London clears 900 trillion euro a year in derivatives alone. You need us more than we need EU, not Europe, we are part of Europe, just apart from. We still have the biggest navy and unfortunately we are entering a time where might is right.
London clears 900 trillion euro a year in derivatives alone
And? It made a similar amount when we were still part of the UK so clearly membership of the EU is broadly irrelevant when it come to financial markets so the point is moot.
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control.
The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
We have the biggest individual navy in Europe (excluding Russia, but… well we’ve seen how that has been faring), but we do not have a bigger navy than the EU together. If there is some naval threat that the EU cannot handle, we are in an even worse position to try to face it alone. If we’re operating on might is right logic then we absolutely need the EU, because we aren’t competing with heavyweights like the US and China alone
That’s not my point at all. We are allies. We don’t want to outsource our lawmaking is all. We can make our own rules, common law is more flexible for innovation, our risk appetite is higher than continental Europe.
We are devolving power in the UK, not centralising it somewhere else.
Of course I think it’s relevant, what I don’t understand is how the EU needs the UK more tha vice versa when the EU is bringing more to the table (including in terms of naval capacity)
Deadlines for what?
London clears 900 trillion euro a year in derivatives alone. You need us more than we need EU, not Europe, we are part of Europe, just apart from. We still have the biggest navy and unfortunately we are entering a time where might is right.
And? It made a similar amount when we were still part of the UK so clearly membership of the EU is broadly irrelevant when it come to financial markets so the point is moot.
Clearing deadline extended to 2028 it seems. https://removepaywalls.com/https://www.ft.com/content/3cad1c8d-0478-47d3-a2e1-9bae066de647
I’m well aware that the EU need the city, but if you think Brussels will allow that to go on forever you’re fooling yourself. The EU will not and can not allow their financial center to be outside of its regulatory control. The EU commission was unhappy with the citys grasp of the financial market in Europe before Brexit and wanted to limit its power, only to be stopped by the EU court when the UK was a member. They are not happier now, and the court will not stop them this time.
The UK firms just beefed up desks in the EU… They are all fully compliant and operate within the EU. Like LCH SA.
How can the EU stop those firms?
Why would they want to stop them? They want them within the EU, so… mission accomplished?
The profits get booked in London, the markets stay in London
We have the biggest individual navy in Europe (excluding Russia, but… well we’ve seen how that has been faring), but we do not have a bigger navy than the EU together. If there is some naval threat that the EU cannot handle, we are in an even worse position to try to face it alone. If we’re operating on might is right logic then we absolutely need the EU, because we aren’t competing with heavyweights like the US and China alone
That’s not my point at all. We are allies. We don’t want to outsource our lawmaking is all. We can make our own rules, common law is more flexible for innovation, our risk appetite is higher than continental Europe.
We are devolving power in the UK, not centralising it somewhere else.
So why bring up the navy in this context?
It’s what the UK brings to the table militarily. Do you not think that’s relevant with Russian and American direction of travel?
Of course I think it’s relevant, what I don’t understand is how the EU needs the UK more tha vice versa when the EU is bringing more to the table (including in terms of naval capacity)