In the face of various prospects for Brexit, the British business community “can’t sit stillâ€.
After the initial two rounds, the differences between the UK and the EU on the most important issues such as the break-up fee, the rights of both parties, and the Irish border have not made any progress. At the same time, the International Monetary Fund (IMF) and the Bank of England have recently lowered their economic growth expectations in the UK and warned that foreign investment in the UK has been on the sidelines; the devaluation of the pound has not seen the emergence of exports; Some of the multinational investment banks have publicly stated that they are preparing to evacuate personnel and some businesses to the European continent. The loss of the UK financial industry is quietly present: more and more people are beginning to doubt the "feasibility" of Brexit.
Before the peak of the August vacation, the British business community, which will be greatly affected during and after the Brexit process, was eagerly agitated in the face of the “undocumented†case of the British government's handling of the Brexit. The establishment of the new British Financial Association and the establishment of a new special department on the London Stock Exchange are all intended to provide advice for the government to maximize its benefits in the Brexit negotiations. The British Association of Corporate Directors issued a report to the government rumors: delay time and strive for maximum benefit. 
British business community has acted
Just last month, a union of the British Banker Association, the Asset Based Finance Association, the Council of Mortgage Lenders, and the Financial Fraud Action Committee (Financial Fraud) Action), the UK Payments Association and the UK Financial Association (UK), the UK's six most important financial associations, established the new UK Financial Association (UK FINANCE).
Stephen Jones, CEO of the British Finance Association, published an article in the official website of the association saying that dealing with Brexit is the top priority of the new association: "The Brexit negotiations have begun. For the UK financial association, how to protect the British economy from taking off In Europe and after the Brexit, it is important to have a well-considered and gradual transition. Ensure that users in the UK and other parts of Europe continue to receive reliable financial services through appropriate arrangements.†Obviously, the association It will represent the British financial companies in the government's Brexit negotiations.
On August 3, a news from the London Stock Exchange attracted attention. In order to protect London as a financial business concentration and prevent the collapse of cross-border financial markets caused by Brexit, the Stock Exchange announced the establishment of a new department to launch a response to the Brexit strategy, with the intention of providing professional support to government departments. According to the Exchange, they will provide professional guidance to the relevant personnel in the UK and the EU on the possible impact on the market after the official implementation of Brexit.
At the same time, the head of the British Chamber of Commerce and Industry, which is regarded as the “spiritual†and “barometer†of the British economy and mainly representing small and medium-sized enterprises, has recently actively met with policy makers at Downing Street to express business owners’ talents and The labor demand also hopes that the British government will be rational and operational in terms of policy formulation such as new immigrants related to future residence permits of EU citizens and the border between North and South Ireland.
In addition, the UK's largest business association, the Institute of Directors, has issued a detailed and detailed government proposal to directly “on-demand†Prime Minister Mei to “slow the plan†and win time for the final ideal trade agreement with the EU. . In a report entitled “By the Brexit, Transitional Choiceâ€, IOD pointed out that the UK can propose to sign a 50-year extension clause of the Lisbon Agreement, which is the easiest way to ensure that the UK and the EU have More time to negotiate a "win-win" trade agreement and establish new trade relationships. After the expiration of the period of the Brexit negotiations in 2019, the members of the "European Economic Area" will continue to be retained for a period of time, and the EU is required to give the UK a certain degree of autonomy in continuing to implement EU policies and sign a deadline for allowing the UK to extend its compliance with EU law. Sign a transitional tariff agreement. “The business community will be very happy. If the government raises awareness of the importance of the transition period, this transition period will minimize the impact of Brexit on the UK business and economy.†EU Business Directors Association EU and Trade Policy Responsible person Allie Renison told the media and looked forward to working with the UK government and the European Union to implement these proposals.
