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The UK votes to leave the European Union
- Thread starter Spring Drive
- Start date
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yay!
It's only trillions
Germany's financial market regulator delivered a double blow to London on Tuesday, saying it could not host the headquarters of a planned European stock exchange giant after Britain leaves the EU, and nor could it remain a center for trading in euros.
Without doubt ... it is hard to imagine that the most important exchange venue in the euro zone would be steered from a headquarters outside the EU," Hufeld told reporters. "There certainly has to be an adjustment here."
Before the vote, euro zone officials had told Reuters that the ECB was determined to tackle an anomaly dating from 1999 when Britain opted out of the euro's launch - that a dominant share of trading in the currency the ECB issues happens outside its jurisdiction in London.
When Britain leaves the EU, there is little incentive to keep this business there. Trading of euro-based securities spans trillions of euros of derivatives as well as the "repo" market providing short-term funding for banks 2 trillion euros of which experts say is based in London.
Germany's financial market regulator delivered a double blow to London on Tuesday, saying it could not host the headquarters of a planned European stock exchange giant after Britain leaves the EU, and nor could it remain a center for trading in euros.
Without doubt ... it is hard to imagine that the most important exchange venue in the euro zone would be steered from a headquarters outside the EU," Hufeld told reporters. "There certainly has to be an adjustment here."
Before the vote, euro zone officials had told Reuters that the ECB was determined to tackle an anomaly dating from 1999 when Britain opted out of the euro's launch - that a dominant share of trading in the currency the ECB issues happens outside its jurisdiction in London.
When Britain leaves the EU, there is little incentive to keep this business there. Trading of euro-based securities spans trillions of euros of derivatives as well as the "repo" market providing short-term funding for banks 2 trillion euros of which experts say is based in London.
Clusterfuck City
Link? That's a big reversal over the last indyref.
This is about staying in the EU, not about independence. They're still exploring options for now, so probably find a way to keep Scotland in and part of the UK at the same time.
That said, I'm sure some of them would change their tune on indyref2: indy harder
Funky Papa
FUNK-Y-PPA-4
Aston Martin is basically owned and controlled by Italian giant Investindustrial with some significant investment from Germany's Daimler. It's been like that for a couple of years, IIRC.
My guess is that they'll have to source most of their components from the mainland (with Magna and Daimler supplying most of their chasis and drivetrains) only to be assembled in the UK.
Rolls Royce and Bentley (which are already sourcing their drivetrains from Germany anyway) would probably have to go down the same path. They can't afford to lose their britishness, but they'll have no recourse but to source most of their cars from aboard, which will also affect engineering contracts. Fit and trim done at home with everything else coming from elsewhere.
To make things worse, Aston Martin just announced that they'll open a new factory in Wales.
Similar situation with Lotus, which is owned by DRB-HICOM. They'll have it specially rough, since much of Lotus' cash doesn't come from car sales but engineering contracts for other firms, mostly engine and suspension tuning as well as some other work for Chinese companies without large R+D departments.
It's from here : https://twitter.com/GrayInGlasgow/status/747786608343191552
It doesn't explicitly mention indyref though, just they're going to work together. But still, it's a change from the hostility of Lamont.
S
Steve.1981
Unconfirmed Member
I'm reading that, and my mind literally cannot comprehend the fucking thunderous stupidity of David Cameron for actually calling this referendum.
Absolutely disgusting but not surprising.
The good old divide and rule working it's magic.
I love this bit! Watching past series of Stewart Lee's Comedy Vehicle has really helped me get through the last few days.
Theres suggestion in the Guardian that VAT will have to go up from 20%:
https://www.theguardian.com/busines...b0121e39336afe#block-577281cce4b0121e39336afe
20% is already pretty high. Any higher will really hurt people on lower incomes.
https://www.theguardian.com/busines...b0121e39336afe#block-577281cce4b0121e39336afe
20% is already pretty high. Any higher will really hurt people on lower incomes.
most car manufacturers are multi national firms owned by shareholders all over the world I wouldn't get too excited about what flag they carry.
The leave campaign are rowing back on thier promises so fast, i'm sure the UK will end up with access to the single market, what ever happens
The leave campaign are rowing back on thier promises so fast, i'm sure the UK will end up with access to the single market, what ever happens
Orniletter
Banned
If there is one thing about this utter disaster I genuinely love, it is how indestructable BritGAF's humor seems to be !
