Will Britain piss off and get on with Brexit II (mod warning in OP)

Boredstiff666

theological wrote: »

As an advocate of free trade I wouldn't be proposing banning any German cars. Similarly I wouldn't be expecting the EU to block access to essential financial markets.

It's worth calming down a wee bit sometimes instead of hopping up and down at every little bit about of rhetoric.

I am in full agreement with you.......its not me. I reply to one post on subject and all of a sudden I am to blame for Trumps wall with mexico (joke) and the demise of everything.

First Up

theological wrote:

I presume they have better advice and lawyers than you do.

Their lawyers don't need to be better than mine but they do need to be at least as good as the EU Commission's.

First Up

First Up wrote: »

Those entities will need to be staffed and do meaningful work. The days of a brass plate are long gone.

So staff can move from the UK (families, houses, schools, language and all that) or the entities can recruit and train locally and redeploy or sack their UK staff.

I hope they are ready for all that too.

That’s already been done. Mainly back office people recruited locally.

theological

First Up wrote: »

Their lawyers don't need to be better than mine but they do need to be at least as good as the EU Commission's.

Given that they have already acted why do you somehow think they acted wrongly? Do you have any evidence for your position?

Otherwise it is just hot air.

Spanish Eyes

Back to basics so.

If UK was so absolutely desperate to shake off the shackles of the EU, why did they not just feck off on WTO already?

I'd love to know why they are desperate for Trade Deals now. Says it all for me anyway.

Too frightened to leave NO DEAL, too frightened to stay. Sorry now FK them. And I know we in Ireland may suffer as a result.

But hopefully it will all work out.

First Up

theological wrote:

Given that they have already acted why do you somehow think they acted wrongly? Do you have any evidence for your position?

Establishing a back office isn't enough to qualify as an EU company but I'm sure their lawyers know that.

Boredstiff666

Spanish Eyes wrote: »

Back to basics so.

If UK was so absolutely desperate to shake off the shackles of the EU, why did they not just feck off on WTO already?

I'd love to know why they are desperate for Trade Deals now. Says it all for me anyway.

Too frightened to leave NO DEAL, too frightened to stay. Sorry now FK them. And I know we in Ireland may suffer as a result.

But hopefully it will all work out.

All I would say to that is never believe newspaper headlines. They used to use them to wrap fish n' chips in not too long ago. That was their best use.

theological

First Up wrote: »

Establishing a back office isn't enough to qualify as an EU company but I'm sure their lawyers know that.

Any citations that the numbers I've cited are too small? You shouldn't be making claims that can't be evidenced.

I didn't refer to front or back office in my original post.

Boredstiff666

First Up wrote: »

Establishing a back office isn't enough to qualify as an EU company but I'm sure their lawyers know that.

And your verification's ???????????????????????????????

First Up

First Up wrote: »

Establishing a back office isn't enough to qualify as an EU company but I'm sure their lawyers know that.

so could you explain what does constitute an EU company?

Spanish Eyes

Boredstiff666 wrote: »

All I would say to that is never believe newspaper headlines. They used to use them to wrap fish n' chips in not too long ago. That was their best use.

I do hope that was not meant to be insulting :eek:

In fairness No Deal could have happened a long time ago, but the UK obviously WANT a deal.

I do hope that whatever the result of our election that we have competent people in charge regarding Brexit going forward, as they say!

Boredstiff666

Spanish Eyes wrote: »

I do hope that was not meant to be insulting :eek:

In fairness No Deal could have happened a long time ago, but the UK obviously WANT a deal.

I do hope that whatever the result of our election that we have competent people in charge regarding Brexit going forward, as they say!

Well judging by the last 2 clowns. Anything will be an improvement.

threeball

Boredstiff666 wrote: »

Well judging by the last 2 clowns. Anything will be an improvement.

