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Banks relocating to EU?
- Thread starter Scarlet Pimpernel
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D
dontbelieveawordofit
i’m referring to london and banking specifically .
they’re not all in london though are they?
what’s steel works and car plants in the north got to do with banking?????
read the post .
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No wonder we're in so much trouble, when people think HSBC is foreign! Did you forget the British Empire? I thought that was what we wanted to go back to!
yes, and it supports a huge number of people in and around London, and is a massive part of the economy. To wish it unwell is nothing short of totally bananas.
D
dontbelieveawordofit
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The EU got themselves into a bit of a mess withdrawing financial equivalence from Switzerland (I'm not sure it was ever reinstated), Switzerland simply outlawed the EU from trading Swiss owned blue chips (think Nestle, Novartis, La Roche, Zurich Insurance) on European platforms, they all had to be traded on Swiss platforms which posed problems for EU traders.
This was over a spat about the EU trying to exert more control over Switzerland.
Switzerland might be a small country but it has the 4th largest Stock Market.
I suspect it might be a little more than a coincidence that last summer we signed up to a commitment to proceed with a bilateral financial services agreement with Switzerland.
Switzerland and UK to negotiate a bilateral financial services agreement - GOV.UK (www.gov.uk)
News story
Switzerland and UK to negotiate a bilateral financial services agreement
Cross-border financial services trade between the UK and Switzerland is set to become easier, thanks to a commitment signed today (30 June) by the Chancellor of the Exchequer and his Swiss counterpart.
The joint statement signed today by Rishi Sunak and Ueli Maurer the Head of Switzerland’s Federal Department of Finance, is the most ambitious commitment made by two countries to develop an international agreement on financial services. It signals the UK’s ambition to continue to cement its role as an international financial centre once it has left the EU, with the highest standards of regulation and an openness to the whole world.
The commitment outlines the UK and Switzerland’s shared ambition to negotiate an outcomes-based mutual recognition agreement on financial services that will enhance cooperation and trust between the two countries. This will reduce costs and barriers for UK firms accessing the Swiss market, and vice versa, and cover a wide range of sectors.
The Chancellor of the Exchequer, Rishi Sunak, said:
The UK’s financial sector is integral to the success of the British economy, creating jobs, driving regional growth, and contributing taxes that pay for essential public services.
Leaving the EU means we are now free to chart our own course, driven by our clear values as a financial centre: a safe and transparent place to do business, innovative markets that drive change for the better, and openness to the whole world.
Today’s agreement is about our vision of the world economy as open, global and free - a vision shared by Switzerland, with our long history of trade and finance.
Miles Celic, Chief Executive Officer, TheCityUK, said:
The UK and Switzerland are natural partners for financial and related professional services trade. As the first and third largest net exporters of these services globally, both countries are committed to developing high-quality global standards and maintaining open and efficient markets. These discussions present an opportunity to set a new gold standard for global services trade between two sovereign nations.
In a further sign of the two countries’ integrated equity markets, the Chancellor also announced that the Treasury has completed its equivalence assessment of Switzerland in relation to Swiss stock markets and found them to be equivalent. This will benefit investors in both countries.
Today’s commitment is a concrete demonstration of the Chancellor’s strategy to cement London’s role as an international financial centre and ensure the UK remains a global example of excellence in financial services regulation. It sits within HMT’s broader international strategy for financial services, which includes pursuing ambitious financial services trade policy in the UK’s programme of Free Trade Agreements, as well as strengthening ties with fast-growing markets in the East.
Switzerland is the ideal partner for this strategy, due to the strong commitment and enthusiasm they share with the UK for open, stable and competitive financial markets, underpinned by quality regulation. Details of the agreement will be discussed over the coming months ahead of the UK/Switzerland Economic & Financial dialogue in September.
This was over a spat about the EU trying to exert more control over Switzerland.
Switzerland might be a small country but it has the 4th largest Stock Market.
