Discussion
VonSenger said:
As usual, all waffle from deluded brexiters. No substance on what we'll actually get in terms of benefit, just hyperbole, sound bites and deluded visions of a long gone era of world dominance and grandeur.
Give it a rest. We're f
ked, you were sold a pup, and now we're all suffering. Are you actually aware of what no deal means to every facet of our economy and daily life?
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
Wake up and get real, it's 2018 not the 1600's.
Hang on, let me guess what the retort will be, "we'll build our own space programme" LMAO!!
Not too many employers here excepting a few one man band types. It’s easy to be cavalier when ones not responsible for workforce job security and company success. Give it a rest. We're f
ked, you were sold a pup, and now we're all suffering. Are you actually aware of what no deal means to every facet of our economy and daily life?Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
Wake up and get real, it's 2018 not the 1600's.
Hang on, let me guess what the retort will be, "we'll build our own space programme" LMAO!!
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
techguyone said:
I like the Aussies for straight no nonsense thinking, perhaps our lot would do well to consider this little piece.
Aussie (ex PM) Tony Abbott sums it up beautifully!-----
...
A world trade Brexit lets Britain set its own rules. It can say, right now, that it will not impose any tariff or quota on European produce and would recognise all EU product standards. That means no border controls for goods coming from Europe to Britain. You don’t need to negotiate this: just do it.
As I pointed out before, this simply isn't true.Aussie (ex PM) Tony Abbott sums it up beautifully!-----
...
A world trade Brexit lets Britain set its own rules. It can say, right now, that it will not impose any tariff or quota on European produce and would recognise all EU product standards. That means no border controls for goods coming from Europe to Britain. You don’t need to negotiate this: just do it.
Helicopter123 said:
JagLover said:
carinatauk said:
Any way the Maybot supporters are getting well entrenched into the fear game again.
Hunt, for example:
Jeremy Hunt has said it would be difficult and risky to reopen negotiations with the EU on the withdrawal agreement.
Speaking in Iran, the foreign secretary told the BBC: "I think we now have an agreement between the UK and the EU. It's very difficult once you've shaken hands on a deal to reopen it. "
I don't think anyone seriously expects May to reopen the deal.Hunt, for example:
Jeremy Hunt has said it would be difficult and risky to reopen negotiations with the EU on the withdrawal agreement.
Speaking in Iran, the foreign secretary told the BBC: "I think we now have an agreement between the UK and the EU. It's very difficult once you've shaken hands on a deal to reopen it. "
Those saying they will support May but she needs to renegotiate are just posturing and playing to the audience rather than doing anything.
Where does that leave the 'brexit 5' still in the cabinet?
If they can pull something off, it reduces the Brexiteer wing's scope to complain about the deal (though they are of the type that would turn on each other like snakes in a barrel, so perhaps that's wishful thinking), and if they can't, it just underlines that the WA is the only deal in town.
NoNeed said:
We didn't vote to re-negotiate our terms, we voted to leave.
That said I now just want the whole thing over with and would be happy for this deal to go through just so we never have to hear of brexit ever again.
Lol you think if this appalling 'deal' goes through that's the last we'll hear of it....?!That said I now just want the whole thing over with and would be happy for this deal to go through just so we never have to hear of brexit ever again.
May's giving everything away for nothing in return, she needs to go and go quickly.
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
I'd challenge some of those who say "Only 9 jobs" to get out there and ask some people at the lower end just how much they have savings and how long they can manage off those savings if the worst should happen.
I'd guess it isn't as long as they may think.
VonSenger said:
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
!
Here's a real world tangible loss to the UK I hope you will grasp, loads of low payed British workers wages are kept low because millions of Eastern European immigrants have made it a race to the bottom wage structure whilst rents and property prices have gone through the roof. !
VonSenger said:
And that's the problem with brexiters. Not only have they swallowed the farage/banks/batten/dacre coolaide, they've also been trump'd......... can't be true unless I see it.
We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Oh please! who's swallowed which BS We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
PF62 said:
techguyone said:
I like the Aussies for straight no nonsense thinking, perhaps our lot would do well to consider this little piece.
Aussie (ex PM) Tony Abbott sums it up beautifully!-----
...
