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More nonsense? - new EU banking regs


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 I read a headline last night that the EU were trying to lockdown all UK banking with the EU.

Now, is the Governor of the Bank of England making this up, is it Telegraph nonsense, or is the EU just a malicious bunch of, well you chose your adjective.

Wish, one day, I could say something nice about the EU, but it's a long time coming.

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Yep, the EU has never concealed the fact that it aims to reduce its reliance on the UK as a financial services provider with the aim of making itself self sufficient. Its policy has always been to protect and promote the single market so there is no change in policy, the only difference is that the UK is no longer part of that single market.
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Does the EU have a banking problem?

Plenty other problems, but not banking, that I am aware of. (Apart from the UK niggle-nagging it for access but I guess that's at most a minor irritation or even a source of amusement.)

The UK's economy should come out of lockdown soon, and I agree it should start with a great big bounce, but what worries me is the debt. Every day they announce another £20m to support small businesses on the mainland and £23m to support the fishing industry on top of the hundreds of millions for NI businesses, £600m to enforce quarantine FFS, billions for a test & trace system that doesn't even work, seems like everything that the government should be doing inhouse is subcontracted out to private firms out at vast expense and it's been like that since the start of the pandemic. Maybe France is the same, I don't know. But, HMG has been throwing silly money around and the debt mountain is astronomical.

TIme will tell, and fortunately I can sit on the fence and watch what happens for a while longer yet, before I need to decide which side to jump down on. Interesting times indeed.
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But is the UK not saving money by not being in the EU ? I mean in terms of contributions.

One thing is for sure, kids will be paying Covid off for generations in both countries. But you can only pay it off if you have a job. In France, that was difficult before Covid.

In terms of France, there are limited vaccines, no lockdowns. Kids are in school. In fact the French policy is to keep calm and carry on.If you die, well that is life.

France will go into lockdown sooner or later but when other countries will be coming out. It makes no sense.

So in terms of their tourist industry (which contributes so much to the economy) they are well and truly..you can guess the word.

No one is going to visit France in the summer. No one has been vacinated.

So France keeps paying contributions to the EU (which they can't afford) to a comission that forgot to order vaccines.

So in terms of banking....I don't think the UK is too worried.
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Well that's the thing isn't it, once statisticians get hold of the figures they can prove either that the moon is made of cheese or that it isn't, depending what they have decided they want you to believe.

Is the UK saving money by not being in the UK? It was a net contributor so whatever its net contribution was, presumably it is saving that. But it is spending a whole lot more on setting up its own standalone infrastructures that it didn't need before, border controls and agencies and so on. But then, part of that spending is on new jobs, so that's good investment. It's incalculable for most of us, and the only ones who do have access to the full picture, are selective in what they focus on.

And, the UK is on its own dealing with the fallout from Covid. The EU has a massive support fund sitting there to bail member states out. It won't let France sink.
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The EU won't let Germany and France sink rather. Other EU countries ???

But you know, you can't bail out mentality forever.

I do believe that the UK is in a unique position to get away from all this.

Peeps in the UK have the right mentality to go forward post covid and Brexit.

France ???....nothing will change.

First opportunity and there will be protests and riots back on the streets.

I think (personally) France would prosper better outside of the EU.

It would be a new leash of life.
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The thing is as I see it, the UK under the present government is good at aggressive politics and putting itself ahead of other countries. That's why it's ahead with vaccinations. It loves being world beating and being able to say We are doing better than France/the EU/ etc. So you are right, it will probably do better out of the EU. Back in 2016 I also thought that, and I still think that long term, both the EU and the UK are better off separate. Although I think that Brexit was handled very badly.

But, France and Germany and on balance most EU members don't have that insular mentality. They believe in better together. It's a different mindset and I think that France still has that mindset although maybe it is changing.

