We're going to have to call a halt to Brexit aren't we?

[Hufflepug]

Lukewarm Remain voter here. Understand that the Government has to listen to 'the will of the people' and all that.

But for the love of God, now that it's clear what absolute economic suicide we're committing surely we've got to put a halt to it whilst the govt and the opposition work out what the fuck's going on!

AIBU

Toadinthehole - what are you talking about? If you don't know who your MEP is that is YOUR fault. I know who my MEP is, I follow her updates on social media and in the press. I wrote to her once to ask for her help with a bad landlord - and she did help. She wrote a letter to him and got my deposit back for me. In fact my MEP has been of enormous practical help to me - more than I could say of my Tory MP!

We have control over our borders. We are not a member of the Schengen Area. We decide on our own visa policy (unlike every other EEA member state except Ireland), we conduct our own ID checks at borders and we issue our own visas. When our Parliament agreed to ratify the Maastricht Treaty in 1992, we agreed to give freedom of movement to EEA and Swiss citizens, and in exchange, British citizens have freedom of movement in the EEA and Switzerland.

We are also legally allowed to deport EEA and Swiss immigrants within three months of their arrival if they do not have a job and cannot support themselves financially. However, the Home Office has chosen not to exercise these powers.

I think there is pressure on both sides in the negotiations. It's not plain sailing for the EU either.

www.google.co.uk/amp/www.telegraph.co.uk/news/2017/08/01/uk-set-poach-top-eu-talent-amid-mutiny-75-tell-brussels-dont/amp/

It would really help if people toned down the rhetoric about a hard brexit. Britain is Europe's banker and that is unlikely to change. We need them but they also need us.

Mother
I work in investment banking. I know there will be changes but it's not practical to relocate the bulk of operations to the EU. People don't want to move to Frankfurt. The French labour laws don't fit with working practices (how do you fit a 7.30am -5.30pm traders' day into a 35 hr week?). The technology and infrastructure costs of moving will be astronomical. The vast majority of large cross border European loans are governed by English law and under the jurisdiction of the English Courts.

Chaz you are not taking in to account the likely regulatory requirements that will mean that EU banking and financial business will be required to be carried out, not just on a 'bank nameplate basis', in the EU.

There is unlikely to be a wholesale relocation of all UK based EU banking/Finsec workers to EU locations. EU populations in the EU locations banks etc move to will service those businesses whatever your view of their 'working practices' might be.

I think the fact that this thread is in AIBU means much more traffic and varying views for all to see.

Fair enough having a Referndum section but it is quite hidden away to those who may not know where to find it.

I see no issue with debate and comment in either forum.

Might check in later busy now but just wanted to say this.

JWIM
I am taking that into account. Most banks will set up European subs if they don't already have them (in the same way EU banks often already have multiple uk entities not just the passported branch)That will be more than a nameplate but less than a full move. If you add in the third country equivalence provision in some existing regulations like MiFID (the FCA is the only NCA to have transposed MiFID II within the deadline ) the position gets really complicated.
However, if we remain in the EEA then it's potentially business as usual as the banking passports are EEA not EU.

same thread, different date. Bosh!

Good time to leave is when 'it was advisory' is trotted out. That is the mumsnet door to the eu ground hog day.

Doesn't matter where you put it.

Mother
Read the article. They are talking about 2% of jobs in it. Even if 10% go, it's not the loss of the whole industry.

Mother
I voted Remain! I am not a Brexiteer.
However, if Brexit is going to happen then I want both sides to start working together instead of sniping at each other. The UK does have things to offer the EU and we should be playing on our strengths, like the legal system, financial services, universities and research, language, time zone etc. rather than rehashing the referendum.

We have a choice we can either sit in a corner saying "we're doomed" or "I told you so" or we can get on with sorting things out.
One thing that is really damaging is our failure to present a united front to the EU.

We have a choice we can either sit in a corner saying "we're doomed" or "I told you so" or we can get on with sorting things out.

But what if sorting it out is admitting that the whole thing is a tremendous mistake?

But Chaz, those negotiating the UK position are not following the 'both sides working together' approach and the EEA option is not on the table, so your expecations about EU banking are unlikely to be met.

'We', assuming you mean the UK population, have little, if any, chance of sorting things out. Those leading the negotiations for the UK have done nothing to bring the county 'we' together. At present I have more faith in the EU protecting the overall UK situation in the brexit negotiations - witness the open approach they have taken so far compared to the woeful efforts of David Davis et al.

I fully agree that the politicians are a shore of shite on this topic. I really wonder if grassroots pressure will get them to focus or whether they are so remote in their Westminster bubble that they don't have a clue.

Shower not shore

Well yes, of course with EEA on the table the picture would look different. This hard Brexit or bust stance is preventing moving forward as much as the "we're doomed" talk.

Do you really think banking interests between the EU and the UK are going to stop just like that on a certain day. No .
If it's true we have a wealth of Professionals who don't want to leave UK, why do you think this is? Maybe because they can see that it's not all doom and gloom.
Once we can see just what we are being asked to pay for we can move forward.

Yes, banking regulation will change on a set day and the institutions will (are currently planning) ensure that they comply. EU business will be 'booked' in EU locations not London. Is it true that 'a wealth of professionals don't want to leave the UK'?

In what way will knowing what we are being asked to pay mean we can move forward.
We are required to meet our treaty obligations not 'being asked to pay' but meeting our agreed financial commitments.