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  • ChrisChris Posts: 11,751
    alex. said:

    When are we getting our no deal leaflets?

    Will they be edible?

    I suppose at the worst they can be used to cut down on toilet roll stockpiling requirements.
  • ralphmalphralphmalph Posts: 2,201

    eek said:



    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential

    Wazzocks like Mr Thompson boffing off about abstracts won't understand this, but crash Brexit - even the threat of it - is like a bomb going off in the economy. Right now business is backing away slowly not quite believing it will come to this and wondering how they can protect themselves from the worst of the damage to come.

    Are the UK retailers prioritising UK produced supply or RoW supply?
  • GallowgateGallowgate Posts: 19,468
    Charles said:

    TOPPING said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    Fair enough. It is their market though and we are the ones that want to participate. Which plays in to @rcs1000's point. If we want to trade Deutsche Bank then we need to follow them rules.
    Deutsche Bank benefits from access to the U.K. capital markets. If the EU wishes to raise its cost of capital then that’s up to it

    Besides I’m sure we can trade Swiss companies again
    Just out of interest, what does this mean? "trade Swiss companies" ?
  • CharlesCharles Posts: 35,758
    Rexel56 said:

    If I’ve understood the discussion today, which has been interesting:

    - vote in an election but not for the FPTP winner = democracy OK
    - my MP votes in Parliament against a Bill that is nonetheless passed = democracy OK
    - my Government votes against an EU measure that passes on QMV = democracy NOT OK

    So participating but losing is OK in the first two cases, it’s democracy in action, but not the third even though the “rules” were agreed to by my democratically elected Government.

    The government did not have the authority to delegate those powers. When they asked for retrospective approval they were refused.
  • nichomarnichomar Posts: 7,483
    Chris said:

    alex. said:

    When are we getting our no deal leaflets?

    Will they be edible?

    I suppose at the worst they can be used to cut down on toilet roll stockpiling requirements.
    They will be as edible as all the benefits of leaving the EU are
  • eek said:

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential
    Another proof point that business has been give the nod that Boris is serious. Whereas with May, Hammond and Clarke were given them the nod she would always extend.
    You talk as if thats a Good Thing. It won't sway the EU who have already told team Shagger to do one. It won't sway "not very smart" Varadkar. It won't sway big manufacturers. It won't sway the practical realities.

    Boris and the cretins he calls a cabinet have cut off one bollock and are threatening the other with their secateurs - "we are quite serious".

    If thats good for us, and bad for them, why are they backing away making that mime Egon did in Ghostbusters when Walter Peck turned off the containment grid?
  • ralphmalphralphmalph Posts: 2,201

    eek said:

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential
    Another proof point that business has been give the nod that Boris is serious. Whereas with May, Hammond and Clarke were given them the nod she would always extend.
    You talk as if thats a Good Thing. It won't sway the EU who have already told team Shagger to do one. It won't sway "not very smart" Varadkar. It won't sway big manufacturers. It won't sway the practical realities.

    Boris and the cretins he calls a cabinet have cut off one bollock and are threatening the other with their secateurs - "we are quite serious".

    If thats good for us, and bad for them, why are they backing away making that mime Egon did in Ghostbusters when Walter Peck turned off the containment grid?
    The EU will not make any move until there is no chance of Parliament stopping Boris. They may well leave it far to late so T Blair and Grieve will get the blame.
  • Casino_RoyaleCasino_Royale Posts: 60,491
    I am very depressed by the news from Hong Kong. Very depressed.

    However, don’t fall into the trap of thinking that using the PLC is an easy solution for the PRC. This isn’t mainland China and it isn’t 1989. Every act of brutality, every shot and every killing will be recorded on iPhones and distributed worldwide.

    The global reaction would be impossible for even China to resist and would lead to mass sanctions and ostracism, severely damaging its growth and trade for a very long time and permanently damaging its strategic relationships with regional partners and the West. The consequences of that are unpredictable domestically and internationally.

