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EU draft law to remove Euro clearing from UK; minimum 100,000 job losses
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The EU said from the start that clearing would not be allowed to remain in the UK after Brexit and they've started putting the wheels in motion today by drafting a law to facilitate moving it from the UK post Brexit.
By 2019 the entire operation will be moved from the UK at a cost of at least a minimum of 100,000 British jobs that depend on the industry. It could of course be higher, not to mention the knock on effect for other companies.
http://www.euronews.com/2017/06/13/eu-makes-a-move-in-brexit-battle-over-euro-clearing
https://www.bloomberg.com/news/articles/2016-09-23/lse-s-rolet-says-100-000-jobs-at-risk-if-clearing-leaves-london |
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By (user no longer on site)
over a year ago
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"The EU said from the start that clearing would not be allowed to remain in the UK after Brexit and they've started putting the wheels in motion today by drafting a law to facilitate moving it from the UK post Brexit.
By 2019 the entire operation will be moved from the UK at a cost of at least a minimum of 100,000 British jobs that depend on the industry. It could of course be higher, not to mention the knock on effect for other companies.
http://www.euronews.com/2017/06/13/eu-makes-a-move-in-brexit-battle-over-euro-clearing
https://www.bloomberg.com/news/articles/2016-09-23/lse-s-rolet-says-100-000-jobs-at-risk-if-clearing-leaves-london"
can't say that mate its called scare mongering |
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By *ercuryMan
over a year ago
Grantham |
The EU have said that they would want to give the Euro protected powers in London first, before "potentially" having to move the clearing operation to a Euro country in mainland Europe.
London clears 18 major currencies and is one of the world leaders in doing so. Moving it would increase trading costs and maybe diminish the status of the Euro.
Putting it into context, London clears $2.1 trillion a day, compared to Eu865 billion a day, and the US hasn't come close to suggesting that their business should be relocated back to the US.
Negotiations haven't even started yet, and the EU are already moving in on our crown jewels but then they have harboured this for a long time, even pre-referendum. |
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" can't say that mate its called scare mongering "
Which part is scare mongering? The bill is drafted and they're moving forward with it. And the head of the London Stock Exchange is the one who said it would be a minimum of 100,000 jobs.
Its not scare mongering to say theres a wolf at the door when there is in fact a wolf at the door. |
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By (user no longer on site)
over a year ago
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the EU are taking back control of their currency and will have control over the laws that apply to their monetary system while at the same time moving their clearing operations back inside the their borders which they will control ... there's no problem with any of that |
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By *LCCCouple
over a year ago
Cambridge |
"the EU are taking back control of their currency and will have control over the laws that apply to their monetary system while at the same time moving their clearing operations back inside the their borders which they will control ... there's no problem with any of that"
Apart from the people who will lose their jobs.  |
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By (user no longer on site)
over a year ago
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"the EU are taking back control of their currency and will have control over the laws that apply to their monetary system while at the same time moving their clearing operations back inside the their borders which they will control ... there's no problem with any of that
Apart from the people who will lose their jobs. "
there's always, uber, deliveroo and hermes though innit |
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By *obka3Couple
over a year ago
bournemouth |
Are they going to do the same with the euros traded in the us, china etc more bully boy spoilt brat tatics, strange how when the banking crisis blew up most of the country want ed all the financial sector taken out and shot, now all of a sudden they are our salvation |
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By (user no longer on site)
over a year ago
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" can't say that mate its called scare mongering
Which part is scare mongering? The bill is drafted and they're moving forward with it. And the head of the London Stock Exchange is the one who said it would be a minimum of 100,000 jobs.
Its not scare mongering to say theres a wolf at the door when there is in fact a wolf at the door."
you didn't get the joke? |
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" can't say that mate its called scare mongering
Which part is scare mongering? The bill is drafted and they're moving forward with it. And the head of the London Stock Exchange is the one who said it would be a minimum of 100,000 jobs.
Its not scare mongering to say theres a wolf at the door when there is in fact a wolf at the door.you didn't get the joke?"
My bad,hard to keep track who's being sarcastic and who actually is dumb enough to post something like that genuinely  |
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"The EU have said that they would want to give the Euro protected powers in London first, before "potentially" having to move the clearing operation to a Euro country in mainland Europe.
London clears 18 major currencies and is one of the world leaders in doing so. Moving it would increase trading costs and maybe diminish the status of the Euro.
Putting it into context, London clears $2.1 trillion a day, compared to Eu865 billion a day, and the US hasn't come close to suggesting that their business should be relocated back to the US.
Negotiations haven't even started yet, and the EU are already moving in on our crown jewels but then they have harboured this for a long time, even pre-referendum."
And, while we were members of the EU we could block it. Soon we won't be able to. Is this another thing that the BREXIT campaign said we shouldn't worry ourselves about because it would never happen but now it looks like it might? |
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