This is not news. We knew this the day after the Leave vote. An act of economic self-harm.
I’m impressed he went to Bowker Vale Primary, my Mum went there
Give thanks to the disdain this country has for bankers. Rightfully so in some cases.
It was a huge mistake, especially for banking. UK had the perfect situation to dominate banking in Europe: English-speaking, English [1] legal system, reasonable and not-heavy-handed regulation, full EU membership with free ability to operate anywhere in the EU, massive amounts of skilled people available to work in finance.
Now it does not have these and UK banks cannot operate freely in the EU.
It was a bad idea for a lot of other reasons too, but for banking and finance it was a complete disaster.
[1] And Scottish, but most banking in the UK happens in London under English & Welsh law.
I think we need Howard from the Halifax ads to back this up then maybe a few people who voted for the debacle will admit they were wrong.
Forecast is forecast?
We were made aware of potential issues before the actual referendum and in the lead up to Brexit. Large swathes of the media and keyboard economists dismissed it as Project Fear, saying any negative reports were just talking the country down. We only avoided the worst case scenario when Johnson, a man who claimed the EU needed us more than we needed them, had to beg them for a deal at the last minute. Johnson then claimed victory over the EU, only to backtrack a few months later and claim he was made to sign this deal or get nothing, as if it was EU intransigence that meant we put not effort into negotiating a good deal. At what point in the that did anyone think things were going well?
We avoided catastrophe and only ended up with a disaster. Those who voted for Brexit are only mad because reality has a left-leaning bias and the Brexit they imagined in their head was not the one delivered (because it was never going to be). Brexit has worked out great for some because they were able to convince a lot of people to vote against their own interests by blaming an organisation that, while not perfect, was protecting them from our own government.
It was the will of the British people who demanded Brexit. They have it warts and all.
>You don’t solve the problems of the left-behind by damaging the one area of the country that’s been writing the cheques. London is paying large amounts of tax and will be damaged by Brexit over time.
Likely untrue. Many of the problems in this country are in large part due to central government adopting policies that favour financial capital over industrial capital.
He’s just relishing the fact that his bank didn’t fuck things up this time.
It was a mistake but bankers telling me it’s bad for bankers does make me wonder
I wonder what the result would be in May 2023?
Reddit Labour people when billionaire bankers diss Conservatives:
“Billionaire bankers are great!”
Lots of us voted against it and it was a very narrow win. But we got shouted down.
I don’t know much about Brexit (despite being a finance grad… just haven’t taken the time to look at the details). But there’s one thing that seems to be a hard and fast rule: What’s good for bankers is not good for regular people.
>One thing he is not especially worried about is the health of the bank he chairs, NatWest, which in its former guise as Royal Bank of Scotland was on the edge of collapse during the global financial crisis of 2008.
Davies has been chair of NatWest for seven years and the turning point in the bank’s fortunes, he says, was paying a $4.9bn (£3.6bn) fine to the US authorities in 2018 for its role in the sub-prime mortgage crisis. Until that point, NatWest had been “scrambling behind the sofa” to find capital, but now it is in better financial shape than many comparable European banks and has been able to expand. It has, he says, been “a game of two halves”.
Ironically this shit bank got fined not long ago, wonder if he is trying to stop people leaving the bank with the up coming recession
So if the bankers didn’t want it, who did?? (Aside from those who were tricked by the story government)
You don’t fecking say!
* Scotland, N. Ireland, London
You lost. Get over it.
No shit Sherlock – we all knew it would cut us off at the knees – trust and Tory are 2 words that never belong in any sentence other than “you can trust a Tory to fuck us over” 🤨
21 comments
This is not news. We knew this the day after the Leave vote. An act of economic self-harm.
I’m impressed he went to Bowker Vale Primary, my Mum went there
Give thanks to the disdain this country has for bankers. Rightfully so in some cases.
It was a huge mistake, especially for banking. UK had the perfect situation to dominate banking in Europe: English-speaking, English [1] legal system, reasonable and not-heavy-handed regulation, full EU membership with free ability to operate anywhere in the EU, massive amounts of skilled people available to work in finance.
Now it does not have these and UK banks cannot operate freely in the EU.
It was a bad idea for a lot of other reasons too, but for banking and finance it was a complete disaster.
[1] And Scottish, but most banking in the UK happens in London under English & Welsh law.
I think we need Howard from the Halifax ads to back this up then maybe a few people who voted for the debacle will admit they were wrong.
Forecast is forecast?
We were made aware of potential issues before the actual referendum and in the lead up to Brexit. Large swathes of the media and keyboard economists dismissed it as Project Fear, saying any negative reports were just talking the country down. We only avoided the worst case scenario when Johnson, a man who claimed the EU needed us more than we needed them, had to beg them for a deal at the last minute. Johnson then claimed victory over the EU, only to backtrack a few months later and claim he was made to sign this deal or get nothing, as if it was EU intransigence that meant we put not effort into negotiating a good deal. At what point in the that did anyone think things were going well?
We avoided catastrophe and only ended up with a disaster. Those who voted for Brexit are only mad because reality has a left-leaning bias and the Brexit they imagined in their head was not the one delivered (because it was never going to be). Brexit has worked out great for some because they were able to convince a lot of people to vote against their own interests by blaming an organisation that, while not perfect, was protecting them from our own government.
It was the will of the British people who demanded Brexit. They have it warts and all.
>You don’t solve the problems of the left-behind by damaging the one area of the country that’s been writing the cheques. London is paying large amounts of tax and will be damaged by Brexit over time.
Likely untrue. Many of the problems in this country are in large part due to central government adopting policies that favour financial capital over industrial capital.
He’s just relishing the fact that his bank didn’t fuck things up this time.
It was a mistake but bankers telling me it’s bad for bankers does make me wonder
I wonder what the result would be in May 2023?
Reddit Labour people when billionaire bankers diss Conservatives:
“Billionaire bankers are great!”
Lots of us voted against it and it was a very narrow win. But we got shouted down.
I don’t know much about Brexit (despite being a finance grad… just haven’t taken the time to look at the details). But there’s one thing that seems to be a hard and fast rule: What’s good for bankers is not good for regular people.
>One thing he is not especially worried about is the health of the bank he chairs, NatWest, which in its former guise as Royal Bank of Scotland was on the edge of collapse during the global financial crisis of 2008.
Davies has been chair of NatWest for seven years and the turning point in the bank’s fortunes, he says, was paying a $4.9bn (£3.6bn) fine to the US authorities in 2018 for its role in the sub-prime mortgage crisis. Until that point, NatWest had been “scrambling behind the sofa” to find capital, but now it is in better financial shape than many comparable European banks and has been able to expand. It has, he says, been “a game of two halves”.
Ironically this shit bank got fined not long ago, wonder if he is trying to stop people leaving the bank with the up coming recession
So if the bankers didn’t want it, who did?? (Aside from those who were tricked by the story government)
You don’t fecking say!
* Scotland, N. Ireland, London
You lost. Get over it.
No shit Sherlock – we all knew it would cut us off at the knees – trust and Tory are 2 words that never belong in any sentence other than “you can trust a Tory to fuck us over” 🤨
Oh you say…