Could or should the city be sacrificed for good brexit deal??

[///ajd]

jjlynn27 said:

http://www.thedailymash.co.uk/news/international/b...

I suspect Nathan might be on here somewhere.

Then there is our international reputation.

http://www.thedailymash.co.uk/news/international/u...

Boris as For Sec is consistent with this - at some stage perhaps she can announce the clowns have all gone, and normal service will be resumed!

[anonymous-user]

TonyToniTone said:

No you dimwit,

Another great contribution. Nice work.

[AC43]

gottans said:

Sacrifice anything! the leave campaign said we would have it all and more, were they telling porkies?

Who would have thought it..

It's the Indyref with knobs on.

[stongle]

powerstroke said:

Yes ... then you realise it's the guardian , realise it will be left leaning propaganda , skim the article look and just see branson and virgin lost one 3rd of its value
shrug and smile .... thanks anyway .

You really are a prat of the highest order, try reading stuff rather than looking at the pictures. The article itself was hardly bad news in the long term. He spoke about the recession not as bad as what is being priced in, and offered ideas to push th economy forward, using infrastructure developments fuelled by cheap boring. This is the diversification of the economy and growth of non-banking you dimwit. Please step away from your keyboard and go back to the village you are depriving of its idiot.

[julian64]

johnfm said:

julian64 said:

Really not happy with the ridicule being put on the original poster.

The country is more important than the London banking sector and money isn't the only criteria by which people vote. If it was we'd still be in Europe.

Its been the case for a number of years now that the country places far too much emphasis on the financial and service sectors and has effectively sidelined any serious manufacturing because London has held the country up financially. It was easy to do politically but I think many years of this has left us with quite a divided union.

This might be a time to reflect on that and any ways we can rebalance the economy and country rather than just ridicule anyone who dares question money as the ultimate goal of all our lives.

Before you commend London financial services as all things mighty in this country it would be interesting to see how much of the pounds recent fall was secondary to those same patriotic bankers in London short selling sterling.

and I voted stay.

You write as if there has been a conscious decision by the 'unseen hand' to promote banking services and sabotage manufacturing.

Has it occurred to you that, instead, global market forces have had a hand in this? That other economies have caught up, started to exploit their own resources to compete with UK mining/manufacturing etc. Cheaper labour. More abundant resources etc.

While the UK financial services industry enjoys competitive advantages over others you should all be thinking of how to maximise its benefits, not thinking of ways to artificially cripple it in some short sighted aim to revive industries in which the UK has no advantage.

It occurred to me, but I think shrugged it off as a circular argument. If you truly believe that politics has no say in the future of the country, and that the financial services industry is the correct and only way forward for this country then I can see why you are so upset about the brexit result.

I didn't vote in to preserve financial services In this country. I voted in because I feel the way forward for this country is as part of a wider more powerful economy, and because most of the time I feel more European than English.

I feel quite ashamed of this country that it is happy to provide financial services but actually produce nothing. We have no advantage to provide financial services for Europe apart from we were there first. France or Germany are quite capable of duplicating Britain's financial sector as I think we will see over the next few years.

As for those posters who think the answer is to keep posting bank balance figures as if they answer the question for everyone, you have, and are continuing, to miss the point of why people voted for Brexit, apart from the obvious 'its all the immigrants fault' brigade.

[RYH64E]

julian64 said:

It occurred to me, but I think shrugged it off as a circular argument. If you truly believe that politics has no say in the future of the country, and that the financial services industry is the correct and only way forward for this country then I can see why you are so upset about the brexit result.

I didn't vote in to preserve financial services In this country. I voted in because I feel the way forward for this country is as part of a wider more powerful economy, and because most of the time I feel more European than English.

I feel quite ashamed of this country that it is happy to provide financial services but actually produce nothing. We have no advantage to provide financial services for Europe apart from we were there first. France or Germany are quite capable of duplicating Britain's financial sector as I think we will see over the next few years.

As for those posters who think the answer is to keep posting bank balance figures as if they answer the question for everyone, you have, and are continuing, to miss the point of why people voted for Brexit, apart from the obvious 'its all the immigrants fault' brigade.

