352 year old LLoyds of London to establish EU base next year.

[GB9]

That's right you'll see EU companies setting up small operations in the UK to serve the UK and UK service companies opening much bigger operations in the EU, with a net loss of jobs.

UK GDP 2 Trillion
EU GDP (without UK) 16 Trillion

And now the genius enters the fray.

Read this article about a Moody's research piece.

"Banks don't need passporting rights"

"Leaving the EU Single Market and losing passporting rights would be far from a disaster for the City of London, leading analysts at Moody's have found."

"On the face of it, [losing passporting rights] could be significant for many London-based firms, forcing them at a minimum to apply for authorisation to do business in other states, or at worst having to move staff and operational processes to a location within the European Economic Area (EEA)," Moody's stated."

"However, the ratings agency added: "In practice, we expect the impact of a formal withdrawal of the UK from the EEA to be limited for most UK banks."

Researchers cited EU equivalence rules - which apply to countries with broadly similar regulatory regimes - as allowing countries outside the EU to be treated on preferential terms. Moody's listed a lengthy catalogue of financial activities which could be protected for "global investment banks" under the scheme if they chose to stay in London, including foreign currency trading, trade execution, underwriting, portfolio management, and sales of derivatives.

"These provisions should also ensure that EU banks can operate in international capital and money markets which are largely based in London."

Any "costs" of a loss of passporting rights for the UK's banks would largely be as a result of any internal restructuring, temporary hits to profitability and a diversion of management resources while financial services firms figure out the new rules of the UK's relationship, Moody's said. "Other critical factors, such as capital and liquidity which are largely determined by global standards, are unlikely to face material change due to Brexit".

[sasguru]

And now the genius enters the fray.

Read this article about a Moody's research piece.

Ah yes Moody's.
The same organisation that downgraded the UK from "stable" to "negative" the day after the referendum.
And didn't see the big crunch coming in 2008.
But this thread is not about speculation, or what one organisation thinks over another, or selectively picking stuff that backs your point of view, otherwise it properly belongs in the Brexit thread.

I thought it was worth starting a new thread to highlight the fact that a centuries old British business has finally decided for certain to open an office in Europe as a direct result of the Brexit vote.
The implications of that are yet to pan out.
They may like the cheap housing and move all their staff there or find that the regulaitons in the EU are too onerous.
Point is this is just what many of us think will happen: a slow death over time by a thousand small cuts.

[NotAllThere]

And now the genius enters the fray.

This discussion has gone reasonably well so far - don't start mucking it up with unfounded accusations or attribution of nefarious motivation.

Or any other kind of personal attack.

[MrMarkyMark]

Or any other kind of personal attack.

We'll leave that to you, NAT, eh?

[NotAllThere]

We'll leave that to you, NAT, eh?

So far, not in this thread.

[MrMarkyMark]

So far, not in this thread.

Ah, so you were issuing the warning to yourself, also, very good

[PurpleGorilla]

So they will move to the EU and pay no tax there instead, and the bankers can drive round in their zondas and help inflate property prices over there instead.

[sasguru]

So they will move to the EU and pay no tax there instead, and the bankers can drive round in their zondas and help inflate property prices over there instead.

NAT is watching this thread like a hawk so all I'm going to say is, I'll leave your comments to the judgement of the congregation

[AtW]

So it has begun then.

Dooooomed!

[darmstadt]

More work for me then As I've mentioned before, one of my projects is to move various applications in IT departments, primarily financial institutions, away from their home base, either into the cloud or offshore. So far I've worked on 3 in the UK and a few in the USA but I suspect we'll be getting more now from the UK. These are not the frontend guys but tend to be the development of the systems that they use so don't worry...too much