webfact Posted January 14, 2019 Share Posted January 14, 2019 Brexit takes toll on Britain's financial sector, outlook weak By Huw Jones FILE PHOTO: People walk through the Canary Wharf financial district of London, Britain, December 7, 2018. REUTERS/Simon Dawson/File Photo LONDON (Reuters) - Uncertainty over Brexit and the economy have led demand for Britain's financial services to shrink for the first time in five years, with no immediate sign of an improvement, a survey by business group CBI and PwC showed. And profitability in the sector which raises most tax in Britain was flat for the third quarter in a row in the three months to December 2018, the survey released on Monday said. The survey of 84 firms said demand is expected to continue falling during the quarter to March, with profitability also expected to drop for the first time in three years. "A combination of macroeconomic and Brexit uncertainty, regulatory compliance and global market volatility are taking a toll on the UK's financial services sector," CBI Chief Economist Rain Newton-Smith said. "The persistent weakness in optimism and the deterioration in expectations sound a warning for the outlook." Britain's parliament is expected to vote on Tuesday to reject the divorce settlement with the European Union, an outcome that would prolong uncertainty for the financial sector. But many banks, insurers and asset managers who use Britain as their EU base are opening hubs in the bloc to avoid being locked out of the continent if Britain crashes out of the EU in March without a deal. The survey painted a mixed picture for the sector, with business holding up among insurers, while volumes were flat or easing at banks, building societies and specialist lenders. The survey found a "striking loss of momentum" at investment managers, who reported the steepest fall in activity since the financial crisis a decade ago. A large majority of investment management firms surveyed were less optimistic about their prospects in coming months, with business from overseas customers taking a hit. It marks a reversal for investment management, which has grown well since the financial crisis as risk-averse banks draw in their horns. It now faces volatile asset prices and weaker demand, the survey showed. Despite an overall gloomy tone, headcount in the financial sector is expected to rise in the current quarter and investment intentions remain broadly stable, the survey said. (Reporting by Huw Jones; Editing by Alexander Smith) -- © Copyright Reuters 2019-01-14 Link to comment Share on other sites More sharing options...
anterian Posted January 14, 2019 Share Posted January 14, 2019 Reuters has in many articles shown itself to be anti Brexit, so I take all its comments with a large pinch of salt. Link to comment Share on other sites More sharing options...
Basil B Posted January 14, 2019 Share Posted January 14, 2019 They only quoted the CBI and PwC... Fact is British and None British companies with interests in the UK have taken a big hit over Brexit, Hopefully we will see a recovery Brexit nonsense is dead and buried. Link to comment Share on other sites More sharing options...
welovesundaysatspace Posted January 14, 2019 Share Posted January 14, 2019 ...and while (presumably) 99.9% of businesses, economists, and politicians agree that a (no-deal) Brexit will be bad, some hardcore Brexiteers keep trying to tell us they know better. Link to comment Share on other sites More sharing options...
Baerboxer Posted January 14, 2019 Share Posted January 14, 2019 1 hour ago, welovesundaysatspace said: ...and while (presumably) 99.9% of businesses, economists, and politicians agree that a (no-deal) Brexit will be bad, some hardcore Brexiteers keep trying to tell us they know better. Of course. Boris, R-Mogg and the now you see him now you don't Nigel with a pint of bitter beer man told them so. And they wouldn't lie would they? The world queuing up to sign highly favorable deals with Britain instantly; British unemployment solved instantly; high wealth for everyone and a fantastic free NHS, instantly. A land of milk and honey - and about as likely as the last one promised! Link to comment Share on other sites More sharing options...
RichardColeman Posted January 14, 2019 Share Posted January 14, 2019 The problem is a staunch remoaner doing the Brexit talks, what do you expect ? Link to comment Share on other sites More sharing options...
dunroaming Posted January 14, 2019 Share Posted January 14, 2019 Even now the Brexiteers are in denial and everything that exposes Brexit for what it is, is dubbed "project fear". Some of it is but most of it is just facts. The real "project fear these days is coming from Theresa May and her blatant threats over rejecting her deal. "My deal or no-deal!" then "My deal or no Brexit!" and today "My deal or the consequences will be catastrophic!" Well none of that helps us Mrs May because your deal is also catastrophic. Link to comment Share on other sites More sharing options...