London's financial center status cannot be replaced
During the peak summer vacation in August, the City of London may seem unusual, but an evacuation is quietly taking place. According to Bruegel, the European independent think tank, the London financial industry will have about 30,000 people moving to other European cities, while other studies show that it is possible that London will lose up to 200,000 financial workers. Banks such as Citigroup, JPMorgan Chase, Morgan Stanley, Standard Chartered Bank, and Deutsche Bank have announced that they will set up their European headquarters in continental Europe or transfer more people and parts of their business to other European cities. Among them, Frankfurt, Germany is the most popular.
However, First Financial reporter learned from Mark Yeandle, a researcher at the global financial center research institute Z/YEN, that London is still one of the best in the global financial city rankings, and no European city can replace it. The “migration†that is currently expected or already seen is simply not enough to shake London’s status as the world’s number one financial center. “I think anyone is guessing that it is wrong to have a large number of financial institutions withdraw from London. There will be no large-scale evacuation of the City of London. Indeed, some financial institutions will be lost in London, and some large banks will transfer some of their businesses and personnel to other capitals or cities in Europe. But this does not mean that London will disappear as a global financial center," Yandur said.
Yandur expressed disdain for the argument that some cities are vying for “London City†and even guessing that they will replace their status as an international financial center: “In terms of competitiveness, Frankfurt is close to London and second in Europe, but I am I don't think there is any city that might replace London. From the point of view of the selection, there may be a more scattered situation, some transfer to Frankfurt, some to Paris, then Amsterdam, Luxembourg. Bank of America may choose Dublin, but none of them One can reach the level of replacing London. Don't forget that the population doing financial business in London exceeds the total population of Frankfurt."
In Yandul's view, to become a true international financial center, not only the degree of financial business aggregation, business environment, lifestyle, legal tax policy, including culture are decisive factors.
In fact, the City of London did launch a large project of cultural soft power this summer. The “Cultural Mile†(which corresponds to the “One Square Mile†of the City of London), which is jointly promoted by the City of London and the cultural institutions in the other three financial cities, is in full swing, through the use of music, dance, and Cultural resources such as dramas and museums bring artistic enjoyment to financial people, creating and rendering the cultural atmosphere and atmosphere of the financial city.
Does the UK agree to pay a breakup fee of 40 billion euros?
The Bank of England announced on Thursday that it will keep interest rates and monetary policy unchanged and lower the UK's economic growth expectations. President Carney said that the future of the UK economy will depend to a large extent on the progress and outcome of the Brexit negotiations. "Uncertainty will definitely put pressure on UK economic growth." The decision to lower economic expectations has, to some extent, shown negative sentiment towards the Brexit negotiations.
Before the Prime Minister’s tough stance of “reluctant to agree or not to a bad agreementâ€, the business community caused great psychological pressure and fear. And the unclear negotiation path has so far made people feel at a loss. Mervyn King, the former head of the Bank of England, told the media over the weekend that it was definitely not the first choice for both sides to reach an agreement. The British said that it is only to show the determination to leave the EU. In his view, the "decisive" attitude is just negotiating skills. However, he also pointed out that Prime Minister Mei must make a specific arrangement with "reputation" and "convincing" both Britain and Europe.
The problem is that the two rounds of negotiations that have already taken place have made little progress on the main focus issues such as break-up fees, citizen rights, and the Irish border.
On August 5th, the "Sunday Telegraph" reported that according to three related sources that did not want to be named, the British government is prepared to conditionally take out 40 billion euros as a break-up fee after the deadline for the Brexit negotiations. Payments are made on an average of 10 billion euros for three consecutive years, provided that a detailed and satisfactory trade agreement must be reached with the EU at the same time. “The bottom line for the UK government’s break-up fee is 30 to 40 billion euros,†one source said.
However, this estimate may be the wishful thinking of the British side. This bottom line is quite different from the 60 billion to 100 billion euros that the EU asks.
The subsequent Brexit negotiations will continue in October. The EU hopes that in the October 29 meeting, the two sides will have substantial progress in the process of "breaking up first."
Bifocal Glasses,Reading Eyeglasses,Bifocal Reading Glasses,Bifocal Safety Glasses
WENZHOU BOCHENG EYEWEAR CO.,LTD , https://www.bocheyewear.com