The government bailout won't go with them, assuming the people concerned actually leave. Those affected may move to other banks.(Original post by zayn008)
After the banking crisis, they can sod off. They've costed the tax payer too much it's better we restructure our economy than hold onto them. After brexit the UK will remain the most stable economy since its part of the single currency and won't be subject to harsh EU regulations, of course they want access to European markets and the U.K. Might not be able to offer that in the future so what more can be done? Should we really hold onto them at the cost of the EU? I don't think it's worth it, I'd rather say goodbye to those positions and resturure the economy through global trade deals.
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Banks prepare to move staff out of the UK watch
- 19-01-2017 06:59
(Original post by zayn008)
- 19-01-2017 10:03
If I believed that I would say it. But I don't, not sure what point you're trying to make here? 1,000 jobs gone in a sector that dominates and risks our economy… it's so big that 1,000 jobs is hardly going to affect it. Like I said, our economy will continue to move forward and new opportunities will arise. They've not left because our economy is poor and has no future prospect, it's because they may not have access to a crucial market. London still remains their preferable place of business and does so for many other financial services hence why they only moved 1,000 jobs.
The majority of the banks based in Londaon are not UK banks, they are foreign owned banks like UBS and Citibank that won't ever be bailed out by the UK because they are not the UK's responsibility.
What these banks do is take advantage of Britain's passporting rights to deal in euro clearing, a right Britain had to go to court to protect and will be withdrawn once Britain leaves the EU.
The UK based banks will move their euro clearing functions to the EU but may also move their other functions and workers if it makes more sense to consolidate their activities in one location.
We are not talking a 1000 people but tens of thousands of highly paid workers, not people on minimum wage and needing tax credits.
- 19-01-2017 10:25
For those who bothered to read the article its saying that about 20% of investment bank jobs are going, it is categorically not saying that banks are leaving or registering their profits elsewhere. UBS is already in Switzerland for that purpose and HSBC has confirmed they are staying in London. We will still get their profits(hate on banks all you like, but they actually bother to pay their corporation tax).
- 19-01-2017 12:10
our commemorative china thimble industry is second to none...
- 19-01-2017 12:19
With student immigration being cut down and this happening, both the finance and education sectors will suffer. Both which are major money makers for the UK (City & Canary wharf firms, the amount of international students who come for Oxbridge, London and Russel group unis).
Just shooting ourselves in the foot right now and slowly working our way up the leg..
(Original post by InnerTemple)
- 19-01-2017 13:24
Now I imagine a lot of people will be saying good riddance. To an extent, I can understand. But let there be no doubt that the UK heavily relies on finance - and we now look set to be knocked down from our place as a global financial centre.
We now need to work out what we are going to do to replace what used to be our main industry. All this as well as many businesses in the UK wondering whether they'll be trading with the EU and on what terms. What a mess.
It has regularly reduced our country's trade deficit by billions of pounds.
What are we going to replace it with is a very , very good question indeed .
More arms sales ? Not the most ethical of business spheres (oxymoron?)
There is always the possibility that oil drilling operations will be stepped up in the Falkland Islands, maybe, just maybe, a sovereign wealth fund will be set up
just as the Norwegians did . Not as we did with North Sea oil back in the 80's and pi$$ed it all up the wall.
https://www.nbim.no/en/Last edited by TheCosmicWizard; 19-01-2017 at 16:14.
- 19-01-2017 13:33
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(Original post by MagicNMedicine)
- 19-01-2017 14:34
Excellent. When the immigrants have gone home, this sounds like a good group to attack.
How much taxpayers money have those 20 somethings received to subsidise them through university? there are too many graduates, this is because of New Labour and leftists.
In fact I think there are too many 20 somethings in this country, we are full.
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- 19-01-2017 18:38
(Original post by JamesN88)
- 19-01-2017 18:41
Ironically there's probably not enough.
People aren't having enough kids to support the ageing population. We either need young immigration or to encourage people to have more kids.
But yeah it'll be interesting to see who the scapegoats are in the future, I think it'll probably still be Brussells for not giving us everything we demand in the exit deal.Last edited by SirDaz; 19-01-2017 at 18:44.
(Original post by 999tigger)
- 19-01-2017 18:46
Then they wouldnt just move the euro jobs they would move all of them. I really doubt if you were earing a six figure salary and werent already rich you would tell them where to go. Your responses are childish and ill conceived
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- 19-01-2017 19:19
- 20-01-2017 02:41
(Original post by SirDaz)
No we do not need more immigration we need to have more incentives to grow the population a bit like Nazi Germany. Immigration is the sole reason why we left the EU along with how much we paid for membership fees we paid 35,000,000 a day that or 15% tariffs to trade with europe i know what i would rather have and it is the tariffs, we can set our tariffs to be higher and we import more from the EU then we export to the EU both economically and in terms of immigration we need to shut the doors or the people will vote nationalist parties to kick the foreign riff raff out