Whether you like financial services or not, or think that we should have a bigger and better manufacturing industry, misses the main point, which is that we do have a successful financial sector and that sector pays a large part of the tax revenue upon which the country depends. If people want a well (or even better) funded NHS, good education, state pensions, etc then it all needs to be paid for, taxes is where the money comes from and the financial sector pays a lot.

Any resurgence in manufacturing will take a very long time to make a meaningful contribution to tax receipts, and I'm not even sure that large scale is possible in our high wage, low effort, economy. In the meantime, financial services pays the bills and any threat to the viability of that sector is a threat to us all. I should mention that I have nothing to do with financial services, I make my money from small scale UK based manufacturing.

Ditch financial services by all means, but accept that the alternative will be austerity the like of which we've not seen in decades.

[TonyToniTone]

fblm said:

Another great contribution. Nice work.

You are most welcome.

I take it you now see the point I was making.

[anonymous-user]

TonyToniTone said:

fblm said:

Another great contribution. Nice work.

You are most welcome.

I take it you now see the point I was making.

If the fatuous point you're labouring is that technically 'the city' does not include all financial services firms, for example all of those in Canary Wharf then yeah I think we get it. The employment and tax numbers clearly relate to financial services, unbounded by the square mile. Most people, including I dare say the OP, use the term 'the city' to refer to financial services generally and use them interchangably. Do you get your knickers in a twist when people refer to Wall St?

[julian64]

RYH64E said:

Whether you like financial services or not, or think that we should have a bigger and better manufacturing industry, misses the main point, which is that we do have a successful financial sector and that sector pays a large part of the tax revenue upon which the country depends. If people want a well (or even better) funded NHS, good education, state pensions, etc then it all needs to be paid for, taxes is where the money comes from and the financial sector pays a lot.

Any resurgence in manufacturing will take a very long time to make a meaningful contribution to tax receipts, and I'm not even sure that large scale is possible in our high wage, low effort, economy. In the meantime, financial services pays the bills and any threat to the viability of that sector is a threat to us all. I should mention that I have nothing to do with financial services, I make my money from small scale UK based manufacturing.

Ditch financial services by all means, but accept that the alternative will be austerity the like of which we've not seen in decades.

I'm quite happy with your explanation of reality. Going out of Brexit was and is a threat to our standard of living. I can't believe anyone who voted for Brexit didn't realise we were effectively damaging our economy and that this would inevitably lead to greater austerity.

Its for that reason I can't understand why poster after poster on here is writing to tell everyone the economy will be damaged, and somehow then expecting everyone to say 'oh I never realised that, I should've voted stay in'.

If I am going to look for a silver cloud here its that financial services in this country was creating a very uneven demographic and a country which was heavily dependant on imports. We were effectively happy to have London earn all the money for simply shoving bits of paper around and trading the price of coffee twenty times while it was in transit. Meanwhile even before we went Brexit there were European moves afoot to redistribute that wealth around or disperse it as a centre.

Long story short , unhealthy flourishing economy with all its eggs In the one basket.

[Hol]

julian64 said:

RYH64E said:

Whether you like financial services or not, or think that we should have a bigger and better manufacturing industry, misses the main point, which is that we do have a successful financial sector and that sector pays a large part of the tax revenue upon which the country depends. If people want a well (or even better) funded NHS, good education, state pensions, etc then it all needs to be paid for, taxes is where the money comes from and the financial sector pays a lot.

Any resurgence in manufacturing will take a very long time to make a meaningful contribution to tax receipts, and I'm not even sure that large scale is possible in our high wage, low effort, economy. In the meantime, financial services pays the bills and any threat to the viability of that sector is a threat to us all. I should mention that I have nothing to do with financial services, I make my money from small scale UK based manufacturing.

Ditch financial services by all means, but accept that the alternative will be austerity the like of which we've not seen in decades.

I'm quite happy with your explanation of reality. Going out of Brexit was and is a threat to our standard of living. I can't believe anyone who voted for Brexit didn't realise we were effectively damaging our economy and that this would inevitably lead to greater austerity.