It reminds me of that team-building game where everyone is invited to choose a plank of wood or an empty oil drum or a woven mat, and try to float across the river on it. Most of them fall in. Then when they get to the other side they are invited to get into groups and put all their planks, drums and mats together to make a raft. The idea is the group then crosses back on its raft and gets across safe and sound and it proves that teamwork makes the dreamwork. Of course it doesn't always work and sometimes the rafts aren't very good and they collapse. But I think it's a good analogy when you think about it. If you can get the right mix of drums and planks and build a good raft, everyone benefits.The UK would grab the biggest and best plank for itself and keep it to itself and rush off to the other side while everyone else was discussing how best to build their rafts. France wouldn't.

The other thing about the UK government is that while it is big on strong arm nationalistic politics it is not good at domestic politics. That is why it has had one of the highest Covid death rates in the world. You would have a far greater chance of being dead now if you lived in the UK.
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The areas where the UK failed in the WA and FTA was Fish, Customs Union and Financial services. There are few other things but they are minor. Thing is as Gove said the deal will be done in the last 5 minutes because the EU will blink first and it didn't so at one minute the UK signed what it had agree so far which excluded these things.

On Jan 4th or so I read I think in the BBC website most of the EU money left "The City" and returned to EU and is only traded by banks inside the EU (that includes the offices of banks in "The city"). They said it is costing the UK banks around 6bn Euros per day which I admit seems rather high but the point was the tax on these transactions which might only be a few percent but over the year that's a lot of money for them to lose and for HMRC to lose.

I found it amongst this article


There is a few other things in it that you might find interesting. Thing is you left the EU and people it would seem from UK newspapers thought things would stay pretty much the same but they don't and it also effects Brits who have moved out. A friend of mine used to go back to the UK with his dog, the current pet passport is not longer valid so he has to get some other form of paperwork with rabies jabs (which he had before) and now with a test. Of course the vets are loving all this extra trade. Minor issue in the general course of things but it is an inconvenience to many.

But the UK is now a third country and what is not covered in the trade agreement gets treated like any other third country. If I buy from the UK I have to print off a customs certificate and pay the postman when it arrives same as I do when I buy from the US. Some UK companies are ripping expats off, try M&S or Amazon now and see the extra they add on in charges to ship to the EU then warn you there may be even more to pay when the goods arrive!. It's a pain so now like many others I won't buy from the UK and there is a lot of us living in the EU and that's a lot of income to lose if everyone does the same.

It's the UK's choice at the end of the day, would it be the same today if they held a referendum I don't know but give it five years and ask I think the majority would chose to go back to the EU.
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Cathar Tours wrote the following post at 13/02/2021 11:28:

"The areas where the UK failed in the WA and FTA was Fish, Customs Union and Financial services. There are few other things but they are minor."

Yes I agree with your summary of the practical side of things, although I would add to that, not making an arrangement to facilitate UK musicians and artistes touring in the EU. But I think the greatest harm done by the negotiations is not the deal itself (assuming the EU Parliament ratifies it), it is all the bad feeling that was puffed up along the way. The anti-EU rhetoric in a certain section of the UK media was crude and unnecessary, it just created deeper division in the UK and coldness in the EU. That'll take a while to fade. And it's not over even yet, last week's spat about the NI protocol was same old same old - UK playing the blame game and blustering that the EU has got to change its attitiude, the protocol doesn't work and has got be re-negotiated, and the EU biting its lip and calmly listing all the measures under the protocol that the UK undertook to put in place but hasn't, and saying When you've done all the things we agreed on the protocol will work a lot better, but if it still doesn't work we'll look at it again at that point.
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Everyone wants a EU with free trade and free movement of people.

Peeps just don't want the EU commission and the people that run it.

They are elite, unccountable and only look after themselves.They are disgusting people.

They will fall eventually. The French revolution and all that.

I hope the UK leaving will initate that and then we can all rejoin and will be one happy union again......without Germany. LOL.

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True but you could say the same about the UK government, in fact they are even more elite and unaccountable and only look after themselves and their cronies. Some people in the UK find it disgusting that the PM spends £100k of taxpayers' money on a personal photographer to take pictures of his dog playing in the snow, while working people struggle to feed their kids and rely on soup kitchens and handouts. Power corrupts, always did and always will.

