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I think that there is a big misconception about how much Brexit will hurt the banking sector. London is a global centre, but one of the big things that has helped this is the single market. A firm that is authorised by the FSA is counted as being auhorised in all member states. That disappearing will be a major issue. The threat of that happenning is already a major issue, I know of many firms in the process of moving operations to the mainland.
graunch-
I know of many firms in the process of moving operations to the mainland.
Names?
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the mainland
which means?
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A firm that is authorised by the FSA is counted as being auhorised in all member states. That disappearing will be a major issue.
That is huge.
I can't see any government, let alone a tory one fucking that up.
That said I know of one Gibraltar company setting up Maltise branches so to pre-empt any passporting issues. So I assume that's now actually a thing.
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I know of many firms in the process of moving operations to the mainland.
A lot of firms were doing this in any case - London is one of the highest cost centres in the world, and certainly in the European time zone.
But yes, if Mifid is no longer in play for the UK, then there's less reason to have a branch in the UK, given the additional costs, restricted capital flows & probably increased regulatory inertia and bureaucracy.
Hefty
sausagefingers
hugo7
NotThamesWater
This statistic is a bit depressing. 29% of all tax intake comes out of London.
As much as brexit was about taking control of our own country I strongly believe that it means giving even more control to the banks as an independent Britain can't afford to lose the banking sector.