Re: re: True Colours...19 Jan 2020 16:16
Pat, I would have been happy to leave 3 years ago on WTO, take the hit/ upheaval and get on with it.
We would have been an independent trading nation today, when everything goes tits up it's better to be smaller and therefore quicker to turn things around. Just look how long the EU have effectively been in recovery since 2008.
Regarding financial services and passporting rights I would like to remind you about Carney's latest statement on this, he said, and I have posted this before......
Mark Carney, the outgoing Governor of the Bank, not only acknowledged in an interview that the UK should not agree to align its financial regulations with those of the EU, he went further. He called for the Government not to compromise on this to try to get preferential trade terms.
This is an extraordinary volte-face for he was part of the Project Fear camp before the 2016 referendum, but it makes a lot of sense.
It varies from market to market, but as a rule of thumb Europe accounts for about 20 per cent of London's financial services business. So much better to focus on the 80 per cent, which would be at risk if the City had European rules imposed on it.
In any case, London can serve the European market by setting up local subsidiaries, or by its European customers setting up UK offices to access the City.
I rest my case, the city has nothing to fear from the EU's bluster.
They're more interested in negotiating fishing rights before passporting rights and any trade deal.