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Brexit: The Continuing Fallout

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moon

When the NYT runs a series of stories about the cross between East Enders and Game of Thrones that British politics has become, it’s somewhat serious.

As part of the expert-sourced fear mongering in the run in to the referendum vote, one concern was that the financial services industry in London would haemorrhage jobs to some alternative location in the European Union. The response from the Leave Campaign was, of course, all rainbows and unicorns and lovely, sweet magical fairy dust. Well, turns out that a critical component of an already shaky economic foundation in Britain will lose jobs:

I spoke this week to several high-ranking executives at major financial institutions that collectively employ tens of thousands in London. While none of them have any immediate plans to move their European headquarters from Britain’s capital, all agreed they would eventually shift a significant number of highly paid employees to cities that remain in the European Union.

One executive in charge of relocation (who like the others, spoke only on condition of anonymity because of the political sensitivity of the issue) said the percentage of employees in his firm who might be required to move ranged from 10 percent to 40 percent. “Multiply that throughout the industry and it’s tens of thousands of people and their families,” he said. “And bear in mind that most of these people are millionaires.”

Helpfully, the NYT has graded the contenders for the next London here. Surprisingly, Amsterdam comes out on top, narrowly edging out Frankfort.

The NYT also has an at-times funny treatment on Boris here.

Labour are still engaged in a potentially fatal game of chicken. Tis is probably not an optimal strategy for establishing your bonafides as a government in waiting. And John McDonnell is making about as much coherent sense as the dreamiest of the Leave campaigners:

Amid the confusion, McDonnell used his speech to try and present a coherent Labour plan for a post-Brexit future, calling for the UK to remain in the EU single market and for the financial services industry to keep its privileged “passported” trading status.

However, the shadow chancellor appeared to dismiss the idea of the party seeking to block departure from the EU, saying: “The people have spoken and their decision must be respected.”

He also predicted that Brexit would end unrestricted travel and employment for EU nationals in the UK. “Let’s be absolutely clear on the immigration issue,” McDonnell said. “If Britain leaves the European Union, the free movement of people, of labour, will then come to an end.”

Sorry, mate, you’re not going to get to cherry-pick the best bits of EU membership without having the bits you don’t like.

Theresa May is going to be Britain’s next PM. She was beating the crap out of Boris a couple days ago, and now is well ahead of Mr. Charisma.  At least until things change.

In the week since the vote, hate crimes have overwhelmingly increased. It’s ugly out there. I’ve heard anecdotal stories from people I know as well that range from low-level abuse and harassment to worse.

But, it’s not all bad news. The march of Wales inexplicably continues, having defeated Belgium 3-1 last night.

 

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