Antonymous Posted January 14, 2019 Share Posted January 14, 2019 2 hours ago, welovesundaysatspace said: ...and while (presumably) 99.9% of businesses, economists, and politicians agree that a (no-deal) Brexit will be bad, some hardcore Brexiteers keep trying to tell us they know better. Yes indeed, the sky is falling... Link to comment Share on other sites More sharing options...
ivor bigun Posted January 14, 2019 Share Posted January 14, 2019 They only quoted the CBI and PwC... Fact is British and None British companies with interests in the UK have taken a big hit over Brexit, Hopefully we will see a recovery Brexit nonsense is dead and buried. I take it you mean when the remainers shut up and let Brexit go ahead.Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
Krataiboy Posted January 14, 2019 Share Posted January 14, 2019 2 hours ago, welovesundaysatspace said: ...and while (presumably) 99.9% of businesses, economists, and politicians agree that a (no-deal) Brexit will be bad, some hardcore Brexiteers keep trying to tell us they know better. Big "presumably" there. Link to comment Share on other sites More sharing options...
welovesundaysatspace Posted January 14, 2019 Share Posted January 14, 2019 19 minutes ago, Krataiboy said: Big "presumably" there. True, it might actually be 99.88% or even 99.79%. Link to comment Share on other sites More sharing options...
Krataiboy Posted January 14, 2019 Share Posted January 14, 2019 2 hours ago, RichardColeman said: The problem is a staunch remoaner doing the Brexit talks, what do you expect ? Absolutely. Having vowed "no deal is better than a bad deal", she is now trying to push through arguably the most disastrous excuse for a deal in our history. Unless she wants a revolution on her hands, she had better go back to Brussels and tell Junker and his cronies where they can stick it. It's one thing to bend, but we don't have to suck. Link to comment Share on other sites More sharing options...
Krataiboy Posted January 14, 2019 Share Posted January 14, 2019 6 minutes ago, welovesundaysatspace said: True, it might actually be 99.88% or even 99.79%. In your dreams. Link to comment Share on other sites More sharing options...
puipuitom Posted January 14, 2019 Share Posted January 14, 2019 43 minutes ago, ivor bigun said: I take it you mean when the remainers shut up and let Brexit go ahead. Nice to hear democratic views like yours. Those "Remainers" were just a few: 48,11 % of all voters. Of course a lot less as the overwhelming, landslide supporters of Brexit with a eclattant 51,88 %. A 27 % to stupid or too lazy to vote. Link to comment Share on other sites More sharing options...
puipuitom Posted January 14, 2019 Share Posted January 14, 2019 3 hours ago, anterian said: Reuters has in many articles shown itself to be anti Brexit, so I take all its comments with a large pinch of salt. When I see how many financial institutions from London already opened an office in Amsterdam, Frankfurt, Paris etc. I am curious how many will follow. Also out of other services and industries. Maybe the U.K. turns back to an agricultural society, as they wanted for Ireland, during and after the potato disaster mid 19th century. Link to comment Share on other sites More sharing options...
sawadee1947 Posted January 14, 2019 Share Posted January 14, 2019 7 hours ago, Krataiboy said: Absolutely. Having vowed "no deal is better than a bad deal", she is now trying to push through arguably the most disastrous excuse for a deal in our history. Unless she wants a revolution on her hands, she had better go back to Brussels and tell Junker and his cronies where they can stick it. It's one thing to bend, but we don't have to suck. The former colony will teach the colonists a lesson. You have to lick Irish c**** as well as any continental one. Link to comment Share on other sites More sharing options...
Nigel Garvie Posted January 14, 2019 Share Posted January 14, 2019 11 hours ago, RichardColeman said: The problem is a staunch remoaner doing the Brexit talks, what do you expect ? As I often read on TV. Of course it suits many to have this justification for the whole Brexit process failing to move promptly and painlessly to the land of milk and honey that so many people were lead to believe in - sorry folks, yous were conned. However the basic premise is I believe false anyway. Before the referendum there were plenty of seasoned political commentators who pointed out that TM was never a remainer at heart. TM is a typical career politician, if she believed it would advance her career to legislate that we all wore burkas she would. She is utterly without principle, she just thought Remain would win, she was Home Secretary, and she wanted to keep her job. The ease with which she won the Tory leadership shows clearly that the Tories understood only too well where her loyalties lay. They were correct, she has pursued Brexit to the best of her ability, not her fault that the problems and complexities proved to be so daunting. Can you think of other party leader who pretended to support Remain during the referendum, but was really a Leaver? .............check out the allotments. Link to comment Share on other sites More sharing options...
candide Posted January 14, 2019 Share Posted January 14, 2019 11 hours ago, Krataiboy said: Big "presumably" there. If it were "presumably", it would be easy to find a few recognised economists claiming benefits from a no-deal Brexit. Can you cite any? Link to comment Share on other sites More sharing options...
Sir Swagman Posted January 15, 2019 Share Posted January 15, 2019 3 hours ago, candide said: If it were "presumably", it would be easy to find a few recognised economists claiming benefits from a no-deal Brexit. Can you cite any? I thought economists were accountants with their personality removed Link to comment Share on other sites More sharing options...
stephenterry Posted January 15, 2019 Share Posted January 15, 2019 Let the people have a vote on May's deal. Either accept or reject. Nothing else. Then, when the result is clear, parliament should pave the way forward - hopefully with a different government in place. Link to comment Share on other sites More sharing options...
