Lewes Forum thread

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yessssssss!!!

On 26 Jun 2016 at 11:44am Winner wrote:

Yet another sign Remainers didn't have a clue what they were talking about and another victory for Leave! 100,000 jobs to be lost and 12% of GDP on the way out of the country by 2020!! No wonder Boris looks so sheepish, he couldn't have imagined such success so quickly!

Check it out here »

On 26 Jun 2016 at 11:48am Winner wrote:

That's just jobs in the financial sector, obviously there'll be lots more lost in other sectors too.

On 26 Jun 2016 at 11:51am Winner wrote:

Real Winner, why don't you join me in celebrating the positives of Brexit! I'm sure you can find some too!

On 26 Jun 2016 at 12:18pm Winner wrote:

You didn't see me, right...

On 26 Jun 2016 at 2:46pm Fishmonger wrote:

Yes agreed it's all falling apart but the most important thing is that we have our country back. That's the real winner and that's all that matters.

On 26 Jun 2016 at 2:57pm Annette Curtin-Twitcher wrote:

I fear it may be a pyrrhic victory once we know the terms on which we'll leave.
Every bit of the financial sector that leaves the UK means a big loss in tax revenues, and if we still have to accept freedom of movement to keep access to the single market in Europe, the losses may well outweigh the gains.

On 26 Jun 2016 at 3:39pm supporter wrote:

They were always dodging paying taxes so not much of a loss.

On 26 Jun 2016 at 5:49pm Ed Can Do wrote:

Linking to articles behind a pay-wall isn't a great way to get your message across. That said, for all the predictions of the financial sector moving abroad en masse, it would seem pretty unlikely to be the exodus some are predicting. Banks will move their main HQ because they need to be headquartered in an EU state to freely move capital around the EU and continue to benefit from near zero tax rates in Luxembourg and Ireland, That doesn't necessarily mean they have to move all their staff though. Moving thousands of people abroad or making thousands redundant in this country then recruiting thousands more and training them up abroad would be eye-wateringly expensive. Also a lot of bank trading these days relies on your computer system being able to react quicker to stock price movements than everybody else's to make tiny, marginal profits on every trade made. For that to work you need to be physically close to the exchange. London will remain a major share trading hub and firms need to be based near to the LSE for their clever computer programmes to work. There will be a few movements of offices and people but not thousands.

On 26 Jun 2016 at 6:25pm Bert wrote:

Sorry Ed, you're mistaken. Every single EU securities trading arm will be moving out of London and that is thousands of people and a huge loss of tax money. When you look to the long term then training new people isn't really that expensive, and you also have to consider the fact that these companies see themselves as international and their offices are mixes of all nationalities, all moving around the world. Staff will be used to cross-border relocation on a regular basis so it's naive to think there's any reason not to move people. I work in technology and have never worked in an office without at least 30% EU staff filling UK skills shortages - generally people who have trained themselves in niche skills off their own back and then come to the UK to earn good money. That 30% is nothing compared to banking.