| Grown-ups start Brexit fight back: 13:15 - Jun 20 with 5093 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 21:28 - Jun 20 with 1304 views | longlostjack |
| Grown-ups start Brexit fight back: on 17:30 - Jun 20 by monmouth |
Europe won't let us stay in, or at least not without a massive pound of flesh. And who can blame them listening to the shit rhetoric from shit empty vessel w*nk politicians for the last year. And they are still talking 'winning' and 'losing'. W*nkers. Thanks to May, Davis, Johnson, Fox and the associated turds we've already lost . Just f*ck off. |
They'd definitely accept a UK return to the club. The feeling in Germany at least is that they've lost a friend and people are just baffled that it has come to this. There is definitely not a desire to punish the UK. The fact is though that we signed up as members to a number of projects and agreed to co-finance them. We can't just walk away and break agreements. |  |
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| Grown-ups start Brexit fight back: on 21:36 - Jun 20 with 1295 views | Highjack |
Only problem with that is it doesn't want to. |  |
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| Grown-ups start Brexit fight back: on 21:39 - Jun 20 with 1284 views | WarwickHunt |
| Grown-ups start Brexit fight back: on 21:36 - Jun 20 by Highjack |
Only problem with that is it doesn't want to. |
...yet. |  | | |
| Grown-ups start Brexit fight back: on 05:56 - Jun 21 with 1224 views | Lord_Bony |
| Grown-ups start Brexit fight back: on 21:36 - Jun 20 by Highjack |
Only problem with that is it doesn't want to. |
The problem is the EU are using bully boy tactics here like a jealous owner of a harem trying to keep a disobedient wife from running away..
1.Stay and all will be forgiven and we can carry on as before.
2. Leave and we will punish you as hard as we can to make sure we set an example and none of the other wives of the harem are tempted to escape.
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| Grown-ups start Brexit fight back: on 07:50 - Jun 21 with 1186 views | nice_to_michu |
| Grown-ups start Brexit fight back: on 05:56 - Jun 21 by Lord_Bony |
The problem is the EU are using bully boy tactics here like a jealous owner of a harem trying to keep a disobedient wife from running away..
1.Stay and all will be forgiven and we can carry on as before.
2. Leave and we will punish you as hard as we can to make sure we set an example and none of the other wives of the harem are tempted to escape.
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....as is the EU's right.
I would have expected us to do the same if France left and we were still in the EU. |  | | |
| Grown-ups start Brexit fight back: on 09:19 - Jun 21 with 1159 views | felixstowe_jack |
Did the German Finance minister hear the result of the UK Referendum? Wonder what the result would be if they held a referendum in Germany. |  |
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| Grown-ups start Brexit fight back: on 09:45 - Jun 21 with 1149 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 21:36 - Jun 20 by Highjack |
Only problem with that is it doesn't want to. |
Although, in the main, the Government want to
The main opposition in the main want to
Even the little parties like Plaid and the Lib Dems and the Greens want to
The Lords want to
Lots of our major employers want to
Watching the politicians pussyfooting around the conflicting interests whilst trying not to p1ss off 52% of the electorate would be hilarious if we weren't stuck in in the middle of it. |  | | |
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| Grown-ups start Brexit fight back: on 11:34 - Jun 21 with 1103 views | Professor |
| Grown-ups start Brexit fight back: on 10:26 - Jun 21 by Batterseajack |
So when we inevitably get a 'bad deal' it will be the EU's fault rather than the gullible folk who thought they could have their cake and eat it in terms of access to the single market whilst pulling up the draw bridge on migration and not paying our fees, diminishing workers rights, scrapping environmental laws and fishing the sea to extinction. [Post edited 21 Jun 2017 10:29]
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People we gullible enough to believe 'The Mail'. 'The Sun', Gove, Johnson and Farage. Extra money for the NHS-that's really going to happen isn' t it? We return to the warm glow of pre WW2 UK when we had an Empire, no NHS, no welfare, little workers rights, poverty for many. Not be told what to do by Krauts and Frogs who have no monarchy.
Leaving the EU will harm us- not the crash Osborne and Cameron tried to sell, but a longer term erosion of rights. Make us a cut-price US, where the state provides little. A rich country with the best health care (if you can afford it). no homeless people, no poverty, investment in public health, great education.
Not an anti-American rant, but the truth many Americans face and why they voted for Trump.
Leaving the EU will be a disaster. | | | |
| Grown-ups start Brexit fight back: on 14:43 - Jun 21 with 1048 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 11:34 - Jun 21 by Professor |
People we gullible enough to believe 'The Mail'. 'The Sun', Gove, Johnson and Farage. Extra money for the NHS-that's really going to happen isn' t it? We return to the warm glow of pre WW2 UK when we had an Empire, no NHS, no welfare, little workers rights, poverty for many. Not be told what to do by Krauts and Frogs who have no monarchy.
Leaving the EU will harm us- not the crash Osborne and Cameron tried to sell, but a longer term erosion of rights. Make us a cut-price US, where the state provides little. A rich country with the best health care (if you can afford it). no homeless people, no poverty, investment in public health, great education.
Not an anti-American rant, but the truth many Americans face and why they voted for Trump.
