2. Kids will no longer be able to work overseas
If freedom of movement with the EU is list it will be significantly harder for everyone. What with increased scrutiny for US and Aus visas if you have international aspirations it is a troubling time. No one has said it won’t be possible just harder..
3 Brexit is all about ensuring corporates can dodge tax
Any time people arguing against taxes taxes are the same people arguing for something else always leads to questions. Personally I don’t believe JRM is in this for the good of the working man..
5 the U.K. is bribing African states
This has been standard practice along with bribing Middle East states. You give “aid” to a country to boost the sales of some tech from your own country.. Hell even housing companies give inducements in the form of parks and facilities to win county building contracts. For someone who professes to be a business expert you must not have seen much of it...
Keep it honest!! Cougar your sarcasm continues. Bravo. From the master of lying about what others say too. And you did again there too.
1. There will be a 10% drop in GDP
Hard Exit - 10% drops looks on the high side but not impossible
2. Kids will no longer be able to work overseas
Picking grapes in France, fine. Wanting a real job, much less likely to be an option.
3 Brexit is all about ensuring corporates can dodge tax
Not all about, but certainly of interest to those minded to avoid tax.
4. All the bankers have gone/banks have not prepared for the loss of passporting rights
Perhaps they are waiting to find out what sort of Brexit is happening first?
5 the U.K. is bribing African states
It was only last week. I'm surprised you missed it.
From the master of lying about what others say too
I've never knowingly lied about anything on here. Hanlon's Razor may apply though.
I’ve arrived at the conclusion that thm is in a single bedroom in his parents’ house.
Probably about 15 and unhappy because girls don’t like him....
Kids will no longer be able to work overseas
Son kids will. But not ANY kid, that is the big difference. Nor ANY adult for that matter.
It's like ninfan has done an account takeover. How the mighty have fallen!
I see Witherspoon’s, supporter of Brexit anti-EU is opening a hotel in Dublin 🙄 really couldn’t make this stuff up
How much tax revenue will be going over there
If you want hypocrites;
<b>Nigel Lawson, Baron Lawson of Blaby</b>,
He is still active in politics as President of Conservatives for Britain, a campaign for Britain to leave the European Union, and is a prominent critic of the European Union. He is also chairman of the climate change sceptic Global Warming Policy Foundation think tank.<sup id="cite_ref-1" class="reference">[1]</sup><sup id="cite_ref-telegraph.co.uk_2-0" class="reference">[2]</sup><sup id="cite_ref-Kazmi_2015_3-0" class="reference">[3]</sup> He has been an active supporter of the Eurosceptic pressure group Leave Means Leave.<sup id="cite_ref-4" class="reference">[4]</sup>
Currently, Lawson resides in France.
Leku - thanks for proving my point. Even cougar admits his 10% drop in GDP was BS, sorry sarcasm. 100% sure banks are not/have not waited. They are well prepared
Fortunately your conclusion Woppit is as good and as accurate as your religious rants. Any you complain about people believing in sky fairies!!!
THM - so you agree with me on the other 60%.
No. I can only assume you are playing cougars card. In which case 100%
instead of posting tripe about Africa go and look what the fund involved does and how CDC operates and then come back and make the same post. Then we can see if you are just wrong or not knowingly lying.
NI border still unresolved
If the gov blink 1st on this one (& as thm points out government have made all same mistakes voufarkis made , making it ever more likely). What will the DUP do?
Odds of no deal looking just as likely imho
Also gov's current plans for medicines & pharma make us rule takers in an industry we dominate legislation making, also of note the plan is to pay extra to encourage companies to certify rare & paediatric drugs here that don't have patient numbers to encourage them without incentives, that dividend being chopped ever smaller...
If freedom of movement with the EU is list it will be significantly harder for everyone
But THM has just hired a couple of non-EU employees. Not sure if it is the same couple of non EU employees he was wittering on about last time around....
I’m confident that you have some sick moves or throw some solid shapes ..
Or is it sick shapes and solid moves .. I can never tell.
I have been known to throw some sick at weddings.
Even cougar admits his 10% drop in GDP was BS, sorry sarcasm.
