Trade with EU

[Davie Jones]

John is worried that the EU won't allow the City of London to manage their dodgy finances any more but when you look closely at the EU insisting that Governments raid personal bank accounts to raise funds before the EU would help financially... It kind of puts London in a good position to safely stash personal savings where the EU can't get its hands on them

 

[JohnD]

We already have to obey worldwide standards when we sell to them so I cannot understand your position.

I'm not avoiding the Financial regulations issue - The City of London will manage just fine outside of the EU and will happily invest in my 2/3 pinned electric gizzmo for world export

You take a delightfully optimistic view. You do not seem to have grasped that as a major country within the EU, we are currently a major influence in framing and agreeing the regulations.

Some of the anti-EU campaigners seem to think that EU regulations are framed by evil alien goblins. In fact, of course, they are framed by the representatives of the constituent nations, for their maximum advantage. If we resign from the EU that will no longer include us.

The UK's financial institutions are very anxious that, once outside the EU, we will be able to influence regulations to suit UK interests. They were able to block a Financial Transactions tax, by being at the table helping to frame the rules. If the institutions find that they would do better shifting out of the UK to maintain an EU base, they obviously will. Other European centres are very keen to get a spoon of the gravy.

Davey Grouch pretends to be unaware that other, non-EU countries wishing to trade with the EU have to agree to obey, for example, EU banking laws, as Switzerland recently did, even though they have no influence in framing them. I say "pretends" because it has already been mentioned multiple times in these forums.

 

[PBC_1966]

It's great to know that the anti-EU campaigners don't want to see the UK participating in framing the regulations we would have to obey.

You keep conveniently neglecting the part about how the U.K. would not have to obey EU regulations when it comes to trading with the rest of the world or when trading entirely within the U.K.

 

[JohnD]

you haven't read about the Swiss banking rules, I see.

What do you think are the benefits in having to obey regulations yet having no participation in framing them?

 

[PBC_1966]

you haven't read about the Swiss banking rules, I see.

What about them? If Switzerland has decided it wants to roll over to the EU's demands, that's their business. As you keep pointing out, London is a big financial center for the world. Doesn't that put U.K. banking in a rather strong position to call the tune?

What do you think are the benefits in having to obey regulations yet having no participation in framing them?

Which - as has been pointed out multiple times already - is something which already happens when dealing with much of the rest of the world anyway. Just because you might need to comply with the requirements of the regulations of Outer Swazibongoland if you want to trade with that country, you shouldn't be bound by Outer Swazibongoland's regulations for trading with the rest of the world, or within your own country.

 

[JohnD]

just to remind you

It's amusing to hear that Fire and Grouch thinks that the EU will permit their banking and investment business to pass through the City of London if UK does not comply with EU regulations. Let's just check what Switzerland had to do recently....
http://www.consilium.europa.eu/en/press/press-releases/2015/05/27-eu-switzerland-taxation-agreement/

I'm sure PBC read this before, and is aware that the UK's financial services sector is much bigger than the whole of our manufacturing.

And to answer your extra question, because UK is very dependent on profits from its Financial Services sector, it is desperate to retain the business.

There is no shortage of other financial centres, inside the EU, that are very keen to take hold of these profits if UK can't or won't agree to the terms offered.

 

[EFLImpudence]

There is no shortage of other financial centres, inside the EU, that are very keen to take hold of these profits if UK can't or won't agree to the terms offered.

Why have they not yet done so?

 

[JohnD]

because, at the moment, UK is within the EU, and so is attractive and convenient to other EU countries; and to foreign countries wishing to deal with the EU; and to other non-EU countries whose Financial companies wish to set up a presence in the EU, especially if their employees are better at speaking English than French or German.

This will obviously cease if we resign from the EU.

Additionally, as the UK is a major member of the EU, it has a strong voice and influence in framing the rules, and can negotiate at the conference table for the benefit of UK interest.

This will obviously cease if we resign from the EU.

And a question for you:
Did you seriously not know that?

 

[jockscott]

The EU has dealings with other countries outside of the EU, yet don't / can't make the same stipulations on these countries. Why do you think this is?

 

[JohnD]

That is not true.

Try asking a question based on the truth.

 

[jockscott]

So now you are claiming that there will be no downside to resigning from the EU

Johnny me lad,, Can you give us an "upside" to remaining in the EU (as it is at present) ??

Another question JohnD avoids like the plague.

 

[JohnD]

I'm too busy spotting lies by the anti-EU campaigners.

It's amusing that you think that being on the inside, with a strong voice and influencing the organisation, isn't a benefit.

Perhaps you're one of those Farage nutters who think the EU is run by evil alien goblins. It is of course run by representatives of the constituent countries, for the benefit of those constituents.

 

[JohnD]

... the U.K. would not have to obey EU regulations when it comes to trading with the rest of the world or when trading entirely within the U.K.

untrue

 

[JohnD]

The EU has dealings with other countries outside of the EU, yet don't / can't make the same stipulations on these countries.

untrue

 

[JohnD]

U.K. banking in a rather strong position to call the tune.

untrue