Brexit: A New Era for the UK?

[Stavros]

I note that you offer no evidencee to support your claim. Saying you work in 'the City' means nothing if you can't expain what you mean.

This is not fantasy -a UK investor explaining why he won't invest in the UK -the Telegraph article is hidden behind a paywall which I won't pay but this is the headline and by-line, and in a way, says all we need to know about Brexit-

£1.2bn investor: ‘I’m bullish on Britain but won’t touch its shares’
With a ‘go-anywhere’ investment approach, Rathbones' David Coombs explains why the best opportunities are in America".
https://www.telegraph.co.uk/investing/funds/12bn-investor-bullish-britain-wont-touch-shares"

Here is another dose of reality-

"Because EU investors must trade European shares inside the bloc (unless they’re denominated in pounds), brokers and exchanges have been advising customers from the U.K. and the rest of the world to also buy and sell equities via EU hubs, where liquidity is now likely to be deeper.
The result? On Monday, the first trading day of 2021, public data on exchanges pointed to London having lost almost 45% of the volume of stock that would have gone through the City at the end of last year. About 6.3 billion euros ($7.7 billion) of shares that would have traded on London-based platforms changed hands in the EU, according to data compiled by Cboe Global Markets Inc., which now handles some of those exchanges from Amsterdam."
https://www.bloomberg.com/opinion/ar...a-new-big-bang

Even a cautiously optimistic view has a downside based on the reality that you are unable or unwilling to counter-
This is from a 'financial policy official'-

“We are realistic about losing access to the EU consumer. The U.K. is focusing on its strong wholesale markets,” he said, pointing to investment management, currency and debt trading, efforts to raise capital for infrastructure projects, as well as commodities, derivatives and, increasingly, digital asset trading.
The key to remaining successful will be for London to “stay more open and liberal to foreign trade in wholesale markets than the EU, U.S. and China,” he said.

But

"The total EU derivatives market was worth €681 trillion in 2019, dwarfing other trading such as equities trading. And it’s a sector that’s likely to keep growing — albeit outside the U.K.
“Business areas like equity and derivatives trading have seen substantial shifts to EU financial centers,” Bundesbank board member Joachim Wuermeling told German media.
By the end of 2020, financial institutions moved holdings worth €675 billion from the U.K. to Germany. “According to banks’ current plans, asset relocations will rise to €1.2 trillion by the end of next year alone,” Wuermeling said.
Derivatives trading is set to spread across the Continent. “The location hinges on the underlying asset,” said Hubertus Vaeth, who heads the lobby group Frankfurt Main Finance. “Paris is leading in corporate bonds, Amsterdam is the first choice for shares and Frankfurt has good prospects for interest rate swaps.”
https://www.politico.eu/article/city...-after-brexit/

You may call it swings and roundabouts, a game of poker, or just admit that Brexit has led to the situation which I still believe ought to be heading the national debate and is in the first quote above -why the richest investors in the UK are choosing to move their money out of the country and invest somewhere, it seems anywhere else but not the UK.

How can it be that Brexit Britain is being touted as an 'Investment Destination' for capital rich clients otutside the UK when capital rich Brits are running away from the place? It is rather like those Latin American or sub-Saharan countries in the 1970s and 1980s where the indigenous capitalists exported their wealth to foreign banks wihile their State Governmens relied on 'foreign direct investment' to fill the gap.

It used to be called the Third World. Maybe this is where Boris Johnson and Rees-Mogg want Britain to be. As for jobs, well the City can spend its nights and days moving our money around, making millions for traders who in reality make nothing -what about the workers in Hartlepool who have voted for a Brexit Party presumably because they think jobs are going to rain down on them and they will all be happy again? What jobs?

There is indeed a fantasy. It is called Brexit.

[obslam]

Whatever, I come here to look at babes - no idea why you think this is a suitable place for this drivel.

LOL, if a fund manager is tipping the US right now, he's out of step with most everyone else.

I don't need to prove anything to you, but employment and FUM/AUM are both up in the UK financial sector post-Brexit.

[Laphroaig]

Whatever, I come here to look at babes - no idea why you think this is a suitable place for this drivel.

LOL, if a fund manager is tipping the US right now, he's out of step with most everyone else.

I don't need to prove anything to you, but employment and FUM/AUM are both up in the UK financial sector post-Brexit.

If all you want to do is "look at babes" why are you reading the Politics and Religion section?

[obslam]

If all you want to do is "look at babes" why are you reading the Politics and Religion section?

Because, annoyingly, it comes up when you click New Posts.

Mostly can ignore it, but it grates that someone can continually talk the country down and post utter rubbish.

The UK economy is well placed right now and everyone who works in the sector knows it.

[Stavros]

So don't go to 'New Posts' but the General Discussion and work your way through the list which, if you visit every day, will look familiar.

[Stavros]

Because, annoyingly, it comes up when you click New Posts.

Mostly can ignore it, but it grates that someone can continually talk the country down and post utter rubbish.

The UK economy is well placed right now and everyone who works in the sector knows it.

