Could UK U-turn on Referendum Result

[Leins]

Have a second referendum now, take the average of the two, and go with that. It works for speed record attempts

On a more serious note, I wonder when the background talks might begin on how to now keep the UK in the EU. If any favourable deal is to be done with Brussels, I would think it could be on an ignore-Brexit basis, not a post-Brexit one. Which raises the question, what would be the minimum concession/reform required to appease the UK leavers, or is there one?

[Jimbeaux]

Tycho said:

fooby said:

Tycho said:

Nice attitude. Obviously you don't care about self determination and democracy.

51.9% majority and pretty much every promise broken within the day? Yeah okay then. If there was another referendum today, we would remain. No doubt about it.

fooby said:

I really hope the UK comes royally crashing down between now and October.

Even if I voted remain, I care about this country more than my own interests and would never throw the toys out of the pram like you have. Sometimes you have to just accept what you think to be a st state of affairs and get on with it.

Well said sir!

[Jimbeaux]

ATG said:

Jimbeaux said:

Don't panic! The economic dip is normal. The investors went with the polls and loaded cash into what would have been the proper places, now they are trying to snatch it back. This is expected and will get better!

London did not become a world center of banking because of the E.U. it did so because of lighter regulation and well-managed U.K. institutions.

Most investors and banks will have gone into this as flat as possible.

A very great deal of London's success as a financial centre is directly down to the UK's membership of the EU and it has nothing to do with light regulation.

The UK has a first rate reputation for financial regulation and civil law; you can deal with a UK regulated financial services company with confidence and you can enforce contracts efficiently in our courts. That's the bit the UK has done on its own, and that won't change.

EU "passporting" means that regulatory consent granted by one EU nation could be used in any EU country. This was perfect for the UK. It meant business would set up in London because of the benefits mentioned above and they'd then be able to sell financial services across the entire EU. If we leave the EU that passporting arrangement is gone. Financial institutions will have no choice but to set up new entities in an EU state with a good regulatory regime and they'll move some of their business activity out of London and into the EU entities.

And there is a second problem. At the moment an awful lot of Euro money market trading occurs in London. The Eurozone will now be able to require that activity to be moved back on shore. Until now the UK was able to block that move, but we've just thrown away our protection. That'll take more job roles and business out of London.

I work for a large non-UK bank in London. Because we don't know how the UK's exit will pan out, we can't predict accurately how many job roles will have to be moved out of the UK, but it seems likely that it will be between about 5% and 25% ... several thousand jobs. HSBC and Morgan Stanley have already announced several thousand roles are moving to the EU. So much for scaremongering.

We're not looking at some temporary glitch in the FX rate here. Leaving the EU is going to have a big impact on financial services and therfore on the UK economy. Of course the City will continue to innovate as it continuously does anyway, but it would be daft to think leaving the EU isn't going to do it some serious, permanent damage.

Morgan Stanley and Goldman Sachs just stated three days ago that their pre referendum warnings may not come to fruition. As exiting will take around two years, they may have time to adjust their practices, allowing them to largely remain in place. Maybe it won't be as bad as they say.

[SPS]

Jimbeaux said:

Tycho said:

fooby said:

Tycho said:

Nice attitude. Obviously you don't care about self determination and democracy.

51.9% majority and pretty much every promise broken within the day? Yeah okay then. If there was another referendum today, we would remain. No doubt about it.

fooby said:

I really hope the UK comes royally crashing down between now and October.

Even if I voted remain, I care about this country more than my own interests and would never throw the toys out of the pram like you have. Sometimes you have to just accept what you think to be a st state of affairs and get on with it.

Well said sir!

Well fooby - with individuals like you around we really don't need the Farages of this world now do we.
What a totally inane thing to say

[jonnyb]

Here's what worries me as regards the City of London and the financial services it provides. I'm no expert, and am willing to be corrected.
However, if you believe the lobby group, the city of London provides £60bn in tax to the exchequer every year. Couple that to the drop in GDP and thus tax take from Brexit and we are looking at huge tax rises and spending cuts just to maintain the status quo, nevermind make in roads in the national debt.

