UK Votes to leave EU

josip · 11-10-2016 08:02PM

Groundhog day!

steddyeddy · 11-10-2016 08:25PM

maryishere wrote: »

Like Nokia in Finland, it is inevitable some businesses shed jobs in the fast paced business world. To put things in perspective, unemployment in the UK is still only 4.8 percent, nearly half our unemployment rate. Look at many countries in the failed EU, such as Spain with 19.5% unemployment and Greece with 23.4% unemployment. For the past decade the European unemployment rate has been very high compared to other countries. It is over double the unemployment rate in the USA and Japan, for example.

How many job losses will be because of Brexit you reckon? The bit in bold is remarkable in it's closed mindedness.

steddyeddy · 11-10-2016 08:27PM

I'm guessing this is to do with the "fast paced business" world too and not Brexit. The Independent's not too optimistic.

Two senior bankers have warned they could start moving jobs out of London next year if the UK appears to be heading for a hard Brexit.

Their comments came as David Davis, the Brexit minister, continued to signal his preference for a hard Brexit even as fears over the UK’s economic prospects have knocked the pound down below $1.23 – a new 31-year low for the currency.

Speaking at a conference in London on Tuesday, James Bardrick, the UK head of US bank Citi, said the main questions businesses have to answer is how quickly they need to act on contingency plans aimed at protecting their businesses should the UK leave the single market.

Goldman Sachs could move 2,000 jobs out of the UK, says report
“How do we and when do we start making decisions ... knowing the plan is ready to go ... it could be in the first quarter of 2017,” he said.

Rob Rooney, the chief executive of Morgan Stanley, gave a blunt warning that jobs would have to move back into the EU if Britain was shut out of the single market.

“It really isn’t terribly complicated. If we are outside the EU and we don’t have what would be a stable and long-term commitment to access the single market then a lot of the things we do today in London, we’d have to do inside the EU 27,” he said.

UK banks fear that a hard Brexit will result in the UK leaving Europe’s single market and therefore the loss of crucial passporting rights, which allow them to sell their services freely across the rest of the EU and give firms based in Europe unfettered access to Britain.

The loss of these rights could be devastating to the City of London as nearly 5,500 firms registered in the UK use passporting rights to operate in other countries.

Meanwhile, John Nelson, the chairman of Lloyd’s of London, who previously described the Brexit vote as a “major issue”, said the Government’s rhetoric on immigration threatens to hurt the UK’s status as a global centre for finance.

“We have to be very clear that the rest of the world is looking very, very closely right now,” Nelson said.

“We have to be careful that we keep the UK open ... and making sure we are able to attract the right talent globally. If we don't do that we will not remain the financial sector that we are today.”

maryishere · 11-10-2016 08:36PM

steddyeddy wrote: »

How many job losses will be because of Brexit you reckon?

I'll wager bets that in 5 or 10 years time the UK unemployment rate will still be less than half of the EU unemployment rate, as it is now.

In N.I. alone many hundreds of extra workers have been employed in hotels, cafes, tourism businesses, shops etc since the Brexit referendum.

What country will be next to leave the EU do you think?

Fratton Fred · 11-10-2016 08:45PM

catbear wrote: »

Fijitsu announce lays offs but don't mention Brexit however the £ dropped another penny fight after the story broke. Markets are nervous, multinationals have their own strategic post brexit restructuring decisions to make so they'll be cautious about apportioning brexit as a single cause in their public announcements.

Goldman sachs already made their threat of 3,000 banking jobs being relocated but that could be interpreted as a victory in Leave voter territory but if Nissan were to follow through with their warnings then I reckon we'll see some serious introspection and the pound to hit parity.

they quite clearly state that it has nothing to do with Brexit in this article.

http://uk.reuters.com/article/uk-britain-fujitsu-idUKKCN12B1WX?il=0

The Goldman Sachs one, as well as VBT are inevitable. As has already been said, warnings were given before the referendum and it appears only London really listened.

kingchess · 11-10-2016 08:47PM

maryishere wrote: »

I'll wager bets that in 5 or 10 years time the UK unemployment rate will still be less than half of the EU unemployment rate, as it is now.

In N.I. alone many hundreds of extra workers have been employed in hotels, cafes, tourism businesses, shops etc since the Brexit referendum.

What country will be next to leave the EU do you think?

Pssst-you forgot to run down the Republic in the above post,

steddyeddy · 11-10-2016 08:48PM

maryishere wrote: »

I'll wager bets that in 5 or 10 years time the UK unemployment rate will still be less than half of the EU unemployment rate, as it is now.

