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June 23, 2016 12:00pm by David Farrar

BNZ worried about Brexit

A reader sent this in. It shows how nervous global financial markets are if banks are warning they may have to suspend FX trading.

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Comment60

International Politics
EU

Comments (60)

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Manolo

Spreading fear seems to be the general tactic.
40 1
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June 23, 2016 12:02pm
coge

BNZ continue to insult their customers intelligence.
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June 23, 2016 12:07pm
Huevon

Meh…short term pain for long term gain, like dumping a bad girlfriend.
41 4
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June 23, 2016 12:15pm
s.russell

The UK Treasury warns there would be huge negative economic consequences of Brexit. The Out campaign says this is piffle. Looks like the markets are siding with the Treasury. And just like with betting markets, these are people putting their own money (and clients’ money) on the line.
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June 23, 2016 12:18pm
tom hunter

I already put in a link in GD to Daniel Hannan’s superb pro-Brexit speech at the Oxford Union, but you need to jump to the piece starting at 2:19 where he invites the crowd to ask themselves why the likes of Goldman Sachs and other megabanks are pouring money into the “Remain” campaign. He talks about the shock he felt as a right-wing Euro MP when he discovered how much big business loves regulation.

But here’s a little more detail from his blog:

The corporate giants have always been more pro-EU than their smaller rivals, whether old family firms or nimble start-ups. A major survey in August by Perspective Research Services found that, by two-to-one, SMEs regarded the EU as more of a cost than a benefit; and more than 70 cent of such businesses wanted to take back control of employment law, health and safety and trade negotiations.

To understand why the megabanks and multinationals don’t want such powers returned to the UK, you need only spend a week or two where I work. Brussels is a lobbyists’ paradise. The table below shows how much the mega-corporations spent on lobbying in the first half of last year, the latest period for which figures are available.

Amount spent on lobbying in the first six months of 2015

1 Microsoft Corporation 4,500,000
2 Shell Companies 4,500,000
3 ExxonMobil Petroleum & Chemical 4,500,000
4 Deutsche Bank AG 3,962,000
5 Dow Europe GmbH 3,750,000
6 Google 3,500,000
7 General Electric Company (GE) 3,250,000
8 Siemens AG 3,230,169
9 Huawei Technologies 3,000,000
10 BP 2,500,000
Source: Transparency International

There’s a reason they’re prepared to shell out so much. The 36 FTSE-100 companies that signed a pro-EU letter in The Times last month spent €21.3 million lobbying the EU; they got back €120.9 million in grants from Brussels. Hard to argue with a 600 per cent return on investment.

The money, though, is the least of it. Far more damaging is the way big firms lobby to get rules that suit them and hurt their competitors. I was surprised, when I was a new MEP, that corporate giants were forever demanding more regulation. It took me a while to understand why. They could easily assimilate the compliance costs, and were raising barriers to entry so as to secure a more monopolistic position.

I wonder when our left-wing comrades will wake up to this terrible truth.
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June 23, 2016 12:19pm
Fentex

I was just reading some interesting statistics on polling regarding Brexit. There’s a very, very clear delineation across generations – support for leaving is dominated by older people, support for remaining by younger people.

I expect remain will win, but if it doesn’t or does only narrowly it would be entirely because youth didn’t bother to vote (as we know older people do).

I find that a mildly amusing thought given how often I’ve heard people say “voting changes nothing” (though to be fair that’s usually about elections rather than targeted referenda).

It will be interesting to see, after the fact, how the demographics of those who do vote breaks down.

tom hunter; …how much big business loves regulation.

Which is why anti-trust laws that don’t try and second guess customer benefits but concentrate solely on preventing monopoly positions (thereby minimising concomitant need for regulation) would improve the U.S and Europe’s situations.
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June 23, 2016 12:19pm
tvb

Hidden due to low comment rating. Click here to see.
Britain will be fools to abandon the European project. It is a peace project at the end of the day which is something Britain has never grasped. If they left they would be shit out of Europe Britain will probably lose its security council seat and the agitation for Scottish independence will intensify. The economic cost will be significant.
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June 23, 2016 12:23pm
Manolo

BNZ should be more worried about the economic consequences of a Turkish invasion:
http://www.dailymail.co.uk/news/article-3655236/Nailed-four-big-EU-lies-Talks-Turkey-stall-Brexit-WON-T-spark-trade-war-say-Germans-Brussels-NOT-reform-open-borders-deportation-jobless-EU-migrants-myth.html
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June 23, 2016 12:37pm
dave_c_

@tvb 12:23pm

Another perspective of the EU and Brexit referendum :

http://www.veteransnewsnow.com/2016/06/22/1007366-brexit-what-is-it-about-paul-craig-roberts/
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June 23, 2016 12:38pm
JMS

Britain will be fools to abandon the European project. It is a peace project at the end of the day which is something Britain has never grasped.

