Posted on 09/20/2016 1:26:08 PM PDT by Berlin_Freeper
Around 5,500 firms registered in the UK rely on the European Union's passporting rights for the financial services sector, and they turn over about £9 billion in revenue. That is the universe of companies whose future is threatened when Britain leaves the European Union.
According to new figures from the Financial Conduct Authority, released by the House of Commons' Treasury Select Committee, 5,476 UK firms have at least one passport that allows them to do business in other EU and European Economic Area nations. Many firms hold several passports, meaning that the total number in the UK stands at 336,421.
The loss of passporting rights following Brexit is probably the biggest fear in the City of London right now. If the passport is taken away, then London could cease to be the most important financial centre in Europe, costing the UK thousands of jobs and billions in revenues.
(Excerpt) Read more at businessinsider.de ...
The Brexit train is leaving the station! All aboard!
And the sky WILL ACTUALLY FALL and hit you on your head.
Best thing Britain has done since electing Thatcher was to get out of that sh*tshow called the EU.
The world doesn't end because someone divorces themselves from a giant bureaucracy in Brussels. There is a reason that the pound sterling has recovered to levels of where it was before the Brexit shock.
The UK will partner with other countries. The Swiss, the US, and other countries around the world will have tighter agreements. And that will create a second sphere to compete with the EU. And of course companies from the EU will still need to have an office in England now.
This article assumes every company chose the UK for its EU headquarters. Thats not close to true. And those companies that headquarter in Paris or Frankfurt will need to open a UK office.
They make the best egg cups. I’ll keep buying from the UK.
So they have to work out arrangements, probably like whatever they did before the existence of the EU.
Also, I notice there are actually other countries, not members of the EU, doing business with EU countries. How is that possible?
It’s always been odd to me that so many folks have the mentality that an existing bureaucracy somehow must exist and there is no other way it can be, like the sun coming up in the east.
So much for the “open minded” left.
Technically not out yet.
Dont count it as a done deal. Unfortunately.
Yes. Every single one of those companies will go out of business. I’m sure that’s what will happen.
Americans had to give up things in order to be out from under the heavy weight of Parliament and a king. And the slaves in the south after the Civil War gave up the security of being chattel and cared for as valuable property. In both cases the freedom obtained far outweighed the sacrifice. Hopefully the British will see their liberation from Brussels in the same light and not lose their nerve.
Guess there wasn’t a UK before the EU.
HA-ha!
Here’s how big London losing its financial passport could be>>> this is from Yoda, right? London losing its financial passport could be a big deal!
Utter BS. Money does not hold a passport. Companies do not hold a passport. Individuals hold passports, and they will be a able to travel after BREXIT much like before BREXIT. Some petty annoyances maybe, out of EU spite, but that’s nothing.
They have a banking passport system.
.
That is a year in the EU.
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