Unfortunately you can't have a union of 20-odd disparate countries and leave it to run itself. It's all about compromise so you have to have a formal structure to discuss, reach decisions, make regulations and mediate. There are some good guys at the helm of the EU, as well as some bad ones.

I still think it's a mindset thing that won't go away. The UK is essentially competitive, it seems to be in the national character. How much you earn what car you drive and how big your house is, is important, but what's most important of all is earning more and having a more expensive car and bigger house than whoever you see as a competitor. The UK would be far happier to have a GDP of X compared to say France's X-3, than to have a GDP of X+2 compared to France's X+3. Whereas, the EU is more about co-operation and helping other other member states, not so much competing with them. It seems to be a fundamental difference, The UK isn't a natural team player, it wants to make up its own rules and be world-beating. Not saying there's anything wrong in that, it is what it is.

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Macron spends 600 k euros per year for flowers !

Has he not heard of Lidl ?


They are all at it in France

Francois Holland and his haircut every month.

The French MP that spent zillions having his shoes cleaned. Can't remember the cost.

A day does not go by when an Ex French MP/pressident is on trail for corruption or fraud.

In terms showing off your 'money' or 'bling' the French are up there with the rest of the world.

That is why you have riots every week in France.
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They are all the same, that is for sure. Even the Queen apparently, or perhaps especially the Queen.

At least you lot over there still care enough to bother to protest against your government so perhaps there is hope for you. HMG Ministers can do what they want and nobody much bats an eyelid, even MPs don't get much of a say in policy or passing laws these days. But we do like protesting about statues.
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All politician's are liars and the no one country can claim a monopoly. The UK is one of many countries where the expenses of it's PM's and ministers are kept from the public but the public did have a taste through the world famous expenses scandal, world wide in that the world saw the UK was no better than their own politicians. Not to mention of course the Panama papers.

France always seems to find their presidents in court once they have "retired" for some form of corruption. As to the French themselves as some in Europe would say they never want anything until you tell them they can't have it.

Just look at the vaccine, most didn't want it so they came up with have a "fireside chat" with the doctor first and then if your happy have the jab. Only around 50% wanted it till it came out they couldn't get the vaccine (which of course you can) and now you can't get a jab because all the appointments are taken.

I thought I read that during the writing of the withdrawal bill they added in some extra clauses which means ministers can make law without it going through parliament, the Henry 8th clause I believe it was called. They had the cheek then to say they didn't want to be part of the "undemocratic" EU. Clearly as all those that think the same they do not understand how the EU works or how people are elected which makes it probably more democratic than the US and that the way the Tory party select's it's leader is now the same as the EU selects it's.

But thank God the French do take to the streets unlike the British who whinge and moan but at the end of the day do very little.

A friend of mine who sadly and misguidedly voted Brexit asked me the other day how had things changed for me obviously hoping to gloat and was disappointed when I said that for me nothing had change at all and it really hasn't (well until I saw the delivery charge on something I tried to buy off Amazon UK).
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in the trough, when was it ever not so, for those in charge?


do tell how much the German President is paid and ofcourse all the

rest he gets in 'benefits'  ie how much he actually costs the

German People? I am very curious and cannot find this myself.


used to know quite a lot about Mitterand's excesses, they were

complained of and discussed a lot, but no one took to the baracades

over them, the french do not always have big demonstrations/taking to

the streets, in fact taking to the streets  is too often

extremely destructive. And I can think of nothing to recommend it. I

have been on a huge manifestation in Paris though, but it was

I am pleased

to say.

I never saw where the subsequent President's were any more frugal.

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IDUN - It's a she. I have no idea and taken from the shared view you and I have on this matter that they are all "at it" one way or another I don't really care. In the UK I do know that many MP's, even ministers sit on company boards doing nothing and getting £100k a year on top of their salaries. I also read that one or two had shares in companies that made PPE for the NHS which had to be thrown away as not fit for purpose. They should be put in prison for that one but then being politicians makes them virtually untouchable in law. It does however show the complete lack of morals of these people.
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