A world trade Brexit lets Britain set its own rules. It can say, right now, that it will not impose any tariff or quota on European produce and would recognise all EU product standards. That means no border controls for goods coming from Europe to Britain. You don’t need to negotiate this: just do it.
As I pointed out before, this simply isn't true.Aussie (ex PM) Tony Abbott sums it up beautifully!-----
...
A world trade Brexit lets Britain set its own rules. It can say, right now, that it will not impose any tariff or quota on European produce and would recognise all EU product standards. That means no border controls for goods coming from Europe to Britain. You don’t need to negotiate this: just do it.
I actually had a similar conversation before the vote with a neighbour that owns a large civil engineering firm. He voted out due to imigration.........He was warned, but insisted. I saw him last week in the local, he complained that he's short staffed as the Pols he employed have gone back...... you couldn't make it up.
Instead of reflecting on his decision he proceeded to slate those that promised unicorns for not delivering unicorns.
I've never seen anything like this crazy, blinkered approach. It's scary how naive/stupid some people are.
digimeistter said:
VonSenger said:
And that's the problem with brexiters. Not only have they swallowed the farage/banks/batten/dacre coolaide, they've also been trump'd......... can't be true unless I see it.
We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Oh please! who's swallowed which BS We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Get real. Even though this s
t show is unfolding in front of you you're still hanging on to the promise of unicorns. Amazing.Raygun said:
VonSenger said:
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
!
Here's a real world tangible loss to the UK I hope you will grasp, loads of low payed British workers wages are kept low because millions of Eastern European immigrants have made it a race to the bottom wage structure whilst rents and property prices have gone through the roof. !
There is a shortage of housing full stop. Successive governments are the cause of this.
Raygun said:
VonSenger said:
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
!
Here's a real world tangible loss to the UK I hope you will grasp, loads of low payed British workers wages are kept low because millions of Eastern European immigrants have made it a race to the bottom wage structure whilst rents and property prices have gone through the roof. !
Anger does this.
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Sway said:
Nickgnome said:
Not too many employers here excepting a few one man band types. It’s easy to be cavalier when ones not responsible for workforce job security and company success.
Citation needed... Are you one of those one man bands by any chance? If however you are an director/employer of a SMB you may like to enlighten us as to how much time your company is spending on planning for various Brexit scenarios.
VonSenger said:
Raygun said:
VonSenger said:
Here's a real world, tangible loss to the UK I hope the deluded amongst us will grasp. My company won an extension on a piece of work from the European Space Agency. We made offers to 9 new staff members to operate out of Portsmouth. ESA pulled the work before it begun hitting us with a revenue dent of £1.5m per annum. 9 people weren't employed and the work is now conducted by a French company in Toulouse.
!
Here's a real world tangible loss to the UK I hope you will grasp, loads of low payed British workers wages are kept low because millions of Eastern European immigrants have made it a race to the bottom wage structure whilst rents and property prices have gone through the roof. !
Anger does this.
65% to 70% of applicants are non-British. In places like Surrey, none of the applicants are British. There is either no interest amongst the indigenous population for this type of work or they are all sorted and employed elsewhere or have no need for the income they'd earn.
Sway said:
VonSenger said:
bhstewie said:
hstewie said:768 said:
Yeah, let's stop Brexit because of nine jobs.
How many would it take before you care?We also do a lot of work in canary wharf, last week I learned of issues regarding euro clearing and passporting. We fought tooth and nail to allow us to clear euros on behalf of Europe even though we don't use the currency, now? No chance. But hey, it's only a few thousand jobs. Moron.
Euro clearing? Seriously?
f
k's sake. At least the "we didn't employ 9 people" line was believable... Now, just for one second, consider this - the Euro is positioned as a wannabe global reserve currency. The ECB's only avenue for bringing clearing under it's control was it got pissed off London priced in the appropriate risk in Greek Euro denominated trades during the last debt crisis. Funnily enough, the customers of clearing actually quite like that - factoring in risk.
Then, just for a moment, look up where euro clearing is conducted. London tops the tree by a big way. Guess who's in second place?
Don't tell me.......fake news:
https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.c...
Ft text:
The EU is trying to repatriate part of London’s derivatives clearing business, using Brexit and financial stability as its pretext. But as the futures industry holds its big annual meeting in Florida this week, there is growing concern that Brussels’ plan to shift all euro-denominated business to Paris, Frankfurt and other continental financial centres gets it all wrong.