Yes Teresa and Boris were/are embarrassing

PHG

PHG wrote: »

This statement alone proves you know sfa about the financial sector beyond your debit/credit card. London is big because it is a clearing house, and believe it or not trades mainly in EUR not GBP!

Not being able to clear EUR trades is a big deal and the clearing houses there have started to setup European Legal Entities for this in competing European cities to clear their EUR trades. This means movement away from the UK.

whereas you, being an expert in these matters, somehow missed the statement by ESMA a year ago

https://www.esma.europa.eu/press-news/esma-news/esma-recognise-three-uk-ccps-in-event-no-deal-brexit

The European Securities and Markets Authority (ESMA) has today announced that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the United Kingdom (UK) – LCH Limited, ICE Clear Europe Limited and LME Clear Limited – will be recognised to provide their services in the European Union (EU). ESMA has adoped these recognition decisions in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU.

Boredstiff666

First Up wrote: »

Their lawyers don't need to be better than mine but they do need to be at least as good as the EU Commission's.

Proof please. You have been spouting your own stuff and the UK's demise for weeks or longer. Also dismissing others as not knowing anything worth knowing..

So come on. You have the chance now to show and prove what you are talking about with all your superior knowledge that you have non stop paraded here.

So now you have a business which has had to take legal advice regards Brexit?

I would have thought with over 13000 posts on here you wouldnt have time to run an international business but I am all ears.

Boredstiff666

threeball wrote: »

Yes Teresa and Boris were/are embarrassing

Teresa May.............An example of why the world does not need any politicians.

First Up

Aegir wrote:

so could you explain what does constitute an EU company?

The EU Commission will tell them when they do.

Boredstiff666

First Up wrote: »

The EU Commission will tell them when they do.

So are you not going to show us your credentials of expert knowledge FirstUp?

First Up

First Up wrote: »

The EU Commission will tell them when they do.

so the EU Commission can arbitrarily decide what is and isn't a european company?

or to put it another way, you have no idea and can't back up your statement.

so Mighty Yank Bank Europe Ltd based in London, with subsidiary offices providing wealth management all over europe decides that it is going to move the 100 people that actually make up the head office, to their existing offices in Dublin along with around €500m in assets, but because they have left the global part of what they do in London which is around 10,000 people and where all the trading etc goes on, the EU should just decide that no, Mighty Yank Bank DAC isn't a european company?

joeguevara

Just going to leave this here....specifically for people who talk about Brexit opportunities, indigenous industry, and how it will effect EU business

“Speaking about the collapse of the company, Norton chief executive Stuart Garner said it had “become increasingly difficult to manufacture in the UK, with a growing tax burden and ongoing uncertainties over Brexit affecting many things like, tariffs, exports and availability of funding.”

This is particularly ironic, given that Brexit Secretary Barclay had visited the firm in December 2018, saying that Brexit would expand opportunities for companies like Norton “across the world”.

“This is why the [Brexit] deal delivers on the referendum but it also protects jobs [and] supports businesses,” he said…“

https://www.theguardian.com/business/2020/jan/30/taken-for-a-ride-how-norton-motorcycles-collapsed-amid-acrimony-and-scandal

For those who are making up names of banks I.e. yank bank and using ficticious examples to explain what an EU entity is or isn’t. Give me one real life example of where an entity can set up a letterbox entity in Europe, do all regulated activities in a non Eu country and service EU clients.

Padre_Pio

There's a Facebook page tracking similar stories.

https://m.facebook.com/BrexitWrecksIt/

Is there any company saying the Brexit is a positive thing?

joeguevara

Padre_Pio wrote: »

There's a Facebook page tracking similar stories.

https://m.facebook.com/BrexitWrecksIt/

Is there any company saying the Brexit is a positive thing?

Debt collectors and stock liquidators. Manufacturers of George’s crosses flags.

Peregrinus

Aegir wrote: »

whereas you, being an expert in these matters, somehow missed the statement by ESMA a year ago

https://www.esma.europa.eu/press-news/esma-news/esma-recognise-three-uk-ccps-in-event-no-deal-brexit

The three UK-based central counterparties have been approved because they applied to ESMA for approval under EMIR Article 25, and were judged to have met the approval criteria.

