The Brexit Thread

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Germany talks to banks about Frankfurt move after Brexit

Germany's top regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Europe's biggest economy after Britain leaves the European Union, German financial watchdog Bafin said.

Bafin, which has been approached by numerous banks in recent weeks, said it answered questions from the banks such as how to get a banking license in Germany. One official said representatives of about 25 banks had attended.

Peter Lutz, a Bafin official in charge of bank oversight, said the authorities wanted to help banks considering a move to understand the rules in Germany.

"Foreign banks are welcome," Lutz said, adding that U.S. banks, "real UK banks", as well as lenders from Japan and Australia had attended the meeting.

He said he had made clear that strict rules would apply. "It's not enough to have a letter box here," he said, adding that senior managers must also be based in Germany.

The meeting underscores a growing willingness to consider alternatives to London, after Prime Minister Theresa May said that Britain would leave the EU's single market, a move that would isolate the City of London from many European clients.

Executives, chiefly those in charge of regulatory issues, from banks including Morgan Stanley, Goldman Sachs and Citigroup were to attend the meeting in Bafin's Frankfurt offices, people familiar with the matter have said. Those banks declined to comment.
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Source: http://www.bbc.com/news/uk-politics-38833883
MPs have voted by a majority of 384 to allow Prime Minister Theresa May to get Brexit negotiations under way.
They backed the government's European Union Bill, supported by the Labour leadership, by 498 votes to 114.

But the Scottish National Party and the Liberal Democrat leadership opposed the bill, while 47 Labour MPs and Tory ex-chancellor Ken Clarke rebelled.

The bill now faces further scrutiny in the Commons and the House of Lords before it can become law.
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Brexit plan published in government White Paper

The government has published an official policy document setting out its Brexit plans.

The White Paper lays out the government's 12 "principles" including migration control and "taking control of our own laws".

It sets out the themes of the government's goals for its negotiations with the EU, as announced by Prime Minister Theresa May last month.

These include:

Trade: The UK will withdraw from the single market and seek a new customs arrangement and a free trade agreement with the EU.
Immigration: A new system to control EU migration will be introduced, and could be phased in to give businesses time to prepare. The new system will be designed to help fill skills shortages and welcome "genuine" students.
Expats: The government wants to secure an agreement with European countries "at the earliest opportunity" on the rights of EU nationals in the UK and Britons living in Europe.
Sovereignty: Britain will leave the jurisdiction of the European Court of Justice but seek to set up separate resolution mechanisms for things like trade disputes.
Border: Aiming for "as seamless and frictionless a border as possible between Northern Ireland and Ireland."
Devolution: Giving more powers to Scotland, Wales and Northern Ireland as decision-making is brought back to the UK.
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The Brexit White Paper completely contradicts a key argument for Brexit

Parliament has “remained sovereign throughout our membership to the EU” despite people “not always feeling like that”, the Brexit White Paper says.

The statement contradicts a key message from the campaign to leave the European Union, which argued ending the UK’s membership to the EU would "bring back sovereignty" to Parliament and end Brussels' control over national laws.

But in a section titled “taking control of our own laws”, the White Paper states: “The sovereignty of Parliament is a fundamental principle of the UK constitution. Whilst Parliament has remained sovereign throughout our membership of the EU, it has not always felt like that.”
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lol...
 
OrbitalDawn said:
The Brexit White Paper completely contradicts a key argument for Brexit



lol...
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Seriously, OD. I would have though you could see straight through this sort of cheap reportage.

Of course in a strict legal sense - as far as UK law is concerned - Parliament is sovereign, and always has been. Farage and others have never said otherwise. Chloe Farand at the Independent is being thoroughly disingenuous here, and most people see straight through it.

The problem with the Lisbon EU is that in so many areas the UK has both de facto and de jure (in terms of the Treaty) ceded effective practical control to Brussels. Even though Parliament has always been and remains nominally sovereign, in term of the treaty effective control over international trade policy, migration, large swathes of human rights law, etc has in practice been ceded to the EU. In the real world, policy is set in Brussels, not in the British parliament.

That's exactly what the Brexiteers have always argued: time for the UK to take back effective control.

The only contradiction here is the journalist's - with the real world. She lives in a notional fantasyland.
 
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Arthur said:
Seriously, OD. I would have though you could see straight through this sort of cheap reportage.

Of course in a strict legal sense - as far as UK law is concerned - Parliament is sovereign, and always has been. Farage and others have never said otherwise. Chloe Farand at the Independent is being thoroughly disingenuous here, and most people see straight through it.

