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TOPIC: London Banks Opposing Britain Exit From EU See U.K. Loss

London Banks Opposing Britain Exit From EU See U.K. Loss 17 Aug 2014 23:36 #1

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London Banks Opposing Britain Exit From EU See U.K. Loss

Source: http://www.bloomberg.com/
From a corner conference room overlooking the Thames, Michael Sherwood, a vice chairman of Goldman Sachs Group Inc., has the guts to voice publicly what many in London’s centuries-old financial district are increasingly worried about behind closed doors: that threats to Britain’s membership in the European Union are threats to British business.

Over the past 15 years, Goldman, like many of the other 250 foreign-owned banks in the City, has consolidated its European operations in London to take advantage of the EU’s $16.6 trillion–a-year single market, Bloomberg Markets magazine reports in its May issue. Wide-open access to that market is now in doubt because of U.K. Prime Minister David Cameron’s promise to hold a referendum on EU membership by the end of 2017.

Opinion: Keep Calm and Save the EU

If Britain votes to quit the EU, Sherwood says, parts of London’s banking business would inevitably drift to Frankfurt and Paris.

“We want the U.K. to stay in Europe,” the 48-year-old banker says. “The U.K. leaving the EU would lead to some sort of fragmentation of our business. The City would definitely be impacted.”

Sherwood is not alone in opposing a Brexit, as a British departure from the EU is known. A 2013 survey by TheCityUK, a bank lobby group, found that 84 percent of finance industry leaders want the U.K. to remain a member of the EU.

Read more...

This is a lengthy article manly about manoeuvring to maximise headroom for pigs feeding at the trough, with no regard for the constitutional or general health and well-being of the British people. There is very little meaningful discussion about the burden of undemocratic EU legislation imposed and enforced on British people, and independent businesses many of whom do not trade with the EU. They also don't give any worthwhile information about the real costs to the tax paying public both direct and indirect. They do make a comment about the financial industry being the biggest in the UK and yet it only accounts for 12% of tax receipts. There is also no discussion about the fact that the British public have bailed out the fraudulent crooks in the world of finance, and effectively continue to underwrite their future failing yet to hit home, through the bail in policies. They neglect to discuss the real implications of the ECB which is a scandalous and flawed concept in and of itself. No mention of the impact vast sums of fiat bailout money have had on the UK economy, through a slight of hand inflationary process which has devalued the pound in real national and global economic terms. This scourge of the modern world should have been left to wallow in the financial cesspit they irresponsibly created. If an exit from the EU would reduce the number of these parasitic organisations on our shores the sooner we leave the better off we will be.

"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." William James
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London Banks Opposing Britain Exit From EU See U.K. Loss 17 Aug 2014 23:51 #2

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Most people would be better off if the likes of Goldman fecked off... at the place where they fecked off from at least.

Frog wrote:
This is a lengthy article manly about manoeuvring to maximise headroom for pigs feeding at the trough,

Yep thats what the banks are all about. That said its the general population that allows these things to continue the way they do, for the banks/b ankers are the few yet they make all the money, and by not creating anything of real value to most people.. just leeching.
I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
Last Edit: 17 Aug 2014 23:52 by novum.
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London Banks Opposing Britain Exit From EU See U.K. Loss 18 Aug 2014 00:04 #3

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London flourished into the finance centre for the EU because it was in an English speaking country so easy for English speaking Americans to come to. England also has more "flexible labour laws" so hiring and firing is easier, tho not on a par with the US.

@Frog you are correct. The bankers are speaking purely from self-interest. Several thousand earn £1,000,000 + a year in London and they are speaking from losing some of their livelihood from within an environment that is more conducive to their organizations doing business.
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London Banks Opposing Britain Exit From EU See U.K. Loss 18 Aug 2014 00:23 #4

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There are sections on earnings and bonuses etc. the main thing they seem to be proud of is the way the London banks have managed to circumvent the bonus capping mechanism. Not that anyone with a modicum of intelligence couldn't have predicted that outcome.

The problem stems from the corruption of language and peoples unwillingness to educate themselves about finance, law, government and their constitution. If they did they would use the correct terms for these people such as thieves, fraudsters, vermin, parasites etc. They would also recognise that the government is committing treason and self serving. If we got off our collective arses we can use our constitution to remove these treacherous retches and restore our legal process, in order to prosecute the actual villains in our midst. Roll on the tipping point and the arrival of the 100th monkey.

"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." William James
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London Banks Opposing Britain Exit From EU See U.K. Loss 18 Aug 2014 14:23 #5

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It is claimed that the UK would lose 3 million jobs if it left the EU. That is political propaganda by those opposed to the UK leaving the EU. Each year the UK loses 3 million jobs as roughly 10% of all jobs are destroyed in a year. The UK economy, generally, tends to create 3 million jobs a year as well. So the losses are balanced out by the gains.

The claim that 3 million jobs would be lost is a common one and it just goes to show that there’s lies, damned lies and then there’s politics.

The contention goes that there are three million British people who make their living making things that are then exported to the European Union. Then though you're meant to make the leap to the idea that if Britain did leave the EU then absolutely none of those jobs would exist: leaving the EU would be the same as the UK never exporting another thing to the EU. Which is of course nonsense as the UK has been exporting to the Continent ever since there’s actually been the technology to facilitate trade. Further too: there have been finds in shipwrecks in the Eastern Mediterranean of Cornish tin dating from 1,000 BC, so it’s not just drunken louts that have been exported to the EU!

There’s no reason why leaving the EU would mean 3 million out of work. In economic nothing theory in all but the very short term the general level of employment in an economy is determined by the general level of aggregate demand in that economy. Britain also imports more from the EU than it exports to it: thus, a cessation of trade with the EU would, after a notable amount of confusion and chaos to be sure, likely lead to an increase in demand for domestic goods and thus a rise in the general level of employment. And there would be no complete cessation of trade if the UK did left the EU.

The worst that could happen is that the UK, as a member of the World Trade Organisation, could face tariffs that other WTO members do. A few percent here or there, something that doesn’t actually make a great deal of difference either way.
Last Edit: 18 Aug 2014 14:24 by Orangeaid.
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London Banks Opposing Britain Exit From EU See U.K. Loss 18 Aug 2014 19:48 #6

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Wouldn't the 3 million unemployed after a UK seccession from the UK just be some of the EU workers who replaced the former British worker?
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London Banks Opposing Britain Exit From EU See U.K. Loss 18 Aug 2014 20:38 #7

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The three million jobs mentioned was total propaganda, and the politicians involved in propagating such blatant lies should be discharged from office, and excluded form holding positions within the government structure, including undemocratic quangos etc.

There is an article here that exposes the fraudulent claim.

"Whenever you're in conflict with someone, there is one factor that can make the difference between damaging your relationship and deepening it. That factor is attitude." William James
Last Edit: 18 Aug 2014 20:39 by Frog.
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