahead.

Thanks (0)
Replying to Mr Hobbit:
RLI
By lionofludesch
27th Jun 2016 12:11

Mr Hobbit wrote:

@Runningmate - next you will be calling for a blue passport.

I suspect that the maroon ones will be on their way out.

Thanks (0)
By itp3asso
27th Jun 2016 13:33

You are indeed more accurately gouging out your own heart to indulge in a little Schadenfreude before the central netvous system gives out.

Given we appear to be financed to the tune of sone 40 percent of gdp by the City I suggest your sentiments are self destroying.

I am Speaking as a Leaver NB

Thanks (0)
By Marion Hayes
27th Jun 2016 14:58

@Peter - just seen your post. Thanks but I doubt I would be any good as a politician - I can't lie to save my life and am far too direct/blunt for the job description.
Am quite entranced at the moment at the number of issues apparently due to Brexit.
plus - translation please - rEU?

Thanks (0)
Replying to Marion Hayes:
Out of my mind
By runningmate
27th Jun 2016 15:11

Marion Hayes wrote:

plus - translation please - rEU?


rEU = rest of EU, 27 member states excluding UK.
RM
Thanks (1)
By Marion Hayes
27th Jun 2016 17:12

Thanks RM. Like everything else now it seems obvious.
Am I seeing illusions or does it seem to anyone else that there are only adverse reactions where they are talking about leaving UK? Banks who are already talking about moving jobs away, Scottish banks, EU banks and financial institutions. Air companies who were talking about moving business away pre referendum?
I get the distinct feeling that the lack of faith is in everyone else not the capability of UK to move forward

Thanks (0)
avatar
By Banzai
28th Jun 2016 11:41

I am struggling to comprehend the blase attitude to this utterly disastrous decision.

The "leavers" still have no policies or plans at all let alone a coherent tax strategy. You may not like "the City" but you are all going to enjoy the incoming hard right government even less I suspect.

Thanks (0)
Replying to Banzai:
RLI
By lionofludesch
28th Jun 2016 11:49

I'm not seeing a lot of folk moving out of the UK while they can.

It's obviously still their best option.

Thanks (0)
Replying to lionofludesch:
paddle steamer
By DJKL
28th Jun 2016 15:17

Well, if my children were 2-3 years older, if I were certain we could receive continued state healthcare provision (My wife will never get long term private health cover) and if we did not still have an elderly relative in Edinburgh, I think we might well have the house on the market , I would have given 12 months notice to my employer, and we would be heading away to our house in Sweden sometime next year.

Early retirement is more appealing by the day, whilst certain parts of the Leave case resonated (now very glad I did not succumb) their lack of forward planning is just breathtaking in its stupidity.

Thanks (0)
Replying to Banzai:
paddle steamer
By DJKL
28th Jun 2016 12:30

Banzai wrote:

I am struggling to comprehend the blase attitude to this utterly disastrous decision.

The "leavers" still have no policies or plans at all let alone a coherent tax strategy. You may not like "the City" but you are all going to enjoy the incoming hard right government even less I suspect.

Well, to be frank I am most disappointed with Nigel. he is the one person from Leave that I was sure could organise a [***] up in a brewery, seems he can't.

What I cannot get my head around is the chaos.

There is not a business on earth which would decapitate its leadership, have no clear vision re direction (the future board are still working out what they want) and yet have such a strong belief that their suppliers/customers will agree with their terms whatever they may eventually be.

Sorry, I have seen better teams on The Apprentice, this is shocking.

Honest answers, how many of you would tolerate this re your own business operations and how many would say, You're Fired?

Thanks (0)
Replying to DJKL:
Out of my mind
By runningmate
28th Jun 2016 12:35

DJKL wrote:

Sorry, I have seen better teams on The Apprentice, this is shocking.

Honest answers, how many of you would tolerate this re your own business operations and how many would say, You're Fired?


I thought we voted last week to fire the lot of them (Westminster MPs of all parties).
RM
Thanks (0)
Replying to runningmate:
paddle steamer
By DJKL
28th Jun 2016 12:57

I didn't, I voted on the question on the paper.

I took a lot of care over this vote, more than any other vote I have ever made except the 2014 referendum, I read Treasury forecasts, Bank of England forecasts, watched Brexit the movie, watched a professor from Liverpool University on UK/European Law and and how they fit together, I read much more than this, some now I can barely remember, I debated, discussed, firmed my views and at the end of the day calculated my own risk/reward equation and voted.

Something that I was told again and again at school, read the paper and answer the question asked not the one you wanted to be asked.

