Financial sector

[BrilloPad]

It always was in those currencies. You will find there are more subtle advantages to being here. Rather like the Swiss.

So far we have been vocal about tax avoidance and some of the tricks. But it won't take much to make us a tax refuge just off the coast of the eu...

London property already is.

[Rabotnik]

It always was in those currencies. You will find there are more subtle advantages to being here. Rather like the Swiss.

So far we have been vocal about tax avoidance and some of the tricks. But it won't take much to make us a tax refuge just off the coast of the eu...

I wondered about this. I know nothing about Finance, but now we aren't in the EU can't we just do something like charge 5% tax to banks or something extreme to make them all come here which the EU wouldn't have permitted previously?

[BrilloPad]

I wondered about this. I know nothing about Finance, but now we aren't in the EU can't we just do something like charge 5% tax to banks or something extreme to make them all come here which the EU wouldn't have permitted previously?

Indeed. Until the 60s London was nowhere. New York was king. Then USA introduced large tax rises. Coupled with Eurodollar, London never looked back.

Also, the UK could introduce 10% corporation tax. Boomed......

[Rabotnik]

Indeed. Until the 60s London was nowhere. New York was king. Then USA introduced large tax rises. Coupled with Eurodollar, London never looked back.

Also, the UK could introduce 10% corporation tax. Boomed......

Yeah exactly, this is what I thought when everyone started bleating about the banks leaving. Can't we just do something like copy the taxes from Luxembourg for example and knock 1% off so companies come here instead?

[BlasterBates]

It's not about taxes it's about trading under a financial regulator, i.e. currently a European bank can simply carry out a trade in London, in the future it won't be able to that because trades in London will not have recognised supervision. A huge amount Euro bond trading will have to take place on exchanges in the EU. That is the business that will disappear.

Switzerland, which has no passporting rights exports no financial trading as London does, it's all domestic wealth management of Swiss funds.

[bobspud]

It's not about taxes it's about trading under a financial regulator, i.e. currently a European bank can simply carry out a trade in London, in the future it won't be able to that because trades in London will not have recognised supervision. A huge amount Euro bond trading will have to take place on exchanges in the EU. That is the business that will disappear.

Switzerland, which has no passporting rights exports no financial trading as London does, it's all domestic wealth management of Swiss funds.

So if I get this right the euro bonds that are not much better than junk now leave the uk banking system and get traded on an EU exchange?

[scooterscot]

So if I get this right the euro bonds that are not much better than junk now leave the uk banking system and get traded on an EU exchange?

Last week German negative interest rate bonds were purchased over British positive rate bonds. Looks like the investors made the right choice. How did they know?

[bobspud]

Last week German negative interest rate bonds were purchased over British positive rate bonds. Looks like the investors made the right choice. How did they know?

I think we are less likely to default on debts when we own our own printing press and if need be can inflate our own debts away while currency devaluation occurs.

This is no longer about us staying comparible to the euro, we are looking for growth and making ourself attractive value.

They were also talking about German bonds not fully selling out.

[scooterscot]

This is no longer about us staying comparible to the euro, we are looking for growth and making ourself attractive value.

Protectionist state looks for attractive mate. Order your copy of fascist monthly today!

[unemployed]

I think we are less likely to default on debts when we own our own printing press and if need be can inflate our own debts away while currency devaluation occurs.

Not without wage rises