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<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="591102" data-time="1466742401">
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<p>Genuine questions because I don't know much about this stuff. Why will what you've written above happen? Why is EU membership so vital?</p>
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<p>The main reason is that most European nations have long required that if you offer financial services you have to have a physical presence and employ a local staff etc. But you can get around it if you have such a presence in another European country, they call it a passport into Europe. So a lot of the financial services companies from the US, Japan, Aus etc who have offices in London can currently operate freely selling their services in Europe, but that may no longer be possible. That would be a problem.</p> -
<p>I think just saying stuff like Brexit is caused by 'racism' massively undersells how much immigration is growing in prominence as an issue right around the world.</p>
<p> </p>
<p>Yes there are plenty of racists out there, but it's not that simple and boils a stupidly complex issue down to a slur.</p>
<p> </p>
<p>The racial forces that shape the UK (and the US for that matter) are on whole new level to what we have down here. And it has clearly made a lot of people uncomfortable, as the UK demographics continue to shift.</p>
<p> </p>
<p>I don't have a view either way on Brexit, but I think people that write this (and Trump) off simply to 'racism' ignore what is a huge issue, and growing right around the world. </p> -
<blockquote class="ipsBlockquote" data-author="barbarian" data-cid="591125" data-time="1466745573">
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<p>I think just saying stuff like Brexit is caused by 'racism' massively undersells how much immigration is growing in prominence as an issue right around the world.</p>
<p> </p>
<p>Yes there are plenty of racists out there, but it's not that simple and boils a stupidly complex issue down to a slur.</p>
<p> </p>
<p>The racial forces that shape the UK (and the US for that matter) are on whole new level to what we have down here. And it has clearly made a lot of people uncomfortable, as the UK demographics continue to shift.</p>
<p> </p>
<p>I don't have a view either way on Brexit, but I think people that write this (and Trump) off simply to 'racism' ignore what is a huge issue, and growing right around the world. </p>
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<p> </p>
<p>Yeah, this has been happening against a backdrop of prolonged economic stagnation and intra-national regional economic inequality, and is part of a large wave of nationalism/anti-globilism. These movements and sentiments have been on the rise across the globe, with perhaps only New Zealand not represented so far.</p> -
<blockquote class="ipsBlockquote" data-author="MajorRage" data-cid="591111" data-time="1466743844">
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<p>Yes - they can now do what they want, without being subject to some of the more ludicrous EU laws. There will of course be the small trade off, or losing all the industry which they currently enjoy.</p>
<p> </p>
<p>Whether or not that pays off or not, well <strong>100% of economists, financiers don't think so. </strong> But what would they know eh!</p>
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<p> </p>
<p>So what you outlined further above is an absolute given?</p> -
<blockquote class="ipsBlockquote" data-author="Baron Silas Greenback" data-cid="591084" data-time="1466739279">
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<p>Many pundits seem to be making all about econmics. It is far more broad than that, the debate has been turned into what sort of country and rulers you want,</p>
<p>The economy will survive. </p>
<p>Pundits and experts also said that not joining the common currency was a disaster. Turns out they were wrong. </p>
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<p> </p>
<p>"What sort of country and rulers you want" turns out to be "small-minded" and "clowns" respectively.</p>
<p> </p>
<p>Of course it's not all about economics. When you say it will survive, of course it will, but its unlikely to be the same shape as it was yesterday. It's going to take a while to recover from this.</p> -
<blockquote class="ipsBlockquote" data-author="JC" data-cid="591121" data-time="1466745273">
<div>
<p>The main reason is that most European nations have long required that if you offer financial services you have to have a physical presence and employ a local staff etc. But you can get around it if you have such a presence in another European country, they call it a passport into Europe. So a lot of the financial services companies from the US, Japan, Aus etc who have offices in London can currently operate freely selling their services in Europe, but that may no longer be possible. That would be a problem.</p>
