Brexit: Japanese banks tell Philip Hammond they will move UK jobs to Europe within half a year



Not might, will and already are moving staff.

Just as they said they would.

Thanks to the OP for bringing this to my attention, I hadn't heard this before.

Perhaps if you took your fingers out your ears and stopped saying "lalala I'm not listening" then you would have been aware of the Japanese saying this is what the would do.

Meanwhile the intended sarcasm went straight over your head as expected with your never ending threads on the same things.

Oh trust me, I got the sarcasm. Just a shame you couldn't bring yourself to say that the warnings from months ago proved to be correct.

Only if you only see the traffic one way. JM was correct (as usual and look for the word "unless" in your own quote).

Japanese banks moving or planning on moving some functions to other EU nations as a precaution to retain access to the single market in case of a worst case scenario of Brexit with no UK EU deal on on passporting financial services.

Becomes, the Independent claiming the Japanese banks have or are going to start moving operations and implying all 5,000 jobs are moving.

Only a few of the Japanese bank jobs are moving and it will be fewer for other banks like USA banks as they already have larger EU offices, more able to take on the functions to retain single market access in the event there is no UK EU deal.

So this the stance the Brexiteers are going to take on everything, is it? It's either not happening, nothing to do with Brexit, or it is somehow a good thing.

It's the antidote to the remoaners who say it will certainly happen, it's always to do with Brexit and it's always a bad thing

They might open some more branches in the EU. Why on earth would they want to move from the financially friendly Worlds capital of finance, London to the EU?

The EU have been pushing hard for a Financial Transaction Tax on Banks trading within the EU for a number of years. The UK has been trying to block this using all its means including the courts.

When the UK leaves it will leave the door open for the EU to introduce the tax costing banks trading there billions.

Why would they find that attractive compared to trading in FTT free London?



Maggie

Have they checked to see whether McDonalds, was one of their clients?

i haven't seen any Japanese banks on the high street so i won't miss them when they go

So banks from the world's most indebted nation plans to move a part of the work force from the uk to Europe?

Why is this an issue?

Banks attempt to blackmail governments to do what they want.

Is this news?

Reported weeks ago that commercial property prices / leases in Amsterdam have escalated. Shortage of property due to planning for relocation of financial services functions to EU. They will be run as a satellite of London in same way satellites in Northern England are run.

You will miss the tax they pay though.

Banks pay tax?

Pull the other one

Yup. Some of the biggest contributors to UK coffers.

How much tax do Japanese banks pay?

Hammond needs to pull his finger out or resign.

How much the banks pay is pretty irrelevant

How much the staff pay is far more significant.

For example in 2014 the government revenue (nationally) included:

£167Bn in Income Tax
£110Bn in National Insurance (both employers and employees)
£111Bn in VAT
£41Bn in Corporation Tax

(Just as an aside, Social Security and the Health Service cost £362Bn which just goes to show how wrong those people are that think National Insurance pays for the Health Service and Social Security.)

This is why loss of jobs (and well paid jobs in particular) is more important than the loss of "a company".

A bank like RBS was / is loss making and doesn't pay corporation tax but still has around 94,000 staff getting paid salaries, paying tax and National Insurance and spending money on things that are subject to VAT.

And?

I am sorry to have to break this to you but no matter how much you post on here we are leaving and there is nothing you can do about it.

And

What was dismissed as "Project Fear" is now coming true and the only response seems to be "you lost get over it" and sod the people who will be affected by it.

As the tide ebbs, investment in the UK is leaching away to other countries, and Mrs May will be left with nothing in her devious and incompetent hands, just the empty husk of a once great country. Brexiters, you have much to answer for.

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