    Yes, it’s an option. It’s also a terrible one for the bastards, which is why it hasn’t been taken yet and will only be as a last resort.
  • rcs1000rcs1000 Posts: 57,237

    TOPPING said:

    Cyclefree said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    So do you want to remove all of it? Or only some parts? If so, which?

    For instance, do you want to remove the obligation to provide details of trades to regulators so that they can monitor for possible insider trading in the markets?

    If so, why? Who do you think will benefit from the removal of this provision? And where might the costs fall?
    MiFID is ill-conceived because it is (in my view) inappropriate for deep, well regulated markets like the UK (and unlike most European financial centres)

    Its most malignant effect has been to suck liquidity out of the market and to reduce the equity price discovery mechanism by effectively destroying the equity research business.
    Not 100% sure that you can make that claim. Unbundling had plenty of positive impacts while the marginal value of the 55th BUY report on XYZ company was debatable.

    Plus the markets themselves have been quite good at aiding price discovery (for the markets, sounds like you are talking about fundamental value) especially with the banning of dark pools.
    There is considerably reduced research and therefore price discovery in the smaller mid, and small cap areas post MiFID II. Perversely these are precisely the areas that should benefit most from liquid, efficient capital markets.

    On the asset management side, the effects have been to drive consolidation and therefore a reduction in competition, choice and efficiency for consumers.
    I think you've got this the wrong way around. In the small and mid-cap space, secondary broking has never been profitable. Simply, a £100m company which turned over once a year, at 10bps is £100,000 of commission income across the whole finance community - and that includes all costs, not just research.

    Coverage of small cap companies therefore only comes from the in house broker (who is paid via primary offerings and/or corporate finance fees), and from other brokers who cover that company's competitors, and who therefore need to show breadth of research coverage.

    In the larger cap space, it's different. Royal Dutch Shell turns over 10-20x a year and is a $100bn business. That's a lot of lost research driven commissions.
  • eekeek Posts: 28,406

    eek said:

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential
    Another proof point that business has been give the nod that Boris is serious. Whereas with May, Hammond and Clarke were given them the nod she would always extend.
    You talk as if thats a Good Thing. It won't sway the EU who have already told team Shagger to do one. It won't sway "not very smart" Varadkar. It won't sway big manufacturers. It won't sway the practical realities.

    Boris and the cretins he calls a cabinet have cut off one bollock and are threatening the other with their secateurs - "we are quite serious".

    If thats good for us, and bad for them, why are they backing away making that mime Egon did in Ghostbusters when Walter Peck turned off the containment grid?
    The EU will not make any move until there is no chance of Parliament stopping Boris. They may well leave it far to late so T Blair and Grieve will get the blame.
    why would they do anything even then. No Deal Brexit will be the lesson used for the next 100 years to ensure no-one else leaves including Greece..
  • CharlesCharles Posts: 35,758
    edited August 2019

    Charles said:

    TOPPING said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    Fair enough. It is their market though and we are the ones that want to participate. Which plays in to @rcs1000's point. If we want to trade Deutsche Bank then we need to follow them rules.
    Deutsche Bank benefits from access to the U.K. capital markets. If the EU wishes to raise its cost of capital then that’s up to it

    Besides I’m sure we can trade Swiss companies again
    Just out of interest, what does this mean? "trade Swiss companies" ?
    About 3 months ago we had to suspend/delist (?) Swiss multinationals in London because Switzerland wasn’t prepared to allow unlimited immigration from the EU.

    https://www.fnlondon.com/articles/ubs-venue-warns-it-may-have-to-pull-swiss-stocks-in-eu-stand-off-20190624
  • rcs1000rcs1000 Posts: 57,237
    Byronic said:

    Nigelb said:

    Byronic said:

    RobD said:

    Nigelb said:

    Hmmm.

    https://www.cbsnews.com/news/jeffrey-epstein-death-shrieking-heard-jail-cell-morning-he-died-metropolitan-correctional-center/
    On the morning of Jeffrey Epstein's death there was shouting and shrieking from his jail cell, a source familiar with the situation told CBS News. Corrections officers attempted to revive him while saying "breathe, Epstein, breathe."

