How on earth can you be in denial about this?
Brexit, for once some facts.
- Thread starter flecc
- Start date
How on earth can you be in denial about this?
MPs seem to be blasé about TM's tactic of threatening no deal.
Text taken from the Irish Independent of today....
For Bank of America, one of the top four banks in the United States, the cost of Brexit, including moving some of its operations to Dublin, has been a hefty $400m (€354m) while for Britain's Barclays the cost has been perhaps as much as $200m.
But for both banks, there is no moving back to London for the operations that have been moved to Dublin, Paris and Frankfurt, a sign that the damage to the British economy from Brexit in terms of losing high-paying finance jobs and expertise will be permanent.
"Hundreds of millions; maybe $400m," Anne Finucane, vice-chairman at Bank of America, one of the top four banks in the United States, told a financial conference here as she explained the impact of Brexit.
"Multiply that by the number of financial institutions that are doing the same thing and it adds up," Ms Finucane told the European Financial Forum in Dublin of the impact that Brexit will have on the UK banking sector.
Bank of America's European banking headquarters is now in Dublin. It has shifted $50bn in assets here and will employ close on 800 people.
"Even if there were no Brexit, that has happened, there isn't a return there. The bridge has been pulled up on that," she said.
That was a message echoed by Gerry Grimstone, chairman of Barclays Bank, which will become the largest bank in Ireland in terms of assets post-Brexit.
"I have to say that the process over the last two years has been as smooth as we could possibly have wanted it to," he said of Barclays dealings with Irish and European regulators over setting up its headquarters here.
On the costs of Brexit to Barclays, Mr Grimstone said the bank had spent less than Bank of America and probably in the order of "200, 150, 200 million".
So far for Ireland, Brexit has been an unalloyed bonus with companies like Barclays and Bank of America relocating, and the process has so far created 4,500 new jobs here.
However, with the March 29 exit date from the European Union now just six weeks away, the costs could soon start to mount.
The Central Bank of Ireland says a hard Brexit would lop four percentage points off economic growth here, meaning 2019 could come in at just 1.5pc, although he stressed a strong budget position would allow the State to run a fiscal deficit through the operation of the automatic stabilisers on tax revenues and transfer payments.
Governor Philip Lane said he believed that financial risk from Brexit had largely been eliminated, a comment echoed by Claire Woodman, head of Europe, Middle and Africa at Morgan Stanley & Co.
"Central banks and regulators have really tried to ensure that financial stability risks have been taken off the table."
For Bank of America, one of the top four banks in the United States, the cost of Brexit, including moving some of its operations to Dublin, has been a hefty $400m (€354m) while for Britain's Barclays the cost has been perhaps as much as $200m.
But for both banks, there is no moving back to London for the operations that have been moved to Dublin, Paris and Frankfurt, a sign that the damage to the British economy from Brexit in terms of losing high-paying finance jobs and expertise will be permanent.
"Hundreds of millions; maybe $400m," Anne Finucane, vice-chairman at Bank of America, one of the top four banks in the United States, told a financial conference here as she explained the impact of Brexit.
"Multiply that by the number of financial institutions that are doing the same thing and it adds up," Ms Finucane told the European Financial Forum in Dublin of the impact that Brexit will have on the UK banking sector.
Bank of America's European banking headquarters is now in Dublin. It has shifted $50bn in assets here and will employ close on 800 people.
"Even if there were no Brexit, that has happened, there isn't a return there. The bridge has been pulled up on that," she said.
That was a message echoed by Gerry Grimstone, chairman of Barclays Bank, which will become the largest bank in Ireland in terms of assets post-Brexit.
"I have to say that the process over the last two years has been as smooth as we could possibly have wanted it to," he said of Barclays dealings with Irish and European regulators over setting up its headquarters here.
On the costs of Brexit to Barclays, Mr Grimstone said the bank had spent less than Bank of America and probably in the order of "200, 150, 200 million".
So far for Ireland, Brexit has been an unalloyed bonus with companies like Barclays and Bank of America relocating, and the process has so far created 4,500 new jobs here.
However, with the March 29 exit date from the European Union now just six weeks away, the costs could soon start to mount.
The Central Bank of Ireland says a hard Brexit would lop four percentage points off economic growth here, meaning 2019 could come in at just 1.5pc, although he stressed a strong budget position would allow the State to run a fiscal deficit through the operation of the automatic stabilisers on tax revenues and transfer payments.
