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I'm not convinced that making finance more expensive produces any winners.

• deleted 9y ago
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• deleted 9y ago
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• paganel 9y ago
  Big finance is seen as a systemic risk, and you could say that the EU is just doing its job in wanting to maintain some level of control over such big and important of an industry. Many of the banks wouldn't have probably left anyway (many still might not) if it had looked like the EU and the UK would come to a sensible arrangement, but lately it seems like the UK politicians in charge of Brexit are shooting themselves in the foot constantly (the latest example being B. Johnson and his "they can go whistle" remark).
  • mino 9y ago
    > the latest example being B. Johnson and his "they can go whistle" remark This. No matter how you voted, strategy on the UK side has been a complete clusterfuck.
• barrkel 9y ago
  It's about leverage in the power sense, rather than financial. If systemically important banks are outside the EU's jurisdiction, and that jurisdiction lets them fail, it could hurt EU member states more than the foreign jurisdiction. Thus banks that are systemically important to the EU must not be outside the EU's supervision, one way or another - in direct opposition to May's obsession with sovereignty. The UK's sovereignty will need to be traded away to get any alternative free trade deals in any case, but UK politicians have been too cowardly to make that case to the public, so the fact that nothing is really going to change much on the red tape front hasn't sunk in yet. You can't trade without agreement on standards, and to get multiple parties to agree, you need one of those nasty globalist organisations involved.