| Grown-ups start Brexit fight back: 13:15 - Jun 20 with 5094 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 13:46 - Jun 20 with 2891 views | Batterseajack |
yeah, but what about fishing!! |  | | |
| Grown-ups start Brexit fight back: on 13:57 - Jun 20 with 2872 views | longlostjack |
Should revoke decision to leave EU and concentrate on sorting out the REAL problems of the country. [Post edited 20 Jun 2017 14:00]
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| Grown-ups start Brexit fight back: on 14:44 - Jun 20 with 2817 views | Shaky |
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| Grown-ups start Brexit fight back: on 15:03 - Jun 20 with 2788 views | LeonWasGod |
Only because the govt are stupid and haven't been listening to what the EU have repeatedly been telling us for the last year. Or maybe they're not stupid and did listen to the EU, but have been pandering to the Brexiteers and spinning them a lie (which in itself would also be stupid).
I think a lot of people realise that the EU are driving the divorce discussions, so none of this is a surprise. There was never a potential 'win' there for us to capitulate over. It was always going to be divorce first, people first and then move on to what the future relationship might look like. |  | | |
| Grown-ups start Brexit fight back: on 15:22 - Jun 20 with 2755 views | Joe_bradshaw |
All this 'we want a hard Brexit ', 'we want a soft Brexit ' sh1t.
Anyone would think the UK are able to decide for themselves.
We'll get the Brexit we're given. |  |
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| Grown-ups start Brexit fight back: on 15:26 - Jun 20 with 2744 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 15:22 - Jun 20 by Joe_bradshaw |
All this 'we want a hard Brexit ', 'we want a soft Brexit ' sh1t.
Anyone would think the UK are able to decide for themselves.
We'll get the Brexit we're given. |
We have some say, but if we want one thing often something else comes with it as a condition. We're not going to get an 'Ã la carte Brexit'. But yeah, the EU are in the driving seat. | | | |
| Grown-ups start Brexit fight back: on 15:42 - Jun 20 with 2721 views | exiledclaseboy |
Hammond would never have made that speech three weeks ago. He was for the sack if the Tories hadn't f*cked up the election so spectacularly badly. Now he's emboldened. Hopefully common sense will start to prevail and we'll realise that we're holding very few of the cards in these "negotiations", as David Davies's meek surrender at the first hurdle yesterday showed.
And the government still hasn't proved that it commands the confidence of the House of Commons yet. |  |
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| Grown-ups start Brexit fight back: on 16:36 - Jun 20 with 2673 views | felixstowe_jack |
We just leave we don't need the EU permission. | |
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| Grown-ups start Brexit fight back: on 16:46 - Jun 20 with 2661 views | monmouth |
| Grown-ups start Brexit fight back: on 16:36 - Jun 20 by felixstowe_jack |
We just leave we don't need the EU permission. |
Funny. |  |
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| Grown-ups start Brexit fight back: on 16:56 - Jun 20 with 2639 views | 3swan |
| Grown-ups start Brexit fight back: on 15:42 - Jun 20 by exiledclaseboy |
Hammond would never have made that speech three weeks ago. He was for the sack if the Tories hadn't f*cked up the election so spectacularly badly. Now he's emboldened. Hopefully common sense will start to prevail and we'll realise that we're holding very few of the cards in these "negotiations", as David Davies's meek surrender at the first hurdle yesterday showed.
And the government still hasn't proved that it commands the confidence of the House of Commons yet. |
It hasn't proved that it has the confidence of the H of C, but I doubt the Queens speech will get voted down | | | |
| Grown-ups start Brexit fight back: on 17:01 - Jun 20 with 2623 views | swanforthemoney |
Its all too difficult. especially for it to be cut and dried in 21 months now. One way or another, I still feel we might end up staying in tbh. |  |
| I stand in the North Stand
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| Grown-ups start Brexit fight back: on 17:02 - Jun 20 with 2621 views | swanforthemoney |
| Grown-ups start Brexit fight back: on 15:22 - Jun 20 by Joe_bradshaw |
All this 'we want a hard Brexit ', 'we want a soft Brexit ' sh1t.
Anyone would think the UK are able to decide for themselves.