In N.I. alone many hundreds of extra workers have been employed in hotels, cafes, tourism businesses, shops etc since the Brexit referendum.

What country will be next to leave the EU do you think?

Right this is going to be easy. Different countries have different economies. Greece, for example hasn't a patch on the UK's economy. The same goes for Spain. It would probably be a lot worse in both cases if not for the EU.

You're assertion seems to be that if employment is still higher than Spain's ect then Brexit will be a success. Even when the UK's economy suffers it will be OK as long as it's not that bad. So the EU is bad because some countries in the EU have high unemployment and that's proof the EU is bad even if the UK economy suffers.

steddyeddy · 11-10-2016 08:48PM

Fratton Fred wrote: »

they quite clearly state that it has nothing to do with Brexit in this article.

http://uk.reuters.com/article/uk-britain-fujitsu-idUKKCN12B1WX?il=0

The Goldman Sachs one, as well as VBT are inevitable. As has already been said, warnings were given before the referendum and it appears only London really listened.

And my a£se plays the banjo!

Fratton Fred · 11-10-2016 08:50PM

steddyeddy wrote: »

And my a£se plays the banjo!

and speaks....

catbear · 11-10-2016 08:53PM

Fratton Fred wrote: »

they quite clearly state that it has nothing to do with Brexit in this article.

Well they may be telling the truth, indeed it may have nothing to do with Brexit but it must be kept in mind that retrenching multinationals are also playing a strategic game with eachother, there will still be a residual UK market to compete for.

Once decisions are made to retrench it's immaterial what reasons they cite, the trigger has been pulled so to speak.

Todd Toddington III · 11-10-2016 08:53PM

Fratton Fred wrote: »

they quite clearly state that it has nothing to do with Brexit in this article.

http://uk.reuters.com/article/uk-britain-fujitsu-idUKKCN12B1WX?il=0

The Goldman Sachs one, as well as VBT are inevitable. As has already been said, warnings were given before the referendum and it appears only London really listened.

I read the article and I'm wondering did any countries, other than Japan, publish reports on the dangers of Brexit to their business interests in the UK? And did anyone in Camerons government bother to read it (them)?

Fratton Fred · 11-10-2016 08:55PM

catbear wrote: »

Well they may be telling the truth, indeed it may have nothing to do with Brexit.

Why would they lie?

maryishere · 11-10-2016 09:15PM

steddyeddy wrote: »

So the EU is bad because some countries in the EU have high unemployment and that's proof the EU is bad even if the UK economy suffers.

some countries in the EU have high unemployment? lol. The AVERAGE EU unemployment rate is over 10% and it has been much higher than the likes of USA and Japan for many years. Unemployment in the southern EU countries like Spain and Greece are 19.5% and 23.4% - the UK has been supporting Europe (inc ourselves ) for decades and now YOU are worrying about the UK economy, with its unemployment of less than 5%?

The UK economy should not suffer if economic matters between the EU and UK are handled correctly. Look at trade agreements in N. America for example....while still putting an official control on immigration from Mexico etc. An economically strong UK can only be good news for us in years to come.

steddyeddy · 11-10-2016 09:27PM

maryishere wrote: »

some countries in the EU have high unemployment? lol. The AVERAGE EU unemployment rate is over 10% and it has been much higher than the likes of USA and Japan for many years. Unemployment in the southern EU countries like Spain and Greece are 19.5% and 23.4% - the UK has been supporting Europe (inc ourselves ) for decades and now YOU are worrying about the UK economy, with its unemployment of less than 5%?

The UK economy should not suffer if economic matters between the EU and UK are handled correctly. Look at trade agreements in N. America for example....while still putting an official control on immigration from Mexico etc. An economically strong UK can only be good news for us in years to come.

How much of that unemployment includes zero hour contracts?

maryishere · 11-10-2016 09:30PM

steddyeddy wrote: »

How much of that unemployment includes zero hour contracts?

Ask the workers in Spain and Greece next time you go there. Did you know youth unemployment is close to 50% there?

steddyeddy · 11-10-2016 09:31PM

maryishere wrote: »

Ask the workers in Spain and Greece next time you go there. Did you know youth unemployment is close to 50% there?

OK and what has that got to do with the EU?

maryishere · 11-10-2016 09:37PM

steddyeddy wrote: »

OK and what has that got to do with the EU?

I was answering your question which had the same to do with the EU.

catbear · 11-10-2016 09:45PM

Fratton Fred wrote: »

Why would they lie?

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

The primary concern of a business is profit and if a untruth breaks no laws then that's the end of it.