Governor Philip Lane said he believed that financial risk from Brexit had largely been eliminated, a comment echoed by Claire Woodman, head of Europe, Middle and Africa at Morgan Stanley & Co.
"Central banks and regulators have really tried to ensure that financial stability risks have been taken off the table."
I’m not in denial. I fully understand how the Remain Nazis manipulated the immigration issue with the specific intent of instilling fear into foreign workers. The aim being to scare / shame people into voting to remain.
It’s immaterial now anyway. We need to get out of this mess.
Yes, at the moment, but I think that could well change for over a half of them when they reach the crunch moment. That's when cowardice and hanging on to their jobs for another three years could win.
.
So they won't be paying tax to Ireland now?
And we've lost a load of bankers?
Tis a grand day!
Apparently...
Remainer MPs are revolting because "no deal" is still on table.
Leave MPs are same because its been withdrawn...
Meanwhile May doesnt even bother turning up to hear result. (she lost) 258 to 330...or some such figure. Now there's a shock.
Remainer MPs are revolting because "no deal" is still on table.
Leave MPs are same because its been withdrawn...
Meanwhile May doesnt even bother turning up to hear result. (she lost) 258 to 330...or some such figure. Now there's a shock.
Another defeat for the Government. Right and proper that no deal remains on the table, indeed it is the default position come 29th March. The route to a proper Brexit is clear,.. simply run down the clock
Check out the Pienaar pkg on the Ten tonight.
I did it.
It's about Corbyn and the splintering of the Labour Party. Nice interview with Tom Watson at the beginning.
Yep, I thought she, d get deal through but dont think so now. No deal here we come. Better be quick if you want an Audi..
But anybody thinking £48k for a Boxster instead of £44 misses point why folk buy them. Yes, Audis and BM, s will take a hit but wont affect Porsche, buyers will just charge more for perms and blow waves.
they will enrich Dublin and the EU.
the EU is going to collect transaction tax, Dublin 40% income tax.
For once I agree, No Deal has to be an option after the referendum result.
.
Couple of interesting Polls ...
In Remain-voting Leeds, Sky News found 54% in favour of No Deal.
(i find this hard to believe...Sky News??..surely has to be more)
and one by Remainer Martin Lewis....
In Remain-voting Leeds, Sky News found 54% in favour of No Deal.
(i find this hard to believe...Sky News??..surely has to be more)
and one by Remainer Martin Lewis....
The EU don’t need to have a tariff war against us,they can stop our goods being imported into the EU because they control the standards. The Germans have used TUV to make it difficult for U.K. manufacturers to sell into Germany for years.
KudosDave
Ok so the house stops No Deal,nobody seems to want May’s deal,Corbyn doesn’t want a second vote ,the EU don’t seem to want an extension to Art 50,there doesn’t seem to be the votes to remain and May won’t revoke Art 50.....so where the hell are we going.
KudosDave
Let me now see, is it yourself or the other clone who is the brilliant Economist?. A billion here a billion there, its only small change but it adds up. The EU will have a Transaction Tax, , The Irish Revenue will have a real 12% Corporation tax...maybe even higher if the EU has its way. Those wealthy bankers still have to pay personal income tax, eat in fancy restaurants, send their kids to the International School, (which will be a cost saving compared with Harrow), get sick, go to the Blackrock clinic, buy that rugby gear ,and pay property tax.
40 billion in transferred assets by one bank is not small change, but then if course ,we don't know how many other banks each with their 30 ,40 billion each... With 10 or so it might actually matter....
Note this business is now lost to the City of London ,and will not be going back.
Each of the contracts signed in the City of London attracts a small stamp duty tax,but even a small duty on a lot of big transactions,builds up. Money which the HM Revenue use to pay for education ,police services ,hospitals etc....
Last edited:
The brilliant economist was making the point that an advanced economy could do without manufacturing ,and make their money from services.. guess what, banking is one of those services.
deal or no deal who is going to pay the 6 trillion uk debt, who is going to pay the 22 - 40 trillion usa debt ?
we steal from the future yet these fucktards are only ever interested in there own self interest and bank balance n **** everyone else.
the uk is a corporation for profit, it does not make any profit , we are bankrupt, our money is worthless it is not backed buy anything!
we steal from the future yet these fucktards are only ever interested in there own self interest and bank balance n **** everyone else.
the uk is a corporation for profit, it does not make any profit , we are bankrupt, our money is worthless it is not backed buy anything!