Brexit negotiations thread

[Beefy]

Plus everyone knew this would happen, even the leave voters.

 

[kaymac]

https://www.theguardian.com/comment...xit-banking-exodus-theresa-may-morgan-stanley

Morgan Stanley are going.Who's next?

Not exactly, their main headquarters stay in London, this is about a possible 200 jobs going to Frankfurt to bolster their EU hub. Same as HSBC may ship out upto 1,000 to their Paris hub, which was in the offing well before the Brexit vote and was part of their general restructuring / re-allocating plans.

 

[kaymac]

The Guardian isn't the best for fact.... :winking:

 

[Tangled up in Blue]

It's important news because :-"Financial services employs 7.3% of the UK workforce and, the year before the Brexit vote, contributed a record £71.4bn in taxes, almost 12% of total government tax yield."

Who's next? Is also important since the government has now taken membership of the single market-if not access-off the table in the negotiations.

Looks like city firms are deciding to jump early before it's too late.

 

[londonblue]

Not exactly, their main headquarters stay in London, this is about a possible 200 jobs going to Frankfurt to bolster their EU hub. Same as HSBC may ship out upto 1,000 to their Paris hub, which was in the offing well before the Brexit vote and was part of their general restructuring / re-allocating plans.

Their headquarter are 1585 Broadway. London is their European base, and (I think) their 2nd biggest office. Or it is for the moment. Things won't happen over night, but once new offices and functions are moved it will then start to make more and more financial sense to move more functions.

The other issue is headcount. Whilst things are stagnant it's not too much of an issue, but when these banks start to increase headcount, and the small functions have already moved, it will create new jobs where those functions are, not where they used to be. London will lose out, but it will take a long time for that to happen, and by the time it has people will be able to point to other variables that they will argue were the "real" reason for the decline.

 

[kaymac]

Which City firms are jumping as you put it? Most had plans in place, many are now carrying out strategic movement of staff to EU based branches so they can continue trading within the EU. I know of a major London law firm, a global player, that even set up a new dept to assist clients with any issues arising from Brexit....with arrangements in hand prior to the vote.

 

[kaymac]

Their headquarter are 1585 Broadway. London is their European base, and (I think) their 2nd biggest office. Or it is for the moment. Things won't happen over night, but once new offices and functions are moved it will then start to make more and more financial sense to move more functions.

The other issue is headcount. Whilst things are stagnant it's not too much of an issue, but when these banks start to increase headcount, and the small functions have already moved, it will create new jobs where those functions are, not where they used to be. London will lose out, but it will take a long time for that to happen, and by the time it has people will be able to point to other variables that they will argue were the "real" reason for the decline.

What are these functions and new offices? Banks are always chopping and changing and have done for many a year, nothing new there. Each major financial institute will look to establish one major hub within the EU, and of course with perpetual cost-cutting exercises they will always be looking elsewhere (outside of the EU) for lower operating costs and a cheaper workforce. Nothing new there either, it's been going on for years. The big boys have been cutting back on numbers far from looking to increase headcount.

 

[Tangled up in Blue]

Which City firms are jumping as you put it? Most had plans in place, many are now carrying out strategic movement of staff to EU based branches so they can continue trading within the EU. I know of a major London law firm, a global player, that even set up a new dept to assist clients with any issues arising from Brexit....with arrangements in hand prior to the vote.

The law is a completely different issue from financial services.Brexit will create work for UK lawyers (and others) for years to come.

See The Guardian article I quoted which mentions other big city firms already moving or planning to move because of Brexit.

Take on board LB's comments too.

 

[Tangled up in Blue]

https://www.theguardian.com/politic...h-agreement-on-half-of-issues-in-brexit-talks

See the UK's Brexit report card only gets a 50% score so far.Not good enough.:dunce:

 

[londonblue]

The law is a completely different issue from financial services.Brexit will create work for UK lawyers (and others) for years to come.

See The Guardian article I quoted which mentions other big city firms already moving or planning to move because of Brexit.

Take on board LB's comments too.

Indeed. Lawyers will win from this. As I mentioned in an earlier post a lawyer friend of mine has left a bank to work for a financial services oriented law firm. During interviews he was told Brexit has created enough work to keep them going for 20 years.

 

[Gremlin]

It's important news because :-"Financial services employs 7.3% of the UK workforce and, the year before the Brexit vote, contributed a record £71.4bn in taxes, almost 12% of total government tax yield."

Who's next? Is also important since the government has now taken membership of the single market-if not access-off the table in the negotiations.

Looks like city firms are deciding to jump early before it's too late.

So which one do you think will close down first, Canary Wharf or the Square Mile?

 

[kaymac]

https://www.theguardian.com/politic...h-agreement-on-half-of-issues-in-brexit-talks

See the UK's Brexit report card only gets a 50% score so far.Not good enough.:dunce:

I fail to see why you constantly quote the Guardian as your supposed font of all knowledge. Far better to do a bit of your own independent research and analysis and you'll then be able to separate fact from fiction.

 

[kaymac]

The law is a completely different issue from financial services.Brexit will create work for UK lawyers (and others) for years to come.

See The Guardian article I quoted which mentions other big city firms already moving or planning to move because of Brexit.

Take on board LB's comments too.

It's patently obvious you have not one clue about the machinations of banks and how they operate ( and wish to operate). When you're a little wiser then let me know. Facts and the Guardian aren't the best of marriages so why on earth you stick rigidly to their outpourings I have no idea...

 

[Tangled up in Blue]

So which one do you think will close down first, Canary Wharf or the Square Mile?

Doubt if either will "close" as such.Just do a reduced amount of business post Brexit.

It's patently obvious you have not one clue about the machinations of banks and how they operate ( and wish to operate). When you're a little wiser then let me know. Facts and the Guardian aren't the best of marriages so why on earth you stick rigidly to their outpourings I have no idea...

Agreed.I've only been teaching Business English for over thirty years.:raspberry:

 

[Tangled up in Blue]

I fail to see why you constantly quote the Guardian as your supposed font of all knowledge. Far better to do a bit of your own independent research and analysis and you'll then be able to separate fact from fiction.

Sorry I haven't got the time.The last "independent research" I did was back in the 90's when I was completing an MA in TESOL.

 

[Gremlin]

Dout if either will "close" as such.Just do a reduced amount of business post Brexit.



Agreed.I've only been teaching Business English for over thirty years.:raspberry:

Hopefully your students learn the correct spelling of the word 'doubt' from somebody with more recent business insight.

 

[Tangled up in Blue]

Hopefully your students learn the correct spelling of the word 'doubt' from somebody with more recent business insight.

Petty.It was obviously a typo (now corrected).

 

[Gremlin]

Petty.It was obviously a typo (now corrected).

What's your record for consecutive points missed (or ignored)?

 

[kaymac]

Doubt if either will "close" as such.Just do a reduced amount of business post Brexit.



Agreed.I've only been teaching Business English for over thirty years.:raspberry:

And the relevence is? Makes it even more surprising an educated person would read the Guardian and believe it's editorials et al.....

 

[MK Shrimper]

And the relevence is? Makes it even more surprising an educated person would read the Guardian and believe it's editorials et al.....

And you subscribe to?