Its for that reason I can't understand why poster after poster on here is writing to tell everyone the economy will be damaged, and somehow then expecting everyone to say 'oh I never realised that, I should've voted stay in'.

If I am going to look for a silver cloud here its that financial services in this country was creating a very uneven demographic and a country which was heavily dependant on imports. We were effectively happy to have London earn all the money for simply shoving bits of paper around and trading the price of coffee twenty times while it was in transit. Meanwhile even before we went Brexit there were European moves afoot to redistribute that wealth around or disperse it as a centre.

Long story short , unhealthy flourishing economy with all its eggs In the one basket.

I really think you a bit left field, if you think that the (already existing for many years) British Financial Services industry somehow killed manufacturing, like some sort of deliberate cuckoo.

It IS an interesting theory (and if you could find some true justifications for a thesis it could actually lead to a doctorate), but there are so many more obvious and credible reasons for manufacturing and farming decline, in the last 40years.

For a start, you can only manufacture what people want to buy - at a price they can afford to buy it.

Nobody really wanted British Leyland cars, when there were better/cheaper priced cars out there, but people did want/need Private Pensions and somewhere to put their long term savings.

The explosion in the use of credit is probably the only exception, but in reality, that allowed people to buy more manufactured goods (sadly not all of them made in the UK).

[stongle]

julian64 said:

I'm quite happy with your explanation of reality. Going out of Brexit was and is a threat to our standard of living. I can't believe anyone who voted for Brexit didn't realise we were effectively damaging our economy and that this would inevitably lead to greater austerity.

Its for that reason I can't understand why poster after poster on here is writing to tell everyone the economy will be damaged, and somehow then expecting everyone to say 'oh I never realised that, I should've voted stay in'.

If I am going to look for a silver cloud here its that financial services in this country was creating a very uneven demographic and a country which was heavily dependant on imports. We were effectively happy to have London earn all the money for simply shoving bits of paper around and trading the price of coffee twenty times while it was in transit. Meanwhile even before we went Brexit there were European moves afoot to redistribute that wealth around or disperse it as a centre.

Long story short , unhealthy flourishing economy with all its eggs In the one basket.

That's not quite the fault of the city though. Failure of Govt policy has to be the main reason for lack of diversification in the economy (and the feckless – it is PH).

London's dominance as the European centre of Finance is as much to do with regulation as it is with English language and English law underpinning the vast majority of business documentation. In fact, the UK adopts harsher / risk preventing legislation quicker than on the continent (higher bank levy, Available for Sale filters etc). Sure we like to offer incentives on pay; but it’s simply not true that all is laissez faire for "The City".

We totally should be encouraging other industries in the UK, low borrowing cost is the time to invest in UK PLC. Despite voting remain; this could be a great opportunity for the UK, as long as the opportunity is seized upon. Hopefully.

[anonymous-user]

Hol said:

I really think you a bit left field, if you think that the (already existing for many years) British Financial Services industry somehow killed manufacturing, like some sort of deliberate cuckoo.

The fact is 'the city' provides it's services europe wide. In terms of malevolent financial service provision there is level playing field across the EU, so the fact that others might have a more 'healthy' balance to their economy would suggest something else is the determining factor.

[Whoozit]

julian64 said:

. We were effectively happy to have London earn all the money for simply shoving bits of paper around and trading the price of coffee twenty times while it was in transit.

Don't be rude. I've spent 23 years in the City doing nothing but assist companies list on the London Stock Exchange and others. Thereby providing capital to companies in need of equity, helping shareholders to exit and reinvest in other companies, and fund managers to buy assets that make up our pensions.

Stop tarring the entire enterprise with the same brush. Yes, some activity was economically and morally unacceptable. Regulators and society have pushed back on those. Banks are now scared of their own shadows and there is now not a European bank able to hold its own against the Americans. The damage caused by this, will impact UK and European economies for decades to come.

[Zod]

Hol said:

98elise said:

davepoth said:

kurt535 said:

Fishing.................give me strength....................

Powerstroke...what sized lightbulb is burning in your head?

Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely.