    Congress is the latest to start investigating Epstein's apparent suicide over the weekend, with new reports raising questions about the federal jail where he was being held. One of Epstein's guards at the Metropolitan Correctional Center on the night he died was reportedly not a regular corrections officer....

    I’m not usually one for conspiracy theories, but this one.... :o
    It's not even a conspiracy. He was clearly murdered.
    Perhaps, but there are different kinds of murder in US jails:
    https://www.theatlantic.com/ideas/archive/2019/08/thirty-two-stories-jeffrey-epstein-prison-death/596029/
    Check this.

    "that seemed legit"

    https://twitter.com/jdpoc/status/1161270313583292417?s=20
    This all seems very conspiracy theory-esque. Why would anyone want Jeffrey Epstein dead?
  • RogerRoger Posts: 19,914
    Trump hates the EU more than the ERG because they are a threat to the preeminent world position of the US apparently.

    Channel 4 News has an entertaining American guest. 'John Bolton has never seen the possibility of a war he didn't want to wage'

    It's interesting to know why Johnson who is looking for populist policies should think linking himself to Trump and Bolton is in any way popular?
  • eek said:

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential
    Rubbish. My sister-in-law's cousin just came over from India to start a two-year project in London.
  • GallowgateGallowgate Posts: 19,468
    Charles said:

    Charles said:

    TOPPING said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    Fair enough. It is their market though and we are the ones that want to participate. Which plays in to @rcs1000's point. If we want to trade Deutsche Bank then we need to follow them rules.
    Deutsche Bank benefits from access to the U.K. capital markets. If the EU wishes to raise its cost of capital then that’s up to it

    Besides I’m sure we can trade Swiss companies again
    Just out of interest, what does this mean? "trade Swiss companies" ?
    About 3 months ago we had to suspend/delist (?) Swiss multinationals in London because Switzerland wasn’t prepared to allow unlimited immigration from the EU.

    https://www.fnlondon.com/articles/ubs-venue-warns-it-may-have-to-pull-swiss-stocks-in-eu-stand-off-20190624
    Thanks. That's interesting.
  • SandyRentoolSandyRentool Posts: 22,038

    Edmund Burke needs to be taught in schools and colleges urgently.

    https://twitter.com/GuidoFawkes/status/1161246052638441477

    In fairness, Edmund Burke lost the Bristol election too.
    And just cos Burke said it doesn't make it true.
  • eekeek Posts: 28,406

    eek said:

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    A senior city IT director of my acquaintance was telling me that the consultancy firms are offering free graduates as they don't have anywhere to place them.

    Oh and the Indian consultancies are sending people back home (as in terminate the house rental and sell your car) as no-one is starting IT projects unless absolutely essential
    Rubbish. My sister-in-law's cousin just came over from India to start a two-year project in London.
    It depends on skillset and a lot of other things.

    For reference my skillset is currently the strategic focus of a large international cloud provider. At the moment if you have a vague clue on how it works (and the company have various App in a Day offerings to bring you up to speed) you could find work anywhere in the world...
  • ChrisChris Posts: 11,751
    rcs1000 said:

    Byronic said:

    Nigelb said:

    Byronic said:

    RobD said:

    Nigelb said:

    Hmmm.

    https://www.cbsnews.com/news/jeffrey-epstein-death-shrieking-heard-jail-cell-morning-he-died-metropolitan-correctional-center/
    On the morning of Jeffrey Epstein's death there was shouting and shrieking from his jail cell, a source familiar with the situation told CBS News. Corrections officers attempted to revive him while saying "breathe, Epstein, breathe."

    Congress is the latest to start investigating Epstein's apparent suicide over the weekend, with new reports raising questions about the federal jail where he was being held. One of Epstein's guards at the Metropolitan Correctional Center on the night he died was reportedly not a regular corrections officer....