[hedgefinder]

Jimbeaux said:

Morgan Stanley and Goldman Sachs just stated three days ago that their pre referendum warnings may not come to fruition. As exiting will take around two years, they may have time to adjust their practices, allowing them to largely remain in place. Maybe it won't be as bad as they say.

dont go slowing down the panic... with all your facts and possibilities .. were a country of racists, Xenephobes and idiots who are all headed to hell in a handcart...

[mondeoman]

Jimbeaux said:

ATG said:

Jimbeaux said:

Don't panic! The economic dip is normal. The investors went with the polls and loaded cash into what would have been the proper places, now they are trying to snatch it back. This is expected and will get better!

London did not become a world center of banking because of the E.U. it did so because of lighter regulation and well-managed U.K. institutions.

Most investors and banks will have gone into this as flat as possible.

A very great deal of London's success as a financial centre is directly down to the UK's membership of the EU and it has nothing to do with light regulation.

The UK has a first rate reputation for financial regulation and civil law; you can deal with a UK regulated financial services company with confidence and you can enforce contracts efficiently in our courts. That's the bit the UK has done on its own, and that won't change.

EU "passporting" means that regulatory consent granted by one EU nation could be used in any EU country. This was perfect for the UK. It meant business would set up in London because of the benefits mentioned above and they'd then be able to sell financial services across the entire EU. If we leave the EU that passporting arrangement is gone. Financial institutions will have no choice but to set up new entities in an EU state with a good regulatory regime and they'll move some of their business activity out of London and into the EU entities.

And there is a second problem. At the moment an awful lot of Euro money market trading occurs in London. The Eurozone will now be able to require that activity to be moved back on shore. Until now the UK was able to block that move, but we've just thrown away our protection. That'll take more job roles and business out of London.

I work for a large non-UK bank in London. Because we don't know how the UK's exit will pan out, we can't predict accurately how many job roles will have to be moved out of the UK, but it seems likely that it will be between about 5% and 25% ... several thousand jobs. HSBC and Morgan Stanley have already announced several thousand roles are moving to the EU. So much for scaremongering.

We're not looking at some temporary glitch in the FX rate here. Leaving the EU is going to have a big impact on financial services and therfore on the UK economy. Of course the City will continue to innovate as it continuously does anyway, but it would be daft to think leaving the EU isn't going to do it some serious, permanent damage.

Morgan Stanley and Goldman Sachs just stated three days ago that their pre referendum warnings may not come to fruition. As exiting will take around two years, they may have time to adjust their practices, allowing them to largely remain in place. Maybe it won't be as bad as they say.

nss

[BlackLabel]

fooby said:

Stay in the single market or lose our biggest tradable commodity to the EU... What exactly is the point of leaving again? I really hope the UK comes royally crashing down between now and October. Not a chance we will leave if the big banks actually want to leave London.

Doesn't bother me as much as I have both an English and an Irish passport, but I would feel very sorry for the amount of forward thinking people who are stuck in this mess.

Charming.

[Jimbeaux]

hedgefinder said:

Jimbeaux said:

Morgan Stanley and Goldman Sachs just stated three days ago that their pre referendum warnings may not come to fruition. As exiting will take around two years, they may have time to adjust their practices, allowing them to largely remain in place. Maybe it won't be as bad as they say.

dont go slowing down the panic... with all your facts and possibilities .. were a country of racists, Xenephobes and idiots who are all headed to hell in a handcart...

I feel your pain.

[marshalla]

jonnyb said:

Here's what worries me as regards the City of London and the financial services it provides. I'm no expert, and am willing to be corrected.
However, if you believe the lobby group, the city of London provides £60bn in tax to the exchequer every year. Couple that to the drop in GDP and thus tax take from Brexit and we are looking at huge tax rises and spending cuts just to maintain the status quo, nevermind make in roads in the national debt.

Nah - not going to be a problem. We'll make up for it by not having to pay benefits to immigrants.

[lostkiwi]

marshalla said:

jonnyb said:

Here's what worries me as regards the City of London and the financial services it provides. I'm no expert, and am willing to be corrected.
However, if you believe the lobby group, the city of London provides £60bn in tax to the exchequer every year. Couple that to the drop in GDP and thus tax take from Brexit and we are looking at huge tax rises and spending cuts just to maintain the status quo, nevermind make in roads in the national debt.

