London loses top spot as global finance hub...

[GazLaz]

https://www.ft.com/content/06d80468-3e0d-11ea-b232-000f4477fbca

[selby]

  Not what Alexander von Shoenburg in the BILD German paper thinks though or the Confederation of British Industry reported  last Thursday reporting the biggest surge in confidence in British manufacturers on record  and companies ready to ramp up investment, and the CBI reporting record employment.
  The EU member states account for only seven per cent of the worlds population, but fifty per cent of all welfare spending
  Germany hovering on recession, Macron in France unable to reform industry and pensions, Italy and Spain both basket cases, and fiscally the EU has just lost in Britain an economy bigger than the smallest eighteen remaining countries, effectively lowering members from 28 to 10.
  Meanwhile addressing guests at the Westminster Cinnamon dinner contrary to Tom Enders the past Airbus chief executive who threatened all sorts of doom and despair, the new chief Guillaume Faury painted a much brighter picture, said the company was " committed to the UK and committed to working with the new government to be a key partner to an ambitious industrial strategy" and added he saw" great potential to improve and EXPANDING OUR OPERATIONS IN THE UK THIS YEAR".
  SOME CHANGE OF POLICY THERE, It's enough to make you sick aint it?

[wilts rover]

  Not what Alexander von Shoenburg in the BILD German paper thinks though or the Confederation of British Industry reported  last Thursday reporting the biggest surge in confidence in British manufacturers on record  and companies ready to ramp up investment, and the CBI reporting record employment.
  The EU member states account for only seven per cent of the worlds population, but fifty per cent of all welfare spending
  Germany hovering on recession, Macron in France unable to reform industry and pensions, Italy and Spain both basket cases, and fiscally the EU has just lost in Britain an economy bigger than the smallest eighteen remaining countries, effectively lowering members from 28 to 10.
  Meanwhile addressing guests at the Westminster Cinnamon dinner contrary to Tom Enders the past Airbus chief executive who threatened all sorts of doom and despair, the new chief Guillaume Faury painted a much brighter picture, said the company was " committed to the UK and committed to working with the new government to be a key partner to an ambitious industrial strategy" and added he saw" great potential to improve and EXPANDING OUR OPERATIONS IN THE UK THIS YEAR".
  SOME CHANGE OF POLICY THERE, It's enough to make you sick aint it?

What Selby said.....

v what the CBI actually said...

The survey of 300 manufacturing firms reported that business optimism improved significantly in the quarter to January, at the fastest pace since April 2014. Meanwhile, export sentiment continued to fall, but was noticeably less gloomy compared to last quarter.

Investment intentions also improved following particularly glum expectations in October, with a record proportion of firms expecting to authorise capital expenditure in order to expand capacity. But a record proportion of manufacturers were concerned that a shortage of labour could constrain investment spending over the year ahead.

The improvement in manufacturers’ sentiment belied poor activity over the quarter. Output volumes in the three months to January fell at a similarly quick pace to last month, largely reflecting a sharp fall in motor vehicles output. This marked the eighth month in a row of flat or falling output volumes. Total new orders fell at the quickest rate since the financial crisis, reflected by a similarly fast fall in domestic orders. However, orders and output are expected to recover slightly in the quarter ahead.

Moreover, headcount fell in the quarter to January at their fastest pace since the financial crisis, but firms expect the rate of decline to slow next quarter.

With business optimism improving at its fastest pace since 2014 and some of the squeeze on investment plans lifting, it’s clear manufacturers are entering the new year with a spring in their step. Firms are now planning to invest more in plants and machinery, which will ultimately help increase capacity and output.

“However, this boost to sentiment belies poor trading conditions over the past quarter, with output and orders still declining. If we are to build on this rebound in optimism among UK manufacturers, it is crucial for the UK and EU to establish a trade deal that supports growth in this sector.”

https://www.cbi.org.uk/media-centre/articles/uk-manufacturing-business-optimism-improves-at-the-strongest-pace-since-2014-cbi/

[Glyn_Wigley]

  Not what Alexander von Shoenburg in the BILD German paper thinks though or the Confederation of British Industry reported  last Thursday reporting the biggest surge in confidence in British manufacturers on record  and companies ready to ramp up investment, and the CBI reporting record employment.
  The EU member states account for only seven per cent of the worlds population, but fifty per cent of all welfare spending
  Germany hovering on recession, Macron in France unable to reform industry and pensions, Italy and Spain both basket cases, and fiscally the EU has just lost in Britain an economy bigger than the smallest eighteen remaining countries, effectively lowering members from 28 to 10.
  Meanwhile addressing guests at the Westminster Cinnamon dinner contrary to Tom Enders the past Airbus chief executive who threatened all sorts of doom and despair, the new chief Guillaume Faury painted a much brighter picture, said the company was " committed to the UK and committed to working with the new government to be a key partner to an ambitious industrial strategy" and added he saw" great potential to improve and EXPANDING OUR OPERATIONS IN THE UK THIS YEAR".
  SOME CHANGE OF POLICY THERE, It's enough to make you sick aint it?

