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Brexit

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Original poster

First Brexit employment casualties

616 replies

Stopyourhavering · 25/06/2016 15:02

dd graduated this week, happy times.....phoned this morning to say that 2 of her friends, who had also graduated ( business/law degrees) and been offered jobs had been telephoned by their prospective employers to say that because of Brxit, they were now basing their headquarters in Berlin rather than UK and would no longer be employing them......I fear this is just the start....I am so angry and upset for our youth. My ds and dd2 are so angry and feel betrayed....I wish 16 &17 year olds had been given a vote as I feel they had a better handle on the repercussions of Brexit

OP posts:
CoteDAzur · 27/06/2016 08:19

Good posts, math.

larrygrylls · 27/06/2016 08:40

Cote,

It is immoral to lend money to people who have no chance of repaying it unless their houses rise in value, just because you can securitise the loan and wash your hands of it.

CoteDAzur · 27/06/2016 08:48

Bankers cannot be expected to NOT lend to be people in case house prices don't rise in the future.

Should they also refuse mortgages to employees on salaries because they wouldn't be able to make the payments if they get fired?

Out of curiosity, do you assign any of this blame to those who have taken mortgages without a proper assessment of the risks involved? Or was it not their responsibility at all to judge whether or not they would be able to repay the mortgage if their houses didn't rise in price?

redhat · 27/06/2016 09:04

I am a lawyer who runs a specialist employment law firm. I have already had various clients contact me over the weekend with redundancy/immigration related queries. Anyone who thinks employment will not be affected is very naive. It has already started.

And those who are saying that firms "can't" just sack people overnight is completely wrong, You can do whatever you like, there will just potentially be a consequence to that action in terms of claims (from those who are eligible) in the event that you don't follow the correct process.

Cosmiccreepers203 · 27/06/2016 09:59

A friend of mine is winding up his company today and has laid off five staff. Had most of his contracts cancelled on Friday. He's basically ruined. He's going to have to sell his house.

sandrabedminster · 27/06/2016 10:28

This reply has been deleted

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RedToothBrush · 27/06/2016 10:29

Barclays shares have been temporarily suspended.

That's not good.

Mistigri · 27/06/2016 10:38

RBS suspended too.

Barclays shares are high-yielding and therefore attractive to investors who need an income stream, like pensioners ... More cases of bregrexit on the way?

Cosmiccreepers203 · 27/06/2016 10:45

sandra Yes, it was. How the fuck do you know what happened to his contracts? What would you do if you suddenly had no work and very little prospect of work? It is quick because no bloody expected it.
Have this for being so cynical Biscuit

RedToothBrush · 27/06/2016 10:46

Fuck knows. I know they did prepare for this scenario at least. Hence why suspended, but it depends on what now happens.

Johnson talked to the press outside his house this morning at about 9.30am, saying that the market and the pound is stable.

sandrabedminster · 27/06/2016 10:48

Nobody expected it? Have another Biscuit

The polls were neck and neck and at the time postal votes were being completed brexit was in the lead.

Cosmiccreepers203 · 27/06/2016 10:52

Think what you like. It's true. You doubting it isn't going to make it any less true. I suspect there are a lot of small businesses that provide non-essential services to other businesses that are going to be in this position. How do you plan for all your business drying up?

Somerville · 27/06/2016 10:57

I don't understand why so many leave voters are doubting that jobs and contracts will be lost now.

Those of you who believe they will, but think that's not such a big issue as whatever ideological issue made you vote leave, fair enough. But those just sticking your head in the sand about it by refusing to believe it.... THE FUCK??

RedToothBrush · 27/06/2016 11:05

news.sky.com/story/1717965/boris-insists-pound-and-markets-are-stable

If you believe enough, like Johnson, then its really not happening. Honest.

WannaBe · 27/06/2016 11:10

There will be job losses, of course there will.

But to suggest that contracts have been cancelled overnight just because of the result is entirely disingenuous, because the result doesn't mean an immediate exit. So I suspect that if contracts were cancelled on Friday those cancelling the contracts were already planning to do so and have used Brexit as a convenient get-out. After all, if you have a contract with a company then you need to make plans to replace it before you get rid, no? So if EU companies are pulling away from UK based ones then there is probably more to it.

Likewise many companies will use Brexit as a convenient timing to make redundancies without potentially being singled out in the media for doing so.

And I am a remain supporter... I don't believe that the claims of job losses and withdrawals on Friday are lies or made up, but I do think that the reasons given are less transparent than Brexit.

Mistigri · 27/06/2016 11:11

Well, it's stable if you take a long enough view Grin. The pound just hit a 31 year low. So if your frame of reference is 1985, then sterling is stable.

TheElementsSong · 27/06/2016 11:13

But those just sticking your head in the sand about it by refusing to believe it.... THE FUCK??

This, 100% Also on the discussions of racist attacks.

Apparently none of it is happening and it's all the fault of Remain.

GoudyStout · 27/06/2016 11:13

I don't understand why so many leave voters are doubting that jobs and contracts will be lost now.

Because they believed the spin and didn't bother reading the Treasury report on what Brexit could / would mean for then UK's economy.

All those people that voted Leave "because it couldn't get any worse" are in for a bit of a shock.

Cosmiccreepers203 · 27/06/2016 11:14

I also get a bit cross with 'to make an omelette you have to break some eggs'. It feels a bit like dismissing the difficulties faced by other people. It is all well and good for you but for a lot of people it won't be.

I worry about Birmingham, which was seeing such a growth in investment, especially from large corporations opening offices. Are Deutschbank going to keep their offices in Brindley Place? There are people outside of London who aren't bankers, but work for banks, who are about to suffer too.

WannaBe · 27/06/2016 11:15

I think that the pound's stability will need to take a longer term view. I also think that it's worth remembering that we have US elections coming up later this year, and the results and even the run-up are likely to have an impact on the US market, including the dollar, which in turn may have a positive impact on Stirling.

Cosmiccreepers203 · 27/06/2016 11:20

Wanna businesses are implementing their business continuity plans. The first and easiest things to get rid of are non-essential staff and non-essential contracts. So on Ftiday morning there would have been a lot larger businesses being very sensible and trying the mitigate potential losses by decreasing their outgoings. What is difficult to understand about that? All non-essential projects have at the very least been put on hold until people can see which way the market goes. Again, not rocket science.

CoteDAzur · 27/06/2016 11:22

"to suggest that contracts have been cancelled overnight just because of the result is entirely disingenuous, because the result doesn't mean an immediate exit"

No, it means an immediately-entered period of uncertainty and risk, with currency down 11% and government in turmoil. The very worst conditions for a business.

CoteDAzur · 27/06/2016 11:24

"I think that the pound's stability will need to take a longer term view"

What does that even mean? "Pound will depreciate significantly but I hope it will be OK in the long run"?

RedToothBrush · 27/06/2016 11:29

You mean when the same thing happens in the US and Trump wins and everyone panics because they have guns there...

Joy. I look forward to November.

Somerville · 27/06/2016 11:44

WannaBe
I freelance in a field that straddles tech/creative industries. The companies I work for made it very clear that in the event of a leave vote, they will have an immediate hiring freeze, including giving projects to freelancers, as they ride out the uncertainty of whether or not we'll stay in the common market or not. (They'll be expanding their mainland Europe offices if we leave the common market.)

So once my current projects are finished, I can't make a living for a while and I don't believe this would have been the case at all had we voted to remain. Our field is flourishing.

There are jobs and contracts still being offered by one firm - in their Paris office. I know this as my boyfriend, who works in the same field, has already got on offer there. Sad