EU strategy to destroy the Chequers ‘agreement’... | Page 702 | Vital Football

EU strategy to destroy the Chequers ‘agreement’...

Care to address the question about insurance business moving to the EU and the adverse consequences for the UK economy and future standing for the City of London?
I have been standing up for my country by calling this problem out for the last few years.
The deluded ones are those people who kept saying: “it’ll be fine”; “the EU needs us more than we need them”; “the City of London will flourish outside of the EU”.

Patriotism is about doing the best for your country - even if the message might be unpalatable. It is not sticking your head in the sand.

I think it was good of you to turn down that offer to become Governer of the Bank of England as you clearly know better than him.

You obviously do not want to read what he says but, err, essentially he is saying “it’ll be fine” and “the City of London will flourish outside of the EU”.

Why would anyone say “the EU needs us more than we need them”? Why should that be important? It is in everyone's interest that both sides do well as independent parties as we will be continuing to trade heavily.

Eventually the EU will realise that it can not behave like a control freak towards other countries, ex-members or not.
 
As of April 2018, London Stock Exchange had a market capitalisation of GB£3,509,633,340,000.

As of June 2020, Euronext, which was formed on the merger of three stock exchanges - Paris, Brussels and Amsterdam - had nearly 1,500 listed issuers worth €3.8 trillion in market capitalisation.

Glad both are doing well.

Full comparisons here:
Top London Stock Exchange Competitors and Alternatives | Craft.co
So Remainers are still desperate to see every cloud......

Has it not occurred to wonder why London share trading (UK population now 68million) has only just been matched by Euronext (population of France, Belgium Netherlands, 94million) ?

Clearly a big part of London's dominance is a historic breadth and depth of financial products and legal services to underpin them - based partly on Global trade - but also sensible regulation.
FX, Money Markets, Bonds, Insurance, Fund Management (pensions etc), Futures, Options, Legal services etc

Traditionally, investors from those countries invested in Bonds not Shares. (I know, because in the '90's I sold Bonds (indirectly) to the fabled "Belgian Dentist").

Maybe more Europeans are day-trading from home.
So as GBN implies, if the cake is getting bigger, good luck to Euronext.
 
I think it was good of you to turn down that offer to become Governer of the Bank of England as you clearly know better than him.

You obviously do not want to read what he says but, err, essentially he is saying “it’ll be fine” and “the City of London will flourish outside of the EU”.

Why would anyone say “the EU needs us more than we need them”? Why should that be important? It is in everyone's interest that both sides do well as independent parties as we will be continuing to trade heavily.

Eventually the EU will realise that it can not behave like a control freak towards other countries, ex-members or not.

So you won’t address the question I posed about all the insurance business that has moved to the EU.

A huge oversight in the Brexit negotiations.
 
The "experts" that Gove was referring to were "economists".....
...but that never stopped Remainers from mis-representing Gove...
..... and they're still at it. :(

They love to tweak an odd word or two, to totally change the intended meaning, the prime example being when Rees-Mogg said that the benefits of Brexit will be gradual, over a term of 50 years, being changed to infer that it will be 50 years before the benefits actually start !!
 
So you won’t address the question I posed about all the insurance business that has moved to the EU.
A huge oversight in the Brexit negotiations.

My own non-expert observation is that not all insurance "business" is pure profit.

You clearly have never known any "names" at Lloyd's of London who have taken part in that high risk business and got their fingers burnt off. Can be profitable but I would rather sleep at night.

So there, I have addressed your point but expect you to stay cowardly silent on the predictions of the Governer of the BOE, who I think may qualify as a proper expert.
 
Care to address the question about insurance business moving to the EU and the adverse consequences for the UK economy and future standing for the City of London?
"insurance business moving to the EU" is only partially true.

In anticipation of a "No Deal"/WTO Brexit, Lloyds of London (not the bank) opened up a Belgian entity.
Some Customer facing Insurance is now booked through Brussels.
But the risk is still managed in London....along with the related fund management.
Presumably by doing back-to-back or mirror trades between Brussels and London.

That said, the Belgian Regulator (not the EU) maybe about to change its rules, so who knows what will unfold.

But as with share trading....
If the cake gets bigger....

