Wrecking the City of London

Referendum  9  days to go

Polls

The FT poll of polls is now giving Remain 45% Leave 47%

An ICM online poll on 13 June gives Remain 44% Leave 47% Don’t know 7%

An ICM phone poll also on 13 June gives Remain 45% Leave 50% Don’t know 6%

The most recent poll with Remain ahead was on 10th June.

 Betting

Most bookmakers are offering 4/9 on Remain and 7/4 on Leave

Sterling

According to the Financial Times:  Pound still looking shaky (£) sterling is again down against the dollar and the one month sterling volatility is “over 28 per cent – squarely in 2008 crisis territory”.

Financial Impact of Brexit

The BBC reports on a promise made by the Tory rebels campaigning for Vote Leave:  “EU grants protected if UK leaves, Vote Leave claims”.  It is, of course, a promise the Poison Dwarf and Clown Boris have no power to make.

But one should remember what the Prime Minister has said reported in the Daily Telegraph as recently as 6th June 2006: EU referendum: Sterling volatility hits crisis levels as David Cameron warns Brexit would ‘put a bomb under economy

Boris2
Clown Boris worrying about City Workers

He was right – and the market is already reacting negatively to the prospect.  Where on earth does Clown Boris think the money to weather the storm is going to come from?  The  International Monetary Fund?   Remember what Christine Lagarde said on 13th May 2016 reported in the Huffington Post with an embedded Sky News video as well: “ Brexit Would Be ‘Bad Or Very, Very Bad,’ Warns IMF Chief Christine Lagarde”.

Clown Boris was Mayor of London for two terms.  He must be well aware that there are over 1 million Financial Services jobs in the UK – half of them in London.  Over 30-40% of Euro trading happens in London  Unless the UK opted for the Norwegian option – EEA status and free movement, financial services would move to Paris or Frankfurt. See this Financial Times($) story “Paris prepares red carpet for British bankers threatened by Brexit”.  HSBC has already said 1,000 jobs would be relocated to Paris and other banks are planning  a move.  This is not just an issue for banks, other services needing an EU “passport” such as insurance and reinsurance would have to do the same.   Of course, Clown Boris wants to be Prime Minister

 

gove2
Poison Dwarf Gove

As another Financial Times article points out, “Brexit vote would harm EU unitary patent plans”.   This project involves the UK hosting the division of the European Patent Court dealing with Life Science and Pharmaceutical patent disputes –  a very big loss for UK patent agents and UK law firms and barristers.    The Poison Dwarf Gove is Secretary of State for Justice.  His Department knows all about this project and the huge implications for the City were it to go elsewhere.  Of course, the Poison Dwarf has, wisely, stated that he will not be standing to replace the Prime Minister.  He knows what the post Brexit recession will be like.

patel
Postmistress Patel

Postmistress Priti Patel has the 3rd most common surname in London coming after Brown and Smith but before Jones.  As Minister of State for Employment, Ms Patel should well know what Brexit will do to employment in the City of London.   Perhaps she thinks the unemployed  will all become subpostmasters or newsagents.

Or perhaps she was brainwashed while she was working as a press officer  for Sir James Goldsmith’s Referendum Party.

Either way, these three are putting the future of UK financial services at great risk.  We can only hope that their wrecking plans will fail.

Postscript

Mark Field, MP who is the Member for the Cities of London and Westminster has posted a very trenchant analysis of the situation on the Conservative Home Blog:  “Mark Field – Brexiteers are selling a vision which is starry-eyed to the point of wanton irresponsibility“.  He is quite right and the crying shame is that Boris Johnson knows it too.  He was Mayor of London for two terms and now he is selling the city down the river Thames.

 

 

 

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