Those working in that part of the UK economy in coastal areas where fishing is the main source of work and income, are not well placed at all, as the evidence shows them on the point of colllapse -just as I have documented the problems Brexit has created, all of which you have ignored, either because you don't care, which is Boris Johnson's position, or because you choose to ignore the evidence that does not support your argument.

I am not talking the country down- it is not my opinion but real evidence from real people concering real jobs-, and offer the evidence of failure you ignore, while you offer no evidence for your own claims of success. If you work in The City, then a trillion quid doesn't mean much to you, but it's our money, not yours. This cavalier indifference to where the money is and where it goes is based on, indeed shaped by, the international markets that have zero interest in the 'Sovereignty' that has been the precious jewel in the Brexit Crown. I can think of no more blatant disregard for Brexit exhibited by the most devoted supporters of it, than those owners of Capital who take their money and run -to the very EU they say they wanted to be 'liberated' from. Like the geezer in the East End once said, 'what a load of bollocks'.

So look again at my posts -that 'rubbish' is not mine, I am quoting other people, those affected by Brexit, and those who analyse it. And if you devote even more of your time to reading my posts, you will also know I have stated in various threads that Brexit might work in the long term, though I am at this age cynical enough to disbelieve it knowing I shall be dead before the streets are paved with Gold.

Your own knowledge of the financial industry should tell you that for decades now the Markets have been gorging on themselves, liberated from the burden of having to link their speculative trading to the manufacture of real things made by real people. I understand that the derivatives revolution with its credit default swaps and varous instruments was meant to improve Debt Management, but it became Debt Encouragement, as the fiasco over Greensill has shown - a topic I raised in a thread you have not responded to with your inside knowledge of the industry.

The expansion of the debt culture in Capitalism was fundamental to Blair's Cool Britannia, and I don't doubt with the colossal borrowing of Rishi Sunak and the re-opening of the high st economy there will be a boom in the UK economy, and I would not be surprised if the boom breaks all the records, confirming your predictions, for now. But as I say, it is all based on and driven by Debt, and the poltical consequences of a Centrally Planned Economy which even if temporarily, makes Boris Johnson the first Communist Prime Minister in British history, comparable to Brezhnev, though as yet the tanks have not rolled into Edinburgh or Glasgow to crush the Scottish Independence movement.

Read Will Hutton's explanation for the Conservative victory on Teesside under Mr Houchen and it sounds like he is Tony Blair rather than the now discredited Margaret Thatcher, making one wonder what identity her old party has these days. And maybe Dominic Cummngs is right that there is no 'centre ground' in British politics, what we have is a vacant space where anything goes, such as the lies that Boris Johnson is addicted to.
https://www.theguardian.com/commenti...ight-old-guard

You live in that bubble known as The City -when will it burst? When interest rates have to rise? Because they must. When income tax and most indirect taxes rise? Because they must. And with all that lovely jubbly sloshing around the UK economy, is inflation going to rise? Same old UK, boom and bust. Take the money and run, that's what your buddies do.

Or maybe replace your Happy Days Are Here Again refrain and Line of Duty style acronyms with some evidence?

[obslam]

So don't go to 'New Posts' but the General Discussion and work your way through the list which, if you visit every day, will look familiar.

Thanks for the tip, but I like new posts. I'll just try to resist looking at the inaccurate trash talk on here, like the utterly incorrect rubbish above - which is based on bottom-feeding journalism, not reality.

[peejaye]

Because, annoyingly, it comes up when you click New Posts.

The UK economy is well placed right now and everyone who works in the sector knows it.

Looks like a lot more than just those in the city who agree with you! "Bungling" Boris did rather well in the local elections, best since 2008 I read!

https://www.bbc.co.uk/news/topics/c4...elections-2021

[Stavros]

Thanks for the tip, but I like new posts. I'll just try to resist looking at the inaccurate trash talk on here, like the utterly incorrect rubbish above - which is based on bottom-feeding journalism, not reality.

How you navigate HA is your choice. As usual, you dismiss the evidence I offer of the mess Brexit is making of the UK economy, offering zero evidence of your own to prove your point is fact-based and not just opinion. It is not bottom-feeding journalism that reported the closure of the Ford factory in Bridgend some of whose workers were all but promised jobs when the plant was to be renovated to produce electric vehicles until the new owner decided, because of Brexit- to make the cars in France. Maybe you call LSE research 'bottom-feeding journalism' because you don't like what it says about the UK's Labour market, or the tendency of some employers to sack their workers, then re-hire them on less beneficial terms, just as the trillions of pounds of cash and trading that has abadoned the UK for the EU either means nothing to you, or you just can't be arsed to expain why or how the UK benefits from it.

As Brecht once put it, 'So many reports, so many questions' -none of which are addressed by you. And I am still waiting for you to justfy taking away my freedom when you voted to leave the EU.

[Stavros]

[QUOTE=peejaye;1966844]Looks like a lot more than just those in the city who agree with you! "Bungling" Boris did rather well in the local elections, best since 2008 I read!
/QUOTE]

So, is Hartepool about to become the economic hub of the North-East?