Its plans for supervising clearing houses are flawed and do not seem to appreciate the volume of business disruption that will surely take place after the UK leaves the EU.
Right now, London is the pre-eminent place for the clearing of euro derivatives, a position that was enhanced by post-financial crisis reforms that called for centralised clearing of over-the-counter contracts. In the EU interest rate swap market, for example, one London-based house clears about nine out of 10 centrally cleared OTC trades, or about 85 per cent of all outstanding OTC contracts in the EU.
Three-quarters of these trades, as measured by notional outstanding value, involve contracts where at least one side belongs to a group of 16 dealers all based in the City.
The financial stability implications of clearing have long been an issue of concern, because the failure of a central counterparty (CCP) could easily spread contagion across the broader sector. For nearly a decade now, UK regulators have been the regulatory first line of defence for the entire 28-member bloc.
But now that Brexit is looming, the European Commission wants a new supervisory solution for euro-denominated derivatives. It has proposed bringing all non-EU business under the supervision of the European Securities and Markets Authority (Esma), the regional watchdog.
Third country clearing houses — but not those in the EU — would have to seek recognition from Esma. It would then have the power to inspect and fine them and could eventually force them to relocate to the eurozone.
Separately, the European Central Bank is also trying to jump in, proposing a change to its statutes to give it supervisory authority over clearing houses too.
But the EU is making a mistake and underestimating the potential turmoil this shift could cause. The Brussels plan does not pass supervision of local clearing houses to Esma — instead national authorities would continue to do their licensing.
That means any business that migrates from London to the EU27 would be less centrally supervised than it was before. Systemically important clearing houses might well be split up among several different national and European watchdogs that would lack both expertise in the sector and a complete picture of what was going on.
Furthermore, all this uncertainty about what will happen to derivatives contracts involving UK-based entities after Brexit could be very disruptive. If the EU and the UK refuse to recognise each other’s regulatory systems — a process known as equivalence— then UK futures houses will have to open subsidiaries in the EU27, driving up costs and reducing efficiencies.
The UK isn’t the only country concerned about the EU’s clearing proposals. US officials are worried that the rule changes could also allow Esma and the ECB to exercise authority over American futures traders. If the fight spreads, the US and EU might tear up their current equivalence agreements, leading to another possible source of disruption in this critical market.
Market participants and regulators alike agree that CCPs have become more central to the global financial system since the crisis and therefore require close supervision.
But the EU’s proposal for handling the departure of the UK, however, does not live up to that expectation.
Rather than creating an integrated EU solution; it looks rather like a halfway house that is trying to keep too many entities under its roof — the ECB, Esma and the national authorities.
The plan will leave the market and its supervisors dangerously fragmented, while creating uncertainty for the many European and UK companies that rely on futures to hedge their risks. It is time to stop playing politics with euro clearing and come up with a workable solution.
Edited by VonSenger on Monday 19th November 19:14
Nickgnome said:
Sway said:
Nickgnome said:
Not too many employers here excepting a few one man band types. It’s easy to be cavalier when ones not responsible for workforce job security and company success.
Citation needed... Are you one of those one man bands by any chance? If however you are an director/employer of a SMB you may like to enlighten us as to how much time your company is spending on planning for various Brexit scenarios.
Foolish.
As for my business' contingency planning - not that much. We're already AEO certified, so goods movements hold no fear for us (and where necessary we're used to airfreight).
We operate part of the business under Europe wide regulator. Two external meetings, and plans are in place regardless of whether recognition continues after March, with acknowledgment we can implement with under five working days notice.
We provide goods - globally (largest customer is China as a nation, very little into EU. Decent chunk of our supply chain is European, all priced in USD) and services (approx. £200M) in three European locations. No staff moves, no losses (in fact gains in employment at all sites).
It really, really isn't as difficult as made out. Complex yes, but that's a matter of lots of broadly simple tasks, ticked off one by one as part of BAU.
We've had to do more contingency planning around Chinese economic slumps, the devestation of the youth economy in southern Europe, and the potential financing fallout for our services customers on the continent in the event of eurozone loss of internal trust...
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff