Cyprus-Forum.com

[Tim Drayton]

Up to 100,000 UK jobs at risk as Merkel and Juncker ally warns on euro clearing

The future of an estimated 100,000 jobs has been plunged into doubt after a close political ally of the German chancellor, Angela Merkel, and president of the European commission, Jean-Claude Juncker, warned that a prized sector in the City of London must relocate to EU soil after Brexit.

Manfred Weber, the leader of the largest political group in the European parliament, to which both the German chancellor and the commission president belong, told reporters that euro-denominated clearing could no longer be undertaken in the City when the UK leaves the EU.

https://www.theguardian.com/politics/20 ... ber-brexit

[Tim Drayton]

Never mind, it's all smiles as Liam Fox poses beside the thuggish dictator of the Philippines who has blood on his hands, desperate to drum up trade relations with any third world country he can. Why? We had a privileged position in the largest trade bloc in the world, composed of first-world countries.



https://www.theguardian.com/world/2017/ ... go-duterte

[miltiades]

Never mind, it's all smiles as Liam Fox poses beside the thuggish dictator of the Philippines who has blood on his hands, desperate to drum up trade relations with any third world country he can. Why? We had a privileged position in the largest trade bloc in the world, composed of first-world countries.



https://www.theguardian.com/world/2017/ ... go-duterte

Its a bit like divorcing a young gorgeous wife and chasing after a 100 year old
Well at least we ....have our own country back, perhaps Robin would care to tell us which part of our sovereignty will we get back.

[Tim Drayton]

I see the little Englander comics are picking up on this one too:

All euro business should be moved from London after Brexit -top lawmaker

By Francesco Guarascio

STRASBOURG, April 4 (Reuters) - All financial business denominated in euros should be moved from London to the European Union after Britain leaves the bloc, an EU lawmaker said on Tuesday.

London is the world's leading financial centre for the clearing of derivatives denominated in euros, a lucrative business that the European Central Bank had tried in vain two years ago to relocate to the euro zone.

But with Brexit, the case for London maintaining its leading role in euro-denominated business has become weaker.

"People expect that we do the euro business and all the business which is linked to the euro on European soil," Manfred Weber, who heads the conservative grouping, the largest in the European Parliament, told a news conference in Strasbourg.

Weber, an ally of German Chancellor Angela Merkel, said that it was not conceivable that after Brexit business conducted in euros should remain in London.
He added that the bloc should protect the interests of EU financial hubs, like Paris, Frankfurt, Dublin and Amsterdam.

Weber declined to answer specific questions on whether this would involve the moving of clearing of euro-denominated derivatives.

The European Commission could propose a forced relocation from London to the European Union of the clearing business in legislative proposals on derivatives that are upcoming.

But the EU executive has so far refrained from taking a clear position on the issue, which could sour Brexit talks.

The ECB considers it crucial to have the clearing business in the euro zone to facilitate the supervision of activities that could endanger financial stability if not properly monitored.

Weber said his remarks on relocating business from London were general but added they were about "European supervision, the European Banking Authority (EBA) and defending European jobs".

No reference was made to the relocation of financial business in the draft Brexit resolution that the European Parliament will adopt on Wednesday.

Lawmakers only said in their draft text that the London-based EBA, the European agency monitoring banking rules, should be relocated as quickly as possible.

http://www.dailymail.co.uk/wires/reuter ... maker.html

Never mind, nothing a good war won't solve, eh?

[Robin Hood]

Never mind, it's all smiles as Liam Fox poses beside the thuggish dictator of the Philippines who has blood on his hands, desperate to drum up trade relations with any third world country he can. Why? We had a privileged position in the largest trade bloc in the world, composed of first-world countries.



https://www.theguardian.com/world/2017/ ... go-duterte

Its a bit like divorcing a young gorgeous wife and chasing after a 100 year old
Well at least we ....have our own country back, perhaps Robin would care to tell us which part of our sovereignty will we get back.

Constitutional Law is not my forte, which is why I don't comment on things I know little or nothing about!

Just a point though? If Spain decides to get awkward and make crossing the border between Gibraltar and the Spanish mainland difficult ...... won't 10,000 Spaniards find themselves out of work? They can always be replaced by TCN's who will be cheaper anyway.

The EU ship is sinking along with the Euro ...... at least the UK will have a chance in a life boat!

[Londonrake]

I've tried responding to some of these posts with what I think are rational perspectives. Many answers are ignored, which I take as a resentful acknowledgement of their relevance. Some "We are all doomed I tell you!" efforts have been answered by myself and others with what I regard as measured, sensible explanations, only for them to be silently swept aside and the very same points indignantly raised a few days later in another thread. Groundhog day.

A person could spend all their time trawling for whatever fits their particular agenda and posting it as "end of the world" material of course. Quotes from non-entities as "proof" of purely speculative nonsense such as how WW3 is about to be visited on Europe. Usually total fantasy, stoked up by the media in order to fill 24/7 broadcast slots or sell news sheets for a few days.

Like it or not it seems the UK is set to leave the EU.

BTW. Is the term "Little Englanders" ad hominem?

[Robin Hood]

LondonRake:

I've tried responding to some of these posts with what I think are rational perspectives.

Tell me about it! If a mind is closed and filled with preconceived views ...... they don't listen to reasoned argument and any rationale behind your response will fall on deaf ears.

[B25]

Up to 100,000 UK jobs at risk as Merkel and Juncker ally warns on euro clearing

The future of an estimated 100,000 jobs has been plunged into doubt after a close political ally of the German chancellor, Angela Merkel, and president of the European commission, Jean-Claude Juncker, warned that a prized sector in the City of London must relocate to EU soil after Brexit.

Manfred Weber, the leader of the largest political group in the European parliament, to which both the German chancellor and the commission president belong, told reporters that euro-denominated clearing could no longer be undertaken in the City when the UK leaves the EU.

https://www.theguardian.com/politics/20 ... ber-brexit

You have to take these things with a pinch of salt, since Deutsche Bank has has just announced it will build its HQ in London.

http://www.telegraph.co.uk/business/201 ... ng-new-hq/

[Londonrake]

Up to 100,000 UK jobs at risk as Merkel and Juncker ally warns on euro clearing

The future of an estimated 100,000 jobs has been plunged into doubt after a close political ally of the German chancellor, Angela Merkel, and president of the European commission, Jean-Claude Juncker, warned that a prized sector in the City of London must relocate to EU soil after Brexit.

Manfred Weber, the leader of the largest political group in the European parliament, to which both the German chancellor and the commission president belong, told reporters that euro-denominated clearing could no longer be undertaken in the City when the UK leaves the EU.

https://www.theguardian.com/politics/20 ... ber-brexit

You have to take these things with a pinch of salt, since Deutsche Bank has has just announced it will build its HQ in London.

http://www.telegraph.co.uk/business/201 ... ng-new-hq/

I appreciate that. There has also been similar news from other large financial and business concerns. To post it all would get pretty tedious and inject a note of desperation though, I thought.

Junker and cohorts have been making such threats for 9 months now. However, these matters are surely concerns for the negotiations?

My understanding is that diversification of UK financial sector jobs was inevitable, to cover the € clearing aspects. Nevertheless, to add an element of perspective, there are something like 2 million working in the City of London, Canary Wharf and associated areas.

Last June the prognosis from some was that these places would resemble post apocalyptic wastelands by now.

[Get Real!]

Here’s what I find funny…

So much concern for Britain by a bunch of half-baked Brits who chose to ABANDON their country ages ago while it was still a member of the EU!