The peace project myth.

After WW2 there was never going to be another war between Western European powers. The elites knew that, but kept pushing the myth in order to create fear in war-weary populations, and thus weaken resistance to bureacratic expansion.

Europe Britain will probably lose its security council seat

Abandoning the EU won’t affect that. Abandoning Trident would. A permanent seat on the Security Council hinges on your nuclear arsenal more than anything else.
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June 23, 2016 12:42pm
G152

Can Britain be trusted to self rule instead of being
overseen by and financing old and ancient enemies ?
The answer is YES
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June 23, 2016 12:42pm
dime

If they vote to leave, the US stock market will take a hit. some good stocks on sale!
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June 23, 2016 12:43pm
mikenmild

A permanent seat on the Security Council depends on your nuclear arsenal more than anything else

Permanent SC seats for Israel, Pakistan, North Korea and India then. Crash nuclear weapons programmes for Japan, Brazil, Germany and Iran. What could possibly go wrong?
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June 23, 2016 12:46pm
Ross12

Many on the Remain side have it is better to stay in and push for reform from within. Well Juncker has come out in the last 24hrs saying there will no more negotiation about how the EU works and the UK voters need to know it. So the elite have spoken — if the voters needed anything else to get them to vote leave, then that statement by Juncker says it all.
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June 23, 2016 12:56pm
kowtow

I wish all our banks were a lot more concerned about their own solvency issues…..

…..that is something we should all be very frightened about.
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June 23, 2016 12:57pm
howitis

tvb (5,481 comments) says:
June 23rd, 2016 at 12:23 pm
Britain will be fools to abandon the European project. It is a peace project at the end of the day which is something Britain has never grasped. If they left they would be shit out of Europe Britain will probably lose its security council seat and the agitation for Scottish independence will intensify. The economic cost will be significant.
————————————–
Ah Ok.
Security council seat in UN has nothing to do with Brexit or the EU.
Why do Remainers tell lies?
Are there no valid truths for remaining apart from heavy near monopoly control by bureaucrats and established multis. – this suits Germans but not Brits. The business arguments are largely hollow.

Scotland may separate if there is Brexit. With low oil prices (high oil prices were the main benefit for separation 2 years ago in the Scottish referendum) they will have it tough if they get out of the UK. I would like to see an English referendum to cut loose Scotland from the UK. Scotland would be gone by lunchtime.

As far is peace is concerned- the Brits were attacked in WW1 & WW2 and ended up winning after high human, emotional, and material cost. But they WON 2 out of 2!
Germany lost 2 out of 2. Naha nah nah nah.
Jackboot Merkel is laying the ground work for WW3. Who are her handlers I wonder!

For either result in the June 23 referendum, two things will happen:
-Nearly 50 % of the voting public in Britain will be disappointed with the result;
-There will be serious moves afoot in other ‘better off’ countries in the EU to Exit. They can learn from the very close UK campaign. Turkey’s entry to the EU (promoted by Jackboot Merkel ) will be the catalyst for the breakdown of the EU and by 2030 on the current path the EU will be Germany – Turkey and the old eastern Bloc countries.

Get out Now.
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June 23, 2016 1:00pm
cmm

Bullshit FUD.

What the UK banks are worried about is that the London city banks have always been global money lenders. A Brexit might make it a bit harder for them to trade with EU.

Brexit will allow Uk to get going again in many industries. The theorectical slight dent in banking is worth it.
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June 23, 2016 1:01pm
Manolo

Political elites from across Europe have joined forces in their desire to maintain the unnatural EU alive, the mother of gigantic perks and benefits.
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June 23, 2016 1:02pm
redqueen

To be fair, BNZ is merely explaining to its customers (prudently) that there will likely be a very volatile market on Friday. That’s not really surprising, as, either way, things will shift around.

I’m not sure this shows how ‘nervous’ banks are, merely that they need to advise their customers that there is a risk of service disruption. It’s like saying NZTA is ‘nervous’ when they advise motorists of potential weather disruptions through electronic motorway signs. All they are doing is advising you of the risk.