In an upturned business landscape as the UK right now it's every business for itself.

First Up · 11-10-2016 09:48PM

maryishere wrote:

The UK economy should not suffer if economic matters between the EU and UK are handled correctly. Look at trade agreements in N. America for example....while still putting an official control on immigration from Mexico etc. An economically strong UK can only be good news for us in years to come.

There are significant differences between a free trade agreement and a single market.

Fratton Fred · 11-10-2016 09:50PM

catbear wrote: »

The primary concern of a business is profit and if a untruth breaks no laws then that's the end of it.

In an upturned business landscape as the UK right now it's every business for itself.

Was that supposed to be an answer?

Fujitsu are restructuring their EMEA business to reduce their costs and make themselves more competitive. If this was due to the referendum result, they would say so.

First Up · 11-10-2016 10:18PM

Fratton Fred wrote:

Fujitsu are restructuring their EMEA business to reduce their costs and make themselves more competitive. If this was due to the referendum result, they would say so.

Companies do that all the time. I don't know the reasons for Fujitsu's decision but it would be foolish not to include Brexit as a potential factor. Maybe it will be clearer in time.

Every investment promotion agency in Europe is looking at the opportunities they could exploit from Brexit. Foreign investors in the UK will be getting plenty of calls.

GreenFolder2 · 11-10-2016 10:19PM

They wouldn't necessarily as they're a big bidder for government contracts for servers.

Many companies won't engage in political debate and all but they will make decisions based on political and regulatory environment.

First Up · 11-10-2016 10:26PM

GreenFolder2 wrote:

Many companies won't engage in political debate and all but they will make decisions based on political and regulatory environment.

The biggest obstacle to an investment decision is uncertainty. Companies will weigh the implications of Brexit in their own time but until the UK's future situation is clear, it will be a hard sell to get any investor to commit to doing anything new.

Fratton Fred · 11-10-2016 10:35PM

First Up wrote: »

The biggest obstacle to an investment decision is uncertainty. Companies will weigh the implications of Brexit in their own time but until the UK's future situation is clear, it will be a hard sell to get any investor to commit to doing anything new.

they aren't investing though, they are downsizing a business that trades mainly in the UK. This is a long term thing, not a short term reaction to something that hasn't actually happened yet.

steddyeddy · 11-10-2016 10:36PM

maryishere wrote: »

I was answering your question which had the same to do with the EU.

Right well why are you talking about unemployment in the EU?

maryishere · 11-10-2016 10:51PM

steddyeddy wrote: »

Right well why are you talking about unemployment in the EU?

Because someone else was talking about unemployment in UK as if it was the end of the world, and it is the UK's relationship with the EC which is the point of this thread. I put unemployment in the UK in context by pointing out its less than half the EU average and has been for a long time. Now will you answer my point:
Unemployment in the southern EU countries like Spain and Greece are 19.5% and 23.4% - the UK has been supporting Europe (inc ourselves ) for decades and now YOU are worrying about the UK economy, with its unemployment of less than 5%?

steddyeddy · 11-10-2016 10:57PM

maryishere wrote: »

Because someone else was talking about unemployment in UK as if it was the end of the world, and it is the UK's relationship with the EC which is the point of this thread. I put unemployment in the UK in context by pointing out its less than half the EU average and has been for a long time. Now will you answer my point:
Unemployment in the southern EU countries like Spain and Greece are 19.5% and 23.4% - the UK has been supporting Europe (inc ourselves ) for decades and now YOU are worrying about the UK economy, with its unemployment of less than 5%?

You haven't made a point that is understandable in any known language or dialect.

FrancieBrady · 11-10-2016 11:16PM

steddyeddy wrote: »

You haven't made a point that is understanable in any known language or dialect.

You took the words out of my mouth.

Anita Blow · 11-10-2016 11:17PM

Mary is absolutely right. The UK has had a wonderfully low unemployment rate during its time in the EU. Probably due to the EU taking 47% of UK exports.
I'd imagine this will change over the next 2 years and then once Brexit is complete given the fact that the UK won't get as good a deal it has now (because it won't accept the obligations of the single market). You have to go through some serious mental gymnastics to believe that a country can leave the single largest single market in the world, which accounts for nearly half of all its exports and currently all of its trade deals with the rest of the world, and not be negatively affected whatsoever.

catbear · 11-10-2016 11:21PM

One thing is for sure, even if Brexit was parked due to severe economic conditions, there is no guarantee that british isolationalism won't reemerge as a future threat to multinational business in the UK.

brand UK has taken one below the waterline.

UK Votes to leave EU

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