UK rally tomorrow for certain.
Most people don’t realise that the “deal” that is being discussed right now is pretty much shiat and is worse than what UK had before. But hey, they can show the new about reaching the “deal”.
Do you have more insight than what’s in the news on the deal being discussed right now?
The deal cannot possibly be anywhere even close to what the UK already had. Thats 100% a given.
You can assume that whatever they are NOT discussing is the stuff UK is loosing. Financial services is a goner as far as i understand.
I think the tricky thing that people such as us in this forum don’t recognise is that probably the vast majority of people who voted for brexit could not care less about financial services workers
Given that the UK never had a deal before, I agree 
Why is it worse for financial services industry?
Maybe they have inside knowledge, I’m not aware of them having published any information on the deal yet except that most areas are already agreed.
My inside knowledge is that my friends in Goldman Sachs, Google, HSBC and so on are relocating whole departments to France and Ireland.
Ok so you have no inside knowledge on the deal then
Where is the point in speculating on the terms of the deal when we should find out in the not too distant future?!
(Google has always had it’s HQ in Ireland and it’s been centralising team from across the EU into Dublin for years)
I work in the financial industry and we’re not going anywhere, we’ve been hiring people non stop this year in fact. GS are hiring 100 more people in the UK, and HSBC 80+. My anecdotal evidence suggests the finance industry in the UK is doing really well. That doesn’t indicate anything to the actual subject at hand.
Google are building a massive HQ in king’s cross, looks to me more like they are moving people to London
Hi Laszlo Simon!
Do you speak Hungarian?
I mean, a few hundred jobs here and there… for context the sector employs 1.1 million people across the UK…
International banks whose EU headquarters were in London will have had to establish EU domiciled banking operations in prep for Brexit. I have lots of examples from tier 2 international London based subsidiary banks to globally systemically important banks (the banks that were they to fail, would present a material threat to the global financial system) who have plans in place to shut down, relegate London to branch status, or replicate their entire operation but to be EU domiciled. Whatever happens this has been a hugely costly exercise, with continued uncertainty.
The real worry is the gamble on the divergence agenda. There’s a fairly vocal influential lobby that would prefer we move closer to US regulatory norms, at the detriment of the regulatory framework of the EU (which again the UK, has been pivotal in shaping).
A loser regulated financial centre on the EU’s doorstep does not a friendly partner make, and the EU will likely seek to limit our access to these markets if it feels London presents a material threat to the stability of European financial markets. It has also publicly stated that it does not want to be held captive by a financial centre which falls outside of its regulatory framework.
The gamble by the offshore financial centre lobby is that due to the strength of ecosystem (professional services, English law, London is a great place to live (!), stable political system (!!) ) combined with looser regulation, emerging global powers will want to channel this new capital through the City. What they don’t seem to understand is, various policies of the last six years and the slow-mo brexit car crash have hugely eroded the UK’s credibility as a reliable partner.
Anecdotally, this is backed up by the weekly questions I get from clients, investees and partners on the potential impact of brexit and increased scrutiny they apply to assessing UK political risk. More concretely, Moody’s recent downgrade of the UK’s sovereign rating called out what is essentially a failure of politics and reliability as driving the downnotch.
News on the horizon. its looking good
Nothing expected on services.
I haven’t heard anything about financial services not being part of the deal. Well have to wait until tomorrow I suppose.