Nah - not going to be a problem. We'll make up for it by not having to pay benefits to immigrants.

If only that were true...

[vonuber]

marshalla said:

Nah - not going to be a problem. We'll make up for it by not having to pay benefits to immigrants.

Also, the kick start to our industry when we start producing spitfires, commemoration mugs of the Queen and bunting will be insane.

[RizzoTheRat]

vonuber said:

Also, the kick start to our industry when we start producing spitfires, commemoration mugs of the Queen and bunting will be insane.

Mugs featuring the descendent of German immigrants and her Greek husband? I think not...

[vonuber]

RizzoTheRat said:

Mugs featuring the descendent of German immigrants and her Greek husband? I think not...

Good point - plus they are on benefits too!

[Einion Yrth]

vonuber said:

RizzoTheRat said:

Mugs featuring the descendent of German immigrants and her Greek husband? I think not...

Good point - plus they are on benefits too!

I think you'll find that they are nett contributors these days. Arguably because they stole the stuff they make a living from in the past, but nonetheless.

[fooby]

Tycho said:

Even if I voted remain, I care about this country more than my own interests and would never throw the toys out of the pram like you have. Sometimes you have to just accept what you think to be a st state of affairs and get on with it.

I don't have to accept it one bit, just as I wouldn't accept it if a political party I'd voted for (or hadn't) tells outright lies (let alone won with a 6% margin). I even voted tory, not because it would benefit me in the slightest, quite the opposite, but because i genuinely believed they would be better in the long run.

I do care about this country, but I also see myself as an EU citizen equally and care about the UK just as much as I do the bigger picture. Hopefully us leaving can kick the EU into action and get their act together before more countries follow.

Sorry if I've offended anyone, it just worries me how backwards thinking some brexiters are. "Being in the EU is a struggle sometimes, best turn our backs and go it alone".

[nyxster]

Brexit ears and remainders squabbling is like a argument breaking out between the passengers on the titanic a few hours before it hits the iceberg whether to get in the lifeboat now and start rowing back to Southampton, or wait until you're knee deep in water.

Brexiters being left in the dark as the liner goes over the horizon might look in a worse position, but at least they are secure in a lifeboat and not believing the 'she's unsinkable' rhetoric from captain juncker and first mate merkel as the guardian band bash out the eu national anthem and the refugee steerage beat up the liberal class and take their life jackets.

[Robertj21a]

fooby said:

don't have to accept it one bit, just as I wouldn't accept it if a political party I'd voted for (or hadn't) tells outright lies (let alone won with a 6% margin). I even voted tory, not because it would benefit me in the slightest, quite the opposite, but because i genuinely believed they would be better in the long run.

I do care about this country, but I also see myself as an EU citizen equally and care about the UK just as much as I do the bigger picture. Hopefully us leaving can kick the EU into action and get their act together before more countries follow.

Sorry if I've offended anyone, it just worries me how backwards thinking some brexiters are. "Being in the EU is a struggle sometimes, best turn our backs and go it alone".

I guess there would never have been so much upset in the UK, let alone the need for a Referendum, had the EU shown any great enthusiasm for significant change over many years.

[fooby]

Robertj21a said:

I guess there would never have been so much upset in the UK, let alone the need for a Referendum, had the EU shown any great enthusiasm for significant change over many years.

It's a bloody shame it came to this, but hopefully it'll trigger something. The breakup of the EU is the last thing the world needs right now.

And I'm sure there are Brexxiters with good reason for wanting to leave, but not one I've personally spoken to (poorer areas of Newcastle) has had any reason other than borderline racism or a protest vote. Not even going to touch the subject of "project fear". Both sides were equally guilty of that.

[nyxster]

This is hilarious. All the hipster latte drinkers out cheering Alastair Campbell at a remain protest. the same group will back back after chilcot demanding him and Tony go to The Hague.

http://www.bbc.co.uk/news/uk-politics-eu-referendu...