Wow. Boris Johnson’s insistence on his silly Brexit deal has meant the one industry in which the UK remained a world leader – finance, is falling.

More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit.

That’s about 10 per cent of the total assets held by the UK banking system – meaning that our banks have been decimated, according to the classical definition of the term (decimation, in army terms, was the killing of one in every ten of a group of people as a punishment for the whole group).

And worse is to follow, according to research from the New Financial think tank.

Boris Johnson’s Brexit deal didn’t cover financial services, you see. He relied on “blue sky” daydreaming that a separate deal could be reached with the EU. This dream has turned into a nightmare with the EU refusing to give ground.

7,400 jobs have moved from the UK to the EU – and are not likely to be replaced.

And the UK is set to lose much of its £26 billion annual financial trade surplus, meaning the nation’s balance of payments (the difference between profits from exports and payments for imports) is likely to slip much deeper into the red.

It’s further evidence of a bizarre Tory policy – to give all of the UK’s business assets to foreign firms and governments.

The privatisation of UK industry – begun under the Thatcher governments and continuing to this day – has taken ownership of firms away from the general public and placed it mostly in the hands of foreign organisations.

Firms run by the governments of EU countries now run most of our railways, water services, and (I seem to recall) power supplies. Now our banking services are set to atrophy.

And of course, it will be ordinary working-class UK citizens like you and This Writer who will suffer.

Businesspeople always pass the consequences of their failures down. That’s why Tories have been able to persuade so many voters that pay rises for the workers are a bad idea – the bosses would not forgo their profits to support them but would hike their prices instead.

With less cash coming into the UK via the banks, the ultra-rich parasites will be looking for new ways to suck money out of us.

The result will be the impoverishment of the UK. We will be a once-great nation destroyed by political midgets with over-inflated opinions of themselves.

Source: Banks and insurers move £1 trillion of assets out of UK due to Brexit | The Independent

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