Krataiboy Posted January 15, 2019 Share Posted January 15, 2019 5 hours ago, candide said: If it were "presumably", it would be easy to find a few recognised economists claiming benefits from a no-deal Brexit. Can you cite any? Be my guest. But next time, have the nouse to do your own research. https://www.telegraph.co.uk/news/2016/05/25/why-leaving-the-eu-could-actually-be-to-our-economic-advantage/ https://www.theguardian.com/commentisfree/2017/jan/23/complaining-brexit-economic-benefits-government-cost-of-living-multinationals https://www.newsweek.com/brexit-economic-benefits-uk-464220 Link to comment Share on other sites More sharing options...
evadgib Posted January 15, 2019 Share Posted January 15, 2019 21 hours ago, Baerboxer said: Of course. Boris, R-Mogg and the now you see him now you don't Nigel with a pint of bitter beer man told them so. And they wouldn't lie would they? The world queuing up to sign highly favorable deals with Britain instantly; British unemployment solved instantly; high wealth for everyone and a fantastic free NHS, instantly. A land of milk and honey - and about as likely as the last one promised! As you mention him... Link to comment Share on other sites More sharing options...
candide Posted January 15, 2019 Share Posted January 15, 2019 3 hours ago, Krataiboy said: Be my guest. But next time, have the nouse to do your own research. https://www.telegraph.co.uk/news/2016/05/25/why-leaving-the-eu-could-actually-be-to-our-economic-advantage/ https://www.theguardian.com/commentisfree/2017/jan/23/complaining-brexit-economic-benefits-government-cost-of-living-multinationals https://www.newsweek.com/brexit-economic-benefits-uk-464220 Ok. Then it depends how "recognised" is defined. Link to comment Share on other sites More sharing options...
Krataiboy Posted January 15, 2019 Share Posted January 15, 2019 3 hours ago, candide said: Ok. Then it depends how "recognised" is defined. And even more so by whom. The editors of the two quality newspapers and magazine which published the articles I cited clearly regard the respective authors as recognised experts in their field. Forum members can judge for themselves from these brief resumes: Dr Andrew Lillico is Executive Director and Principal of Europe Economics. He is a Fellow of the Institute of Economic Affairs, as well as Chairman of the IEA/Sunday Times Monetary Policy Committee. He is also lead economist of the official Leave campaign. John Longworth, is a member of the Advisory Board of Economists for Free Trade and the Advisory Council of the IEA. He is Co-Chairman of Leave Means Leave. Kent Matthews is the Sir Julian Hodge Professor of Banking and Finance at Cardiff University. Next time, it might be wise to look before you leap. Link to comment Share on other sites More sharing options...
Retiredandhappyhere Posted January 15, 2019 Share Posted January 15, 2019 On 1/14/2019 at 1:28 PM, Basil B said: They only quoted the CBI and PwC... Fact is British and None British companies with interests in the UK have taken a big hit over Brexit, Hopefully we will see a recovery Brexit nonsense is dead and buried. You will have a long wait! Link to comment Share on other sites More sharing options...
nauseus Posted January 15, 2019 Share Posted January 15, 2019 https://www.cnbc.com/2019/01/15/germany-2018-gdp-data.html Link to comment Share on other sites More sharing options...
Thingamabob Posted January 19, 2019 Share Posted January 19, 2019 Remain is no longer an option having been eliminated as a result of being beaten in the referendum. Link to comment Share on other sites More sharing options...
welovesundaysatspace Posted January 19, 2019 Share Posted January 19, 2019 14 minutes ago, Thingamabob said: Remain is no longer an option having been eliminated as a result of being beaten in the referendum. I‘m afraid you’re wrong it’s no longer an option. If the sovereign parliament wishes so, it can decide to withdraw from A50, which would mean to remain. The referendum doesn’t in any way restrict parliament‘s sovereignty. Link to comment Share on other sites More sharing options...
whatsupdoc Posted January 19, 2019 Share Posted January 19, 2019 8 minutes ago, welovesundaysatspace said: I‘m afraid you’re wrong it’s no longer an option. If the sovereign parliament wishes so, it can decide to withdraw from A50, which would mean to remain. The referendum doesn’t in any way restrict parliament‘s sovereignty. But we might get close to the point that the EU will no longer want the UK to remain. So better revoke A50 before it is too late...... Link to comment Share on other sites More sharing options...
vogie Posted January 19, 2019 Share Posted January 19, 2019 6 minutes ago, whatsupdoc said: But we might get close to the point that the EU will no longer want the UK to remain. So better revoke A50 before it is too late...... Too late for who? Link to comment Share on other sites More sharing options...
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