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New York overtakes London as top financial center; Brexit blamed

Discussion in 'The NF Café' started by mr_shadow, Sep 12, 2018.

  1. mr_shadow Minister of State Security Moderator

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    New York has overtaken London as the world's most attractive financial center, a survey said on Wednesday, as Britain's decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe's single market.

    Brexit poses the biggest challenge to the City of London’s finance industry since the 2007-2009 financial crisis, since it might mean banks and insurers lose access to the EU, the world’s biggest trading bloc.

    New York took first place, followed by London, Hong Kong and Singapore in the Z/Yen global financial centers index, which ranks 100 financial centers on factors such as infrastructure and access to quality staff.

    London's ranking fell by eight points from six months ago, the biggest decline among the top contenders. The survey's authors said the drop reflected the uncertainty around Brexit.

    "We are getting closer and closer to exit day and we still don't know whether London will be able to trade with all the other European financial centers," Mark Yeandle, the co-creator of the index, told Reuters.

    "The fear of losing business to other centers is driving the slight decline and people are concerned about London's competitiveness."

    Since Britain voted more than two years ago to leave the EU, some of the world’s most powerful finance companies in London have begun moving staff to the EU to preserve the existing cross-border flow of trading after 2019.

    Around 5,000 roles are expected to be shifted or created in the EU from London by March next year, the date of Britain's EU exit, a study by Reuters published in March found.

    The head of the City of London financial district predicted in July that 3,500 to 12,000 financial jobs would go because of Brexit.

    The past year has seen a pick-up in the number of banks saying they plan to set up new EU subsidiaries after Brexit. Most major U.S., British and Japanese banks said they would build up operations in Frankfurt, Paris or Dublin.

    Other European centers moved in the global rankings. Zurich rose to ninth place from 16th place six months ago. Frankfurt rose to 10th from 20th place and Amsterdam climbed to 35th place from 50th place.

    "London and New York have long vied for the top spot of this index and the uncertainty around the future shape of Brexit is likely to be factor in their latest switch in positions," said Miles Celic, chief executive of the lobbying group TheCityUK. "In a competitive world we cannot afford complacency."

     
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  2. Roman Emperor

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    When random people in the casual lobby online in BlazBlue say Brexit was a bad idea, you know you dun goofed.
     
  3. Alwaysmind 总是心神

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    It’s not Toronto of Hong Kong?
     
  4. Darkmatter Lion's Sin of Pride

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    Still remember the times when some pseudo-intellectuals on twitter were thinking Brexit is such a wonderful thing because it would save them money and make the UK economy grow faster or some shit, despite there were people telling them that a Brexit (especially no-deal/hard brexit) would have a horrible impact.
     
  5. Aduro Definitely not a villain.

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    Ironically the only people who actually stand to benefit at the moment are:

    A. Mega Rich and unscrupulous individuals who want to avoid EU tax reform like Jim Ratcliffe. They can move away to avoid the tax increases while also avoiding EU labour restrictions in Britain.
    B. The non-EU immigrants who all the racists actually wanted to get rid of by voting leave. They will now face less competition and can ask for more money doing all the jobs that native britons turn their noses up at.
    C. Politicians who want to move up the part ladder and see Brexit as an opportunity to appeal to the public.
    D. People who just really, really hate Polish people.

    Frankly at this point, our best bet would be to let the whole EU collapse in on itself and hope that every other country flounders as much as we have.
     
  6. Pliskin Well-Known Member

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  7. Darkmatter Lion's Sin of Pride

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    Not surprised by this.

    I wonder what's going to happen if there isn't a lot of people willing to do the jobs that the natives don't want to deal with. :hm
    This is a rhetorical question. :maybe

    Funny thing here is that this can backfire if Brexit doesn't go as they think it'll go and destroy their career. :hm

    Didn't think the Brits really detest Polish. The Irish is one thing, but I wonder what's up with the Polish. :hm

    The odds of this happening is slim to none. I doubt the EU will collapse and fall apart, or if it will happen anytime soon unless Germany disbands it or something.
     
  8. Shinobu Itachi is my idiot

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    Quelle surprise! No one could've seen this happening. Kappa
     
  9. Aduro Definitely not a villain.

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    It really won't though.
    David Davies and Boris Johnson got a lot of traction for quitting becuase they didn't like May's Brexit plan. This is after they achieved nothing as Brexit Minister and Foreign Minister respectively. If May is ousted they'll gain ever more popularity and probably strong positions in the new cabinet.

    Brexiteers can actually win support by saying "this isn't the brexit we wanted" whenever anyone pushes for a plan that's remotely viable. Mostly because they never actually established a plan for post-brexit in the first place, which frankly David Cameron should have made them nail down before allowing the referendum.
     
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  10. Dragon D. Luffy of the Stars

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    Damn brits why have they gone full retard before we did, now we lost that window.
     
