8 ms·

UK faces worst downturn of any advanced economy, OECD says

acd 4y ago
Rejoin eu reverse it
- _8j50 4y ago
  Can't unspill milk.
  - bsder 4y ago
    In this instance, you can unspill a lot of the milk by unwinding Brexit. The UK won't get back the absolutely insane, sometimes one-sided benefits that they had before Brexit--those are gone permanently. However, they would get back the unified market and probably arrest the destruction of London as a financial center.
    - CogitoCogito 4y ago
      Their re-admittance isn't guaranteed.
    - Andaith 4y ago
      I'm ok with London as a financial center being destroyed if it means the rest of the UK gets more resources & investment, and thus wealth spreads more equally. It's always been wild to me the difference between London & the rest of the UK.
      - elliekelly 4y ago
        But the pie will be smaller. Much smaller. And there’s no reason to think the average Brit will be getting a bigger piece of it. If anything I’d expect the exact opposite.
      - jen20 4y ago
        That isn't what it means though: it means everywhere getting fewer resources and less investment.
      - laurencerowe 4y ago
        The UK does need to lift up areas outside of London but it cannot afford to do that by bringing London down. Before the pandemic, "London had the highest net fiscal surplus per head at £4,030." [1] If London were destroyed as a financial centre the rest of the UK will necessarily get far less resources & investment. [1] https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/articles/countryandregionalpublicsectorfinances/financialyearending2020 https://www.ons.gov.uk/economy/governmentpublicsectorandtaxe...
      - acchow 4y ago
        > I'm ok with London as a financial center being destroyed if it means the rest of the UK gets more resources & investment Wouldn't London becoming less productive mean the rest of the UK gets fewer resources and investment?
        yummypaint 4y ago
        Part of the reason London received so much investment was because it was a major source of income. If other parts of the country ramp up economic activity relative to london, they should get more attention.
      - retrac 4y ago
        It's not that unusual a situation. Toronto (with about 30% of Ontario's population) produces some 60% of the province's GDP. Ontario without Toronto would be about as wealthy as Poland, per capita. Perhaps all we're noticing here is that there are tremendous gains in efficiency to packing people in densely in large cities.
    - _8j50 4y ago
      I think if they negotiate a treaty with the EU that is purely an economical relationship that might work but migration and the EU parliament's oversight are things a lot of brits still oppose so it would be like getting back together with your ex that misses but hasn't changed much really. I think the UK basically needa the equivalent of NAFTA with the EU.
    - 0xy 4y ago
      Large financial institutions and banks are expanding footprint in London, and have announced new office developments after Brexit. So this claim of yours seems to be based on pre-Brexit fearmongering that never came to pass. I mean, come on, this is easily dis-proven as a talking point. 1 minute of Googling will show it's totally false. [1] >“London's position in Citi's global framework and strategy is undiminished and is actually growing” [2] >[HSBC] named three new senior investment bankers within its UK team over the past month as part of an ongoing expansion in the country, according to internal memos seen by Financial News. [3] [1] https://www.businesswire.com/news/home/20220125006049/en/Citi-to-Transform-EMEA-Headquarters-in-Major-London-Refurbishment https://www.businesswire.com/news/home/20220125006049/en/Cit... [2] https://www.ft.com/content/7d1be767-0121-45aa-8f94-b3a04ea3c4d0 https://www.ft.com/content/7d1be767-0121-45aa-8f94-b3a04ea3c... [3] https://www.fnlondon.com/articles/hsbc-hires-three-bankers-amid-uk-expansion-in-mid-market-deals-20211123 https://www.fnlondon.com/articles/hsbc-hires-three-bankers-a...
      - TapWaterBandit 4y ago
        The UK is still the most finance-friendly country in Europe by far. There were attempts to setup in France etc but regulation is much more onerous and so those plans fell apart quite quickly.
- lzooz 4y ago
  No thanks.
TapWaterBandit 4y ago
There have been some concrete advantages to Brexit: - Regained control of borders. This is going to be an increasingly important issue going into the 21st century as Africa is going through an enormous population boom. -No longer on the hook for the debt of certain EU nations (Italy and Greece being big ones) It'll be interesting to see his this shakes out over the next decade. If the UK achieves some degree of freetrade with the EU while regaining control of borders and a more independent ability to adapt to changing conditions, they could still come out of Brexit up. And tbh a few hits to the City and London area aren't necessarily a bad thing imho. The rest of the country needs some serious attention (Scotland as an independent nation would very possible have the worst social and economic outcomes of all Europe).
- TapWaterBandit 4y ago
  https://capx.co/britain-remade-a-new-campaign-for-economic-growth/ https://capx.co/britain-remade-a-new-campaign-for-economic-g... Some of the proposals here would be a good start for the UK. There is no reason the UK can't flourish but it will need to make some overdue changes. And London needs to realise that like it or not they are the capital city of the United Kingdom, not a city state alone.
  - oneoff786 4y ago
    Maybe they should do a brexit 2 to make isolate themselves from the UK union
- matthewdgreen 4y ago
  The problem with this plan is that “the UK coming out of Brexit ‘up’” would be meaningfully bad for the EU if it encourages other countries to follow. And at the same time, the party with the greatest power to determine free trade agreements between UK/EU is the EU itself. This always struck me as the worst paradox of the whole idea: you’ve created an adversarial zero-sum environment where a much more powerful opponent determines your success. In practice it doesn’t look this will even be an issue, since Brexit is already producing such bad results and losing popular support as demographic changes wipe out its base of support.
mikewarot 4y ago
As bad as this was for the UK, I suspect the rest of Europe is about to go through far worse as their energy and chemical inputs from Russia haven't even been completely severed yet. Once that happens, I fear that their economy might completely collapse.
- AntiRemoteWork 4y ago

