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352 year old LLoyds of London to establish EU base next year.

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    #11
    Originally posted by sasguru View Post
    "Lloyd’s of London has become one of the first major City businesses to put a timetable on plans to move a part of its operations to the EU in preparation for Brexit. "

    https://www.ft.com/content/a3d0eff4-...2-f57d90f6741a

    It is ironic that this sort of dissipation starts to happen under Brexit when surely it should have been happening anyway?

    Comment


      #12
      Being as the Software most of the syndicates use is written in sunny Chemlsford I can't see how this would effect IT contractors. It's probably due to the fact the certain European 'Names' would be worse off if they didn't do it.

      Comment


        #13
        Originally posted by GB9 View Post
        I got 4%, (the correct figure) from this article in September when they announced their intentions The 11% is premiums from the EU that wouldn't necessarily be lost unless you are writing an article portraying the worst case scenario.
        So your contention is the article is biased?

        It is the chairman who said 11%. Not some journalist. "Nelson said the market had decided it needed to act sooner rather than later to protect the 11 percent of its revenues coming from Europe"

        Originally posted by Mainframe gent View Post
        It is ironic that this sort of dissipation starts to happen under Brexit when surely it should have been happening anyway?
        "Nelson said the market had decided it needed to act sooner rather than later to protect the 11 percent of its revenues coming from Europe"

        So that chairman decided is was necessary because of Brexit. Without passporting rights, they will lose (or risk losing) 11% of their revenue post-Brexit.
        Down with racism. Long live miscegenation!

        Comment


          #14
          From your own link:

          "Lloyd’s would lose about £800m of premiums if it lost passporting rights, 4% of the total.
          More could be at risk as a result of the Brexit vote, Beale said – nearly £3bn, or 11% of Lloyd’s premiums, comes from continental Europe."

          Why do you take the 4% figure and not the 11%?
          Hard Brexit now!
          #prayfornodeal

          Comment


            #15
            Originally posted by NotAllThere View Post
            So your contention is the article is biased?

            It is the chairman who said 11%. Not some journalist. "Nelson said the market had decided it needed to act sooner rather than later to protect the 11 percent of its revenues coming from Europe"

            "Nelson said the market had decided it needed to act sooner rather than later to protect the 11 percent of its revenues coming from Europe"

            So that chairman decided is was necessary because of Brexit. Without passporting rights, they will lose (or risk losing) 11% of their revenue post-Brexit.
            My contention is we knew this 3mths ago, not yesterday.

            And that they will risk 11% (as you correctly posted). They will definitely lose 4% as the laws currently stand.

            This does not mean a mass exodus of jobs as you lot hope.

            And if they were definitely to lose 11% then all 5.5k UK firms and all 8k EU firms with passporting rights would also be losing their premiums from the opposing territories.

            Comment


              #16
              Originally posted by sasguru View Post
              From your own link:

              "Lloyd’s would lose about £800m of premiums if it lost passporting rights, 4% of the total.
              More could be at risk as a result of the Brexit vote, Beale said – nearly £3bn, or 11% of Lloyd’s premiums, comes from continental Europe."

              Why do you take the 4% figure and not the 11%?
              Because one is definite and the other is a risk. That's different to your op.

              It even says "could be at risk".

              Why didn't you state it would lose 4% but the rest could just be at risk?

              Comment


                #17
                Originally posted by GB9 View Post
                And you also need to remember that while there are 5.5k UK companies that rely on passporting, there are over 8k eu companies that need passporting to continue business in the UK. So either they open subsidiaries here or they kiss goodbye to their UK income.
                The UK is a market of 60 million. The EU (minus the UK) is a market of 430 million.
                Which one would you prioritise in the (highly unlikely) event you were a CEO?
                Hard Brexit now!
                #prayfornodeal

                Comment


                  #18
                  Originally posted by GB9 View Post
                  Because one is definite and the other is a risk. That's different to your op.

                  It even says "could be at risk".

                  Why didn't you state it would lose 4% but the rest could just be at risk?
                  Because I took the number that the CEO quoted, and I hadn't seen your link.
                  As I mentioned in an earlier post the reinsurance business is quite global already so Lloyds is an outlier in the City in terms of its European business being such a small percentage.
                  In terms of EUropean business for the IBs, for example, it's much greater than 20%.
                  So lets assume your 4% figure is correct - the fact that LLoyds is opening a European office for such a small percentage does not bode well for the banks who have a much larger % of their business in Europe.
                  Hard Brexit now!
                  #prayfornodeal

                  Comment


                    #19
                    Originally posted by GB9 View Post
                    My contention is we knew this 3mths ago, not yesterday.

                    And that they will risk 11% (as you correctly posted). They will definitely lose 4% as the laws currently stand.

                    This does not mean a mass exodus of jobs as you lot hope.

                    And if they were definitely to lose 11% then all 5.5k UK firms and all 8k EU firms with passporting rights would also be losing their premiums from the opposing territories.
                    That's right you'll see EU companies setting up small operations in the UK to serve the UK and UK service companies opening much bigger operations in the EU, with a net loss of jobs.

                    UK GDP 2 Trillion
                    EU GDP (without UK) 16 Trillion
                    I'm alright Jack

                    Comment


                      #20
                      Originally posted by GB9 View Post
                      ...
                      This does not mean a mass exodus of jobs as you lot hope...
                      This discussion has gone reasonably well so far - don't start mucking it up with unfounded accusations or attribution of nefarious motivation.

                      I doubt there are any people here who hope that jobs get lost from the UK. I certainly don't. Quite the contrary.
                      Down with racism. Long live miscegenation!

                      Comment

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