  11. Dragon D. Luffy of the Stars

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    Sometimes I feel like humanity reached a far-right peak in 2016. USA elected a baboon for president and UK voted to demnolish their own economy in two years.

    The reaction of the rest of society to those two events was so extreme that it kind of put a stop in the whole process. The left grew stronger, Facebook started being questioned, other European countries became more scared of leaving EU, etc.

    It wasn't a reversal, though, just a stop. The alt-right is strong as ever. But it seems the other side has finally managed to mount a proper resistance to them, so now the two are in a stalemate.
     
  12. Zenith L'osservatore

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    Brexit is one of those things that makes me glad I'm rich and have mixed ancestry, since I can basically move country or continent without any downside to my standard of living or future plans. As for the poor Britons who voted themselves into this predicament, I can only say that they've brought it upon themselves.

    With a bit of critical thinking, anyone could've realised that the immigration problem in the UK doesn't come from the EU, but commonwealth countries like India/Pakistan etc., who are going to be unaffected by Brexit. So my question is, why drive the country off the cliff? Or did they genuinely believe the Tory lies of sunshine and rainbows post referendum?

    The world is truly a bizzarre place
     
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  13. Nemesis The Sith Lord

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    Most Brits since Good Friday basically realised that they have at least one Irish ancestor 3-4 generations past. For Polish it's more of a "Wah I can't half ass my job anymore and got fired because boss found a polish guy that can do my job in half the time and better."
     
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  14. Avalon

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    What?
     
  15. Alwaysmind 总是心神

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    Toronto is the centre of the world. And this is coming from a guy from Montreal.
     
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  16. Avalon

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    No Canadian city is the centre of anything.
     
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  17. Roman Emperor

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    It's not even that. The leavers wanted immigrants to stop taking advantage of the benefits system. Without realizing the ones abusing it aren't immigrants, be they European or not. It's the locals.
     
  18. Zenith L'osservatore

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    Eh, it's a bit more tricky than that. What you said is almost true, except for the fact that even immigrants could take advantage of the system, and in particular commonwealth migrants. Which again, makes the whole Brexit business bizarre. As in you're kicking out Eastern Europeans who are taking jobs the locals don't want to do, but are ignoring the elephant in the room in the form of the many commonwealth immigrants?

    The only demographic I feel bad for is the youth as they will have to face an even tougher envinronment -- as if the environment wasn't tough enough ha!
     
  19. GRIMMM The Black Empire

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    Looking to be the biggest self-inflicted economic wound in UK history as far as I can remember.

    A movement based on lies, meaningless slogans, and playing on people's xenophobia. All because some rich toffs wanted to avoid regulations, workers protections, and ensure they can continue to avoid paying tax.

    Every time I read the news about brexit it makes me facepalm. If I couldn't laugh at the absurdity, I'd probably get stressed from anxiety.
     
    Last edited: Sep 12, 2018
  20. Aduro Definitely not a villain.

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    That's a bit alarmist. Considering that we had a civil war that killed 20,000 people in England during the 17th century...
     
  21. GRIMMM The Black Empire

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    I meant economic. Fixed my post.
     
  22. Alwaysmind 总是心神

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    @Detective @afgpride
    Time to defend your city’s honour.
     
  23. afgpride Retired Staff

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    Culture and the Toronto International Film Festival. :blessed
     
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  24. Roman Emperor

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    They could, but the fact is locals are the ones that make the most use of state benefits compared to immigrants. Granted, commonwealth migrants particularly from Pakistan, Bangladesh and other countries close to them follow but it's still illogical to put all the blame on immigrants for taking advantage of state benefits in light of this.
     
  25. mr_shadow Minister of State Security Moderator

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    Wait for Scottish secession and Irish reunification as a result of Brexit and you can make it the biggest self-inflicted wound in English history.
     
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  26. mr_shadow Minister of State Security Moderator

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    Also you know a few of the 16 Commonwealth Realms are going to become republics when Liz kicks it, so we might see England go back to 17th century levels of relevance in our lifetimes...
     
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  27. wibisana still newbie

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    Im suprised that Chie has not falsely claim this is Trump's achievement coz NY be no.1 again
     
  28. Junta1987 The Skeptic

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    Norway is not in the EU and they are fine
    Switzerland is not in the EU and they are fine

    There were several reasons why Britains voted Brexit and get more control over their country was one of them (Borders etc)

    Now, of course, the EU tries to economically bully the UK or make another referendum to get the result they want
     
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  29. WT #for the watch

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    "More control over their borders"

    We've just lost control of Ireland...
     
  30. Roman Emperor

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    They're still part of the EEA (European Economic Area) and are thus like EU members in the sense that they benefit from all the economic perks and access to the European single market but without the ability to influence and determine policies in the union.
     
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