We'll get the Brexit we're given. |
That sounds a bit like my old Mam when she was doing boiled eggs for tea. | |
| I stand in the North Stand
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| Grown-ups start Brexit fight back: on 17:14 - Jun 20 with 2597 views | johnlangy |
| Grown-ups start Brexit fight back: on 16:36 - Jun 20 by felixstowe_jack |
We just leave we don't need the EU permission. |
Is that it ? | | | |
| Grown-ups start Brexit fight back: on 17:14 - Jun 20 with 2598 views | LeonWasGod |
| Grown-ups start Brexit fight back: on 17:01 - Jun 20 by swanforthemoney |
Its all too difficult. especially for it to be cut and dried in 21 months now. One way or another, I still feel we might end up staying in tbh. |
Yeah, but look at the fantastic progress the government have made over the last year. That should give us hope they'll get it done and dusted by half time  
Barnier was pre-briefed yesterday with 11 pages of items we're committed to paying as part of the settlement. I'd love to have seen Davis' face when that list was pulled out! | | | |
| Grown-ups start Brexit fight back: on 17:29 - Jun 20 with 2576 views | Shaky |
It's payback time as Spreadsheet Phil morphs into Freewheelin' Phil
By John Crace
Out with the white ties and tiaras and in with the business suits. A week later than planned, owing to the Grenfell Tower fire, the chancellor came to the Mansion House to give his annual speech to the City over a working breakfast, not a banquet. And the unexpected informality seemed to have rubbed off on Philip Hammond.
The last couple of weeks have been very kind to Spreadsheet Phil. Not so long ago, he was a walking P45, trapped in a Treasury basement on the Maybot’s orders, waiting to be terminated when the predicted Tory landslide had been delivered.
But now he’s back in business and stronger than ever. As the Maybot’s grip on power loosens by the minute, so his tightens. No wonder he looked so chipper as he sloped into the hall. Spreadsheet Phil has morphed into Freewheelin’ Phil.
Andrew Parmley, the lord mayor of London, got proceedings under way with a not-so-veiled warning.
It was the City that contributed most to the public services on which the country depended, so it was only fair that the financial services sector should play a large role in shaping the Brexit talks. So here were their demands: maximum possible access to the single market and no jumping off a cliff. Over to you, chancellor.
Freewheelin’ Phil listened to all this with his heavily hooded eyelids barely open. Why was this bloke getting so worked up? It was only eight in the morning, for heaven’s sake. Had he overdone the espressos already?
If the mayor dude had been a bit more patient, he would have realised he was pushing at an open door. Freewheelin’ Phil was going to promise everything these suits wanted and more. And he was going to enjoy every minute of it. Not just because it was right for Britain, but because it would cause maximum distress to the Maybot. Now was payback time.
First in his sights was George Osborne — remember him? — though that unscripted gag was greeted in stony silence. Mainly because no one realised it was meant to be funny. It would take time for people to adjust to the new chill-out chancellor.
Still, at least he seemed to enjoy it. Which was the main thing. The audience should try not to think of the speech as being being about the economy and see it instead as a form of intensive gestalt therapy.
With the preliminaries over, Freewheelin’ Phil moved on to his main target: Brexit. His face crumpled into something he hoped was concern as he went through all the reasons why he thought leaving the EU was a bad idea before offering his prescription for minimising the national self-harm.
“Let me quote from the manifesto,” he said chirpily, “just in case, by chance, any of you didn’t read it.” He had been sure that would raise a laugh. It didn’t, but mainly because no one could quite get used to seeing the chancellor in such full-on confessional mode.
“Britain is an open country …” So we would continue to take in as many immigrants as we had jobs for. The Maybot could stick her figure of tens of thousands where the sun didn’t shine.
Freewheelin’ Phil now felt unstoppable. What he wanted was a bold and ambitious Brexit. One that was so bold and ambitious it wasn’t really a Brexit at all. One where the customs union basically stayed in place for an indefinite period of time. Anything that prevented Liam Fox from doing trade deals had to be good for the country. The international trade minister was at his most useful when he was doing nothing.
As he came to a close, Freewheelin’ Phil couldn’t resist one last dig. “Yesterday was a positive start to the Brexit negotiations,” he said, winking knowingly. That was “positive” as in “completely disastrous”.