So I’d say good for BNZ. If I was planning to send money to the UK on Friday, I’d want to know there’s the potential for disruption.
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June 23, 2016 1:16pm
Hajji

So the lefties who have previously decried the banks as devils incarnate are now holding them up as role models in the most important vote ever held in the UK.

I will NEVER understand lefties!
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June 23, 2016 1:19pm
tvb

I doubt there will be a majority in the House of Commons to pass the legislation to leave. The Tory Party will be split from TOP to TOE and perhaps become two parties such is the ferocity within that Party. Hello Jeremy Corban’s Labour Party.
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June 23, 2016 1:19pm
Changeiscoming

As good as the ideals were when the EU was setup. It has now become controlled by socialists, that want an ever bigger government and bureaucracy. And most of whom are in no way accountable to the people. If for no other reason I would be voting out to give it to socialism.
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June 23, 2016 1:26pm
Inandout

A vote to exit will have a flow on effect for the rest of EU members, as one by one they reclaim their sovereignty. The 33,000 Brussels EU bureaucrats will be shitting their pants as redundancy looms, so they will be praying the vote is remain. And they are a precious lot in the EU Commission.

‘Jean-Claude Juncker’s chief spokesman, got furious with a journalist in Brussels today after he was described as a ‘bureaucrat’ during a press conference’.
March 2016.

Perhaps this guy’s name should be ‘Juncket’.
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June 23, 2016 1:26pm
emmess

It’s all bullshit
If there is so much fear, why has the pound not changed against the US dollar or Euro in the last 6 months?

http://www.xe.com/currencycharts/?from=GBP&to=USD&view=1Y
http://www.xe.com/currencycharts/?from=GBP&to=EUR&view=1Y
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June 23, 2016 1:33pm
greenjacket

tvb:
“Britain will be fools to abandon the European project. It is a peace project at the end of the day which is something Britain has never grasped.”
Wrong. European peace has been guaranteed by NATO.

“If they left they would be shit out of Europe Britain will probably lose its security council seat”
Again, wrong. The UN Security Council seat is a UN seat, and nothing to do with the EU.

“and the agitation for Scottish independence will intensify.”
Perhaps – but so what? If the Scots wish to have another referendum, then good on them. Ultimately, I think Scots will prefer rule from London to rule from Berlin.

“The economic cost will be significant.”
Maybe. Maybe not. Short term costs undoubtedly. But also potentially large long-term gains.
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June 23, 2016 1:35pm
Ross12

“The economic cost will be significant.”

The 17 billion they pay into the EU/yr. will cover a lot of the costs if they occur.
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June 23, 2016 1:37pm
wreck1080

I agree with BNZ — I just transferred all my pounds to NZD yesterday.

If brexit occurs, the pound will fall 20-30%.

If not, it might strengthen 10%.

Given the polls seem fairly evenly split I cashed out of the pound earlier rather than later.
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June 23, 2016 1:44pm
KevinH

The key driver of volatility within the FX market is uncertainty of the future post Brexit. Numerous outcomes have been predicted that present an unfavourable scenario for investors.The banks are being prudent in warning clients.
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June 23, 2016 2:14pm
emmess

The key driver of volatility within the FX market is uncertainty of the future post Brexit. Numerous outcomes have been predicted that present an unfavourable scenario for investors.The banks are being prudent in warning clients.

Bollocks, betting markets have been fluctuating between about 20% and 40% chance of Brexit, so they ought to have priced in between 20 and 40% of the damage. But as it turns out 20% to 40% of sweet FA is still sweet FA.
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June 23, 2016 2:23pm
Mr_Blobby

I still hope that the Brits do vote to exit.

It will not be all doom and gloom as the experts predict.

Yes the EU will try to make it hard on them to discourage followers. But the EU needs them more than they need the EU. The next day the World will carry on.

Like most people I do not believe the so called experts they get it wrong more often than they get it right.

What will be interesting is the amount spent by institutions in an attempt to sway the vote their way.
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June 23, 2016 3:18pm
lastmanstanding

Remember Y2K I do. We were scared witless that all computers were going to stop at 12 midnight 31st December 1999. I and many others paid huge sums to so called computer experts. I came into my work first thing January 1st 2000 to nervously check if the computer would turn on. It did.

Brexit is the Y2K of 2016. Self interested morons spreading fear and loathing.

