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A Gentle Reminder From British Financiers That They Can Work From Anywhere

Leave the EU, don't leave the EU. UK financiers have gotten options either way, according to said UK financiers.
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Door's that way, Dave.

Since all are agreed that the Greek situation is really no biggie—for anyone other than the Greeks, anyway—let’s move to the other side of the EU and to the other country working on a vote for national suicide: the United Kingdom.

The Brits are cutting right to the chase: Do they want to leave the EU or not? Or, as the folks in the City might put it, “Does Britain want to remain a consequential player on the world stage, or does it want to become a quaint backwater with a bunch of empty skyscrapers that used to house thousands and thousands of employees of the U.K.’s formerly most important industry?”

"If we left the single market, I think it would be disastrous for the City," TheCityUK Chairman Gerry Grimstone told Reuters….

"People are beginning to hedge their bets by keeping alternative locations available. They are working out what to do if Britain does leave and setting up parallel structures that would allow them to leave."

Eurosceptics and some businesses say Britain could flourish outside the EU but Grimstone said it was "dangerous" when people outside finance claim to speak on behalf of the City.

And if the British people wish to send their highest earners on their merry ways to Frankfurt, Zürich, New York and Hong Kong, those high-earners would just as soon as have them do it ASAP.

TheCityUK also said the British government should hold the referendum on whether to leave the bloc next year, rather than wait until 2017, so companies who are drawing up contingency plans could make investment decisions as early as possible….

"There is a strong mood in the City of 'let's get on with this', with a lot of people waiting to take decisions about investment," said Grimstone, who also chairs Standard Life Investments.

‘Brexit’ would be disaster for UK financial sector - industry group [Reuters]


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