How do you bring a wayward kid back into the fold? Try to scare the hell out of him is one way. And that's what MSM and others are doing given the outlook for what they're calling a hard Brexit landing soon when those stubborn, ignorant Brits exit the EU.
What you expect here is what you are getting from Bloomberg, hyperbole of the worst kind, as they continue to ramp up the scaremongering. You have to give it to them, they will try anything and the harder they try the more you know you're doing exactly the correct thing, getting out of a mind-numbing, suffocating gaggle of indifferent, non-local bureaucrats who care only about their agendas and noting about yours.
Notice the term crashing; that's no accident. A goal break would be much more correct and appropriate. Recall the whinny words of Chase Bank CEO Jamie Dimon: "There's still time to change your mind." Now that a timeline has been set, the prospect they've been hoping for, another election, gets dimmer than vision of a Brussels' bureaucrat. Notice too the word threaten. That's the term a U.S.lame duck official came to your sovereign country and threatened you with when it came to trade agreements. Headlines about the pound hitting 31-year lows are more of the same. We're buyers of the pound and now you can play the same game all the others have been plying for so long, beggar thy neighbor, while your exports ramp up.
Britain crashing out of the European single market could cost banks and associated businesses in the U.K. almost 40 billion pounds ($51 billion) in lost revenue, undermining a key sector of the economy, an industry report will warn on Wednesday.
Finance firms are making a fresh bid for special status in upcoming Brexit negotiations with the EU after U.K. government officials this week indicated banks will get no favors. The report, prepared by Oliver Wyman on behalf of TheCityUK lobby group, warns that almost 70,000 jobs and 10 billion pounds of tax revenue are at risk from a so-called hard Brexit, according to two people familiar with its contents.
Prime Minister Theresa May has ruled out prioritizing protection of the banks in Brexit talks and has dismissed their key business demand for an interim deal to help ease the transition out of the bloc, Bloomberg News reported Monday, citing three government officials. Finance executives have threatened to move jobs if Britain doesn’t secure a deal allowing them to serve European clients from London. More:
bloomberg.com/news/articles/2016-10-04/global-banks-fight-back-on-brexit-warning-51-billion-at-stake
Beware of Trojan horses.
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