It was never intended as anything else, as would've been blatantly obvious unless you're deliberately trolling or are one of those "thickos" you seem so obsessed with.
Got an example of me deliberately lying yet? An apology will do if you can't find one.
I have been known to throw some sick at weddings.
Curious. Confetti is more traditional.
Is that Ms Victoria Sponge?
Double Choc Chip.
THM:
Are banks likely to move IT operations abroad?
Are banks likely to move IT operations abroad?
Especially retail side a lot has already been offshored/outsourced to save some cash. A cynic might wonder whether there is a link between that and various outages.
Mol. They may do.
The main issues relate to passporting and equivalence. The complexities are such a that different banking functions and relationships are covered by different passports that in turn are treated differently in the cases of passports v equivalence. In the end, this boils down to the legal structure of a banks EU operations (simplifying here) between having a subsidiary or a branch in EU. Someone posted HSBC as an example above. They BS-ed that the bank was moving its EU headquarters to Paris. They are not. They have a subsidiary in Paris which grants then passporting rights whatever the outcome. They simply have to determine who sits where (simplifying again so apologies to any HSBC folk here) . All UK banks have subsidiaries in EU or are setting them up.
You see grown ups really do know how to get on with things and prepare for the worst.
You see grown ups know how to get on with things and prepare for the worst.
Are you this much of a prat at work, or do you save it for us on here?
Just for you bob. You don't pay fees.
It was blatantly obvious, true.
Right, so you were just trolling then.
but you can and do hide behind “mod privilege”
Really? I could, sure. But do? I've always taken great pains to separate my user posts and moderator posts. That's a cheap shot at best.
But, y'know, feel free to cite examples of that behaviour too. Along with where I was deliberately lying, which I'm still waiting for, or a retraction.
I was at a big bank recently, and they have several thousand different banking applications. I don't need to know what they do, often, never mind understand them, so I dunno if any of it needs to be moved or not.
Whether or not they'd still be allowed to support and develop an app from the UK if it does something that it needs to be in the EU for I don't know. Presumably it would have to be hosted in the EU.
rather than clog a thread.
“Quote my (non-existent) source...”
Oh dear. Any minute now he’ll start crying.
Anyway - ‘no deal’ Brexit. Shyte, isn’t it?
I don’t believe it will happen. It’s just a threat that will evaporate and make everybody relieved that the team (yay, go team..) have produced a ‘deal’ which will basically be whatever the EU makes Raab swallow to avoid absolute catastrophe.
Less to do,with apps mol, more to do with whether you are legally able to conduct certain activities from the UK or not. So for example, advising on a deal is treated differently from conducting FX transactions which is treated differently from hedging FX (again a bit of licence here). So depending on what happens to passporting right (Jims point earlier) determines where certain activities can be carried out. But all banks know this and are prepared for each outcome.
As the CEO of Barclays commented, dealing with ring fencing the U.K. bank is more problematic than dealing with Brexit
THM is simply wrong on equivalence and passporting the EU side have made it 100% clear that the HQ., all the computing and the senior staff must be based in the EU and thus under EU law if you want full access to the EU market. The banks all have plans to do so and many are now activating them. They have a choice - remain in the UK and rely on equivalence and passporting which it is by no means certain they will be granted in the form they want and will mean they become marginalised or move to the ~EU
You show in making this basic error how little you really understand.
I have been doing my best to ignore the troll but that distortion of the truth is so blatent
I
Whether or not they’d still be allowed to support and develop an app from the UK if it does something that it needs to be in the EU for I don’t know.
Its a complex subject however at a high level at the minimum you would tend to separate out support and development. As a rough rule you dont want devs with prod access. Sometimes you cant avoid it but generally you can get away with the devs working in a lower environment either with completely faked data or with correctly anonymised data. So it is perfectly possible to do development work for a client which you arent allowed full access to. For critical prod support it gets more messy since sometimes you really do need to be able to see what is happening live but it is fairly rare and you can either work via others/have a specialist team who have been granted better access.