Cheers !
RedSparrows
Member
Seeing the fallout of all this is really starting to feel like a drain on my mental health. It's making me super stressed out with anxiety and worry for others. I can't concentrate
I'd recommend not reading this thread
I'm hooked
I'd recommend not reading this thread
I'm hooked
Yeah its like a car-crash in slow motion...
efyu_lemonardo
May I have a cookie?
Wow, not even close!
We're a nation of self-deprecating humour, this leave vote gives us more material for our biggest export.
Does this need a new thread?
That will be a megaton
Sounds about right
Carl2291
Member
They're gonna be very upset when he enters the leadership race and wins by a country mile.
Does he have to go then or is the vote meaningless?
BossDarkseid
Member
"Accuracy is for snake-oiled pussies"
Vote Leave's Campaign Director.
*cries*
Vote Leave's Campaign Director.
*cries*
but is it about Brexit or how bad i am at Overwatch
The Jackdog
Member
ELI5 please.
Cameron was against the leave movement right? why did he call the referendum? just to appeal to voters?
Cameron was against the leave movement right? why did he call the referendum? just to appeal to voters?
Funky Papa
FUNK-Y-PPA-4
HazySaiyan
Banned
ferrasvansen
Member
Cannot say i am surprised its a bit early yet.
AHA-Lambda
Member
jufonuk
not tag worthy
I got a feeling four things things right now :
eu force uk invoke art 50 when it is a state it can IE never so they say they will agree to longer brexit length of 5 - 10 years where they help us leave and set up trades in a show us how it's done way. Price Same perks as before farage and cameron Boris et al fall on sword some banks taken.
Or Norway deal and free move and trade
Take some banks off us still trade
Three most optomistic EU fail to recognise the ref . Force farage et all to fall in sword force us sort our shit out and move us to norway deal . Eu nice guys , all eu members stamp out the rasicm and far right. We have no say in any new rules . Freedom of movement and trade we transition to norway deal bit rules state profit will be put eu into and redeveloping uk industry and areas and the EU get first choice
Four we dead
eu force uk invoke art 50 when it is a state it can IE never so they say they will agree to longer brexit length of 5 - 10 years where they help us leave and set up trades in a show us how it's done way. Price Same perks as before farage and cameron Boris et al fall on sword some banks taken.
Or Norway deal and free move and trade
Take some banks off us still trade
Three most optomistic EU fail to recognise the ref . Force farage et all to fall in sword force us sort our shit out and move us to norway deal . Eu nice guys , all eu members stamp out the rasicm and far right. We have no say in any new rules . Freedom of movement and trade we transition to norway deal bit rules state profit will be put eu into and redeveloping uk industry and areas and the EU get first choice
Four we dead
I'd recommend not reading this thread
I'm hooked
This. I haven't been here today and l've felt much better.
As said before it's doom-heroin.
MatrixMan.EXE
Member
Smh. Continue to act like a child Tusk. Go on.
Trumpets
Member
jufonuk
not tag worthy
No I keep getting panic attacks . Fuck this . Don't kill us off the ones that wanted to stay .
Heckler456
Banned
Do you understand that the UK has yet to leave the EU?
SymbiantXenos
Member
This .gif will last for years.
ultratruman
Banned
President Obama's shrug at Brexit is a fucking betrayal. He's objectively the worst US President Europe has ever had. Implying nothing will change for 'average people' and that the UK will adopt the Norwegian EU associate model just shows how completely ignorant/disinterested in Europe. Obama is happiest talking to young entrepreneurs in a restaurant in Hanoi, sounding cool and achieving nothing.
https://www.youtube.com/watch?v=p9S3KFSgAj0
https://www.youtube.com/watch?v=p9S3KFSgAj0
I'm sure it's just me, but I can't stop seeing the woman signing at the back miming putting a gun to her head and pulling the trigger...
BlazingDarkness
Member
Do you not understand the long term ramifications for the economy by leaving the EU? There's plenty of information if you'd just look.
RedSparrows
Member
We'll go with that. It's apt.
AHA-Lambda
Member
The worst? Does it say that? D:
Seeing the fallout of all this is really starting to feel like a drain on my mental health. It's making me super stressed out with anxiety and worry for others. I'm not sure how to deal with it. I can't concentrate
Same, me neither I'm just going to ignore the news and maybe unsub from this thread soon enough.
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