I have been standing up for my country by calling this problem out for the last few years.
Would "standing up for your country" be by insisting that thousands of UK laws be made by a foreign body ? :unsure:

The deluded ones are those people who kept saying: “it’ll be fine”; “the EU needs us more than we need them”;
How can that be "deluded" when the EU exports far more (nearly £100 billion more) to the UK than vice-versa ?
Only this week we heard another non-story from the Road Haulage Assoc. about "trucks returning empty to the EU".
With that trade imbalance, that has always been true !!!

“the City of London will flourish outside of the EU”.
Patriotism is about doing the best for your country - even if the message might be unpalatable. It is not sticking your head in the sand.
The City of London flourishes because of the combination of financial products handled - and its regulatory and legal underpinning.

What matters to the UK are the Wholesale markets and B2B (business to business)...
.... not where some clever 30 y/o finds a new way to create a sexy "app" to interface share trading with Joe Public to punt a few pounds on GameStop or Tesla....
....an app that will probably get bought up by Google anyway then quietly dropped.

The UK has agreed "equivalence" with the EU on around 30 out of over 40 activities....
...but not on all....
...because the UK is responsible for far more international business in some sectors and UK regulators do not think EU regulators are up to scratch on those remaining sectors.
 
They love to tweak an odd word or two, to totally change the intended meaning, the prime example being when Rees-Mogg said that the benefits of Brexit will be gradual, over a term of 50 years, being changed to infer that it will be 50 years before the benefits actually start !!
 
My own non-expert observation is that not all insurance "business" is pure profit.

You clearly have never known any "names" at Lloyd's of London who have taken part in that high risk business and got their fingers burnt off. Can be profitable but I would rather sleep at night.

So there, I have addressed your point but expect you to stay cowardly silent on the predictions of the Governer of the BOE, who I think may qualify as a proper expert.
Actually some insurance business is done at a loss - if one compares premiums earned versus payouts to the insured.

"Profit" often comes from investing the premiums.

But those with an Agenda rarely seem concerned with context or understanding - just with how they can present something to get an emotional response.
 
So you won’t address the question I posed about all the insurance business that has moved to the EU.

A huge oversight in the Brexit negotiations.
See other post about Lloyds / Insurance....
...but as GBN says, words matter ... when they distort the story....
So may I ask you to clarify that subtle change....
"all the insurance business that has moved to the EU"

How much is "all" ?
What sort of business is that ? Insuring Aircraft ? Ships? Cars? Footballers legs? Homes ?
Which sort of Customers ?
Premiums or Sales Commissions ?
And what was the Regulatory rationale ?

That's aside from the point made about "booking" through Brussels - but passing it back through London.

Doesn't Amazon book a lot of UK trade through Luxembourg ? (Look at your
confo
)
That doesn't seem to have reduced the number of warehouses up and down UK Motorways- and employing thousands.
(paying miminal Business Rates - but that's another story !)
 
I just wonder when all this metaphorical dick waving "mine's bigger than yours" or "Britannia rules the waves" or "EU uber alles" tactics on either side will stop or at least settle down.

We have all listed ad nauseum how our trade is always going to be interlinked to a large extent with Europe as our nearest neighbours and so there is now so much opportunity for mutual benefit on both sides.

The fact is that the way the EU has evolved, through Common Market and EEC stages, over 50+ years has gradually made it less and less compatible with our best interests. That is nobody's fault and there is no reason why we could not have had a grown up and amicable parting.

I hope for the sake of the people (rather than the politicised union) that every European economy flourishes at the same time as our own.

Whether true or not, there just seems to be organisations and those who lost the vote that only want to punish or damage either the UK or the EU, or say "I told you so", or casually put the word "disaster" after Brexit when only a decent period of time will really evidence whether, on balance, it was correct.
 
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I just wonder when all this metaphorical dick waving "mine's bigger than yours" or "Britannia rules the waves" or "EU uber alles" tactics on either side will stop or at least settle down.

We have all listed ad nauseum how our trade is always going to be interlinked to a large extent with Europe as our nearest neighbours and so there is now so much opportunity for mutual benefit on both sides.

The fact is that the way the EU has evolved, through Common Market and EEC stages, over 50+ years has gradually made it less and less compatible with our best interests. That is nobody's fault and there is no reason why we could not have had a grown up and amicable parting.

I hope for the sake of the people (rather than the politicised union) that every European economy flourishes at the same time as our own.

Whether true or not, there just seems to be organisations and those who lost the vote that only want to punish or damage either the UK or the EU, or say "I told you so", or casually put the word "disaster" after Brexit when only a decent period of time will really evidence whether, on balance, it was correct.