Thanks (0)
Replying to DJKL:
RLI
By lionofludesch
28th Jun 2016 13:14

DJKL wrote:

What I cannot get my head around is the chaos.

They didn't expect to win. They didn't expect to need a plan.

Thanks (1)
Worm
By TheLambtonWorm
28th Jun 2016 14:12

To me it seemed that people like Johnson were just s**t stirring.

Or perhaps more like a back seat driver.

Thanks (0)
avatar
By justsotax
28th Jun 2016 14:48

like a marriage ending in divorce things are always going to get messy - the hope is everybody can be grown up and accept that splitting up is the best thing all round.

Thanks (1)
avatar
By Disabled Campaigner
28th Jun 2016 14:57

The toys continue to come out of the remain pram. The fact is that we have a minimum of two years to negotiate an exit.

The shopping list of requirements, as voted for by the majority, is simple.

1) - free trade
2) - total control of our borders
3) - sovereignty
4) - No further payments to the EU

2,3 and 4 are easy - by leaving the EU we have them and there is nothing whatsoever the EU can do about it.

Item 1 will be used by the EU to try to blackmail us, but strong leadership, hopefully by Boris, will deal with it to. Simply tell the EU that if they insist on attaching conditions to free trade we will ban all imports from the EU. Let's see how Germany reacts to, according to expert predictions, the likes of VW group being plunged into loss and forced to lay off up to 200,000 employees at VW, Skoda, Seat etc.

We need a PM willing to stand up to the EU bullies. With any luck by the time our negotiations are nearing completion the EU will have bigger things to worry about, like half a dozen other countries also voting to leave.

Thanks (0)
By SteveHa
28th Jun 2016 15:11

There's always the conspiracy theory. Leave wins and DC (Pro-remain) immediately resigns. GO is very quiet until he lets slip that a new chancellor will deliver the compensatory budget, suggesting he, too, is on his was. Boris and Nigel, after a little bit of back patting go very quiet, and Labour descends into all out civil war, the outcome of which could very well see their leader toppled (A leader who grudgingly supported remain)

The outcome of all this could be that the high profile politicians who mounted very public and heartfelt (apparently, and excluding Jeremy) campaign could be toppled and out of government.

This in itself could trigger a General Election, where we get a new government (whether it's Conservative or Labour). A government that did not campaign, and that can distance itself from the referendum as a government. A government that can ignore the referendum, safe in the knowledge that all the targets of public vitriol are gone.

Just a thought.

Thanks (0)
Replying to SteveHa:
pic
By jndavs
29th Jun 2016 08:39

SteLacca wrote:

This in itself could trigger a General Election, where we get a new government (whether it's Conservative or Labour). A government that did not campaign, and that can distance itself from the referendum as a government. A government that can ignore the referendum, safe in the knowledge that all the targets of public vitriol are gone.

Just a thought.


Except the small matter of we held a referendum and the British public voted to leave. Have we done away with democracy in this country?
Thanks (1)
Replying to SteveHa:
RLI
By lionofludesch
29th Jun 2016 08:45

SteLacca wrote:
.This in itself could trigger a General Election, where we get a new government (whether it's Conservative or Labour). A government that did not campaign, and that can distance itself from the referendum as a government. A government that can ignore the referendum, safe in the knowledge that all the targets of public vitriol are gone.

Politicians are always targets of public vitriol. If it's not the referendum, it'll be something else.

Chill.

Thanks (0)
avatar
By justsotax
28th Jun 2016 15:53

staying together for the 'kids' just ain't good for anyone sometimes...

Amusing to see that we have been down rated by the same jokers who couldn't predict a fire in a furnace...everybody will presumably trust their opinions...

Thanks (1)
Out of my mind
By runningmate
29th Jun 2016 09:44

Chill.

I suspect the position we end up in in 6 months time will be very similar to the position we were in pre-Brexit. The wrapping paper will look different but the underlying fundamentals will be much the same.
For "opt out from ever closer union" read "the rEU is moving towards a USE (United States of Europe) of which the UK is not a part".
For "members of the single market" read "going to be trading extensively between UK and rEU, with some low tariffs on specified goods & services".
For "limits on out of work benefits of immigrants in first 4 years" read "entitlement to remain in UK to be reviewed on case by case basis".
For "Tory government led by David Cameron" read "Tory government led by someone very like David Cameron".
Chill.
RM

P.S. Further down the line there will be big economic & political problems for rEU / the USE. These will impact on the UK due to trade links. However we are likely to be under less pressure to cough up to bail out eurozone countries after the Brexit vote - which can only be a good thing for the UK.

Thanks (1)