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  1. #1
    AtW
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    Default Brexit: “unimaginably large” City Bloodbath

    "Brexit poses a risk to the global financial system and could spark more than 230,000 job losses, senior City figures have told MPs as they called for clarity on the UK’s future relationship with the EU.

    Xavier Rolet, chief executive of the London Stock Exchange, said Brexit could have an impact on “unimaginably large” contracts which are cleared through the City and which might need to be transferred to the 27 remaining EU member states or other financial centres.

    As Rolet called for a five-year transition period for the UK to exit the EU, MPs on the Treasury select committee were told the triggering of article 50 – the formal process initiating departure from the EU – in March could prompt banks to implement contingency plans to shift business out of London.

    “The ecosystem in London is a bit like a Jenga tower: you don’t know if you pull one small piece out whether nothing happens or whether it has a more dramatic impact,” said Douglas Flint, chairman of Britain’s biggest bank, HSBC.

    Ahead of the 23 June referendum HSBC said it could move 1,000 roles to Paris and Flint told MPs the bank was ready to take “pre-emptive action” before Brexit was completed. He pointed out that HSBC also had operations in Ireland, the Netherlands and Luxembourg."

    https://www.theguardian.com/business...hiefs-tell-mps

    Hands up those who worked in the City and voted for Brexit - your next might be doing guided tours for former 3rd world tourists ...

  2. #2

    Richer than sasguru

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    The Guardian again. Lentil munching snowflakes.

    Patiently waiting for the much publicised and feared Brexit Doom.....

  3. #3
    AtW
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    I am trying to ignore ToryGraph at the moment, if I have to read a biased paper then I might as well read the one that leans in the right direction...

    Anyway, these are sad days when even chief executive of the London Stock Exchange has to resort to say those things to the supposedly leftie paper ...

  4. #4

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    Yes, unimaginably large. They're so unimaginably large that they can't even write them down as "contracts". They're all just imagined, except they aren't because they're unimaginable. Hence, they're actually just conceived of in a general way, like the ether. So they probably exist. And since they probably exist, so might the Brexit apocalypse. And if the Brexit apocalypse exists, then you have the slimmest possibility that the Grauniad and the Windy can make it through the next year without going bust. Yay.

  5. #5

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    "Hard Brexit" is going to give us some great doom postings. I like the particularly like the Jenga tower analogy.

    The City might actually get even more squeezed if the UK does a deal with the US.

    Last edited by BlasterBates; 10th January 2017 at 20:11.
    Author of the best seller "How to get Poor quickly"

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    Quote Originally Posted by BlasterBates View Post
    "Hard Brexit" is going to give us some great doom postings. I like the particularly like the Jenga tower analogy.

    The City might actually get even more squeezed if the UK does a deal with the US.

    AtW might get banned for being mistaken for a bot.
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

  7. #7
    AtW
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    It's going to be Diamond Brexit - yep, that hard!

  8. #8

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    Quote Originally Posted by AtW View Post
    It's going to be Diamond Brexit - yep, that hard!
    Now you know why they voted, Back to the 70's everyone


    If people like Rupert Murdoch, Nigel Farage, George Galloway, Nick Griffin and Marine Le Pen want Britain to leave the EU. Where does that put you?

  9. #9

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    Quote Originally Posted by AtW View Post
    "Brexit poses a risk to the global financial system and could spark more than 230,000 job losses, senior City figures have told MPs as they called for clarity on the UK’s future relationship with the EU.

    Xavier Rolet, chief executive of the London Stock Exchange, said Brexit could have an impact on “unimaginably large” contracts which are cleared through the City and which might need to be transferred to the 27 remaining EU member states or other financial centres.

    As Rolet called for a five-year transition period for the UK to exit the EU, MPs on the Treasury select committee were told the triggering of article 50 – the formal process initiating departure from the EU – in March could prompt banks to implement contingency plans to shift business out of London.

    “The ecosystem in London is a bit like a Jenga tower: you don’t know if you pull one small piece out whether nothing happens or whether it has a more dramatic impact,” said Douglas Flint, chairman of Britain’s biggest bank, HSBC.

    Ahead of the 23 June referendum HSBC said it could move 1,000 roles to Paris and Flint told MPs the bank was ready to take “pre-emptive action” before Brexit was completed. He pointed out that HSBC also had operations in Ireland, the Netherlands and Luxembourg."

    https://www.theguardian.com/business...hiefs-tell-mps

    Hands up those who worked in the City and voted for Brexit - your next might be doing guided tours for former 3rd world tourists ...
    Xavier Rolex - bet he was born with a silver spoon up his ass.

  10. #10
    AtW
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    Quote Originally Posted by PurpleGorilla View Post
    Xavier Rolex - bet he was born with a silver spoon up his ass.
    Envy is a sin

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