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<p> </p>
<p>Sorry if I speak out of my butt so please be gentle. Isn't Zürich a strong financial centre? Switzerland isn't part of the EU and they seem to do ok. Is a capital flight from London inevitable?</p> -
<blockquote class="ipsBlockquote" data-author="SammyC" data-cid="591109" data-time="1466743052">
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<p>Racism over economic stability</p>
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<p> </p>
<p>Which race do think they have been rascist towards?</p> -
<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="591131" data-time="1466746432"><p>
Sorry if I speak out of my butt so please be gentle. Isn't Zürich a strong financial centre? Switzerland isn't part of the EU and they seem to do ok. Is a capital flight from London inevitable?</p></blockquote>
<br>
I was wondering the same thing . -
<blockquote class="ipsBlockquote" data-author="JC" data-cid="591129" data-time="1466746233">
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<p>"What sort of country and rulers you want" turns out to be "small-minded" and "clowns" respectively.</p>
<p> </p>
<p>Of course it's not all about economics. When you say it will survive, of course it will, but its unlikely to be the same shape as it was yesterday. It's going to take a while to recover from this.</p>
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<p> </p>
<p> </p>
<p>Are you old enough to remember exactly the same things being said when they decided against the common currency? London was DOOMED as a financial centre, the banks would leave etc etc Basically all the same arguments.</p>
<p>I am not saying you are wrong. I do not have enough information. But scare mongering has been proven to be bullshit in the European question before. </p>
<p>I think the UK will still have a mostly free trade agreement with the EU, for all the bluster of the EU they still want it... the UK's trade deficit with them gurantees it IMO. </p>
<p> </p>
<p>And there seems to be an assumption that the EU is some sort of go getter bloc that is going gang busters. It isnt. It is very sick. </p>
<p> </p>
<p>I agree it will take a while to recover, but that is the price they seem to be willing to pay to get out from the bureaucratic influence of Brussels, get control of borders, control immigration and a host of other self determining things.</p>
<p> </p>
<p>I think the EU is sinking under the weight of Eurocrats trying to force through a single country ideal for Europe. They are so far entrenched in the echo chamber that they cannot feel the mood. There are major countries in Europe with higher levels of dislike than the UK for the EU. I think the EU would be going a lot better if they had left it at the single market.</p> -
<blockquote class="ipsBlockquote" data-author="Tim" data-cid="591130" data-time="1466746313"><p>
I'd like to hear from people who have been in the UK during the campaign, but I've found Corban's/Labour's almost "non-role" curious.</p></blockquote>
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I was reading how Cameron stepped back to let Labour take the lead in the last week of campaigning. Other than that from here they seemed pretty anonymous compared to the floppy haired fuckwit . -
<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="591131" data-time="1466746432">
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<p>Sorry if I speak out of my butt so please be gentle. Isn't Zürich a strong financial centre? Switzerland isn't part of the EU and they seem to do ok. Is a capital flight from London inevitable?</p>
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<p>Not really. Switzerland's model is a number of small privately owned banks offering private banking for wealthy individuals. The clients' assets are specifically being deposited in Switzerland, that's kind of the point.</p>
<p> </p>
<p>But the types of business that are probably most at risk of flight from London are corporate and institutional. The banks and companies chasing that business are looking for ways to service banks and companies across jurisdictions around the world. So maybe helping pension funds and insurance companies based in Belgium and Holland to buy and sell assets in Brazil, Canada and Malaysia. That's what London does better than anywhere else.</p> -
<blockquote class="ipsBlockquote" data-author="Baron Silas Greenback" data-cid="591136" data-time="1466747466">
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<p>Are you old enough to remember exactly the same things being said when they decided against the common currency? London was DOOMED as a financial centre, the banks would leave etc etc Basically all the same arguments.</p>
<p>I am not saying you are wrong. I do not have enough information. But scare mongering has been proven to be bullshit in the European question before. </p>
<p>I think the UK will still have a mostly free trade agreement with the EU, for all the bluster of the EU they still want it... the UK's trade deficit with them gurantees it IMO. </p>
