UK Scrambles to Secure Financial Services' Future After Brexit

12 January, 2018, 06:31 | Author: Wade Massey
  • UK Scrambles to Secure Financial Services' Future After Brexit

There are concerns that Brexit threatens London's status as the financial capital of Europe, and that banks are preparing to move thousands of jobs to the continent to preserve their access to the EU's single market.

Among those due to attend Thursday's meeting are Jes Staley, chief executive of Barclays, Mark Wilson, chief executive of insurer Aviva, and Richard Gnodde, chief executive of Goldman Sachs International, sources familiar with the matter said.

Putting behind us any narrative of "punishment" for leaving and focusing on the mutually beneficial relationships we have now and can continue in the future, the European Union will send a message to the British people which will resonate as they consider the options for their future.

UK-based banks and financial firms are anxious they will lose the passporting rights that allow them to trade freely in the European Union after Brexit - an outcome that is likely to see firms moving jobs to the continent.

The stance follows a Bloomberg News report that EU officials are considering a proposal to require Britain to pay for financial companies to access European markets following Brexit.

And turning the tables, the Chancellor told European leaders and Eurocrats they must specify what they want from a post-Brexit trade deal instead of sitting back and waiting for Britain to do all the legwork. "Anyone sticking it out into 2018 is in it for the long haul", said Hakan Enver, operations director at Morgan McKinley Financial Services.

"We produce and use too many plastics which, despite recycling efforts, become rubbish which we can not sell on global markets any longer in a way we used to do it in the past because of China", said, Günther Oettinger, EU Budget Commissioner.

Nigel Farage Says UK Should 'Maybe' Have Second Brexit Vote
May has ruled out another vote, saying said such a move would be a "betrayal" of the 52 percent of Britons who'd voted for Brexit. Farage said he wants to settle the question for a generation and silence the growing voices calling for Brexit to be abandoned.


Skype partnering w/ Signal for new 'Private Conversations' encrypted messaging feature
Microsoft competitors including Apple with iMessage, WhatsApp and Signal already provide built-in end-to-end encryption. Once the conversation or message chain begins, it will remain end-to-end encrypted until it is ended, the post said.


Panthers to hire Norv Turner as new offensive coordinator
The Panthers are finalizing a deal to make Norv Turner their next offensive coordinator, David Newton of ESPN.com reports . The Vikings had lost two in a row to fall to 5-2 on the season and had just lost a game in Chicago when Turner resigned.


This week he again suggested the "only model available", given Mrs May's red lines over freedom of movement and on leaving the single market, "is that of a free trade agreement".

The two senior ministers are visiting the EU's major economy after Brussels' chief Brexit negotiator Michel Barnier urged European companies with commercial links to the United Kingdom to start preparing for increased "friction" in trade.

But as far as the financial services sector was concerned, there would be no cash changing hands.

Earlier he and Brexit secretary David Davis said the United Kingdom should get a tailor-made deal, and warned that there could be a repeat of the 2008 financial crash without continued financial co-operation. Both sides are now in the process of deciding exactly what they want to get from the talks.

The Chancellor's speech was a riposte to the EU's chief negotiator, Michel Barnier, who 24 hours earlier complained about a lack of detailed United Kingdom proposals on trade.

The guidance says "compliance activity", such as quality control of goods or medicines before they are released into the single market, "would need to be based in the EU or EEA (European Economic Area)" after Brexit.

Recommended:

  • Russia's army warns of 'terrorist' drones after attacks

    Russia's army warns of 'terrorist' drones after attacks

    On Dec. 11, Putin ordered the start of a withdrawal of Russian troops from Syria, adding that the Tartus and Khmeimim bases would still be in use.
    Elderly Yakuza boss arrested for unsolved murder case after tattoos go viral

    Elderly Yakuza boss arrested for unsolved murder case after tattoos go viral

    Thai police say he admitted to being a member of a Yakuza gang, but he did not confess to the 2003 murder that he was wanted for. Shirai was arrested during a shopping trip on Wednesday, in the central market town of Lopburi, north of Bangkok.
    Dropbox IPO Filing Reportedly Made Confidentially

    Dropbox IPO Filing Reportedly Made Confidentially

    The file-sharing company Dropbox has confidentially filed for an initial public offering, according to Bloomberg . The company provides cloud storage, file synchronization, personal cloud, and client software.
  • 'I, Tonya' presents a sympathetic - and scathingly amusing  - portrait of Tonya Harding

    'I, Tonya' presents a sympathetic - and scathingly amusing - portrait of Tonya Harding

    Tony's ex-husband, Jeff Gillooly and his friend, Shawn Eckardt hired a man to injure Nancy leading up to the 1994 Winter Olympics. These testimonials are one of the more novel inventions of " I, Tonya ", which reenact real interviews recorded for the film.
    Lingerie firm Rigby & Peller stripped of royal warrant after book revelations