    I’m not usually one for conspiracy theories, but this one.... :o
    It's not even a conspiracy. He was clearly murdered.
    Perhaps, but there are different kinds of murder in US jails:
    https://www.theatlantic.com/ideas/archive/2019/08/thirty-two-stories-jeffrey-epstein-prison-death/596029/
    Check this.

    "that seemed legit"

    https://twitter.com/jdpoc/status/1161270313583292417?s=20
    This all seems very conspiracy theory-esque. Why would anyone want Jeffrey Epstein dead?
    It seems more like the plot of "Murder on the Orient Express". Who didn't want him dead? Even the Queen had a motive!
  • williamglennwilliamglenn Posts: 51,720
    Charles said:

    Charles said:

    TOPPING said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    Fair enough. It is their market though and we are the ones that want to participate. Which plays in to @rcs1000's point. If we want to trade Deutsche Bank then we need to follow them rules.
    Deutsche Bank benefits from access to the U.K. capital markets. If the EU wishes to raise its cost of capital then that’s up to it

    Besides I’m sure we can trade Swiss companies again
    Just out of interest, what does this mean? "trade Swiss companies" ?
    About 3 months ago we had to suspend/delist (?) Swiss multinationals in London because Switzerland wasn’t prepared to allow unlimited immigration from the EU.

    https://www.fnlondon.com/articles/ubs-venue-warns-it-may-have-to-pull-swiss-stocks-in-eu-stand-off-20190624
    It's about the whole framework of Switzerland's relationship with the EU, not free movement.
  • StereotomyStereotomy Posts: 4,092
    Nigelb said:

    Byronic said:

    RobD said:

    Nigelb said:

    Hmmm.

    https://www.cbsnews.com/news/jeffrey-epstein-death-shrieking-heard-jail-cell-morning-he-died-metropolitan-correctional-center/
    On the morning of Jeffrey Epstein's death there was shouting and shrieking from his jail cell, a source familiar with the situation told CBS News. Corrections officers attempted to revive him while saying "breathe, Epstein, breathe."

    Congress is the latest to start investigating Epstein's apparent suicide over the weekend, with new reports raising questions about the federal jail where he was being held. One of Epstein's guards at the Metropolitan Correctional Center on the night he died was reportedly not a regular corrections officer....

    I’m not usually one for conspiracy theories, but this one.... :o
    It's not even a conspiracy. He was clearly murdered.
    Perhaps, but there are different kinds of murder in US jails:
    https://www.theatlantic.com/ideas/archive/2019/08/thirty-two-stories-jeffrey-epstein-prison-death/596029/
    The Atlantic is going pretty hard on the "not murdered" line
  • BurgessianBurgessian Posts: 2,758
    Hmm. SNP Govt pays out £0.5m to former SNP first minister that SNP Govt failed to investigate properly. Meanwhile leaving complainants to hang out to dry. An excellent way to spend the proceeds from the Barnett Formula.
    https://www.bbc.co.uk/news/uk-scotland-scotland-politics-49331140

  • justin124justin124 Posts: 11,527

    Hmm. SNP Govt pays out £0.5m to former SNP first minister that SNP Govt failed to investigate properly. Meanwhile leaving complainants to hang out to dry. An excellent way to spend the proceeds from the Barnett Formula.
    https://www.bbc.co.uk/news/uk-scotland-scotland-politics-49331140

    I cannot see this being helpful to the SNP in the event of an early Westminster election.
  • BurgessianBurgessian Posts: 2,758
    justin124 said:

    Hmm. SNP Govt pays out £0.5m to former SNP first minister that SNP Govt failed to investigate properly. Meanwhile leaving complainants to hang out to dry. An excellent way to spend the proceeds from the Barnett Formula.
    https://www.bbc.co.uk/news/uk-scotland-scotland-politics-49331140

    I cannot see this being helpful to the SNP in the event of an early Westminster election.
    Small beer compared to the trial - due early 2020. They could do with the snap election out of the way before that happens and people begin to give evidence.
  • OblitusSumMeOblitusSumMe Posts: 9,143

    I am very depressed by the news from Hong Kong. Very depressed.

