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Brexit: Japanese banks tell Philip Hammond they will move UK jobs to Europe


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Old 17-12-2016, 11:23
TheEngineer
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Brexit: Japanese banks tell Philip Hammond they will move UK jobs to Europe within half a year

Japanese banks have told Philip Hammond they will begin moving operations to the EU within six months unless the Government can provide clarity on the UK’s access to the single market.

Banks including Nomura and Daiwa Capital Markets, which employ thousands of people in Britain, reportedly held a “frank” meeting with the Chancellor on 1 December.

According to the Financial Times, one senior Japanese finance executive said it “would be better for our EU-based customers to have an alternative hub”.
Japanese banks employ 5,000 people, mostly in London, with insurers and other financial groups employing many thousands more.

Brexit has already prompted Japan’s largest banking group, Mitsubishi, to begin the move. It has beefed up its Amsterdam operation and begun moving staff from London since the June vote.
Not might, will and already are moving staff.

Just as they said they would.
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Old 17-12-2016, 11:28
jmclaugh
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Thanks to the OP for bringing this to my attention, I hadn't heard this before.
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Old 17-12-2016, 11:36
TheEngineer
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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.
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Old 17-12-2016, 11:48
jmclaugh
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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.
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Old 17-12-2016, 12:01
TheEngineer
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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.
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Old 17-12-2016, 12:11
Nodger
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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).
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Old 17-12-2016, 12:20
Mark_Jones9
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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.
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.
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Old 17-12-2016, 12:29
Aristaeus
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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.
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Old 17-12-2016, 12:38
Slojo
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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
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Old 17-12-2016, 12:46
Maggie 55
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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.
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
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Old 17-12-2016, 12:53
allaorta
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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.
Have they checked to see whether McDonalds, was one of their clients?
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Old 17-12-2016, 14:32
ste1969
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i haven't seen any Japanese banks on the high street so i won't miss them when they go
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Old 17-12-2016, 14:35
johnny_boi_UK
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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?
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Old 17-12-2016, 14:50
MARTYM8
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Banks attempt to blackmail governments to do what they want.

Is this news?
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Old 17-12-2016, 16:18
Aurora13
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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.
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Old 17-12-2016, 16:19
Aurora13
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i haven't seen any Japanese banks on the high street so i won't miss them when they go
You will miss the tax they pay though.
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Old 17-12-2016, 16:20
johnny_boi_UK
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You will miss the tax they pay though.
Banks pay tax?

Pull the other one
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Old 17-12-2016, 22:16
Aurora13
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Banks pay tax?

Pull the other one
Yup. Some of the biggest contributors to UK coffers.
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Old 18-12-2016, 01:16
Union Jock
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You will miss the tax they pay though.
How much tax do Japanese banks pay?
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Old 18-12-2016, 01:40
SULLA
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Hammond needs to pull his finger out or resign.
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Old 18-12-2016, 11:25
TheEngineer
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How much tax do Japanese banks pay?
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.
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Old 18-12-2016, 11:54
tiggertiny
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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.
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.
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Old 18-12-2016, 12:12
TheEngineer
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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.
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Old 18-12-2016, 14:41
Mr Oleo Strut
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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.
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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Old 18-12-2016, 14:50
TeeGee
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さようなら
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