5 ms·

Financial services is 6.9% of UK GDP, probably more now as covid has affected things like tourism. Irrelevant? Please back up your argument with more than jus

by zpeti 5y ago

Financial services is 6.9% of UK GDP, probably more now as covid has affected things like tourism. Irrelevant? Please back up your argument with more than just claiming that the state of financial services is irrelevant to the UK, and that it's about tax sheltering. I think you've been reading one side of a political argument for a long time.

jacquesm 5y ago
Yes, it is irrelevant. Financial services are not enough to keep the UK running. The UK is a large net exporter, and all of its sectors are hurting. The financial services arm of the UK is the major moving force behind Brexit in the first place, they did that knowing full well that the rest of the country would suffer. It won't take forever for people to realize this.
- hardlianotion 5y ago
  It is not a net exporter and has not been for some time.
  - jacquesm 5y ago
    Correct, should have dropped the 'net'.
- hardlianotion 5y ago
  Also, the financial services in the main were solid remain. One or two high profile hedge fund managers do not an industry make.
  - jacquesm 5y ago
    Plenty of money was spent to try to convince the more gullible segment of the UK populace that their future would be rosy if the UK could go it alone, and a lot of that came from the wealthiest segments of the country. The financial services industry was worried that Frankfurt or even Amsterdam or Paris might take the crown, which for the most part hasn't happened. And with multi-nationals such as Shell moving to the UK the balance is shifting further away from where it should be, now the UK will act as a de-facto tax shelter in all but name because it can afford to offer these companies great terms, after all, they have nothing to lose.
    - hardlianotion 5y ago
      In terms of money, again money was predominantly on the remainer side. But then any money going to support leave would be the dumb money right?
      - SideburnsOfDoom 5y ago
        > But then any money going to support leave would be the dumb money right Depends on where the money ultimately comes from. e.g. it would be smart for Russia to fund leave.
    - askin4it 5y ago
      "more gullible" No surprise they wanted to separate.
    - hardlianotion 5y ago
      As for the tax game, that is something that has not happened. In my view, and in the view of a large section of the party in government, it will not. The government rhetoric to address regional inequality and to address long term issues with health and old age provision that have not been addressed. These are things that could have an affect on whether they get re-elected. That and government office parties during covid lockdown
      - jacquesm 5y ago
        > As for the tax game, that is something that has not happened. It is happening as we speak.
        hardlianotion 5y ago
        Sure. Point me at the evidence. I am aware of a raise in the corporation tax levels.

by zpeti 5y ago

jacquesm 5y ago

Yes, it is irrelevant. Financial services are not enough to keep the UK running. The UK is a large net exporter, and all of its sectors are hurting. The financial services arm of the UK is the major moving force behind Brexit in the first place, they did that knowing full well that the rest of the country would suffer. It won't take forever for people to realize this.

hardlianotion 5y ago
It is not a net exporter and has not been for some time.
- jacquesm 5y ago
  Correct, should have dropped the 'net'.
hardlianotion 5y ago
Also, the financial services in the main were solid remain. One or two high profile hedge fund managers do not an industry make.
- jacquesm 5y ago
  Plenty of money was spent to try to convince the more gullible segment of the UK populace that their future would be rosy if the UK could go it alone, and a lot of that came from the wealthiest segments of the country. The financial services industry was worried that Frankfurt or even Amsterdam or Paris might take the crown, which for the most part hasn't happened. And with multi-nationals such as Shell moving to the UK the balance is shifting further away from where it should be, now the UK will act as a de-facto tax shelter in all but name because it can afford to offer these companies great terms, after all, they have nothing to lose.
  - hardlianotion 5y ago
    In terms of money, again money was predominantly on the remainer side. But then any money going to support leave would be the dumb money right?
    - SideburnsOfDoom 5y ago
      > But then any money going to support leave would be the dumb money right Depends on where the money ultimately comes from. e.g. it would be smart for Russia to fund leave.
  - askin4it 5y ago
    "more gullible" No surprise they wanted to separate.
  - hardlianotion 5y ago
    As for the tax game, that is something that has not happened. In my view, and in the view of a large section of the party in government, it will not. The government rhetoric to address regional inequality and to address long term issues with health and old age provision that have not been addressed. These are things that could have an affect on whether they get re-elected. That and government office parties during covid lockdown
    - jacquesm 5y ago
      > As for the tax game, that is something that has not happened. It is happening as we speak.
      - hardlianotion 5y ago
        Sure. Point me at the evidence. I am aware of a raise in the corporation tax levels.