Where does the 1bn come from to pay the 20,000 fishermen?

From taxing 40,000 city workers at 50%??

but powerstroke has shut down the City.

[boyse7en]

Zod said:

Hol said:

98elise said:

davepoth said:

kurt535 said:

Fishing.................give me strength....................

Powerstroke...what sized lightbulb is burning in your head?

Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely.

Where does the 1bn come from to pay the 20,000 fishermen?

From taxing 40,000 city workers at 50%??

but powerstroke has shut down the City.

I didn't take it as him saying we should shut down the City. I thought it was that he was suggesting a discussion based around the notion of whether the political negotiation around Brexit should focus on protecting the interests of the financial sector at the expense of other industries/services elsewhere within the UK.

[Zod]

boyse7en said:

Zod said:

Hol said:

98elise said:

davepoth said:

kurt535 said:

Fishing.................give me strength....................

Powerstroke...what sized lightbulb is burning in your head?

Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely.

Where does the 1bn come from to pay the 20,000 fishermen?

From taxing 40,000 city workers at 50%??

but powerstroke has shut down the City.

I didn't take it as him saying we should shut down the City. I thought it was that he was suggesting a discussion based around the notion of whether the political negotiation around Brexit should focus on protecting the interests of the financial sector at the expense of other industries/services elsewhere within the UK.

Is that the beat of a parrot's wings that I hear?

This thread was never serious (except I fear in the OP's mind), but I joined it at a stage when no serious answer could possibly be entertained.

[powerstroke]

Zod said:

Hol said:

98elise said:

davepoth said:

kurt535 said:

Fishing.................give me strength....................

Powerstroke...what sized lightbulb is burning in your head?

Look at it this way. £1bn in London will pay maybe 1,000 bankers. In Grimsby it'll pay 20,000 fishermen and pay them pretty handsomely.

Where does the 1bn come from to pay the 20,000 fishermen?

From taxing 40,000 city workers at 50%??

but powerstroke has shut down the City.

Sadly thats not in my gift, they aren't jumping out of tall buildings and I would suspect there is some very gleeful folk who have already or will make a killing some will win some will lose, Here in the northern powerhouse we are doing just fine
hopefully we will soon have HS 2 so we can come down to London town and buy up a few bargains some real estate
perhaps maybe I could buy back the flat near the RAC club dad sold in the 70s might have to sell my rental terrace house in knutsford mind maybe with the change I could buy some nice little runaround maybe a silver dawn or a oh well... onwards and upwards toodle pip !!!

[julian64]

Whoozit said:

julian64 said:

. We were effectively happy to have London earn all the money for simply shoving bits of paper around and trading the price of coffee twenty times while it was in transit.

Don't be rude. I've spent 23 years in the City doing nothing but assist companies list on the London Stock Exchange and others. Thereby providing capital to companies in need of equity, helping shareholders to exit and reinvest in other companies, and fund managers to buy assets that make up our pensions.

Stop tarring the entire enterprise with the same brush. Yes, some activity was economically and morally unacceptable. Regulators and society have pushed back on those. Banks are now scared of their own shadows and there is now not a European bank able to hold its own against the Americans. The damage caused by this, will impact UK and European economies for decades to come.

My apologies, it was a flippant comment to make a point, not intended to be rude.

[powerstroke]

stongle said:

powerstroke said:

Yes ... then you realise it's the guardian , realise it will be left leaning propaganda , skim the article look and just see branson and virgin lost one 3rd of its value
shrug and smile .... thanks anyway .

You really are a prat of the highest order, try reading stuff rather than looking at the pictures. The article itself was hardly bad news in the long term. He spoke about the recession not as bad as what is being priced in, and offered ideas to push th economy forward, using infrastructure developments fuelled by cheap boring. This is the diversification of the economy and growth of non-banking you dimwit. Please step away from your keyboard and go back to the village you are depriving of its idiot.

Thanks I can really feel the Love ....

[stongle]

powerstroke said:

Thanks I can really feel the Love ....

Your welcome. Big XXXs

And whilst the Guardian should normally be ignored, the article itself kinda backed up your point(ish).