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To be fair, there was a consistent universal message saying it would be bad for business.

ZeroGravitas 10y ago
And yet, the post you replied to was confident this wasn't a problem. Nobel prize winning economists didn't sway him, why did he expect his facebook friends to do so?
- mistermann 10y ago
  FWIW, for some people maximizing economic return isn't the only issue in life.
  - TillE 10y ago
    "Not maximizing economic return" is quite a euphemism for plunging the country into a likely recession, with effects that will be felt basically forever. We're talking about large parts of the economy that will be destroyed.
    - SixSigma 10y ago
      Recessions come and go. Destruction is a positive force. "Let banks fail, says Nobel economist Joseph Stiglitz". 2009
    - pessimizer 10y ago
      The UK is long overdue for a recession due to continued austerity (which has only made it's deficits rise faster), and has only been preserved through fluffing up house prices with direct subsidy, and escalating money laundering through property rising from sanctions on Russia justified by the conflict in Ukraine and the latest corruption crackdown in China. Without direct access to the EU market and the exceptions that the EU allowed the UK to keep them in, the UK may become a less attractive place to launder money or tax shelter in general, which may actually do real damage to the economy. I've even heard a bit of fear from Irish commentators that their profits from allowing companies to avoid tax all over the world may be affected, because it partially depended on a special relationship with the UK, which had a special relationship with the EU. I find it hard to see this as a bad thing for the world. Thus far, all permanent damage is very hypothetical, except that hysterical Remainers seem determined to bash the majority who voted Leave enough to guarantee Britain the most right-wing government in its history. Their first reaction seems to have been to take the farthest-left prominent person who had the ability to relate to Leavers out as leader of Labour, and try to replace him with one of the army of Blairs that have been openly attacking him ever since he was fairly elected. The UK will be lucky if it only ends up with Boris; if the Guardian and the PLP scream enough, they may end up with Farage in opposition...
      - SixSigma 10y ago
        We're seeing already headline companies on the run. HSBC, Vodafone who used Luxembourg to avoid UK tax have threatened to leave. A major Singapore mortgage house saying it won't fund buying London real estate. Vodafone routed the acquisition of Mannesmann through a Luxembourg subsidiary, set up to avoid paying tax on the deal, and continued to place its profits in Luxembourg. HSBC helped clients shield income from tax collectors - https://www.icij.org/project/swiss-leaks https://www.icij.org/project/swiss-leaks Guess who was Prime Minister of Luxembourg at the time, brokering all this - Current President of the European Commission : Jean-Claude Juncker https://en.wikipedia.org/wiki/Jean-Claude_Juncker https://en.wikipedia.org/wiki/Jean-Claude_Juncker https://en.wikipedia.org/wiki/Luxembourg_Leaks https://en.wikipedia.org/wiki/Luxembourg_Leaks
  - ZeroGravitas 10y ago
    Yes, I remember the Leave bus with "Money's not that important, who cares how much the NHS has" on it in 10 foot high letters.

And yet, the post you replied to was confident this wasn't a problem. Nobel prize winning economists didn't sway him, why did he expect his facebook friends to do so?

mistermann 10y ago
FWIW, for some people maximizing economic return isn't the only issue in life.
- TillE 10y ago
  "Not maximizing economic return" is quite a euphemism for plunging the country into a likely recession, with effects that will be felt basically forever. We're talking about large parts of the economy that will be destroyed.
  - SixSigma 10y ago
    Recessions come and go. Destruction is a positive force. "Let banks fail, says Nobel economist Joseph Stiglitz". 2009
  - pessimizer 10y ago
    The UK is long overdue for a recession due to continued austerity (which has only made it's deficits rise faster), and has only been preserved through fluffing up house prices with direct subsidy, and escalating money laundering through property rising from sanctions on Russia justified by the conflict in Ukraine and the latest corruption crackdown in China. Without direct access to the EU market and the exceptions that the EU allowed the UK to keep them in, the UK may become a less attractive place to launder money or tax shelter in general, which may actually do real damage to the economy. I've even heard a bit of fear from Irish commentators that their profits from allowing companies to avoid tax all over the world may be affected, because it partially depended on a special relationship with the UK, which had a special relationship with the EU. I find it hard to see this as a bad thing for the world. Thus far, all permanent damage is very hypothetical, except that hysterical Remainers seem determined to bash the majority who voted Leave enough to guarantee Britain the most right-wing government in its history. Their first reaction seems to have been to take the farthest-left prominent person who had the ability to relate to Leavers out as leader of Labour, and try to replace him with one of the army of Blairs that have been openly attacking him ever since he was fairly elected. The UK will be lucky if it only ends up with Boris; if the Guardian and the PLP scream enough, they may end up with Farage in opposition...
    - SixSigma 10y ago
      We're seeing already headline companies on the run. HSBC, Vodafone who used Luxembourg to avoid UK tax have threatened to leave. A major Singapore mortgage house saying it won't fund buying London real estate. Vodafone routed the acquisition of Mannesmann through a Luxembourg subsidiary, set up to avoid paying tax on the deal, and continued to place its profits in Luxembourg. HSBC helped clients shield income from tax collectors - https://www.icij.org/project/swiss-leaks https://www.icij.org/project/swiss-leaks Guess who was Prime Minister of Luxembourg at the time, brokering all this - Current President of the European Commission : Jean-Claude Juncker https://en.wikipedia.org/wiki/Jean-Claude_Juncker https://en.wikipedia.org/wiki/Jean-Claude_Juncker https://en.wikipedia.org/wiki/Luxembourg_Leaks https://en.wikipedia.org/wiki/Luxembourg_Leaks
- ZeroGravitas 10y ago
  Yes, I remember the Leave bus with "Money's not that important, who cares how much the NHS has" on it in 10 foot high letters.