Financial sector

[Olem]

From the Grauniad:

One likely outcome of negotiations is that banks and financial firms in the City of London will be stripped of their lucrative EU “passports” that allow them to sell services to the rest of the EU.

So, does anyone know how this works? Is it basically a death knell for all financial services, or is it only certain regulated things, certain products?

[scooterscot]

We don't care for knowledge or facts here. Ignorance (Gove) and Stupid (Boris) will have the answers.

[DimPrawn]

City will be sold to Chinese for £1 as a token.

Every £1 counts now.

[BlasterBates]

If they do lose passporting rights it means the loss of tens of thousands of jobs in the City. Pricewaterhouse predict between 70,000 and 100,000 jobs over the long term.

http://www.investmenteurope.net/regi...ve-uk-exports/

I suspect however the UK will cave in and make a deal.

The UK won't be leaving the EU, it can't, the only difference is we'll be observers as Cameron says "with our faces pressed against the glass"

[DimPrawn]

If they do lose passporting rights it means the loss of tens of thousands of jobs in the City. Pricewaterhouse predict between 70,000 and 100,000 jobs over the long term.

I suspect however the UK will cave in and make a deal.

The UK won't be leaving the EU, it can't, the only difference is we'll be observers as Cameron says "with our faces pressed against the glass"

More bulltulip scaremongering.

[BlasterBates]

The question is given that the UK will have even more stringent regulation than the EU, how the finance sector will be expected to thrive without passporting rights.

it would be wrong to assume that leaving the European Union would result in less regulation on the City. The British government has shown more zeal for regulation than its continental peers recently. Unlike those in other European Union countries, Britain’s banks will be required to ring fence their retail banks from their commercial banks from 2019. The Bank of England’s stress tests were tougher than the European Banking Authority’s last year

[bobspud]

The question is given that the UK will have even more stringent regulation than the EU, how the finance sector will be expected to thrive without passporting rights.

They don't need to thrive yet. They just need to stand back and not crash in a sea of Greek debt...

Years ago Turkey joining the EU was the butt of jokes. Then suddenly when everyone noticed they were doing well and had savings they were a new best mate. Sod that

[minestrone]

If they do lose passporting rights it means the loss of tens of thousands of jobs in the City. Pricewaterhouse predict between 70,000 and 100,000 jobs over the long term.

Brexit: Loss of passporting rights could halve UK exports - Investment Europe

I suspect however the UK will cave in and make a deal.

The UK won't be leaving the EU, it can't, the only difference is we'll be observers as Cameron says "with our faces pressed against the glass"

Don't you see what's happening? the EU is crumbling.

The passport won't be worth jack tulip soon.

[AtW]

The solution is obvious - BoE should srart issueing new casino licenses and Docklands should be turned into anything goes resort, sorteeeed.

P.S. Quants will be making cocktails

[BlasterBates]

Don't you see what's happening? the EU is crumbling.

The passport won't be worth jack tulip soon.

Oh yes I can see what's happening:

U.K. Hobbled by Imbalances Takes Another Kicking From Brexit - Bloomberg