    Lingerie firm Rigby & Peller stripped of royal warrant after book revelations

    A spokesperson for Buckingham Palace said: " In respect of royal warrants, we never comment on individual companies ". It gives individuals and companies permission to display the relevant Royal Arms in connection with their business.
    Amazon's Alexa comes to cars, wearables and fitness devices to follow

    Amazon's Alexa comes to cars, wearables and fitness devices to follow

    However, with the advent of smart home devices, Cortana's greatest weakness proved to be its lack of smart home controls. In the meantime, however, bringing Alexa to Windows exposes Alexa for Business to a powerful new audience.
  • Deadly Mudslides Strike in Southern California

    Deadly Mudslides Strike in Southern California

    When heavy rain falls in a short period and a fast-flowing mudslide forms, it often moves quicker than people can run. Southern California's mudslides have killed at least 15 people as of Wednesday morning-up from 13 deaths on Tuesday.
    Trump 'to impose new Iran sanctions'

    Trump 'to impose new Iran sanctions'

    Trump has already declared that he think the Iran nuclear deal is no longer in the United States national interest. If this sounds like Donald Trump's Iran policy is very bad , that's because it is.
    NBC nearly  sold out on ads for Super Bowl

    NBC nearly sold out on ads for Super Bowl

    Additionally controversy over players kneeling during the national anthem in protest has not come up as a concern, he said. He said the average price was "north of $5 million" for a 30-second ad, in line with pricing in recent years.
  • Oprah's Property Damaged by Deadly California Mudslides

    Oprah's Property Damaged by Deadly California Mudslides

    The Ellen DeGeneres Show host, 59, revealed to her audiences on Thursday that her father had passed away earlier this week. The rain triggered massive mudslides .
    Tampa Salvadorans react to Trump order sending them back

    Tampa Salvadorans react to Trump order sending them back

    His mom has worked as a cashier for years, Martinez said, supporting the family while he stayed home with his grandparents. After an outreach program aimed at the Haitian community in places such as Miami, the influx of migrants has slowed.

    Freeport-McMoRan Inc. (FCX) Analysts See $0.43 EPS

    The FCF Growth of Freeport-McMoRan Inc. (NYSE: FCX ) earned "Hold" rating by RBC Capital Markets on Wednesday, June 28. GameStop Corp. (GME) exchanged hands at an unexpectedly high level of 3.67 million shares over the course of the day.


Popular

Youngest Sutherland Springs shooting survivor to be released from hospital
Ryland Ward , 6, a survivor of the Sutherland Springs church shooting, rides home in a fire department truck on January 11, 2018. Some members of the Sutherland Springs community welcomed Ryland home as he passed through town on the fire truck.

Media Men list: Moira Donegan identifies herself as creator of the document
Roiphe said she was not surprised by how people were responding to her on social media. "I wrote the list" and so on. And Roiphe, the essayist, told NBC News via email: "I understand why people are confused about my intentions".

AJ Styles To Defend WWE Championship In Strange Match At Royal Rumble
They were interrupted by Charlotte Flair, Naomi and a returning Becky Lynch, who charged the ring and attacked the Squad . AJ Styles vs Sammy Zayn, with everyone who has been involved in the McMahon/Owens feud since Hell in a Cell at ringside.

Forecast: Expect snow, then more cold weather
Rain can fall heavily on the morning drive, so roads will be wet and slippery for you on your drive to work on Friday morning. Obviously the falling ice precipitation will make it slick, but don't forget about the rain we received all of Thursday .

Serious security flaws 'Spectre' and 'Meltdown' haunting Intel, AMD and ARM chips
By the end of next week, the company expects to have updates for 90 percent of the past five years' processors. What's not quite so clear is the price you'll pay when those updates are installed.

Apparent China sub, warship approach waters near Senkakus
A foreign submarine was also detected in the same area on Wednesday as well as on Thursday, according to Japan's Defense Ministry. The Chinese side explained the move by saying that its navy was in the area to monitor and follow two vessels belonging to Japan.

Celtics rally to beat 76ers in London
British basketball legend John Amaechi says fans will be in for a treat when the NBA returns to London on Thursday. However Boston couldn't be stopped and they eventually took the lead in the third courtesy of a Daniel Thies dunk.

Exec Defends Pay Difference Between Catt Sadler And Male Host
Berwick added , "Our employees' salaries are based on their roles and their expertise, regardless of gender. According to reports Berwick told TV critics on Tuesday, "There is a lot of misinformation out there".

Trump Asks Why US Has So Many Immigrants from 'Sh*thole' Countries
Of course, Trump's shocking comments are rather consistent with his past statements on immigrants, particularly from Haiti . White House press secretary Sarah Sanders said Thursday afternoon: "There has not been a deal reached yet".

Myanmar police charge Reuters reporters under Official Secrets Act
The case against the men, who were covering the country's Rohingya refugee crisis, carries a maximum sentence of 14 years. Secretary-General Antonio Guterres said the arrests showed how press freedom was deteriorating in Myanmar, while U.S.