Speaking to the in-laws in Czech this week about Brexit, and a number of them were quite supportive of it. That is until they found out that for many Brexiters, the motivation was largely to stop people like them from coming to the UK.
Interesting piece in the FT on the realities though.
http://www.ft.com/cms/s/0/dd666fb8-833c-11e6-a29c-6e7d9515ad15.html#axzz4LIZQWhJp
Research by the FT shows the scale of the UK-based banks using passporting to sell into the EU. The group of 96 banks has assets of £7.5tn, directly employ more than 590,000 people and make annual profits of around £50bn.
Bank executives say EU passporting makes up 20-25 per cent of the London business of international investment banks, including the five big US players, who have assets of £1.5tn and staff of 21,000 in their UK-based banks, and the two big Swiss, which have assets of £415bn and staff of more than 6,000.
And:
…John Holland-Kaye, chief executive of Heathrow, warned that leaving the EU customs union would “add massive overhead” for businesses and port operators. “Can you imagine operating something like the Euro[tunnel] if you had to suddenly build in all these checks in place? It would be completely unmanageable,” he told the FT.
This piece might also be of interest to those who think we will easily makeup any drop in trade with the EU by 'trading with the rest of the world'.
Interesting piece in the FT on the realities though.
http://www.ft.com/cms/s/0/dd666fb8-833c-11e6-a29c-6e7d9515ad15.html#axzz4LIZQWhJp
Research by the FT shows the scale of the UK-based banks using passporting to sell into the EU. The group of 96 banks has assets of £7.5tn, directly employ more than 590,000 people and make annual profits of around £50bn.
Bank executives say EU passporting makes up 20-25 per cent of the London business of international investment banks, including the five big US players, who have assets of £1.5tn and staff of 21,000 in their UK-based banks, and the two big Swiss, which have assets of £415bn and staff of more than 6,000.
And:
…John Holland-Kaye, chief executive of Heathrow, warned that leaving the EU customs union would “add massive overhead” for businesses and port operators. “Can you imagine operating something like the Euro[tunnel] if you had to suddenly build in all these checks in place? It would be completely unmanageable,” he told the FT.
This piece might also be of interest to those who think we will easily makeup any drop in trade with the EU by 'trading with the rest of the world'.