Brexit is the chance for Uk citizens to throw off the yoke of control from Brussels
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June 23, 2016 3:36pm
Sarkozygroupie

I finally got round to having a look at what Cameron tried to negotiate with the EU back in Jan or Feb. I’m shocked there was so little asked for and so little gained:

https://www.theguardian.com/world/2016/feb/19/camerons-eu-deal-what-he-wanted-and-what-he-got

Especially since he came back crowing to the world how much he had won in concessions and how much better off the UK would be because of it?!?

Coupled with Junckers announcement today, how could any Brit want to stay in?

This is it – there will never be another chance ever to leave.

If Brits think they can have another referendum in 10 years time when they really have had enough of EU regulation strangling them, it will be tough luck.

I just wonder how many Brits are really truly cognisant of the magnitude of voting In.
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June 23, 2016 3:37pm
eszett

tom hunter (7,324 comments) says:
June 23rd, 2016 at 12:19 pm
I already put in a link in GD to Daniel Hannan’s superb pro-Brexit speech at the Oxford Union, but you need to jump to the piece starting at 2:19 where he invites the crowd to ask themselves why the likes of Goldman Sachs and other megabanks are pouring money into the “Remain” campaign. He talks about the shock he felt as a right-wing Euro MP when he discovered how much big business loves regulation.

It is an illusion to somehow think by a Brexit there would be “less ” regulation.

Th UK would still have to observe all regulations if they wanted to continue to trade with the EU and would still have to contribute to the EU budget. Only without any say in it.

They would surely loose the British discount they enjoy now? Why would the EU agree to the demands on of a country from the outside? The UK had the power to negotiate that discount while still in the EU, but once it leaves, all bets are off.

Not to mention that a lot of regulation in the EU are also driven by the UK, some UK regulation is stricter that the EU regulation and not all regulation is bad, but indeed has some advantages.

From the economist.

http://www.economist.com/news/briefing/21693568-david-cameron-will-struggle-win-referendum-britains-eu-membership-if-he-loses

Norway and Iceland have access to the single market through their membership of the European Economic Area (EEA). But they are obliged to observe all the EU’s single-market regulations without having a say in them, to make payments into the EU budget (in Norway’s case, around 90% of Britain’s net payment per head) and to accept free movement of EU migrants. As a Norwegian minister once put it, “if you want to run Europe, you must be in Europe. If you want to be run by Europe, feel free to join Norway.”

Switzerland, which is not in the EEA, has negotiated bilateral agreements that give access for goods but not most services. It has to keep to most single-market rules, contribute to the budget and accept free movement of people. The Swiss have been warned that, if they try to implement a 2014 referendum demand for limits on the latter, their trade agreement with the EU will lapse.
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June 23, 2016 3:38pm
wikiriwhis business

National leaves Kiwi savers the most vulnerable in OECD

News last week that Israel’s Finance Minister will insure savers’ bank deposits means New Zealand will be left as the only country in the OECD that has no deposit insurance to protect savers’ funds should a bank fail.

Most Kiwis don’t know that their bank savings can be used to help bail out their bank should it fail. The technical term for it is a “haircut” and National introduced this in 2013 as part of their Open Bank Resolution.
Savers queue to withdraw their funds from a failed bank in the UK.

Every other country in the OECD protects savers’ deposits with deposit insurance. Australians saving with the parent banks of ANZ, BNZ, ASB, or Westpac all have their deposits guaranteed up to $250,000. Kiwis saving with these same banks get no protection whatsoever.

Savers in New Zealand deserve the same protections savers have in the rest of the developed world. The OECD agrees.

Finance Minister Bill English ruled out deposit insurance in 2011 saying that it “is difficult to price and blunts incentives for both financial institutions and depositors to monitor and manage risks properly. No other developed country has the same problems.

On blunting incentives, otherwise known as ‘moral hazard’, Bill English can’t seriously expect everyday savers to analyse the loan books of banks to assess their credit risk when they open their accounts, let alone do this on a six-monthly basis.

Where I do agree with Bill English is when it comes to large investors. They should be required to assess the risk of their investments, hence the cap on deposit protection. We think $100,000 is a fair level of protection for New Zealand savers.

What would deposit insurance mean for savers? Depending on how the scheme is designed, banks would to pay a small regular premium (based on their credit rating) to fund an insurance pool that’s used to protect small depositors should it fail. This cost could be passed on to savers themselves as a $5-10 yearly fee on their accounts. It’s a small price to pay to know that your savings are safe no matter what.

https://blog.greens.org.nz/2016/06/21/national-leaves-kiwi-savers-the-most-vulnerable-in-oecd/
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June 23, 2016 3:40pm
dime

“They could easily assimilate the compliance costs, and were raising barriers to entry so as to secure a more monopolistic position.”

sad eh. thats why upward mobility isnt what it used to be.

less rich people losing their cash, less poor people making it.

all because of the glorious state!