Where I work the vast majority of devs dont have prod access. Think we have over 100 devs including offshore and outsourced people and out of those there is only about 5 of us who have prod access. Even then its read only mostly and whilst there are still some gaps to close its mostly locked down so we cant see any personal identifiers.
Its something which companies, including banks, have been grappling with since at least the millennium bug years. So whilst it would take time to deal with it wouldnt be a show stopper although admittedly it would make it easier to completely offshore it.
They haven't (TJs BS about the EU/HQs/senior staff etc). But feel free to chose which interpretation you prefer. The truth or BS. Freedom of choice is great.
(mol, tbf there were some simplifications ^ but the difference between each passport and each banking activity gets a bit technical (thinks 00s of pages) but fair to assume that TJ is incorrect e.g. Lack of distinction between passporting and equivalence etc.)
The EU's own briefing papers are freely available if you feel the need to falsify TJ's conclusions but experience suggests that this is not necessary.
TJ - you know you are telling THM about his own job, don't you? You must know how that looks...
Oh, btw ‘thm’, they’d never mention it themselves, what with being a bunch of polite level-headed adjudicators and all, but I thought I’d just say...
You need to remember what happened to Fred when he started throwing around unsubstantiated allegations about the (well, one in particular) mods...
Carry on. 🧐
Mol, TJ is free to make things up if he wants, it's a free world and a free forum. Let it be. It's fun to read although a bit worrying for people who are now getting daily overdoses of Brexit BS to scare them rigid. They might not be able to differentiate between the truth and the BS.
the WSJ might help
One key measure: what was expected to be a flood of bankers out of London to continental Europe has turned out to be a trickle. And the ones that are leaving are divided widely among rival cities such as Frankfurt, Paris, Dublin, Milan and Amsterdam...
...The result isn’t the immediate challenge to London that was anticipated (project fear)...
..."The number of bank staff moves out of London so far has been much lower than expected by many,” says Oliver Wagner, managing director of the Association of Foreign Banks in Germany, where Frankfurt was supposed to be a major beneficiary of Brexit.
A forecast of the number of British finance jobs set to disappear by March 2019, when the U.K. leaves the EU, was recently reduced to 5,000 from 10,000 by the Bank of England. That’s about 1% of the people who work in financial services in London.
Mind that 1% flood
Oh, I think we’re all more than capable of recognising BS when we see it... 😁
So which banks have moved hq's and operations from the UK so far? Anybody know why?
Just for you bob. You don’t pay fees.
Well, I smiled at that.
None, Most already have EU subsidiaries. Those that don't have set them up/are setting them up. Personnel movements much less that previous forecasts. "A trickle"
As posted above Barclays publically stated dealing with UK ring fencing is a much bigger challenge:
The Barclays chief executive, Jes Staley, said last year that he saw no reason to shift many British jobs to Europe as a result of Brexit and described the restructuring required leaving the EU as straightforward compared with other challenges faced by the bank.
[inconvenient truths]
BNP Paribas increasing London based staff to take advantage of those confused by the BS bandied around - currently hiring actively in U.K. corporate broking in LONDON 😉
https://www.ft.com/content/704e3752-f90c-11e7-9b32-d7d59aace167
Salut igm !
No, you got in wrong. But you are not alone.
We’ve had those discussions. No need to repeat. Others don’t have your privilege. No retraction warranted. Happy to cite privately rather than clog a thread.
Now hang on. Internet arguing aside:
You're making a number of insinuations here about me in public which sully my character. You've called me a liar and accused me of abusing my position as a STW moderator, both of which are the very antithesis of who I am. For all that we may disagree politically you've made this very personal.
For all that we may disagree politically you’ve made this very personal.
Par for the course on this thread, has been for months.
cougar - thats his modus operandi You know the answer - his continual trolling is against STW rules
Molgrips - THM is not a big shot in finance. If he is in banking at all ( which I doubt) He is in a very minor role. I have had discussions with folk ( off forum) who actually do work in finance and they agree with me that his ignorance shows he is not what he pretends to be.
So I am not telling him about his job. I am correcting totally false statements from a troll who pretends he works at a high level in finance when its obvious that actually he doesn't.