I suspect it might be a little more than a coincidence that last summer we signed up to a commitment to proceed with a bilateral financial services agreement with Switzerland.
Switzerland and UK to negotiate a bilateral financial services agreement - GOV.UK (www.gov.uk)
News story
Switzerland and UK to negotiate a bilateral financial services agreement
Cross-border financial services trade between the UK and Switzerland is set to become easier, thanks to a commitment signed today (30 June) by the Chancellor of the Exchequer and his Swiss counterpart.
The joint statement signed today by Rishi Sunak and Ueli Maurer the Head of Switzerland’s Federal Department of Finance, is the most ambitious commitment made by two countries to develop an international agreement on financial services. It signals the UK’s ambition to continue to cement its role as an international financial centre once it has left the EU, with the highest standards of regulation and an openness to the whole world.
The commitment outlines the UK and Switzerland’s shared ambition to negotiate an outcomes-based mutual recognition agreement on financial services that will enhance cooperation and trust between the two countries. This will reduce costs and barriers for UK firms accessing the Swiss market, and vice versa, and cover a wide range of sectors.
The Chancellor of the Exchequer, Rishi Sunak, said:
The UK’s financial sector is integral to the success of the British economy, creating jobs, driving regional growth, and contributing taxes that pay for essential public services.
Leaving the EU means we are now free to chart our own course, driven by our clear values as a financial centre: a safe and transparent place to do business, innovative markets that drive change for the better, and openness to the whole world.
Today’s agreement is about our vision of the world economy as open, global and free - a vision shared by Switzerland, with our long history of trade and finance.
Miles Celic, Chief Executive Officer, TheCityUK, said:
The UK and Switzerland are natural partners for financial and related professional services trade. As the first and third largest net exporters of these services globally, both countries are committed to developing high-quality global standards and maintaining open and efficient markets. These discussions present an opportunity to set a new gold standard for global services trade between two sovereign nations.
In a further sign of the two countries’ integrated equity markets, the Chancellor also announced that the Treasury has completed its equivalence assessment of Switzerland in relation to Swiss stock markets and found them to be equivalent. This will benefit investors in both countries.
Today’s commitment is a concrete demonstration of the Chancellor’s strategy to cement London’s role as an international financial centre and ensure the UK remains a global example of excellence in financial services regulation. It sits within HMT’s broader international strategy for financial services, which includes pursuing ambitious financial services trade policy in the UK’s programme of Free Trade Agreements, as well as strengthening ties with fast-growing markets in the East.
Switzerland is the ideal partner for this strategy, due to the strong commitment and enthusiasm they share with the UK for open, stable and competitive financial markets, underpinned by quality regulation. Details of the agreement will be discussed over the coming months ahead of the UK/Switzerland Economic & Financial dialogue in September.
How did that go down on the financial forums that you post on?
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you do know that 25% of all the UK's revenue currently comes from the financial district in London, don't you?
25%. That's one quarter of everything our country earns.
For Greater London, that goes up to 33%, 1/3 of all UK wealth.
And you don't care?
This is why our country is going to pot, people have stopped caring about Britain. I am still proud of what our nation has created, will be sorry to see if fall.
By the way, when is Johtch/Bedwetter ever going to drop this Brexit stuff!
Hilarious.
I wonder if he wakes up in the morning (Moscow time) & thinks....hmmmm.... I wonder who I’ll pretend to be today when trying to wind people up.
He needs to find a missus, sharpish!
Hilarious.
I wonder if he wakes up in the morning (Moscow time) & thinks....hmmmm.... I wonder who I’ll pretend to be today when trying to wind people up.
He needs to find a missus, sharpish!
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Partly correct. Indeed they have absolutely no allegiance to the UK.
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OMG
**** the old empire eh?
Screw our legacy?
Who cares that we ruled the world!
HSBC, because we ran Hong Kong and Shanghai FFS! You know, the colonies that were ours? Well, the bank still is ours!
It's the world's 6th largest bank, and it is British.
And you don't care about it?
OMG. We are all doomed!
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