Politicians are mainly low rent scumbags who are bought cheap.
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June 23, 2016 3:45pm
redqueen

@wikiriwhis business

We call that moral hazard and when we did have a limited time savers guarantee, we ended up with how much in bailouts? Banks, like any other business, aren’t infallible and if you want safety, you should look at using multiple banks.

Also, banks, unlike most companies, are regulated to the gates of Hell itself (even in NZ). So this is just standing on the banks of the Styx going, ‘Don’t worry, if we managed it across, everything will be alright…’
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June 23, 2016 3:46pm
Jack5

The BNZ worries only about the BNZ.

Must be related to the bank’s positions in currency and in futures contracts, etc. If the Government does have to help for goodness sake let it take an equity stake in compensation – as it failed to do with the bail out of finance companies.

A bank three times in its history bailed out by by the Government before being privatised, a bank big on piping in money from Japanese housewives’ savings that fired up the property bubble, IMHO the BNZ’s opinions rank slightly above the Ancient Romans’ analysis by haruspex teams that studied the guts of slaughtered hens.
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June 23, 2016 3:59pm
All_on_Red

‘Why would the EU agree to the demands on of a country from the outside?’ Because the EU needs the UK more than the UK needs the EU. The EU is bluffing and they know full well if the UK leaves the game is up. The only countries worthwhile left would be Germany. France is pretty much fucked and the rest are basket cases.
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June 23, 2016 4:00pm
Manolo

Would a turkey, a fat eurocratic one like Juncker, vote for an early Christmas?
http://order-order.com/2016/06/22/juncker-no-reform-vote-remain/
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June 23, 2016 4:06pm
mikenmild

AoR
The UK is the world’s 5th largest economy. Germany is No 4, France No 6 and Italy No 8. Combined, the EU is the 2nd largest economy in the world. The UK economy is about 20% of the EU’s GDP.
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June 23, 2016 4:11pm
Paul Marsden

Kinda reminds me of the Y2K hysteria which came to nought.
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June 23, 2016 4:19pm
wikiriwhis business

Kiwi’s who invest in off shore banks are total traitors
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June 23, 2016 4:23pm
Ross12

mikenmild

I assume you are agreeing with AoR when he says the EU needs the UK more than the opposite !
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June 23, 2016 4:23pm
mikenmild

No, refuting his suggestion.
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June 23, 2016 4:25pm
WineOh

Is it any different to a trading halt on shares around a major announcement or decision? Seems ok to me.

NZD up 1.5c vs the Euro in the last few days… which is good for me!
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June 23, 2016 4:26pm
V

It is the leverage stupid. If you are leveraged 100 to 1 and the currency most appreciably huge losses will be generated. Look what happened when the Swiss National Bank broke the Euro peg.
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June 23, 2016 4:30pm
Grizz

@wikiriwhis business

Are you saying that anyone with a kiwisaver account is a traitor? Virtually all Kiwisaver funds have investments in at least the big four Australian Banks. Locally, the only bank shares you can own, ie listed on the Stock Market is Hartland Bank. Besides, why is it a crime to own shares in a Bank that does business in another country? If New Zealand is going to obtain wealth above its GDP, it will be through investing and in part investing off shore.
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June 23, 2016 4:41pm
Fentex

JMS; After WW2 there was never going to be another war between Western European powers. The elites knew that

Just like the prior “War to end all wars”, eh?
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June 23, 2016 4:49pm
V

I would also make the point that the same fools who said the UK should join the Euro are the same fools for the Remain campaign.

If Britain had joined the loss of control over monetary policy would have put that country in a very precarious position economically.
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June 23, 2016 4:50pm
Ross12

mikenmild

Using your figures of the UK representing 20% of the EU GDP then AoR is right. If they leave then any leverage they have as a bloc ( if indeed the bloc is able to exercise leverage) is greatly diminished plus they lose the 350 mill a week contributions from the UK.
Despite what everyone on the remain side says trade will continue both ways. Businesses will adapt. The UK trade with the EU has been falling for a number of years and that will continue –like everyone else they know the future is with the east ( China, India, etc. etc.)
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June 23, 2016 5:10pm
Fentex

Ross12; Despite what everyone on the remain side says trade will continue both ways.

