Paphos Life

Lloyds of London has decided to set up a subsidiary in Brussels. They are less certain of retaining their financial passporting
rights.

Cogs123 wrote: ↑Thu Mar 30, 2017 12:07 pm Lloyds of London has decided to set up a subsidiary in Brussels. They are less certain of retaining their financial passporting
rights.

Whereas Deutsche bank are setting up a new city HQ in London, and Qatar are investing £5billion in the UK this year
on infrastructure projects etc.
Brexit mean the UK will continue to be the world's main financial centre.
Geoff.

Deutsche bank has it's headquarters in Frankfurt.
Investing in infrastructure projects is nothing to do with financial centres, it's investing to get a profit.

I don't see how either of these is relevant to the UK's future as a financial centre Geoff.

Lloyds of London is the oldest Insurance Company in the world, ( 1688 ), surely if they see the need to set up a subsidiary in Brussels, then others will follow, a trickle that will turn into a flood. The loss of these specialist, high paid positions is bound to have a detrimental effect on tax revenue.

Deutsche Bank, once seen as Europe's strongest financial institution, is considered by the IMF, US Central Bank & others as 'risky'

The £5Billion investment promised by Qatar can be added to their substantial $335 London portfolio which is managed by the Qatar Investment Authority, ( QIA ) which includes,
The city's Olympic Village
6% of Barclays Bank, (making it the largest shareholder)
Trophy Assets:- Harrods Dept. Store
The Shard, ( the tallest building in Western Europe).
Liam Fox stated, ' It is no exaggeration to say, through these ventures, Qatar has become part of the fabric of our nation.

More than half of the City of London ( 52% ), is owned by foreign investors for the first time. In 1980, just 8% of the city's offices were held by overseas owners.
Sadiq Khan, the Lord Mayor of London is to launch an unprecedented inquiry into foreign property ownership & has condemned foreign investors use of London homes as 'gold bricks', which has ramped up house prices in London.

4 of our largest energy companies are foreign owned.
EDF French owned
N.Power & E.ON. German owned
Scottish Power. Spanish owned

The British public have not benefited from the sell off of any public service I can think of, though it hasn't stopped the Government from trying to sell off the few remaining assets we have left, ( Forestry Land & The Land Registry ) though both are currently on hold.

Is this how we are going to put the ' Great ' back into Great Britain ' , why don't we just hand the keys over.
Perhaps they could sell of the Houses of Parliament which requires huge sums of taxpayers money to refurbish it, or even Buckingham Palace for the same reasons...I'm sure Qatar or a Russian Oligarch would be interested.

While the rest of the world is getting rich from the privatisation of our assets, it is the British public that will be left to pay the price.

Cogs123 wrote: ↑Thu Mar 30, 2017 8:25 pm Lloyds of London is the oldest Insurance Company in the world, ( 1688 ), surely if they see the need to set up a subsidiary in Brussels, then others will follow, a trickle that will turn into a flood. The loss of these specialist, high paid positions is bound to have a detrimental effect on tax revenue.

Lloyds is a perfect example of Global Britain. Just 10% of it's insurance business is done in the EU. It makes sense to open a subsidiary there, but it is certainly not planning to de-camp from London.

I agree Royal, actually that's a shockingly low percentage, maybe the Europeans don't like to support a UK institution?
Anyway in my opinion, Bankers, insurance brokers (apart from our very own Merchant_banker), will not be missed. They are inflationary and predatory.

I never suggested they would move lock, stock & barrel to Brussels, I was merely pointing out that if they saw the necessity to open a subsidiary there, then others would surely follow in order to keep their passporting rights also.