coup by incompetence

[stas]

В Британии, как я вижу, парламентарии упорно голосуют против любых предложений по воплощению Брексита. Это вообще интересный вопрос о смысле демократии - если референдум принимает решение сделать нечто, но парламент не может принять ни одного закона, которые бы обеспечивали реальное воплощение нечта, в чём смысл вообще проводить референдумы? И кто реально находится у власти в таком случае?

Конечно, легко сказать "а вы не выбирайте таких чудаков, которые никакого решения принять не могут". А если других нету? Никто же конкретно не говорит "мы хотим отменить результаты референдума явочным порядком" - наоборот, "мы изо всех сил стараемся их воплотить, дни напролёт трудимся, ночи не спим - но вот всё как-то не выходит каменный цветок!". Ну выгонят этих, выберут других - а у тех тоже не выйдет. И что дальше?

Comments

[sassa_nf]

Yes, I admit I didn't look at the exchange rate before the referendum. But you can surely see the 10% drop in July 2016?


"Or it will be picked up by other banks, that would open offices in London to serve people"

I think the problem here is that the banks were serving Europe, not "people of London" :-)

The quote in one of my other comments (taken from gov.uk website) states 40% of banking in London is export of financial services to the EU. I imagine the export becomes more expensive - so, it is cheaper to open branches in, say, Luxembourg. The bank is going to do alright, I am not worried about that.


Also, I am not about to declare myself an expert in all questions Brexit. I find the move unnecessary - not least because I can see the list of things that are conceivably going to be a problem, and I can't see the list of things that actually are going to definitely be better.

[eta_ta]

40% of banking in London is export of financial services to the EU.

how the export of financial services becomes more expensive, if British labor suddenly - overnight, you claim - become 1.5 cheaper? labor includes banks labor, does it not? ask India, if their labor force benefited from outsourcing of services from US to India

As of now, USD to GBP is 1.33 : 1
Even though the graph shows decline, it's still higher than 1.1:1 you mourned.
Yes, may be in the short run there'll be less people able to vacation in Europe - but in the long perspective, wouldn't you get less taxation if you're not participating in EU bureaucracy? That should add a few pounds to people's pockets - who will spend it on European vacations -if they still want to, no?

[sassa_nf]

1.1 : 1 is what I saw at the airport around October. That's not exactly the "official rate of the day", which will be something between the buy and sell rate, right? You can see historical records of the "official rate" around 1.20.

Apart from labour cost, there is also regulatory compliance, insurance etc. The cost of borrowing from abroad is different from the cost of borrowing from within the EU.

[eta_ta]

That's what 1/2sec of "binging" tells me. Still, my point stands.

Regulatory compliance, insurance, etc - you mean within Britain? Then it doesn't change, pre- or post- Brexit. External events do not affect domestic standards of regulation, so it doesn't signify, as they said in 17 century London. And as external compliance to EU codes and regulation will be eased - if not removed altogether - this will make your product less expensive, thus more competitive. Again, my point stands.

[sassa_nf]

I don't understand how you arrive at the conclusion that the financial bodies outside the EU get an advantage over the financial bodies inside the EU, when dealing with the clients within the EU.

[eta_ta]

I didn't arrive at this - since I never said anything even close.

To clarify:
[FOR BRITISH PRODUCT, exporting to the EU]: external compliance to EU codes and regulation will be eased - if not removed altogether, [SINCE UK NO LONGER OBLIGATED TO FOLLOW FOREIGN CODES AND REGULATIONS] - this will make your product less expensive [ON EUROPEAN MARKET], thus more competitive.

Or did you speak of some other "compliance and regulations"?

[sassa_nf]

You are saying the same thing.

Basically, all the banks in the EU should leave the EU, and operate from outside the EU? Nonsense.