Is this a consistent position with regards to all Free Trade Agreements? That they don’t matter because “Businesses will adapt”?

People can decide that for various reasons they’d rather the UK be out of the EU but not because the UK will have as much trade. That’s just not true (in any short to middling term).

So far the EU has been quiet on the issue, not wanting to interfere in the UK’s internal decision but they could very easily be quite punitive beyond the simple issues loss of direct and open access to the Common Market will cause the UK.

And don’t think the UK can leave the EU but not the Common Market – the regulations governing the common Market ARE the EU regulations being agitated against.
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June 23, 2016 5:22pm
Lucia Maria

Paul Marsden,

Kinda reminds me of the Y2K hysteria which came to nought.

Any issues to do with Y2K were averted because a lot of programmers spent a lot of time fixing potential date bugs. Doesn’t mean that there wouldn’t have been a problem.
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June 23, 2016 5:24pm
Lucia Maria

Oh dear!

Game of Thrones Has a Lot at Stake in the Brexit Vote. Seriously.

According to Foreign Policy magazine, a British departure from the E.U. will see the massively popular HBO fantasy series deprived of a significant amount of funding for shooting on location.

One of the show’s major shooting locations is in Northern Ireland, where last week’s epic ‘Battle of the Bastards’ was filmed. Because it films there, HBO currently benefits from subsidies from the European Regional Development Fund. A Brexit would see Northern Ireland leave the E.U. along with the rest of the U.K., and potentially cut off that source of funding for HBO’s flagship program as well as several British movies and TV shows that have benefitted from it in the recent past, FP reports.
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June 23, 2016 5:33pm
greybeard

Brexit + Boris + Commonwealth = Good.

God save the Queen.
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June 23, 2016 5:45pm
Jack5

wikiriwhis business posted at 4.23: “Kiwi’s who invest in off shore banks are total traitors.”

Given that the main banks are Australian owned or controlled [Westpac, ANZ, BNZ (fully Australian owned), ASB (Australian majority-controlled)], Wiki, you are saying New Zealanders are overwhelmingly traitors.
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June 23, 2016 5:49pm
mikenmild

Many of us have banks investing with us, rather than the other way around, Jack.
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June 23, 2016 5:55pm
Ross12

Fentex

A German minister has already come out saying if the UK leaves there should a trade deal put in place. Don’t forget the UK is an important market for EU countries as well.
Sure there could be some short term upheaval but trade deals in place or not does not stop trade , they just make it a little easier or more profitable.eg NZ was trading happily with China prior to the trade deal between us.
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June 23, 2016 6:58pm
soundhill1

greenjacket (1,096 comments) says:
June 23rd, 2016 at 1:35 pm

“tvb:
“Britain will be fools to abandon the European project. It is a peace project at the end of the day which is something Britain has never grasped.”
Wrong. European peace has been guaranteed by NATO.”

By “peace project” I think tvb means the EU is more directed to solving environmental battles than the huge proportion of USA tax dollars spent on armaments and the implied CO2 budget. BREXIT would mean UK aligns with USA.

https://www.youtube.com/watch?v=3YPFra0Nq00
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June 23, 2016 7:40pm
Fentex

Ross12; A German minister has already come out saying if the UK leaves there should a trade deal put in place.

Two days ago DPF quoted Matthew Plummer writing, among other (nonsensical) reasons for Brexit, this…

3. Trade – too many vested interests to do good trade deals

But you’re not fooled, you get that what a German minister says may happen will definitely happen (no matter what people say about 28, er 27, nations agreeing or the UK having any annoyed or embittered foes in the EU after leaving).

Of course Obama said at much the same time that the UK will go to the back of the queue for trade deals with the U.S – with which the EU already has several. I guess the UK would dodge the TTIP so it can’t be all bad.
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June 23, 2016 11:26pm
ChardonnayGuy

As I’ve said before, large City of London business interests and corporates are on the Remain side because much of their business is conducted with other European banks, financial corporations and TNCs, especially in Germany. Much of London backs Remain because they derive their living from the financial industries and big business. Eurosceptic Tories are helping to destabilise their own party’s support amongst executives, senior management personnel and professionals within that economic sector and alienate them from their party. I hope Boris Johnson’s satisfied with the damage he and his quislings have done to the Tories as a result of his quixotic populist campaign.
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June 24, 2016 10:38am

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