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These banks can't do that part of the business out of the UK or with a UK workforce anymore. So the tax income, foreign currency trade etc goes elsewhere.
by bayesian_horse 8y ago
These banks can't do that part of the business out of the UK or with a UK workforce anymore. So the tax income, foreign currency trade etc goes elsewhere.
- cm2187 8y agoCorrect. Though if that business was already made out of a EU branch of a London bank (likely for retail business), the tax income was already in the EU, not in the UK.
- JAlexoid 8y agoLondon has thousands upon thousands of people working in the banking sector. JPMorgan, Bank of America, VTB, Bank of China - all have 0 retail operations in London and massive headquarters. Citibank has barely any retail operations as well...
- bayesian_horse 8y agoThe EU doesn't tax anything, though. You may be talking about the non-UK EU members, instead. And no, I was not referring to parts of that business...