8 ms·

All the London traders I know are pro Brexit. 100%. People in compliance, 100% remain.

• specialist 6y ago
  Huh. Given that the City will lose its preeminent spot in the world of finance, I assumed traders would be anti-Brexit. What's the (typical) trader's reasoning?
  • DaiPlusPlus 6y ago
    One would assume lack of oversight and regulation.
  • albertgoeswoof 6y ago
    Traders are gamblers, the city might not lose it’s place, and they’ll be riding a massive wave if that happens. Not a bad calculated risk.
    • Ekaros 6y ago
      Short it all the way down. Then buy at the bottom. It will rise again... Rather ugly way to do things, but it can work for them...
  • coldtea 6y ago
    >Given that the City will lose its preeminent spot in the world of finance It wont really lose anything. UK can now start new "tax haven" initiatives (discouraged under EU) and companies will flock there better than before... London didn't get its "preeminent spot in the world of finance" by entering the EU/EEC etc or because of it. It earned that spot by itself 100+ years before... Not to mention EU is barely doing well itself...
    • breakfastduck 6y ago
      Yeah people a quick to forget that London is not what it is because of the EU. It has been a global hub for centuries.
      • specialist 6y ago
        Right. But isn't there some wrinkle where London loses the trades denominated in eurodollars by leaving the EU?
        • coldtea 6y ago
          Not if the companies with the eurodollars can get tax haven in London...
      • ashtonkem 6y ago
        All of this is true, but people drastically overweight the recent past when predicting the future. The world is littered with cities that were global or regional hubs in the past. Things can change. This problem gets worse when the past becomes an argument for not taking the necessary steps to mitigate any potential change.
      • addicted 6y ago
        The UK was also the sick man of Europe before they joined the EU predecessors. The modern successful UK is almost certainly a consequence of closer collaboration with the EU. Almost none of the reasons the UK was successful before are true anymore.
        • krona 6y ago
          closer collaboration - closer compared to what? The share of the UK's total trade that was with the EEC/EU fell during the time it was a member.
        • coldtea 6y ago
          >The modern successful UK is almost certainly a consequence of closer collaboration with the EU. Is it? Or just neoliberalism via Thacher making it more alluring to modern capitalism (succesful for society is another thing) and the same cheap credit flood in the 90s+ that happened across the West?
      • jiofih 6y ago
        Are they? Never heard of that being forgotten. Sounds like empty brexit fodder.
    • MichaelMoser123 6y ago
      wouldn't you have to cut back on services as a tax haven? The NHS might not be very happy about that.
      • BerislavLopac 6y ago
        The NHS is being privatised anyway.
        • ilikeerp 6y ago
          As well as being factually dubious, that didn't answer the question.
          • coldtea 6y ago
            The question was wrong anyway. You don't have to "cut back on services as a tax haven". Cyprus, Singapore, Swizzerland in the past, etc, have all kinds of state services... Maybe the one asking had in mind some derelict tax haven islands in the caribbean or so? Not all tax havens are like that...
            • MichaelMoser123 6y ago
              No, services cost money and have to be paid for. That was my argument. Still interesting that you guys find that there is ground for argument - an irrelvant topic would not be ground for argument, wouldn't it?
        • Camas 6y ago
          https://capx.co/the-enduring-fantasy-of-secret-nhs-privatisation/ https://capx.co/the-enduring-fantasy-of-secret-nhs-privatisa...
          • BerislavLopac 6y ago
            There is nothing secret about it.
  • madaxe_again 6y ago
    A lot of traders come from a social stratum where being pro brexit is the in-group opinion. Reasoning doesn’t really come into it with brexit.
  • csomar 6y ago
    No longer has to follow EU rules. Can become a tax haven shortly after.
  • thu2111 6y ago
    Given that the City will lose its preeminent spot in the world of finance According to the EU. People who actually work in finance see it a bit differently.
• addicted 6y ago
  That does not align with how London, which was ridiculously pro Remain, voted.
  • breakfastduck 6y ago
    Neither will the % of the population of London who are bankers compared to who are not. So not a fair comparison at all.
  • throwaway2245 6y ago
    London financial industry traders and London voting residents are not related. Greater London residents voted overall ~60% to Remain, but you'd expect that traders live in the Eastern boroughs, and outside London, in Essex (both up to ~70% Leave).
• ksec 6y ago
  >All the London traders I know are pro Brexit. Along with lots of business owners I know. All of them knew exactly what they are signing up for. The OP's message is precisely the problem with the argument from Remain. They didn't answer any question or worries they had with Brexiteers. ( Or they did but it wasn't really what they were looking for ) And the discourse then fell apart.