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BREXIT: The flight of capital has begun |
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#1 |
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Join Date: Mar 2003
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BREXIT: The flight of capital has begun
http://uk.businessinsider.com/how-br...conomy-2016-12 Quote:
To hear the Leavers tell it, Britain is about to embark on a glorious future of worldwide free trade. The EU will be forced to deal with us because we'll just be so great at everything once our EU shackles are off. The rest of the world just can't resist: That's why sales of British gin have now gone over £1 billion annually. That's why Nissan — which exports 55% of the cars it makes in Sunderland to Europe — is staying in the UK. But companies aren't romantics. They don't dream of a plucky island nation showing the Brusselcrats what destiny looks like. All over Britain right now there are manufacturing firms looking at their margins shrinking as sterling declines, just like Rivington. There are banks wondering if it is worth staying in a country that won't be able to clear euro-currency trades. Why stick around to find out whether Hammond can get a deal done for the City? Move to Berlin right now and at least you know for sure that your passporting access to trillions in euro derivative trades, by Reuters' estimate, won't be interrupted. Hammond was being refreshingly honest there when he said it was a "binary" decision: "If they have full access to the markets from London they can continue operating as now. If they don’t, they will have to restructure the way their operations address the European market," he said. This is more than anecdotal. Quote:
This is the future reality of Brexit. Less investment. Fewer companies. And fewer workers for fewer jobs. No doubt we will get more of:We haven't felt the full force of the referendum decision yet. But be sure, as we have said before, it is on its way. "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. |
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#2 |
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Join Date: Sep 2015
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Well you've decided the topic of the thread and what the responses will be. Therefore the only responses that are deemed acceptable will be those that agree with you. Good job!
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#3 |
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Join Date: Mar 2003
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Quote:
Well you've decided the topic of the thread and what the responses will be. Therefore the only responses that are deemed acceptable will be those that agree with you. Good job!
The problem is that there are precious few of them from the Brexit side. |
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#4 |
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Join Date: Oct 2003
Posts: 10,925
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How about the Pissedoffwiththepartisanismists? Do any of us get a look-in? I know there's a roughly 50-50 mix of ex-Remain and ex-Leave people who want it done with a minimum of fuss and without undue haste and may wish to comment on the constant stream of 'wondering if'* crap without someone saying 'how dare you criticise, you must be the enemy'.
* that's a quote from the article, I didn't bother counting the 'could's, not much point. |
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#5 |
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Join Date: May 2008
Location: Lancashire
Posts: 8,267
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Quote:
http://uk.businessinsider.com/how-br...conomy-2016-12
No doubt we will get more of: "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. |
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#6 |
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Join Date: Mar 2010
Location: Wammy's House
Posts: 4,789
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Quote:
Don't worry it will soon be March and Mrs May will trigger A50
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#7 |
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Join Date: May 2008
Location: Lancashire
Posts: 8,267
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Quote:
And then we will watch the fun and games.
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#8 |
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Inactive Member
Join Date: May 2011
Posts: 18,881
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Quote:
http://uk.businessinsider.com/how-br...conomy-2016-12
No doubt we will get more of: "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. |
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#9 |
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Join Date: Mar 2015
Location: A bunker
Posts: 5,964
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Quote:
I am always happy to hear well reasoned arguments against any given position, backed up by facts.
The problem is that there are precious few of them from the Brexit side. (pay key attention to the word 'only' in the above) |
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#10 |
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Join Date: Jan 2014
Posts: 2,334
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Quote:
http://uk.businessinsider.com/how-br...conomy-2016-12
No doubt we will get more of: "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. Quietly, like snowflakes remorselessly falling on a sterile winter landscape, capital and businesses are slipping away from sterling and the U.K. It is inevitable that will happen. The world of business has no emotion, and no amount of Brexit wind, waffle, spin and lies is going to cover up the enormity of the referendum folly. What an utter catastrophe! |
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#11 |
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Join Date: Oct 2011
Posts: 2,094
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Industries should be queuing up to invest in making Great Britain great, the United Kingdom united. We are having a red, white and blue brexit, so what's not to like?
If we all do the right thing and get on, I'm sure God will see us through if we pray together. Amen. |
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#12 |
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Join Date: May 2006
Posts: 19,181
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Quote:
I am always happy to hear well reasoned arguments against any given position, backed up by facts.
The problem is that there are precious few of them from the Brexit side. |
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#13 |
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Join Date: Dec 2004
Location: Central London
Posts: 43,722
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Quote:
http://uk.businessinsider.com/how-br...conomy-2016-12
No doubt we will get more of: "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. |
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#14 |
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Forum Member
Join Date: Mar 2015
Posts: 6,853
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Quote:
http://uk.businessinsider.com/how-br...conomy-2016-12
No doubt we will get more of: "lalala I'm not listening" or "you lost get over it" or "but we haven't left the EU yet" from the Brexiteers as they try and deny the reality of what is happening. A biscuit company that was losing money long before the referendum goes under blaming increased cost of raw materials due to the fall in the £ and inability to increase the price of its biscuits. Banks intending to move a small number of their London based jobs to other EU nations to maintain access to the single market in the event there is no UK EU deal. The counter evidence Many companies announcing large investments in the UK. |
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#15 |
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Forum Member
Join Date: Mar 2003
Posts: 4,528
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Quote:
The evidence of capital flight is not compelling.