The problem with the Lisbon EU is that in so many areas the UK has both de facto and de jure (in terms of the Treaty) ceded effective practical control to Brussels. Even though Parliament has always been and remains nominally sovereign, in term of the treaty effective control over international trade policy, migration, large swathes of human rights law, etc has in practice been ceded to the EU. In the real world, policy is set in Brussels, not in the British parliament.

That's exactly what the Brexiteers have always argued: time for the UK to take back effective control.

The only contradiction here is the journalist's - with the real world. She lives in a notional fantasyland.
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I concur.

Just one example for OD:
http://www.telegraph.co.uk/news/new...U-court-rules-travelling-to-work-is-work.html
 
Arthur said:
Seriously, OD. I would have though you could see straight through this sort of cheap reportage.

Of course in a strict legal sense - as far as UK law is concerned - Parliament is sovereign, and always has been. Farage and others have never said otherwise. Chloe Farand at the Independent is being thoroughly disingenuous here, and most people see straight through it.

The problem with the Lisbon EU is that in so many areas the UK has both de facto and de jure (in terms of the Treaty) ceded effective practical control to Brussels. Even though Parliament has always been and remains nominally sovereign, in term of the treaty effective control over international trade policy, migration, large swathes of human rights law, etc has in practice been ceded to the EU. In the real world, policy is set in Brussels, not in the British parliament.

That's exactly what the Brexiteers have always argued: time for the UK to take back effective control.

The only contradiction here is the journalist's - with the real world. She lives in a notional fantasyland.
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They've got it, save for the areas of compromise where you agree to give up some element of independence in return for some benefit, like all international agreements. Are they complaining that NATO and the WTO are also taking Britain's sovereignty away?

Perhaps if they spent more time actually working in the EU instead of freeloading like that leech Farage they'd be able to exert more influence.

supersunbird said:
I concur.

Just one example for OD:
http://www.telegraph.co.uk/news/new...U-court-rules-travelling-to-work-is-work.html
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The directive has an opt-out, they chose not to use it... :confused:
 
OrbitalDawn said:
They've got it, save for the areas of compromise where you agree to give up some element of independence in return for some benefit, like all international agreements. Are they complaining that NATO and the WTO are also taking Britain's sovereignty away?

Perhaps if they spent more time actually working in the EU instead of freeloading like that leech Farage they'd be able to exert more influence.



The directive has an opt-out, they chose not to use it... :confused:
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More complaining about something that has already proved to be in the best interest of the British people and their economy. Just wish the world would learn to Accept that it was the people's choice. It impacts them and they are making it work. No amount of SJW tears will change the facts.
 
https://www.theguardian.com/busines...german-factory-orders-draghi-gig-economy-live

More than half of Britain’s biggest companies are now suffering from the public vote to leave the European Union last June.

A new survey of business leaders found that 58% said the Brexit vote was already having a negative impact on their firm. Just 11% said it had helped business.

And stormclouds also appear to be gathering over the economy, with two-third of corporate chiefs leaders predicting that their business situation will be more negative once Britain leaves the EU.

In the long term.... 32% predict a positive impact on their business in five years’ time and 45% expected to feel a negative impact.

The survey was conducted by Ipsos Mori, who polled 114 chairmen, CEOs, managing directors and finance chiefs from Britain’s largest 500 firms

Ben Page, chief executive of Ipsos Mori, says that the survey shows that businesses are already feeling the pain of the economic upheaval of leaving the EU,.

Page added:

According to respondents there is no sign that this is likely to ease this year, with two thirds saying they thought their business situation would get worse in the next 12 months.

The survey also found that business leaders are particularly worried about losing access to skilled workers.

Asked what Britain’s priorities should be in the Brexit negotiations, the business chiefs said:

Movement/access of skilled labour (54%),
securing free trade/single market (47%),
passporting rights (16%),
controlled/clarity on immigration (13%),
continuing being a trading partner with Europe (9%),
tariff agreement (9%)
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A majority of firms surveyed by the British Chambers of Commerce are planning to hike prices in 2017, due to the slump in the pound last year.

The survey also punctures the idea that weaker sterling is a pure boost to exporters; instead, many are also having to pay higher prices for raw materials from abroad.

Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), explains:

“The depreciation of Sterling in recent months has been the main tangible impact that firms have had to grapple with since the EU referendum vote.