Leaving the EU will be a disaster. |
Yeah, but bendy bananas innit  . Some things are worth fighting for. | | | |
| Grown-ups start Brexit fight back: on 15:33 - Jun 21 with 1021 views | Professor |
| Grown-ups start Brexit fight back: on 14:43 - Jun 21 by LeonWasGod |
Yeah, but bendy bananas innit . Some things are worth fighting for. |
As much as this is posted in humour, it is the kind of thing people get wound up over. Never mind protection of your rights! | | | |
| Grown-ups start Brexit fight back: on 16:11 - Jun 21 with 1003 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 15:33 - Jun 21 by Professor |
As much as this is posted in humour, it is the kind of thing people get wound up over. Never mind protection of your rights! |
Very much in jest. The whole thing's a complete and utter clusterf*ck. Excuse my French. | | | |
| Grown-ups start Brexit fight back: on 16:49 - Jun 21 with 989 views | Highjack |
| Grown-ups start Brexit fight back: on 15:33 - Jun 21 by Professor |
As much as this is posted in humour, it is the kind of thing people get wound up over. Never mind protection of your rights! |
Like that woman who voted remain because she needs foreign immigrants to be still able to serve her sandwiches in Pret, there are idiots on both sides, it's the fundamental problem with universal suffrage. | |
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| Grown-ups start Brexit fight back: on 16:53 - Jun 21 with 982 views | londonlisa2001 |
| Grown-ups start Brexit fight back: on 16:49 - Jun 21 by Highjack |
Like that woman who voted remain because she needs foreign immigrants to be still able to serve her sandwiches in Pret, there are idiots on both sides, it's the fundamental problem with universal suffrage. |
Surely that should be Ready now? | | | |
| Grown-ups start Brexit fight back: on 17:06 - Jun 21 with 969 views | Batterseajack |
| Grown-ups start Brexit fight back: on 16:49 - Jun 21 by Highjack |
Like that woman who voted remain because she needs foreign immigrants to be still able to serve her sandwiches in Pret, there are idiots on both sides, it's the fundamental problem with universal suffrage. |
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. | | | |
| Grown-ups start Brexit fight back: on 18:39 - Jun 21 with 921 views | longlostjack |
| Grown-ups start Brexit fight back: on 16:49 - Jun 21 by Highjack |
Like that woman who voted remain because she needs foreign immigrants to be still able to serve her sandwiches in Pret, there are idiots on both sides, it's the fundamental problem with universal suffrage. |
That's why we elect MP's under universal suffrage and pay them to make informed decisions. We don't pay them to pass the buck back because they're scared of making a decision that would split their party. The Tories created this mess - let's see how they get out of it. | |
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| Grown-ups start Brexit fight back: on 21:49 - Jun 21 with 883 views | SgorioFruit |
Quicker we leave the better |  |
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| Grown-ups start Brexit fight back: on 21:59 - Jun 21 with 878 views | longlostjack |
| Grown-ups start Brexit fight back: on 21:49 - Jun 21 by SgorioFruit |
Quicker we leave the better |
There are a fair few in Europe who would agree with you on that but thankfully I think they are in the minority. [Post edited 21 Jun 2017 22:00]
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| Grown-ups start Brexit fight back: on 22:24 - Jun 21 with 868 views | malagajack |
| Grown-ups start Brexit fight back: on 21:59 - Jun 21 by longlostjack |
There are a fair few in Europe who would agree with you on that but thankfully I think they are in the minority. [Post edited 21 Jun 2017 22:00]
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All the locals I have spoken to here think the UK is loco to leave, I'm inclined to agree | | | |
| Grown-ups start Brexit fight back: on 09:49 - Jun 22 with 794 views | Batterseajack |
| Grown-ups start Brexit fight back: on 21:49 - Jun 21 by SgorioFruit |
Quicker we leave the better |
aye, get it done before the nation become aware of how bad this will be | | | |
| Grown-ups start Brexit fight back: on 11:36 - Jun 22 with 774 views | felixstowe_jack |
| Grown-ups start Brexit fight back: on 22:24 - Jun 21 by malagajack |
All the locals I have spoken to here think the UK is loco to leave, I'm inclined to agree |
Not a surprise as Spain's economy is a basket case at the moment. Spain get around 13.6 billion Euros a year from the EU and pays in only 7.6 Billion That means the EU gives Spain 6 Billion more each year than Spain contributes. Unemployed rate in Spain 25%. Without the huge 6 Billion subsidy from the EU Spain's unemployed would be even bigger.
No wonder your Malaga mates want to stay in the EU. | |
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| Grown-ups start Brexit fight back: on 11:43 - Jun 22 with 770 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 22:24 - Jun 21 by malagajack |
All the locals I have spoken to here think the UK is loco to leave, I'm inclined to agree |
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. | | | |
| Grown-ups start Brexit fight back: on 15:43 - Jun 22 with 727 views | SgorioFruit |
| Grown-ups start Brexit fight back: on 11:36 - Jun 22 by felixstowe_jack |
Not a surprise as Spain's economy is a basket case at the moment. Spain get around 13.6 billion Euros a year from the EU and pays in only 7.6 Billion That means the EU gives Spain 6 Billion more each year than Spain contributes. Unemployed rate in Spain 25%. Without the huge 6 Billion subsidy from the EU Spain's unemployed would be even bigger.
No wonder your Malaga mates want to stay in the EU. |
One of the many reasons for us to get out ASAP | |
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| Grown-ups start Brexit fight back: on 15:54 - Jun 22 with 717 views | Flashberryjack |
| 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. |
F*ck me you come over as a aright arrogant b*gger at times. |  |
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