David Davis had been even more hopeless than he had dared hope. “But it will get tougher,” he added. “Tougher” as in “impossible”. The chill-out chancellor punched the air and sat down. His speech had done for all the gung-ho Brexiters. He was back.
The mood of personal catharsis proved contagious. The governor of the Bank of England, Mark Carney, dropped a couple of quaaludes and stood up to say that although Brexit would undoubtedly make the economy worse, it wasn’t in the best of shapes anyway.
“On the positive side,” he concluded, before realising there wasn’t one. Freewheelin’ Phil threw Carney a dirty look.
There was a fine line between getting one’s own back and telling the unadulterated truth. And the governor had crossed it.
http://www.theguardian.com/politics/2017/jun/20/spreadsheet-phil-morphs-into-fre | |
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| Grown-ups start Brexit fight back: on 17:30 - Jun 20 with 2575 views | monmouth |
| Grown-ups start Brexit fight back: on 17:01 - Jun 20 by swanforthemoney |
Its all too difficult. especially for it to be cut and dried in 21 months now. One way or another, I still feel we might end up staying in tbh. |
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. | |
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| Grown-ups start Brexit fight back: on 17:52 - Jun 20 with 2541 views | PozuelosSideys |
Lets be clear here, its all well and good the UK politicians being sensible and making the right noises, however, to do any sort if deal will take 2 to tango. The sounds coming out of the EU is that there will be little bending or negotiation and the plan is to punish. i.e. cutting off their noses to spite their faces.
The plan around the Euro clearing is a case in point. If thats the route they are willing to take, then their whole project is based on sand and doomed to failure. |  |
| "Michu, Britton and Williams could have won 3-0 on their own. They wouldn't have required a keeper." | | Poll: | Hattricks |
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| Grown-ups start Brexit fight back: on 19:14 - Jun 20 with 2477 views | sherpajacob |
The brexit negotiations so far;
At the moment it's like you've booked your appointment with dignitas. You find out your condition is now completely curable, but you go ahead with the appointment anyway as you've already paid for the flight and the hotel. |  |
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| Grown-ups start Brexit fight back: on 19:15 - Jun 20 with 2471 views | exiledclaseboy |
| Grown-ups start Brexit fight back: on 17:01 - Jun 20 by swanforthemoney |
Its all too difficult. especially for it to be cut and dried in 21 months now. One way or another, I still feel we might end up staying in tbh. |
We can but hope. I agree though. There's no way this can be done and dusted within 21 months, especially by a government with no authority or credibility or competence. At best there'll be some kind of medium term transitional deal which will cost us a fortune while the finer detail is ironed out over the next decade or so. And who knows which way public and political opinion will have shifted by then. | |
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| Grown-ups start Brexit fight back: on 19:18 - Jun 20 with 2462 views | exiledclaseboy |
| Grown-ups start Brexit fight back: on 19:14 - Jun 20 by sherpajacob |
The brexit negotiations so far;
At the moment it's like you've booked your appointment with dignitas. You find out your condition is now completely curable, but you go ahead with the appointment anyway as you've already paid for the flight and the hotel. |
Saw a tweet earlier that said (something like) "by the time the negotiations are over we'd have agreed to join the Euro". | |
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| Grown-ups start Brexit fight back: on 19:45 - Jun 20 with 2419 views | sherpajacob |
| Grown-ups start Brexit fight back: on 19:18 - Jun 20 by exiledclaseboy |
Saw a tweet earlier that said (something like) "by the time the negotiations are over we'd have agreed to join the Euro". |
And schengen | |
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| Grown-ups start Brexit fight back: on 20:20 - Jun 20 with 2386 views | LeonWasGod |
| 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. |
I think they would. Merkel and Macron have said they'd keep the door open right through negotiations. They don't want us to leave as we all lose. And they're not going to spite us for the same reason. If we were to stay you can bet there would be a cost though to our previously held concessions. We're coming out of this weaker one way or the other. | | | |
| Grown-ups start Brexit fight back: on 20:26 - Jun 20 with 2374 views | Kilkennyjack |
| Grown-ups start Brexit fight back: on 19:45 - Jun 20 by sherpajacob |
And schengen |
And the Euro ....😂
The UK are the 'village idiots' of the EU.
Assume the position..... |  |
| Beware of the Risen People
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