Our standards are higher in most areas than EU ones[…]
Which was also true as EU members. Nothing stopped a member from having higher standards.
ISO standards are based on improving efficiency, not politics and lobbying[…]
Oh my sweet summer child.
London is still the hub for the whole continent[…]
Very true, however brexit hasn’t fully happened yet. There are still a lot of deadlines waiting to happen. I doubt that the EU will be happy with its financial center on the outside of the bloc.
London clears 900 trillion euro a year in derivatives alone. You need us more than we need EU (not Europe, we are part of Europe, just apart from). We still have the biggest navy and unfortunately we are entering a time where might is right.
London clears 900 trillion euro a year in derivatives alone
And? It made a similar amount when we were still part of the UK so clearly membership of the EU is broadly irrelevant when it come to financial markets so the point is moot.
Since the above comment was deleted, here’s what I was replying to for anyone wondering:
That all sure sounds awfully successful and self-sufficient and “we’re a strong independent nation, we don’t need no big dumb international union”, golly. And yet, here we are talking about the UK asking very nicely for things they had before and rejected.
No, it says that the success/failure of the UK financial services sector is irrelevant to any discussion about the EU and the pros/cons of membership for the UK.
If you look at the wider economic cost/benefit analysis it’s clear as day as to the advantages we had of remaining part of the EU and that could be somewhat clawed back by rejoining the customs union.
If we joined a customs union, we’d be allowing the EU to set our tariff rates. No thanks.
What about the cost benefit analysis of being out of the corrupt CAP crap? It takes the largest chunk of budget, rewards rich landowners and is an environmental disaster.
A bit more important than protecting the sale of shit-filled whelks to the French
That tells you exactly nothing about what difference you would have got had we not left the union. The articles I linked above go into great detail about it, but I assume yo haven’t read them.
Yes, hi, I misinterpreted your comment because I’d just woken up. Instead of making a big thing about it, I simply deleted it when I realised a few seconds after posting. But sure.
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control.
The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
We have the biggest individual navy in Europe (excluding Russia, but… well we’ve seen how that has been faring), but we do not have a bigger navy than the EU together. If there is some naval threat that the EU cannot handle, we are in an even worse position to try to face it alone. If we’re operating on might is right logic then we absolutely need the EU, because we aren’t competing with heavyweights like the US and China alone
That’s not my point at all. We are allies. We don’t want to outsource our lawmaking is all. We can make our own rules, common law is more flexible for innovation, our risk appetite is higher than continental Europe.
We are devolving power in the UK, not centralising it somewhere else.
Of course I think it’s relevant, what I don’t understand is how the EU needs the UK more tha vice versa when the EU is bringing more to the table (including in terms of naval capacity)
Which was also true as EU members. Nothing stopped a member from having higher standards.
Oh my sweet summer child.
Very true, however brexit hasn’t fully happened yet. There are still a lot of deadlines waiting to happen. I doubt that the EU will be happy with its financial center on the outside of the bloc.
standardization without lobbying and politics… yeah, gave me a chuckle, too.
Deadlines for what?
London clears 900 trillion euro a year in derivatives alone. You need us more than we need EU (not Europe, we are part of Europe, just apart from). We still have the biggest navy and unfortunately we are entering a time where might is right.
And? It made a similar amount when we were still part of the UK so clearly membership of the EU is broadly irrelevant when it come to financial markets so the point is moot.
deleted by creator
Since the above comment was deleted, here’s what I was replying to for anyone wondering:
No, it says that the success/failure of the UK financial services sector is irrelevant to any discussion about the EU and the pros/cons of membership for the UK.
If you look at the wider economic cost/benefit analysis it’s clear as day as to the advantages we had of remaining part of the EU and that could be somewhat clawed back by rejoining the customs union.
For example:
https://obr.uk/forecasts-in-depth/the-economy-forecast/brexit-analysis/#assumptions
Or:
https://www.nber.org/papers/w34459
If we joined a customs union, we’d be allowing the EU to set our tariff rates. No thanks.
What about the cost benefit analysis of being out of the corrupt CAP crap? It takes the largest chunk of budget, rewards rich landowners and is an environmental disaster.
A bit more important than protecting the sale of shit-filled whelks to the French
I’d prefer a functioning economy but what do I (and every economist in the world not on farage’s silver) know eh?
Welcome to reality
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=GB-FR-DE&start=2020
Ooh line go up! Big woop!
That tells you exactly nothing about what difference you would have got had we not left the union. The articles I linked above go into great detail about it, but I assume yo haven’t read them.
Yes, hi, I misinterpreted your comment because I’d just woken up. Instead of making a big thing about it, I simply deleted it when I realised a few seconds after posting. But sure.
Clearing deadline extended to 2028 it seems. https://removepaywalls.com/https://www.ft.com/content/3cad1c8d-0478-47d3-a2e1-9bae066de647
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control. The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
The UK firms just beefed up desks in the EU… They are all fully compliant and operate within the EU. Like LCH SA.
How can the EU stop those firms?
Why would they want to stop them? They want them within the EU, so… mission accomplished?
The profits get booked in London, the markets stay in London
We have the biggest individual navy in Europe (excluding Russia, but… well we’ve seen how that has been faring), but we do not have a bigger navy than the EU together. If there is some naval threat that the EU cannot handle, we are in an even worse position to try to face it alone. If we’re operating on might is right logic then we absolutely need the EU, because we aren’t competing with heavyweights like the US and China alone
That’s not my point at all. We are allies. We don’t want to outsource our lawmaking is all. We can make our own rules, common law is more flexible for innovation, our risk appetite is higher than continental Europe.
We are devolving power in the UK, not centralising it somewhere else.
So why bring up the navy in this context?
It’s what the UK brings to the table militarily. Do you not think that’s relevant with Russian and American direction of travel?
Of course I think it’s relevant, what I don’t understand is how the EU needs the UK more tha vice versa when the EU is bringing more to the table (including in terms of naval capacity)
I didn’t say that. I said the EU needs the UK more for access to a global financial hub. The military aspect has just become a lot more relevant.