| Grown-ups start Brexit fight back: 13:15 - Jun 20 with 5101 views | Shaky |
https://www.bloomberg.com/politics/articles/2017-06-20/hammond-carney-fight-for-
Hammond, Carney Fight for City of London as Brexit Talks Start
by Svenja O'Donnell and Richard Partington
2017 M06 20 10:32 GMT+1
Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney joined forces to defend the financial-services industry as the government seeks to shift its Brexit focus away from controlling migration to safeguarding jobs.
The chief stewards of the U.K. economy, speaking in their delayed annual Mansion House addresses in London on Tuesday, said breaking up financial services such as derivatives and lending after Britain leaves the European Union would result in higher costs for companies.
“Fragmentation of financial services would result in poorer quality, higher-priced products for everyone concerned,” Hammond said. “Avoiding fragmentation of financial services is a huge prize for the economies of Europe, and I believe we can do it.”
Carney called for a new system of cooperation over derivatives clearinghouses amid industry warnings that forcing the biggest firms to move would lead to skyrocketing costs and job losses.
Prime Minister Theresa May’s failure to gain the majority she sought in the June 8 election has forced the government to rethink its focus both on Brexit and austerity. The chancellor’s speech, with its emphasis on spurring growth and productivity, marks a shift away from May’s pre-election rhetoric, which touched little on the economy and instead focused on curbing migration.
Political FootballBy singling out financial services as a key driver of growth, Hammond put the City of London at the center of the Brexit talks, which kicked off in Brussels on Monday. The EU has proposed forcing the biggest foreign derivatives-clearing firms to set up shop in the bloc if they want to continue doing business there.
Oversight of derivatives clearinghouses has become a political football between the U.K. and the EU during Brexit negotiations, with several EU policy makers demanding control of clearing of euro-denominated contracts. The commission’s proposal called for greater EU oversight of clearinghouses based in foreign jurisdictions and suggested the option of forcing the biggest ones to move clearing of EU derivatives inside the bloc.
Almost two-thirds of EU capital-markets activity is executed through the U.K., while banks based in Britain lent more than 1.1 trillion pounds ($1.4 trillion) to the rest of the EU in 2015.
“Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption,” Carney said. “Depending on whether and when any transition arrangement can be agreed, firms on either side of the channel may soon need to activate contingency plans.”
Stronger HandHammond has long sought to promote a less abrupt break from the EU than advocated by some in the Conservative Party, stressing the need for transitional arrangements. May’s disastrous election performance has strengthened his hand, allowing him to push for a more central role in helping coordinate the government’s new tone on Brexit.
Major banks in London have warned the loss of so-called passporting arrangements, which allow them to operate across the EU from any member state, will probably lead them to relocate jobs and activities in European cities such as Frankfurt, Paris and Dublin. However, the prospect of a softer Brexit deal could result in lenders staying put.
HSBC Holdings Plc’s investment bank chief Samir Assaf said last week a hard Brexit is now unlikely after the U.K. election, and that could mean more jobs staying in London after the bank said it could move about 1,000 roles to Paris. A softer deal would be “very good news for us because it will be less hassle and we would be able to do much more things from London,” he added
Philip Hammond, U.K. chancellor of the exchequer, center left, and Mark Carney, governor of the Bank of England, center right, attend the delayed annual Mansion House speech, on June 20, 2016.
Hammond also made clear companies should still be able to attract global talent.
"While we seek to manage migration, we do not seek to shut it down," Hammond said. "We must push for a new phase of globalization to ensure that it delivers clear benefits for ordinary working people in developed economies."
While he maintained the Conservatives’ pre-election pledge to eliminate the budget deficit by 2025, Hammond acknowledged that voters had tired of budget cuts.
"Britain is weary after seven years of hard slog repairing the damage of the great recession,” he said, adding that growth rather than higher taxes and borrowing is the only way to fund public services. “We must make anew the case for a market economy and for sound money. The case for growth."
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| Grown-ups start Brexit fight back: on 16:11 - Jun 22 with 848 views | waynekerr55 |
| Grown-ups start Brexit fight back: on 17:06 - Jun 21 by Batterseajack |
There is a wider issue here that our economy is dependent on migrant labor. The brexiteers tell us that the construction industry is supposedly saturated with migrant workers, yet recruiters are complaining that they are unable to to fill job vacancies because the work force isn't there. And we're not just talking about low skilled brickies and painters here, but qualified professionals such as construction managers, engineers, architects, quantity surveyors etc.
