6 ms·

What is likely to change? The UK was the most important financial market before the EU. No nonsense about that at all. Switzerland is doing just fine as far as

What is likely to change? The UK was the most important financial market before the EU. No nonsense about that at all. Switzerland is doing just fine as far as I can see and they are not members of the EU. But I understand that its politically charged and people has a hard time tempering their anger which yours and the previous post are nice examples of.

notahacker 10y ago
As I pointed out, the UK's ability to serve EU markets via financial passporting will almost certainly disappear assuming the UK opts to leave the Single Market. Which is a problem if you're a startup aiming to provide regulated services to European markets and currently have London as a base (obviously it's less of a problem if you're a multinational bank and already have a Frankfurt office to relocate the relevant back office departments to). The legislative burdens still exist: they're just legislative burdens that will make performing certain services for EU citizens/companies impossible rather than merely complicated for a young company based solely in London. But please feel free to dismiss that argument as "anger" in lieu of any ability to support your claim that cultural differences are far more valuable to startups (?!).
- ThomPete 10y ago
  The UK opts to leave the EU not the single market just like Norway and the Swiss and just like it did before the EU. But feel free to claim certainty that this will happen where none exist.
  - notahacker 10y ago
    Well yes, it would be less damaging for the UK's fintech industry if the government opts to defy the will of a population that voted Out in a campaign dominated by debate over "control of immigration" in order to remain in the Single Market, precisely because all of the harmonised regulation you've claimed is the problem would continue to apply...
    - ThomPete 10y ago
      Why is't Norway and the Swiss hurting? This is the Euro all over. The amount of scaremongering that was put out for not joining the Euro yet the UK and Denmark managed just fine in fact more than fine.
      - notahacker 10y ago
        Because (i) they still abide by virtually all the EU regulations you've criticised in order to have access to the single market and (ii) as a condition of single market access they accept unlimited EU immigration; the end of which was promised as the key result of voting for Brexit by the successful Out campaign and is trumpeted by both the current candidates for British Prime Minister. But yes, there are feasible arrangements which would allow the UK to remain in the EU in virtually all aspects except name and voting rights after Article 50, which would be less damaging to startups after the uncertainty ended. I feel like I might be repeating myself a little here...
        ThomPete 10y ago
        You are repeating the same claim which comes down to you don't know.
        notahacker 10y ago
        I am repeating that I DO know that your claim that EU regulation does nothing to help the UK fintech sector is flatly and indisputably wrong, because its ability to serve EU markets from a London office is heavily dependent on financial passporting (and aided by other regulatory harmonisation) and whilst nobody knows for certain what will be negotiated or if Brexit will even happen, I DO know that all the available indicators point against your equally baseless assertion that the resulting settlement will "probably" be better for them than the status quo. Repeating that nobody knows exactly what solution will be negotiated and that it might be quite similar to remaining in the EU doesn't make you any less wrong on the subject of the benefits of EU passporting to UK startups.

notahacker 10y ago

As I pointed out, the UK's ability to serve EU markets via financial passporting will almost certainly disappear assuming the UK opts to leave the Single Market. Which is a problem if you're a startup aiming to provide regulated services to European markets and currently have London as a base (obviously it's less of a problem if you're a multinational bank and already have a Frankfurt office to relocate the relevant back office departments to). The legislative burdens still exist: they're just legislative burdens that will make performing certain services for EU citizens/companies impossible rather than merely complicated for a young company based solely in London. But please feel free to dismiss that argument as "anger" in lieu of any ability to support your claim that cultural differences are far more valuable to startups (?!).

ThomPete 10y ago
The UK opts to leave the EU not the single market just like Norway and the Swiss and just like it did before the EU. But feel free to claim certainty that this will happen where none exist.
- notahacker 10y ago
  Well yes, it would be less damaging for the UK's fintech industry if the government opts to defy the will of a population that voted Out in a campaign dominated by debate over "control of immigration" in order to remain in the Single Market, precisely because all of the harmonised regulation you've claimed is the problem would continue to apply...
  - ThomPete 10y ago
    Why is't Norway and the Swiss hurting? This is the Euro all over. The amount of scaremongering that was put out for not joining the Euro yet the UK and Denmark managed just fine in fact more than fine.
    - notahacker 10y ago
      Because (i) they still abide by virtually all the EU regulations you've criticised in order to have access to the single market and (ii) as a condition of single market access they accept unlimited EU immigration; the end of which was promised as the key result of voting for Brexit by the successful Out campaign and is trumpeted by both the current candidates for British Prime Minister. But yes, there are feasible arrangements which would allow the UK to remain in the EU in virtually all aspects except name and voting rights after Article 50, which would be less damaging to startups after the uncertainty ended. I feel like I might be repeating myself a little here...
      - ThomPete 10y ago
        You are repeating the same claim which comes down to you don't know.
        notahacker 10y ago
        I am repeating that I DO know that your claim that EU regulation does nothing to help the UK fintech sector is flatly and indisputably wrong, because its ability to serve EU markets from a London office is heavily dependent on financial passporting (and aided by other regulatory harmonisation) and whilst nobody knows for certain what will be negotiated or if Brexit will even happen, I DO know that all the available indicators point against your equally baseless assertion that the resulting settlement will "probably" be better for them than the status quo. Repeating that nobody knows exactly what solution will be negotiated and that it might be quite similar to remaining in the EU doesn't make you any less wrong on the subject of the benefits of EU passporting to UK startups.