“Our research shows that the falling pound has been a double-edged sword for many UK businesses. Nearly as many exporters say the low pound is damaging them as benefiting them. For firms that import, it’s now more expensive, and companies may find themselves locked into contracts with suppliers and unable to be responsive to currency fluctuations.
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Local voting figures shed new light on EU referendum

The data confirms previous indications that local results were strongly associated with the educational attainment of voters - populations with lower qualifications were significantly more likely to vote Leave. (The data for this analysis comes from one in nine wards)

  • The level of education had a higher correlation with the voting pattern than any other major demographic measure from the census

  • The level of education had a higher correlation with the voting pattern than any other major demographic measure from the census
  • The age of voters was also important, with older electorates more likely to choose Leave
  • Ethnicity was crucial in some places, with ethnic minority areas generally more likely to back Remain. However this varied, and in parts of London some Asian populations were more likely to support Leave

  • The combination of education, age and ethnicity accounts for the large majority of the variation in votes between different places
  • Across the country and in many council districts we can point out stark contrasts between localities which most favoured Leave or Remain

  • There was a broad pattern in several urban areas of deprived, predominantly white, housing estates towards the urban periphery voting Leave, while inner cities with high numbers of ethnic minorities and/or students voted Remain

  • Around 270 locations can be identified where the local outcome was in the opposite direction to the broader official counting area, including parts of Scotland which backed Leave and a Cornwall constituency which voted Remain
  • Postal voters appear narrowly more likely to have backed Remain than those who voted in a polling station
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More at: http://www.bbc.com/news/uk-politics-38762034
 
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MPs defeat first round of Remoaner amendments in Commons Brexit battle after Theresa May tells Parliament 'let's get on with it'

MPs saw off the first round of trouble making amendments to historic Brexit legislation tonight.
Brexit minister Davis Jones made clear the Government had no intention of accepting any of the hundreds of pages of amendments that have been tabled to the two clause Article 50 bill.
Prime Minister Theresa May had earlier told MPs 'let's get on with it' as MPs braced for three days of rearguard fighting by Remain supporting MPs.
The first amendments dismissed by the Commons included demands from Labour leader Jeremy Corbyn for regular formal updates on the Brexit negotiations.
In the first vote on the amendments tonight, the Government won comfortably by 49 votes.
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Keeping up with the good news about Brexit is a full-time job. Before the referendum, the British people were told that leaving the EU would cause the collapse of the British economy and the start of World War III.

But, just in the last few days:

The Bank of England raised its expectations for the British economy’s performance in 2017 to growth of 2 percent. After the referendum, it expected sharp slowdown.
TheCityUK, the lobbying group for the City—Britain’s equivalent to Wall Street—did a u-turn and decided that Brexit represents an “unprecedented opportunity” for Britain. It had previously campaigned for Britain to remain in the EU.
A leaked report from the European Union Commission acknowledged that, far from the City needing a good deal from the EU, it’s the EU that needs a good deal from the City.
Yet another high-profile firm—Lego—committed to expanding its British operations. That comes after Apple, Google, and a host of other major international firms defied predictions that they’d quit Britain, and instead announced expansions.
And, of course, British Prime Minister Theresa May visited the U.S., and was received enthusiastically by Republican lawmakers and the president. The Trump administration has made it clear that Britain is at the front of the line for a trade deal with the U.S.

This isn’t the end of the Brexit story. There will be more court cases, and more parliamentary votes. And, of course, there are going to be economic downs as well as ups. But the first seven months of Brexit have gone remarkably, incredibly well, and the hits just keep on coming.
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http://dailysignal.com/2017/02/04/on-brexit-so-much-winning/
 
Before the referendum the EU-funded PricewaterhouseCoopers wrote the infamous CBI report claiming Brexit would cause a “serious economic shock”, costing £100 billion and 1 million jobs. Today they have performed a screeching u-turn, now claiming Brexit will lead Britain into an economic boom. In March last year, PwC thought a Leave vote would cause a drop in UK living standards, GDP and employment and warned GDP growth “could be seriously reduced — and possibly be as low as zero in 2017 or 2018.” Today, PwC are forecasting the opposite: they now think Britain will enjoy GDP growth faster than any other major advanced economy in the world over the next three decades. They say GDP growth will outstrip the US, Canada, France and Germany with average annual rate of 1.9%.
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https://order-order.com/2017/02/07/pwcs-serious-economic-shock-turns-into-brexit-boom/
 
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