That idiot woman you refer to has a point. |
Low skill bricklayers? |  |
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| Grown-ups start Brexit fight back: on 16:23 - Jun 22 with 838 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 15:54 - Jun 22 by Flashberryjack |
F*ck me you come over as a aright arrogant b*gger at times. |
What's arrogant about that? |  | | |
| Grown-ups start Brexit fight back: on 16:49 - Jun 22 with 818 views | Uxbridge |
| Grown-ups start Brexit fight back: on 11:43 - Jun 22 by LeonWasGod |
We're a cosmopolitan place at work, with people all over from EU and non-Eu. Everyone I've spoken to thinks we're nuts. But then they're mostly a liberal, highly educated bunch so would fall into the remoaner stereotype if they were Brits. |
I speak with people across the world every day. Europe, India and USA in the main. Everyone thinks we're bonkers. To a man/woman. They weren't subjected to the maelstrom of media coverage blaming immigration on all society's ills though. |  |
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| Grown-ups start Brexit fight back: on 17:48 - Jun 22 with 785 views | Professor |
| Grown-ups start Brexit fight back: on 16:49 - Jun 22 by Uxbridge |
I speak with people across the world every day. Europe, India and USA in the main. Everyone thinks we're bonkers. To a man/woman. They weren't subjected to the maelstrom of media coverage blaming immigration on all society's ills though. |
Indeed.
My in laws amongst those duped |  | | |
| Grown-ups start Brexit fight back: on 17:53 - Jun 22 with 777 views | Highjack |
I can't believe anybody is stupid enough to want to stay in.
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| Grown-ups start Brexit fight back: on 18:18 - Jun 22 with 754 views | Flashberryjack |
| Grown-ups start Brexit fight back: on 16:23 - Jun 22 by LeonWasGod |
What's arrogant about that? |
"But then they're mostly a liberal, highly educated bunch so would fall into the remoaner stereotype if they were Brits"
This ! |  |
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| Grown-ups start Brexit fight back: on 21:10 - Jun 22 with 720 views | Kilkennyjack |
Theresa has folded already .....
Theresa May has played her opening gambit of Brexit negotiations, telling European leaders she will offer some three million EU citizens a new ‘settled status’ allowing them to stay in Britain if they have lived here five years.
People gaining it would secure rights on healthcare, education and benefits broadly similar to those enjoyed by EU citizens in the UK now.
Quality. |  |
| Beware of the Risen People
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| Grown-ups start Brexit fight back: on 21:24 - Jun 22 with 705 views | sherpajacob |
| Grown-ups start Brexit fight back: on 21:10 - Jun 22 by Kilkennyjack |
Theresa has folded already .....
Theresa May has played her opening gambit of Brexit negotiations, telling European leaders she will offer some three million EU citizens a new ‘settled status’ allowing them to stay in Britain if they have lived here five years.
People gaining it would secure rights on healthcare, education and benefits broadly similar to those enjoyed by EU citizens in the UK now.
Quality. |
Looks very much like a policy on the hoof, with all sorts of issues that will swiftly unravel.
How do EU citizens prove 5 years when 5 years ago nobody was keeping records on this sort of thing. |  |
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| Grown-ups start Brexit fight back: on 21:29 - Jun 22 with 699 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 18:18 - Jun 22 by Flashberryjack |
"But then they're mostly a liberal, highly educated bunch so would fall into the remoaner stereotype if they were Brits"
This ! |
But apparently there is a stereotype, based on analytics of the voting pattern - a higher remain vote has been correlated with higher educational quals. E.g. http://www.bbc.co.uk/news/uk-politics-38762034
The people I work with have quals coming out of their ears, so they may be biased and you'd expect them to think it's a strange decision, that's what I was trying to say (obviously badly). | | | |
| Grown-ups start Brexit fight back: on 21:41 - Jun 22 with 688 views | SgorioFruit |
| Grown-ups start Brexit fight back: on 17:53 - Jun 22 by Highjack |
I can't believe anybody is stupid enough to want to stay in.
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Is the correct statement |  |
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| Grown-ups start Brexit fight back: on 11:15 - Jun 23 with 624 views | Batterseajack |
| Grown-ups start Brexit fight back: on 16:11 - Jun 22 by waynekerr55 |
Low skill bricklayers? |
You can include high skilled brickies in there too if you want. Point being the construction industry from bottom to top of the skill range is understaffed. But you crack on with insinuating that i'm somehow arrogant instead of responding to the actual points I've raised. | | | |
| Grown-ups start Brexit fight back: on 11:19 - Jun 23 with 615 views | waynekerr55 |
| Grown-ups start Brexit fight back: on 11:15 - Jun 23 by Batterseajack |
You can include high skilled brickies in there too if you want. Point being the construction industry from bottom to top of the skill range is understaffed. But you crack on with insinuating that i'm somehow arrogant instead of responding to the actual points I've raised. |
I think something's been lost in translation. I didn't insinuate anything other than brick layers are (generally) skilled!
I have seen some shoddy pointing mind  | |
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| Grown-ups start Brexit fight back: on 11:19 - Jun 23 with 615 views | felixstowe_jack |
| Grown-ups start Brexit fight back: on 21:10 - Jun 22 by Kilkennyjack |
Theresa has folded already .....
Theresa May has played her opening gambit of Brexit negotiations, telling European leaders she will offer some three million EU citizens a new ‘settled status’ allowing them to stay in Britain if they have lived here five years.
People gaining it would secure rights on healthcare, education and benefits broadly similar to those enjoyed by EU citizens in the UK now.
Quality. |
She went on to say the EU would have to offer the same rights to all UK citizens living in the 27 EU countries. | |
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| Grown-ups start Brexit fight back: on 14:13 - Jun 23 with 568 views | westside |
Tusk has just told May where to stick her offer  |  | | |
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