In other words, their approval is given by and is subject to EU law, and is conditional on their continuing to satisfy EU law.

But there's more: one of the conditions for approval of a foreign counterparty under EMIR 25 is that the regulatory standards of the country of establishment (in this case, the UK) are considered by ESMA to be equivalent to EU standards. UK currently satisfies this test because UK legislation has transposed EU law (including EMIR) into UK law, and continues to apply it.

In other words, the approval of these three bodies is conditional on the UK continuing to incorporate relevant EU law into its domestic law, and to enforce it.

The current signals being sent by the UK government are that they will not commit to this, and in general they intend to diverge - they intend low alignment. Of course, they may continue to apply EU financial/regulatory law in the City of London while diverging in other respects. On the other hand, they may not.

Two conclusions flow from this:

1. The UK hasn't prevented its CCPs from getting EU approval by merely asserting the right, in principle, to diverge from EU law. But if they ever exercise that right, UK CCPs may lose their approval. Which means (a) the theoretical right to diverge may be something of a hollow crown, but (b) so long as it exists UK-based CCPs face a political risk that their EU-based competitors do not.

2. And because approval for UK-based CCPs is contingent in this way, new investment or development of this business is less like to come to London,and more likely to go to centres that face less political risk.

Boredstiff666

joeguevara wrote: »

Just going to leave this here....specifically for people who talk about Brexit opportunities, indigenous industry, and how it will effect EU business

“Speaking about the collapse of the company, Norton chief executive Stuart Garner said it had “become increasingly difficult to manufacture in the UK, with a growing tax burden and ongoing uncertainties over Brexit affecting many things like, tariffs, exports and availability of funding.”

This is particularly ironic, given that Brexit Secretary Barclay had visited the firm in December 2018, saying that Brexit would expand opportunities for companies like Norton “across the world”.

“This is why the [Brexit] deal delivers on the referendum but it also protects jobs [and] supports businesses,” he said…“

https://www.theguardian.com/business/2020/jan/30/taken-for-a-ride-how-norton-motorcycles-collapsed-amid-acrimony-and-scandal

For those who are making up names of banks I.e. yank bank and using ficticious examples to explain what an EU entity is or isn’t. Give me one real life example of where an entity can set up a letterbox entity in Europe, do all regulated activities in a non Eu country and service EU clients.

This really is an hilarious example of your garbage. You should have done your research first.

Norton Motorbikes a famous motorbike brand pre-1970's used to get the contract to supply the British Police with motorbikes up until the 1980's I think it was. They at the time made out dated old slow 4 stroke motorbikes. The Japanese Kawasaki, Suzuki, Honda wiped the floor with them and other British motorbikes back then.
Norton have been rescued and struggled ever since with various attempts for them to be saved for the past 40 years. They have always popped up in the news regards same.
Motorbikes are a very competitive business where just a few British dominated the world for a long time until the 1970's. The British bikes never regained their crowns ever again.
If you look on Wiki it tells you how Norton has struggled over the years. I thought they had gone years ago.

Next you will be telling us about the British car industry going bump. They always have ever since the early 1970's and were beaten by Japanese imports. Toyota was one. Now who was one of the others. Let me see. Oh yes it was Datsun who became.......Nissan.

joeguevara

Boredstiff666 wrote: »

This really is an hilarious example of your garbage. You should have done your research first.

Norton Motorbikes a famous motorbike brand pre-1970's used to get the contract to supply the British Police with motorbikes up until the 1980's I think it was. They at the time made out dated old slow 4 stroke motorbikes. The Japanese Kawasaki, Suzuki, Honda wiped the floor with them and other British motorbikes back then.
Norton have been rescued and struggled ever since with various attempts for them to be saved for the past 40 years. They have always popped up in the news regards same.
Motorbikes are a very competitive business where just a few British dominated the world for a long time until the 1970's. The British bikes never regained their crowns ever again.
If you look on Wiki it tells you how Norton has struggled over the years. I thought they had gone years ago.