    However, don’t fall into the trap of thinking that using the PLC is an easy solution for the PRC. This isn’t mainland China and it isn’t 1989. Every act of brutality, every shot and every killing will be recorded on iPhones and distributed worldwide.

    The global reaction would be impossible for even China to resist and would lead to mass sanctions and ostracism, severely damaging its growth and trade for a very long time and permanently damaging its strategic relationships with regional partners and the West. The consequences of that are unpredictable domestically and internationally.

    Yes, it’s an option. It’s also a terrible one for the bastards, which is why it hasn’t been taken yet and will only be as a last resort.

    From what I can tell of the situation in Kashmir it would be relatively easy for the Chinese government to cut communications in and out of Hong Kong.

    Even in the US and UK police forces use technologies to block mobile phone communications in circumstances of public disorder. The protests against the oil pipeline in the US were somewhat obscured from public view by such methods.
  • CyclefreeCyclefree Posts: 25,318
    Charles said:

    Cyclefree said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    The specific question I asked you was whether you wanted to get rid of the MiFiD provisions requiring firms to provide transaction and order information to regulators so that they can monitor for market abuse/insider trading.

    And your answer is....?
    That’s an unusually stupid question from you Cyclefree

    I don’t want to abolish to prohibition on murder in the UK. That doesn’t mean I believe every jot and tittle of U.K. law is perfect
    No it isn’t. I asked @Philip_Thompson what regulation he wanted to get rid of. Then this poster jumped in with MiFiD2. So I asked him which bit; no reply. So I picked on one provision I know quite a lot about. Still no answer.

    Thing is there are lots of general statements about wanting to get rid of stuff which makes us uncompetitive and about wanting to be free to do stuff but when you ask for any sort of specificity and detail all you get is a retreat into generalities and bluster and sometimes insults and abuse (I am not referring to you). So I’m left wondering what exactly all these statements about regulations inhibiting UK competitiveness really mean.
  • rcs1000rcs1000 Posts: 57,237
    Recession Watch: 1/???

    The US BLS releases data on Job Openings in its JOLTS survey. Alongside PMIs and the yield curve, this has been an excellent early warning recession sign.

    https://www.bls.gov/news.release/jolts.a.htm

    Private sector job openings are now falling, and are now down year-over-year.

    Now, the JOLTS survey is imperfect. It can show volatility. Nevertheless, it is yet another piece in the puzzle suggesting that the world economy is slowing markedly.
  • CharlesCharles Posts: 35,758

    Charles said:

    Charles said:

    TOPPING said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    Fair enough. It is their market though and we are the ones that want to participate. Which plays in to @rcs1000's point. If we want to trade Deutsche Bank then we need to follow them rules.
    Deutsche Bank benefits from access to the U.K. capital markets. If the EU wishes to raise its cost of capital then that’s up to it

    Besides I’m sure we can trade Swiss companies again
    Just out of interest, what does this mean? "trade Swiss companies" ?
    About 3 months ago we had to suspend/delist (?) Swiss multinationals in London because Switzerland wasn’t prepared to allow unlimited immigration from the EU.

    https://www.fnlondon.com/articles/ubs-venue-warns-it-may-have-to-pull-swiss-stocks-in-eu-stand-off-20190624
    It's about the whole framework of Switzerland's relationship with the EU, not free movement.
    Free movement is the sticking point. That’s the bit the Swiss voters voted against. The EU tried to bully the Swiss government into ignoring their voters, but the plucky little blighters told them where to go.
  • CharlesCharles Posts: 35,758
    edited August 2019
    Cyclefree said:

    Charles said:

    Cyclefree said:

    TOPPING said:

    TOPPING said:

    Anyway @Philip_Thompson please reply to @Cyclefree as I’m very curious to know what regulations you feel are making us uncompetitive.