That's well put GBN and pretty balanced. I long ago gave up arguing the decision and concentrated on the deal and how we would organise ourselves post Brexit. I don't say this with any wish for ill on the UK but my present concern is that our government simply didn't negotiate very well and ended up with something that appears to keep providing them with surprises. I'd rather be proved wrong than right but early signs are worrying.
 
This thread is like two QAnon type groups who are so far entrenched in their 'side' that they do not want to give on anything.

Its done, time to get on with making it work. We will not know the true impact for many years.
 
So did the fishing industry really matter, did it never really matter, is it now small beer? I couldn't give a fig about in/out arguments, they are long done. I thought we had bigger fish to fry than our fishing industry but was told how central it was to our identity. I still feel the same way while I regret the outcome for individual fishermen. Their erstwhile champions have left the field and are dreaming other dreams, that was all I was saying. The fishermen themselves declare that they have been betrayed.

As most fishermen now realise, the bluff and bluster was never really about the fish. It was about 'the seas' or more accurately the symbolism of 'our seas.' Rule Britannia and all that.
Hope the government can sort the mess out.
 
See other post about Lloyds / Insurance....
...but as GBN says, words matter ... when they distort the story....
So may I ask you to clarify that subtle change....
"all the insurance business that has moved to the EU"

How much is "all" ?
What sort of business is that ? Insuring Aircraft ? Ships? Cars? Footballers legs? Homes ?
Which sort of Customers ?
Premiums or Sales Commissions ?
And what was the Regulatory rationale ?

That's aside from the point made about "booking" through Brussels - but passing it back through London.

Doesn't Amazon book a lot of UK trade through Luxembourg ? (Look at your
confo
)
That doesn't seem to have reduced the number of warehouses up and down UK Motorways- and employing thousands.
(paying miminal Business Rates - but that's another story !)

By “all the insurance business that moved to the EU”, I am referring to all of the policies that were subject to a Part VII transfer from UK to the EU because the UK is unable to insure EEA risks and pay out EEA claims. All that business is moved to EU countries and with the loss of some jobs and IPT and other taxes for the UK exchequer.

All of your other questions are irrelvant. Why does it matter the type of business / the type of customers etc? What matters is whether UK Plc has lost out.

How does any of this insurance business get routed back to London? Please enlighten me.
 
This thread is like two QAnon type groups who are so far entrenched in their 'side' that they do not want to give on anything.

Its done, time to get on with making it work. We will not know the true impact for many years.

I accepted my half* of the vote lost and it obviously needs to work for the sake of my kids careers. But I'm afraid I will still question any collateral damage that it brings, especially if we were specifically told otherwise.

*That's rounded up by just under 2%**
** That's the 'just under 2%' that is now referred to as 'the will of the people'
 
My own non-expert observation is that not all insurance "business" is pure profit.

You clearly have never known any "names" at Lloyd's of London who have taken part in that high risk business and got their fingers burnt off. Can be profitable but I would rather sleep at night.

So there, I have addressed your point but expect you to stay cowardly silent on the predictions of the Governer of the BOE, who I think may qualify as a proper expert.

Didn’t address the question posed. And I have zero idea what you a talking about.
 
That's well put GBN and pretty balanced. I long ago gave up arguing the decision and concentrated on the deal and how we would organise ourselves post Brexit. I don't say this with any wish for ill on the UK but my present concern is that our government simply didn't negotiate very well and ended up with something that appears to keep providing them with surprises. I'd rather be proved wrong than right but early signs are worrying.

100%.

Huge failures in government negotiation, weak opposition to hold them to account, a government who plays roughshod with democratic process, and a chunk of the population whose anti-EU doctrine means that they are incapable of criticising decisions coming out of Westminster.

All of the current issues they are being experienced at the moment were called out before the event. How can there be any surprises?
 
The "experts" that Gove was referring to were "economists".....
...but that never stopped Remainers from mis-representing Gove...
..... and they're still at it. :(

Oh dear. Like when he said Northern Ireland would “enjoy the best of both worlds: access to the EU single market and at the same time unfettered access to the rest of the UK market."

Foolishly describing the exact the situation we all had before his cabal decided to set fire to it!
 
Didn’t address the question posed. And I have zero idea what you a talking about.

No, you wouldn't because the BOE Governor does not share your warped view, and you therefore do not want to know about it.

Fingers in ears and singing "la, la, la" if the view of a top man in his field does not match yours.

Nothing much changes.