A biscuit company that was losing money long before the referendum goes under blaming increased cost of raw materials due to the fall in the £ and inability to increase the price of its biscuits. Banks intending to move a small number of their London based jobs to other EU nations to maintain access to the single market in the event there is no UK EU deal. The counter evidence Many companies announcing large investments in the UK. |
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#16 |
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Join Date: Apr 2009
Location: Leafy London
Posts: 20,385
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Quote:
Try this. It's an 'expert' speculating, and we know how unreliable these experts are.
As opposed to Brexiters, who haven't the faintest idea what they're talking about. As they will come to realise over the coming months and years. |
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#17 |
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Join Date: Nov 2007
Posts: 4,411
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Quote:
So when a bank announces it is moving then it is a "small number of London jobs", yet when Mcdonalds announces it is moving a small number of jobs to the UK it is a "major investment"?
Do you deny that there have been announcements since Brexit that constitute major investments in the UK? Who mentioned McDonalds anyway - their announcement referred to moving their non US tax base here. May still amount to a decent amount of additional tax revenue though. Also I see that your choice of title thread is once again an exaggeration as it is based on speculation rather than fact so far as any "capital flight" is concerned. I'd be more interested to hear you put up a defence of the current state of the EU or the Eurozone economies given everything that is happening there. |
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#18 |
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Join Date: Jul 2007
Posts: 5,176
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Quote:
And you're not an expert. So I prefer to listen to them as they know what they're talking about.
As opposed to Brexiters, who haven't the faintest idea what they're talking about. As they will come to realise over the coming months and years. |
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#19 |
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Join Date: Mar 2007
Location: Hampshire
Posts: 20,806
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Quote:
Sombody should tell them the pound is the same against the EURO as it was in 2012, then they may realise how retarded they are being.
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#20 |
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Join Date: Mar 2015
Posts: 6,853
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Quote:
So when a bank announces it is moving then it is a "small number of London jobs", yet when Mcdonalds announces it is moving a small number of jobs to the UK it is a "major investment"?
I posted "small number of their London based jobs" "large investments" Banks have announced they are or are planning to move the operations needed to maintain access to the single market as a precaution in case there is no UK EU deal. They have not announced they are moving their entire London operations abroad. It's only a small number of their London based jobs moving to other EU nations. Their main base of operations will continue to be London. McDonald's has announced it is moving its international HQ to London and along with it its international tax base. McDonald's has also announced its opening hundreds of new shops in the UK. Creating many thousands of jobs in the UK. McDonald's are also only one of the many businesses that have announced large investments in the UK since the referendum. |
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#21 |
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Forum Member
Join Date: Jun 2006
Posts: 5,133
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Maybe somebody should tell Lidl. Quote:
Lidl plans to invest £1.5 bn over three years on expanding its store and logistics network to 1,500 stores despite Brexit. It currently trades from 640.
http://www.constructionenquirer.com/...70m-london-hq/ |
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#22 |
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Join Date: Sep 2003
Location: Devon
Posts: 48,023
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I thought it was going to be about a new airline. (rolleyes)
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#23 |
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Join Date: Mar 2003
Posts: 4,528
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Great, more McJobs.
No offence to McDonalds but how many people that work for them make it a long term career? How many McDonalds part-time jobs (let's say 16 hours per week) would it take to replace the govenment tax take from one bank job on (say) £100,000 per annum? As for Lidl, it is not as if we have a lack of supermarkets. The chances are any net jobs increase will be small as they impact other supermarkets / local shops. Again, the jobs are not well paid. |
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#24 |
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Forum Member
Join Date: Oct 2003
Posts: 10,925
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Quote:
Great, more McJobs.
Quote:
No offence to McDonalds but how many people that work for them make it a long term career?
Did you try counting the managers? That would make for an easy approximation. and wouldn't even need you to expend any effort on the sneering condescension.
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#25 |
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Forum Member
Join Date: Jul 2012
Posts: 17,652
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Quote:
Great, more McJobs.
No offence to McDonalds but how many people that work for them make it a long term career? How many McDonalds part-time jobs (let's say 16 hours per week) would it take to replace the govenment tax take from one bank job on (say) £100,000 per annum? As for Lidl, it is not as if we have a lack of supermarkets. The chances are any net jobs increase will be small as they impact other supermarkets / local shops. Again, the jobs are not well paid. Here's the thing - starter jobs lead to the best getting promoted or leaving to climb the career ladder elsewhere. As for people leaving top end bank type jobs - if they are worthy of the position they and other skilled entrepreneurial types will find new roles or start new businesses of their own as wealth creators. This may be here or in other countries,and if they leave others (already here or attracted by opportunities) will replace them .It's always been the way. And trying to define everything and everyone within Brexit terms (X happens because of Brexit, Y happens in spite of Brexit but must be knocked in any case) is a ridiculously narrow focus. |
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