acd 4y ago

Rejoin eu reverse it

_8j50 4y ago
Can't unspill milk.
- bsder 4y ago
  In this instance, you can unspill a lot of the milk by unwinding Brexit. The UK won't get back the absolutely insane, sometimes one-sided benefits that they had before Brexit--those are gone permanently. However, they would get back the unified market and probably arrest the destruction of London as a financial center.
  - CogitoCogito 4y ago
    Their re-admittance isn't guaranteed.
  - Andaith 4y ago
    I'm ok with London as a financial center being destroyed if it means the rest of the UK gets more resources & investment, and thus wealth spreads more equally. It's always been wild to me the difference between London & the rest of the UK.
    - elliekelly 4y ago
      But the pie will be smaller. Much smaller. And there’s no reason to think the average Brit will be getting a bigger piece of it. If anything I’d expect the exact opposite.
    - jen20 4y ago
      That isn't what it means though: it means everywhere getting fewer resources and less investment.
    - laurencerowe 4y ago
      The UK does need to lift up areas outside of London but it cannot afford to do that by bringing London down. Before the pandemic, "London had the highest net fiscal surplus per head at £4,030." [1] If London were destroyed as a financial centre the rest of the UK will necessarily get far less resources & investment. [1] https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/articles/countryandregionalpublicsectorfinances/financialyearending2020 https://www.ons.gov.uk/economy/governmentpublicsectorandtaxe...
    - acchow 4y ago
      > I'm ok with London as a financial center being destroyed if it means the rest of the UK gets more resources & investment Wouldn't London becoming less productive mean the rest of the UK gets fewer resources and investment?
      - yummypaint 4y ago
        Part of the reason London received so much investment was because it was a major source of income. If other parts of the country ramp up economic activity relative to london, they should get more attention.
    - retrac 4y ago
      It's not that unusual a situation. Toronto (with about 30% of Ontario's population) produces some 60% of the province's GDP. Ontario without Toronto would be about as wealthy as Poland, per capita. Perhaps all we're noticing here is that there are tremendous gains in efficiency to packing people in densely in large cities.
  - _8j50 4y ago
    I think if they negotiate a treaty with the EU that is purely an economical relationship that might work but migration and the EU parliament's oversight are things a lot of brits still oppose so it would be like getting back together with your ex that misses but hasn't changed much really. I think the UK basically needa the equivalent of NAFTA with the EU.
  - 0xy 4y ago
    Large financial institutions and banks are expanding footprint in London, and have announced new office developments after Brexit. So this claim of yours seems to be based on pre-Brexit fearmongering that never came to pass. I mean, come on, this is easily dis-proven as a talking point. 1 minute of Googling will show it's totally false. [1] >“London's position in Citi's global framework and strategy is undiminished and is actually growing” [2] >[HSBC] named three new senior investment bankers within its UK team over the past month as part of an ongoing expansion in the country, according to internal memos seen by Financial News. [3] [1] https://www.businesswire.com/news/home/20220125006049/en/Citi-to-Transform-EMEA-Headquarters-in-Major-London-Refurbishment https://www.businesswire.com/news/home/20220125006049/en/Cit... [2] https://www.ft.com/content/7d1be767-0121-45aa-8f94-b3a04ea3c4d0 https://www.ft.com/content/7d1be767-0121-45aa-8f94-b3a04ea3c... [3] https://www.fnlondon.com/articles/hsbc-hires-three-bankers-amid-uk-expansion-in-mid-market-deals-20211123 https://www.fnlondon.com/articles/hsbc-hires-three-bankers-a...
    - TapWaterBandit 4y ago
      The UK is still the most finance-friendly country in Europe by far. There were attempts to setup in France etc but regulation is much more onerous and so those plans fell apart quite quickly.
lzooz 4y ago
No thanks.

There have been some concrete advantages to Brexit: - Regained control of borders. This is going to be an increasingly important issue going into the 21st century as Africa is going through an enormous population boom. -No longer on the hook for the debt of certain EU nations (Italy and Greece being big ones) It'll be interesting to see his this shakes out over the next decade. If the UK achieves some degree of freetrade with the EU while regaining control of borders and a more independent ability to adapt to changing conditions, they could still come out of Brexit up. And tbh a few hits to the City and London area aren't necessarily a bad thing imho. The rest of the country needs some serious attention (Scotland as an independent nation would very possible have the worst social and economic outcomes of all Europe).

TapWaterBandit 4y ago
https://capx.co/britain-remade-a-new-campaign-for-economic-growth/ https://capx.co/britain-remade-a-new-campaign-for-economic-g... Some of the proposals here would be a good start for the UK. There is no reason the UK can't flourish but it will need to make some overdue changes. And London needs to realise that like it or not they are the capital city of the United Kingdom, not a city state alone.
- oneoff786 4y ago
  Maybe they should do a brexit 2 to make isolate themselves from the UK union
matthewdgreen 4y ago
The problem with this plan is that “the UK coming out of Brexit ‘up’” would be meaningfully bad for the EU if it encourages other countries to follow. And at the same time, the party with the greatest power to determine free trade agreements between UK/EU is the EU itself. This always struck me as the worst paradox of the whole idea: you’ve created an adversarial zero-sum environment where a much more powerful opponent determines your success. In practice it doesn’t look this will even be an issue, since Brexit is already producing such bad results and losing popular support as demographic changes wipe out its base of support.

mikewarot 4y ago

As bad as this was for the UK, I suspect the rest of Europe is about to go through far worse as their energy and chemical inputs from Russia haven't even been completely severed yet. Once that happens, I fear that their economy might completely collapse.

AntiRemoteWork 4y ago