I didn’t use Norton as an example of a business. I used it as an example of a person who believed the bs being said and was being championed as the type of business that Brexit would suit. 2 days in and failed.

I don’t talk garbage. I have asked you to back up your claims about Eu financial services and you change examples constantly.

I don’t think I’ve ever said anything you said was garbage though. Please keep it civil.

Boredstiff666

joeguevara wrote: »

I didn’t use Norton as an example of a business. I used it as an example of a person who believed the bs being said and was being championed as the type of business that Brexit would suit. 2 days in and failed.

I don’t talk garbage. I have asked you to back up your claims about Eu financial services and you change examples constantly.

I don’t think I’ve ever said anything you said was garbage though. Please keep it civil.

I have explained this until I am blue in the teeth. Once more..........It wasnt me who bought up the subject. I just replied to a post.........Go back and read properly.

Boredstiff666

joeguevara wrote: »

I didn’t use Norton as an example of a business. I used it as an example of a person who believed the bs being said and was being championed as the type of business that Brexit would suit. 2 days in and failed.

Then it wasnt a great example. A company which is never out of the news for being in trouble who employ only a few workers as well. So not an 'earth shaker' by any means.

joeguevara

Boredstiff666 wrote: »

Then it wasnt a great example. A company which is never out of the news for being in trouble who employ only a few workers as well. So not an 'earth shaker' by any means.

It’s a great example of someone who wholeheartedly believed the lies and propaganda spoon fed to him.

100 people are not a few employees either.

Peregrinus

Boredstiff666 wrote: »

Then it wasnt a great example. A company which is never out of the news for being in trouble who employ only a few workers as well. So not an 'earth shaker' by any means.

Which gives rise to two thoughts.

First, this is the company that Steve Barclay chose to highlight as the kind of company that would benefit from Brexit. Is the message that the purpose of Brexit is to benefit the basket-cases?

Secondly, and more seriously, of course it's the already-stressed businesses that will succumb first of all to the harms inflicted by Brexit; they are by definition the ones with the least resilience. It's the companies with poor cash-flow, lowest reserves, greatest debt, maximal exposure to export markets and/or foreign suppliers that will be the first affected. If the direr predictions of "project fear" are correct, this is exactly how they will play out - the weak going the wall first. A Brexiter would have to be very stupid indeed to take any comfort from this, or to put if forward as a reason for optimism.

Boredstiff666

Peregrinus wrote: »

Which gives rise to two thoughts.

First, this is the company that Steve Barclay chose to highlight as the kind of company that would benefit from Brexit. Is the message that the purpose of Brexit is to benefit the basket-cases?

Secondly, and more seriously, of course it's the already-stressed businesses that will succumb first of all to the harms inflicted by Brexit; they are by definition the ones with the least resilience. It's the companies with poor cash-flow, lowest reserves, greatest debt, maximal exposure to export markets and/or foreign suppliers that will be the first affected. If the direr predictions of "project fear" are correct, this is exactly how they will play out - the weak going the wall first. A Brexiter would have to be very stupid indeed to take any comfort from this, or to put if forward as a reason for optimism.

Mate I believe in Brexit because I dont believe any country should be ruled by others. I believe in the trading block of what was the common market and not the political stuff. I never voted on Brexit I couldn't.

I don't take comfort in people losing their Jobs. But I grew up in the Midlands UK and know all about the car and motorbike manufacturer's. They were always in trouble and going bump. If they weren't then the workers were on strike over something. I could tell you some right stories on such.

Basically regards the transport industry. The UK were one of the world leaders. But then others came in and the rest is history.

Same will happen with Brexit. Some will move out. Others will move in. The UK will not disappear into a hole.