Financial firms move over $1 trillion out of Britain. Guess Why?

7
1985

… from Press TV, Tehran

[ Editor’s Note: This story comes as no surprise. If there is one thing banksters and even legitimate financial firms do not like it is instability and uncertainty. Not only is it a foot on the brake pedal of asset appreciation but also increases the chances of taking a firm down an elevator shaft without the comfort of the elevator.

And then there is the issue of if you leave too late all the choice office space have already been grabbed up by those ahead you, plus leaving your firm to pay higher rentals due to the mini-boom that would be created by a hard Brexit in cities catching those moving.

Stockholders tend to get into lynching mode and go looking for some CEO or boardroom necks to soften their pain with. As the old saying goes, “Vengeance is best served cold”.

Meanwhile, the British elites, those still in a trance, are talking about their becoming a “world military power” when stories are already out that they cannot staff the military levels they have now, especially in the Navy.

Those staff shortages and critical skill set talent holes create a similar “who to blame” hunt for breakdowns and behind schedule problems. But in the military command structure the doo doo always flows down when the hunt for scapegoats begins.

I wish no ill will to the British people. Most countries are suffering on variety of grand larceny political establishments, with the Brits having an extra layer with its peerage class. But I am still suspicious that the  EU might not be unhappy to see an economic mess for the British pullout to give EU countries thinking of the same route something sour to ponder.

Sure, the EU would be better off economically to have Britain stay, but the risk of more countries following suit would be a terminal cancer, whereas cutting off a hand could be the best long term solution, despite the pain.

As our mothers use to say when chastising us for cutting corners when doing work, “No pain, no gain”, and they were generally rightJim W. Dean ]


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Brexus Perplexus

– First published … March 11, 2019

An independent think tank produces the yet-most intricate report on the proportions of the losses, which the British economy is suffering as a result of Brexit.

New Financial issued the report on Monday, showing how heavyweight international institutions were enacting an exodus from the country as it is about to leave the European Union. Britain would set out on the departure — decided on during a June 2016 referendum — on March 29, unless the divorce is delayed amid bickering between Number 10 and the Parliament over a deal on future relations with the 28-nation bloc.

The think tank said gearing up for the departure, more than 275 financial firms were moving a combined £924 billion ($1.2 trillion) in assets and funds and thousands of staff from Britain to the EU.

Those, it added, were mostly choosing Dublin, Luxembourg, Paris, Frankfurt, and Amsterdam as their next hubs.

“Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries,” said William Wright, founder and managing director of New Financial. “This will reduce the UK’s influence in European banking and finance, reduce tax receipts from the industry, and reduce financial services exports to the EU,” he added.

Toll on tax revenue

Ten large banks and investment banks are together moving £800 billion ($1 trillion) of assets from Britain, the report noted. That equals a 10-percent shift in banking and finance activity, which, in turn, cuts UK tax receipts by about one percent, it added.

London takes the brunt of the departures, although it would retain its might as a financial epicenter, said the company.

Last month, a senior economist at the Bank of England (BoE) said Britain had lost £40 billion ($51 billion) a year since Britons voted to leave the European Union.

Gertjan Vlieghe, a member of the BoE’s monetary policy committee, said the loss amounted to a 2-percent annual loss on the UK economy.


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7 COMMENTS

  1. Bankers leave the UK and take $1.2 trillions with them and it effects only an 1% loss in tax revenue. I think that is the real story. Something is wrong here. Sounds like the British will gain when these freeloaders finally exit.

  2. Jim, it’s all, ultimately about Rothschild-controlled private central banking.

    Trump has the private central bankers panicked.

    Stay tuned for the Ides of March.

    Why else would there be a bill in congress to make hanging illegal?

    Remember Hillary’s: “If that son of a bitch wins, we’ll all swing from nooses.”

    Yes, constitutionally, the penalty for treason is hanging.

  3. Why is it so many British women want more immigrants into the country? Do they hate male Brits that much, they want to replace them? With who? Or is it British males no longer want anything to do with the lot of feminist rubbish and backstabbing…MGTOW?
    As for the banksters, Britain could do with more local banks instead of the Rothchild owned City of London national bank. The same here in the states…..dump the Federal Reserve…..into the ocean.
    How soon before the anti-Brexit riots start and all hell breaks loose?
    Only 18 more days to go folks. Get ready for SHTF. Gonna enjoy watching from here.
    Will the serfs storm the Palace? Or will No.10 and Parliament feel the love?

  4. Jim, let’s talk about those huge cities in China. I strongly guess, they were made for new Westerners, early in advance. The last Chinese movy to soften up their economy for them shows the direction. Rothschild and his minions already brought their gold to Asia, the people and their families will soon follow.

    This plan for the new centre was made some time ago and it is unfolding right in front of our eyes.

    No surprise for me at all. By the way, this fine coordinated effort together with much public effect and propaganda on all channels will channel the hive mind to a goal not talken about.

    If they succeed in this effort, I don’t know, but Theresa May’s last effort in he house of commons (a direct thread towards the parliament in my opinion) shows the strength of the coordinated attac on the people and their vote for Brexit.