<p> </p>
<p>And there seems to be an assumption that the EU is some sort of go getter bloc that is going gang busters. It isnt. It is very sick. </p>
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<p> </p>
<p>Yes I am old enough. I was in charge of our bank's Euro conversion project. And no, nobody with any credibility said London was doomed, Daily Mail doesn't count.</p>
<p> </p>
<p>I agree that Europe has problems too but decisions to relocate are likely to be based just on numbers. There are simply more potential clients in the European Union as a whole than just in the UK.</p> -
<blockquote class="ipsBlockquote" data-author="JC" data-cid="591139" data-time="1466747586">
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<p>Not really. Switzerland's model is a number of small privately owned banks offering private banking for wealthy individuals. The clients' assets are specifically being deposited in Switzerland, that's kind of the point.</p>
<p> </p>
<p>But the types of business that are probably most at risk of flight from London are corporate and institutional. The banks and companies chasing that business are looking for ways to service banks and companies across jurisdictions around the world. So maybe helping pension funds and insurance companies based in Belgium and Holland to buy and sell assets in Brazil, Canada and Malaysia. That's what London does better than anywhere else.</p>
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<p> </p>
<p>Is it a given that a Brexit will prevent London from continuing to do that? </p> -
<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="591131" data-time="1466746432">
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<p>Sorry if I speak out of my butt so please be gentle. Isn't Zürich a strong financial centre? Switzerland isn't part of the EU and they seem to do ok. Is a capital flight from London inevitable?</p>
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<p> </p>
<p>It's a fair question, but it's a completely different kettle of fish.</p>
<p> </p>
<p>Different financial infrstrcuture, different view on immigration, the world, internal politics. They still have national service remember.</p>
<p> </p>
<p>Look, things probably won't be as bad as I'm suggesting on previous posts. Knee-jerk reactions should be alot more muted than financial markets are showing, and in the cold light of day, it's going to be up to the UK govt to find the right balance of EU trade and EU law. There is simply no doubt that both of these will reduce as an influence on day to day UK life, but if they can find the right balance, then there is a chance, very small in my opinion, that the UK could actually prosper from this. </p>
<p> </p>
<p>It is going to be tough for Chloe, Lizzy, Flossy, and their other trashy 5 pals to go on their girly holiday and get all fucked up with a whole bunch of European trash at Shagaluf, a 10% move in the CCY guarantees that. But is that necessarily a bad thing.</p>
<p> </p>
<p>It's a whole new world today, especially for those only just waking up now in the mother land.</p> -
<blockquote class="ipsBlockquote" data-author="MajorRage" data-cid="591144" data-time="1466748692">
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<p>It is going to be tough for <strong>Mercedes, Shanice, Princess</strong> and their other trashy 5 pals to go on their girly holiday and get all fucked up with a whole bunch of European trash at Shagaluf, a 10% move in the CCY guarantees that. But is that necessarily a bad thing.</p>
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<p> </p>
<p>Fixed!</p>
<p> </p>
<p>We were talking about it on twitter earlier - how is this going to affect those drug-fuelled jaunts to Ibiza and the continent? </p>
<p> </p>
<p>Will it be easier to keep English football hooligans fenced in?</p> -
<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="591141" data-time="1466748023">
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<p>Is it a given that a Brexit will prevent London from continuing to do that? </p>
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<p>Pretty much. Banks won't necessarily need to withdraw from markets they're already in (like a lot of things that hasn't been made clear any more than if all the Poles in the UK will have to go home) but if they want to go into a new one they won't have the passport into Europe to justify not creating a presence in that new market. So the likes of Citi which tends to have offices in every country anyway won't have a problem but someone whose got clients in Germany and wants to expand into Austria will have a decision to make.</p> -
<p>Well, if Scotland choose to have a second referendum, I wouldnt blame them for leaving Britain.</p>
<p>The voting suggested they were overwhelmingly in support of staying in the EU and they already had a bee in their bonnet about the English making decisions for them.</p>
Brexit