All of which is absolutely f**k all to do with the financial sector, which this thread is about.

[selby]

  Thought I would talk about something new Glyn, seeing as how New York has been the biggest centre for quite a few years now, probably due to the draconian financial laws the EU imposed on us while being a member.

[Glyn_Wigley]

  Thought I would talk about something new Glyn, seeing as how New York has been the biggest centre for quite a few years now, probably due to the draconian financial laws the EU imposed on us while being a member.

So the Financial Times is lying about London having been the top global financial hub? Or yet more guesswork on your part?

[selby]

 According to Bloomberg New York overtook London as the top financial centre on March the 17th 2014 just saying buddy.

[Glyn_Wigley]

According to Bloomberg New York overtook London as the top financial centre on March the 17th 2014 just saying buddy.

And there's no possibility that London has got it back in the intervening six years so that the Financial Times is right? Just saying.

[selby]

  Did it become a subject on here in 2014 because it was the fault of us being a member of the EU and their draconian financial laws holding us back  then Glyn? I can't remember you complaining then.
  Would you bet London has not got the crown back in six years time? are you turning your lights out on Friday? or having a party?

[big fat yorkshire pudding]

The lefties will be happy if this comes up given their hate for the city.

[Glyn_Wigley]

  Did it become a subject on here in 2014 because it was the fault of us being a member of the EU and their draconian financial laws holding us back  then Glyn? I can't remember you complaining then.
  Would you bet London has not got the crown back in six years time? are you turning your lights out on Friday? or having a party?

Ist paragraph - Irrelevant waffle.

2nd paragraph - Yes, I would bet on London reclaiming the crown within the last six years. And from the very same people you cite too!

https://www.bloomberg.com/news/articles/2016-09-26/london-remains-ahead-of-new-york-as-top-global-financial-center

[wilts rover]

The lefties will be happy if this comes up given their hate for the city.

According to academic research the City of London has COST the country £4.5 trillion in the past 25 years.

A long (but very worthwhile) read explains why. For those who can't be bothered this is because of tax evasion, the harm it caused from the financial crash but mostly because other strands of the economy have been neglected due to the influence of the city.

Of course the shrinking of the city wont suddenly make the rest of the country bloom again - just like closing the coalmines didn't turn South Yorkshire into a thriving economy - but it will mean less tax revenue for the government to do anything with/waste.

https://www.theguardian.com/news/2018/oct/05/the-finance-curse-how-the-outsized-power-of-the-city-of-london-makes-britain-poorer

[BillyStubbsTears]

The lefties will be happy if this comes up given their hate for the city.

Give me bleeding strength...

[SydneyRover]

The lefties will be happy if this comes up given their hate for the city.

This post is quite insulting bfyp especially as most of your posts end up being proven to be incorrect. I want the city to do well but I also want the whole country to benefit from any gains, to get away from the london centric madness.

[selby]

  Well, it looks like the city of London has lost top spot to New York and cost the country £4.5 trillion over the last 25 years all while being a member Of the EU. Better get out then if that is the price of being a member.

[DonnyOsmond]

  Well, it looks like the city of London has lost top spot to New York and cost the country £4.5 trillion over the last 25 years all while being a member Of the EU. Better get out then if that is the price of being a member.

F*cking hell.

It's also the same gap since Blackburn won the Premier League. Maybe if we let them win it again we'll be fine?

[foxbat]

“It is difficult to avoid the suspicion that three years of uncertainty since the Brexit vote has contributed to London’s fall,” said Monique Melis, the global head of regulation and compliance at Duff & Phelps, the consultancy that conducted the survey.

“While London was still considered the pre-eminent financial hub in 2018, it could be that the shockwaves of the EU negotiations have started to show.”

[selby]

We can cheer the fact that there is no uncertainty now then.

[Iberian Red]

The lefties will be happy if this comes up given their hate for the city.

Congratulations! It's only January and you've probably won the 2020 award for the most absurd and divisive post of the year.
Are you sectarian as well?

[foxbat]

What's a Leftie ?
somebody who doesn't believe the Daily Mail's lies ?
somebody who doesn't believe the dePfeffel Johnson's lies ?

[Glyn_Wigley]

We can cheer the fact that there is no uncertainty now then.

Funny how it hasn't bounced back to the top again then, eh?

[selby]

  The Boris bounce will take care of that Glyn

[big fat yorkshire pudding]

Fair point my comment was not worded the best way suggesting all see it that way, it wasn't intended like that.  But don't for one second believe there are those on the left of the political spectrum who do not think that way, they do.