My answer to Will London remain a major financial center following the Brexit vote?
Answer by Desmond Last:
Money has no friends or lovers. It will go to whoever will give it a roof and a bed. It is reality-check time for the City. Money also needs a partner and we just dumped ours – the Euro. No longer will the shirts in the City be able to bank on their bonuses because there may not be a bank to trade with.
America is set to add around 0.5% to the EU's annual economic output with its new Trade Deal. The ‘fifth largest economy’ in the world may not look so attractive for your money when the land of opportunity is set to open its doors to you with new investment opportunist.
The EU and the US economies account together for about half the entire world GDP, and for nearly a third of world trade flows, and we will not be part of it.
If Donald Trump succeeds in making the U.S great again would you park your money in the U.K.?
Hammond cutting corporation tax is not going attract you if the E.U is a barrier to entry.
Why build in the U.K when you can build in Europe or America? Why they would you give the City of London your money to use when you can go straight to the Horse’s Mouth in the US or Europe? France is not going to sit still when there is money to be made. Particularly as we are no longer part of EU NATO. The U.S will be taking its candy to France not the U.K
The U.K needs a innovative Economic Plan – it does not have one. It needs one today. Everyday now money is saying goodbye not hello to the City of London. Soon the U.K will be in the biggest recession in its history.
The U.K needs friends. Lots of them. This is not a time to make enemies.
Hammond’s new market of Australia is 22 hours away with a populaton of only 24~ million. His other, Canada, is next to the U.S which not next door to the U.K
I saw Brexit as an opportunity. But no longer. The U.K does not want my innovation. Me and my new economic theory are heading for a country that wants to be the number one economy in the world. With zero unemployment.
I believe that the City and the London Stock Exchange will eventually become backwaters. Why use the City when it has nowhere in the U.K for you to multiply your money through the U.S or Europe? Why list shares on the LSE when your bank is in Europe or America and a new European Stock Exchange beckon?
Do Theresa May and Hammond think that Europe is not set to go hard to get our City Money? Wake-up Downing Street. A flashy set of heels is not going to impress money when it needs a new wardrobe.
Who is going to open a new Bank in the U.K? European Banking harmonization -T25, is acting as a major catalyst for the ongoing initiatives for the removal of most barriers to cross-border settlement. We are no longer in the Inner Circle we are on the outside. This mean we can only listen when the EU lets us. But we cannot act.
Our money is old, titled and dirty. We still have not dealt with HSBC and money laundering. New money wants to be squeaky clean. A new era is about to dawn. Corruption will not be the name of the Game and the City is tainted.
No. I do not believe London will remain a major financial center
Post Brexit needed vision to be successful. I do not see it.