Posted on 04/15/2021 8:46:32 PM PDT by Berlin_Freeper
LONDON (Reuters) - Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union due to Brexit, with more pain to come, a study from New Financial think tank said on Friday.
“We think it is an underestimate and we expect the numbers to increase over time: we are only at the end of the beginning of Brexit,” the study said.
The EU has offered Britain little in the way of direct market access for financial services, which were not included in the bloc’s trade deal with the United Kingdom from January.
(Excerpt) Read more at reuters.com ...
Boy! Beat that drum like a red-headed stepchild!
NATIONAL SOVEREIGNTY BAD!
INDEPENDENCE EVIL!
RESISTING GLOBALISM IS RACIST!
Like rust: they never sleep.
Britain should join NAFTA.
The City of London is a truly weird place since its inhabitants are multi-national financial corporations, not “natural persons”, and were the driving force behind the “Remainers” ...
Congrats to UK citizen taxpayers - you’ve avoided $1.4 trillion of future bailouts of “banks” and “assets”.
How would joining NAFTA help the UK?
They’re thousands of km away. Their natural market is the continent they’re part of.
The biggest exports are
1. Financial services
2. Automotive parts
in both of these, the USA has far larger economies of scale.
What would the UK get out of joining NAFTA?
True. Financial firms have already moved thousands of jobs and billions of pounds out of the UK.
But the real crux is in smaller companies - especially manufacturing. Some have shifted component manufacturing from various parts of western europe to the UK, while a larger number have shifted out of the UK. The reason is that they want to minimize crossing borders
Bargaining power. Europe is going to try and destroy them economically and make them beggars.
Paying for politicians delaying Brexit until after it was too late to make a deal with Trump/US.
It doesn’t help them with bargaining power. The city of London’s financial “lake” is the European continent. Imagine if New york state left the union.
If NY state left the union, joining the EU isn’t going to stop its decline
Not really. Brexit happened on 31 January 2020 - last year, while Trump was still in power.
Can I do that?
Imagine New York leaving the Union?
Can I also imagine the West Coast going with them?
Not really. Brexit happened on 31 January 2020 - last year, while Trump was still in power.
You can do that.
the UK leaving the EU is analogous - in business and economic terms (but not political) to New York state leaving the USA.
It would devastate New York’s economy. Even if New York then joined the EU or ASEAN it wouldn’t stop NYC’s decline
Officially and functionally it happened on 31 Jan 2020.
You said “Paying for politicians delaying Brexit until after it was too late to make a deal with Trump/US.”
Brexit happened during President Trump’s period in office.
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