    MiFID II
    MiFID II is not making us uncompetitive. Dear god please don't let it be that we have a MiFID II discussion here.
    Completely agree. But MiFID has undoubtedly made London slightly less competitive versus US and Asian centres. And that was the question that was asked....
    I think the US is moving towards EU-type regulations before too long. And as it sounds you are aware, there's no financial services regulation that the UK isn't prepared to a) abide by in the first place; and b) gold plate up its wazoo.
    The FCA has been complicit in this, I agree. But a lot of regulation emanates from the EU.

    And that is the question I was answering....
    The specific question I asked you was whether you wanted to get rid of the MiFiD provisions requiring firms to provide transaction and order information to regulators so that they can monitor for market abuse/insider trading.

    And your answer is....?
    That’s an unusually stupid question from you Cyclefree

    I don’t want to abolish to prohibition on murder in the UK. That doesn’t mean I believe every jot and tittle of U.K. law is perfect
    No it isn’t. I asked @Philip_Thompson what regulation he wanted to get rid of. Then this poster jumped in with MiFiD2. So I asked him which bit; no reply. So I picked on one provision I know quite a lot about. Still no answer.

    Thing is there are lots of general statements about wanting to get rid of stuff which makes us uncompetitive and about wanting to be free to do stuff but when you ask for any sort of specificity and detail all you get is a retreat into generalities and bluster and sometimes insults and abuse (I am not referring to you). So I’m left wondering what exactly all these statements about regulations inhibiting UK competitiveness really mean.
    I’m not going to mention capping in my sector because it’s a red rag to a bull. But it’s a crappy way to regulate: increasing fixed costs in a sector with volatile revenues. But hey it was pushed through by a MEP from Austria - which has a minimal financial sector against the strong recommendation of the UKregulators
  • RecidivistRecidivist Posts: 4,679

    Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    Good point. My enquiries from Ireland over the last 12 months have been zero.
  • StonchStonch Posts: 43

    At elections I will fight for my libertarian values, and I will respect it if I lose, but I want the ability to have elections to control issues. That is the issue not specifics.

    Your libertarian values would be better protected by the guarantee of the four freedoms across our continent, than by giving national governments the ability to disregard them.

    Your overriding political concern is identity, not liberty.
    No, my overriding political concern is democracy.

    Who decides who sets the laws. That is my concern. Identity plays into that.
    The weird thing about you Philip, if I may say, is how wedded you are to the nation state concept. It’s something intelligent, successful people aren’t really interested in, unless they have some malign intention of course.

    You’ll never understand how normal people think - and why we’re so opposed to your mad no deal brexit - until you lose your weird fanboy obsession with the outdated nation state concept..

    You need to realise that the primacy of the concept of the nation state is for small minded people.
  • Sat in Dublin airport for my flight home. Interesting trip around Irish grocery retailers - plenty of opportunities I can see for new custom. Then a meeting with a large supermarket buyer where we already supply a couple of products. She is excited about the market and the potential for growth.

    But - and its a big but - with Brexit looming large in the window her business is prioritising domestic producers due to the absolute uncertainty of how things will work logistically post "hardest of hard Brexits" and what it will cost in extra costs and tariffs.

    Which means that for any UK producers wanting to expand into our closest export market, the door is closed. By us. Whilst simultaneously saying "there is no door" and "don't worry Varadkar is an idiot who will cave in.

    Good point. My enquiries from Ireland over the last 12 months have been zero.
    Ireland in our sector medical devices is booming too. Got new business recently but there is clear anxiety. We have a next day courier come over once a week via the Northern Irish border. It is all very well saying we can have a frictionless border but how does the paperwork get completed and checked. If there are no checks then how do you stop fraud? No-one has an answer.

    Being Scottish I feel we are treated better, I find, as the Irish see us as on the same side of the argument being oppressed by the English once again. The Irish business secretary has invited me along with several other UK business owners in our sector to Dublin in October. All expenses paid, flights, hotel etc. They want us to move investment to Ireland. It is becoming a compelling argument.

    Communication from the British trade and business department is zero.



This discussion has been closed.