Tag Archives: trading

Brexit: Amsterdam overtakes London as Europe’s top share trading centre

Duper’s delight: Admittedly it was Andrea Leadsom, not Boris Johnson, who gave us the soft soap about Brexit leading us into “sunlit uplands” – but he was the figurehead for it. Surely he must have known it was a lie?

Didn’t the Brexiteers say this could never happen and that London would remain the financial centre of Europe (if not the world) no matter what?

Average daily trading halved from €17.5bn to €8.6bn last month, according to data released by the CBOE exchange – while trade in the Dutch capital surged from €2.6bn to €9.2bn as exchanges shifted order books abroad after Brexit.

It has happened because Britain failed to gain equivalence with the EU or strike a comprehensive trade deal covering financial services, meaning exchange operators such as the CBOE and Turquoise had to move their order books abroad by January this year.

The actual impact is small:

The change can be compared to moving a computer that processes online store orders from one city to another. While the computer has moved, all of its customers and suppliers are still in the same place. Likewise, while share trading has shifted, most of the traders, brokers and asset managers are still in London.

But the symbolic impact is huge.

Brexit is stripping the UK of its established place in the world. Thanks to Tories like Boris Johnson, the country is losing all of the power and prestige that ordinary people worked so hard to give our rich bosses.

In fairness, this decline may ultimately be good for us.

It might finally give apathetic Brits the kick up the backside they need to end the rule of the overprivileged few, introduce a fairer system that rewards those who actually contribute, and earn a return to the top.

But I won’t hold my breath waiting for it.

Source: Amsterdam overtakes London as Europe’s top share trading centre | Financial sector | The Guardian

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Boris’s Brexit border plans could make UK a laughing-stock, says MP best-known for obsession with cheese

Liz Truss: the queen of cheese is warning that Boris Johnson’s Brexit will cause serious problems.

Boris Johnson’s Brexit border plans could break international trading rules, risk the UK’s international credibility, and lead to smuggling from the European Union, it has been alleged.

And just so you know this is a serious matter, the warning comes in a leaked letter written by the minister best-known – and ridiculed – for her own unnatural obsession with cheese.

Liz Truss – for it was she – outlined four “key areas of concerns” [sic] about the government’s plans to leave EU trading and custom rules at the end of 2020, in a letter to Chancellor Rishi Sunak and Michael Gove.

Here’s UK Business Insider:

Truss said the plans could create a series of logistical, political, and reputational risks for the government, including:

  • A legal challenge from the World Trade Organisation.
  • Increased smuggling from the EU if not all UK ports are ready to carry out checks.
  • Concerns over the union if EU tariffs are applied to all goods heading to Northern Ireland by “default.”
  • The undermining of the UK’s international trade policy.

The whole is likely to make the UK even more of an international laughing-stock than it is now – and that’s frankly amazing because other nations have been laughing at us for years.

They can see what happens when a nation falls into neoliberal decline for more than 40 years.

By the end, it has no public services to call its own, no manufacturing industry, no trading partners, no talent and no credibility.

And the members of the Tory government are prime examples of the philosophy that led to this collapse.

Source: Leaked Liz Truss letter says Boris Johnson’s Brexit plans risk legal challenge – Business Insider

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Tories u-turn on ivory trade – now they want to ban it again

Apologies if the image shocks, but the Tories have spent seven years dithering about whether to ban ivory trading, while the UK remains the world’s main exporter of ivory.

The Tories promised to ban ivory sales in their 2010 and 2015 manifestos, and did absolutely nothing about it.

In 2017, they dropped all pretence – possibly at the urging of a certain third party – and didn’t bother mentioning it in their manifesto.

Meanwhile, in its own 2017 manifesto, Labour introduced a promise to ban ivory sales.

So the Tories had to u-turn, didn’t they?

Environment Secretary (God help us) Michael Gove has launched a 12-week consultation, ending on December 29. It suggests a series of exemptions, detailed below.

But This Writer isn’t sure anybody needs to be worried about that.

Who reckons the Tories will kick it into the long grass again, before quietly u-turning one more time when nobody’s looking?

The UK will impose a ban on ivory sales to help bring an end to the poaching of elephants, under plans announced by Environment Secretary Michael Gove.

The proposals will protect elephants and help combat poaching by removing opportunities for criminals to trade illegally-poached ivory. Today’s plans will be subject to a 12 week consultation and cover items of all ages, not only those created after a certain date.

In line with the approach taken by other countries, the government is proposing certain narrowly-defined and carefully-targeted exemptions for items which do not contribute to the poaching of elephants and where a ban would be unwarranted.

The consultation proposes four categories of exemptions:

  • Musical instruments;
  • Items containing only a small proportion of ivory, a de minimis exemption;
  • Items of significant historic, artistic or cultural value;
  • And sales to and between museums

The government will work with conservationists, the arts and antiques sectors and other interested parties through the consultation period on exactly how these exemptions can be defined, implemented and enforced so as to ensure there is no room for loopholes which continue to fuel the poaching of elephants.

Source: Government sets out plans for ivory ban – GOV.UK


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