The Brexit Thread

[Beanz]

On Channel 4 tonight for those who watch the telly box

Profits in Jacob Rees-Mogg's investment firm soaring while UK braces for Brexit

Somerset Capital Management LLP is enjoying surging fortunes in sharp contrast to businesses bracing for Brexit. Jacob Rees-Mogg - who co-owns the firm - insisted there was no link between the rising profits and Brexit
Profits in Jacob Rees-Mogg’s investment empire are soaring and more than doubled in the last four years, a TV investigation will show tomorrow.
A Channel 4 Dispatches programme will highlight the surging fortunes of Somerset Capital Management LLP, a firm co-founded and co-owned by the Tory hard Brexiteer.
SCM’s publicly-available accounts show its operating profit rose from £14.7m in the year to March 2015, to £18.3m in 2016, £27.8m in 2017 and £34.1m in 2018.
Meanwhile the profits available for distribution among members have risen from £11.5m in 2015 to £14.4m in 2016, £21.9m in 2017 and £25.3m in 2018.
The apparent windfall for Mr Rees-Mogg, who holds a share of at least 15% in the firm, comes in sharp contrast to other businesses and workers who are bracing for the impact of Brexit.



Dispatches claimed one expert said the slumping pound since the referendum had helped SCM’s profits, because the firm invests in emerging markets.
But Mr Rees-Mogg told the programme it was “cloud cuckoo land” to draw any link between the rising profits and Brexit.
And he refused to confirm or deny a Channel 4 estimate that he has earned £7million personally from the firm since June 2016.
He told the programme: "The amount that I received is not for public disclosure.
"I’m entitled to the same privacy in my affairs as anyone else in parliament is."
Mr Rees-Mogg publicly declared £185,777 in employment income from SCM, where he works 30 hours a month, in the 12 months to January 2019.
However, MPs are not required to disclose other types of income such as dividend payments.


Reached for further comment by the Mirror today, Mr Rees-Mogg said: "I am proud of being a founder partner in a successful business that creates jobs and tax revenues.
"The link between Brexit and Emerging Markets is spurious and only believed by Loch Ness monster spotters."
Separately, Dispatches will also examine how hedge funds have built up huge bets against British businesses which will pay off if the economy hits the rocks.
And the programme is due to examine the huge sums charged by MPs on the speaking circuit, including Boris Johnson who earned £94,508 for a speech in November after quitting the government over Brexit.
Dispatches: The Brexit Millionaires airs at 8pm on Monday 11 March on Channel 4.



https://www.mirror.co.uk/news/politi...t-14114954.amp

[Beanz]

Some context

https://anotherangryvoice.blogspot.c...onned.html?m=1

[Beanz]

@Gandalf.

Apologies for at mentioning you but the New Zealand thread was veering miles off subject.

So your assertion that 46% of Brits want a no deal exit turns out to be hokum.He is a graph even Kirk would be proud of.

https://whatukthinks.org/eu/question...u-support-2-2/

[Gandalf]

Still pretty high IF that is correct. Looks like many still want out and good for them. Might have been 46% of Brexiteers, maybe not, got it from Sargon who pays more attention than I.

[Beanz]

Still pretty high IF that is correct. Looks like many still want out and good for them. Might have been 46% of Brexiteers, maybe not, got it from Sargon who pays more attention than I.

15% at its lowest and 30% at its highest in the last few months but absolutely hammered by the majority wanting to remain. That is the trouble with facts. They can be so inconvenient

Sargon is just some dopey bloke from Swindon who refuses to research things properly or criticise anything remotely right wing. He probably polled his followers or threw a dice. If that is the level people resort to nowadays in order to inform themselves no wonder Bannon etc finds it so easy to influence elections/referendums

[Beanz]

An even bigger number for you. How about a trillion?


UK to lose £1tn of financial assets to Europe due to Brexit


Financial services companies have committed to move about £1tn of assets out of the UK into Europe as the industry triggers its worst-case contingency plans with no Brexit deal in sight, according to consultancy EY. The estimate by EY — which mainly covers client assets and cash moved out of the UK by banks and fund managers as well as the transfer of balance sheets as operations are relocated — has increased by £200bn since the last survey in January. Banks and investors are now being forced to finalise plans only days from the Brexit deadline, with London’s future trading relationship with the EU still in question after Theresa May failed for a second time to secure parliamentary approval for her deal last week. She now faces having to ask Brussels for an extension to Brexit, causing added uncertainty for businesses in the UK. The number of jobs likely to move to the continent has remained steady at about 7,000, according to the EY study, which tracks the public declarations of 222 UK-based financial services firms on their intentions to restructure. About 2,000 new Europe-based roles have already been created since the June 2016 referendum, the consultancy said. “The relocation of 7,000 high-paid finance jobs will inevitably hit the UK tax base,” said Omar Ali, EY’s head of financial services. “Even using a conservative estimate . . . the direct loss to the Exchequer from employment taxes would be around £600m. In reality, the average salary and therefore tax loss is likely to be much higher.” At this stage, only the biggest institutions have made concrete commitments. Three-quarters of the 24 global banks tracked have announced significant relocations of operations to Europe, with Frankfurt the most popular destination with 12 lenders bulking up in the German financial capital. Paris and Dublin are the next most popular with eight and six banks, respectively, EY said. However, the majority of big banks’ operations remain in London at this point. On Tuesday, US giant Citigroup said its new broker-dealer in Frankfurt was now fully operational and trading for EU clients instead of London, while Bank of America warned there was no going back on the $400m it had already spent leasing offices and moving people to Paris and Dublin. Similarly, Barclays was given approval by a UK court to move €190bn of assets to its Irish subsidiary because of what a judge called “continuing uncertainty over . . . a ‘no-deal’ Brexit”. When the entire range of financial firms is considered, the picture is less clear. As of the end of February, only 39 per cent of the 222 surveyed companies had stated their intentions to relocate some operations to Europe, the new survey showed. The £1tn figure was reached using the statements of the 23 companies, mainly banks, that have already formally announced a shift of assets out of the UK, which means that the “conservative” figure is likely to continue increasing, according to EY. “As the 29th of March draws nearer, no financial services businesses can know for sure how a disorderly Brexit will impact them, their clients, people and supply chains or the UK economy,” Mr Ali said. “Continued uncertainty will undoubtedly lead to more assets and people being transferred from the UK.” On Tuesday Andrea Enria, chair of the ECB’s bank supervisory agency, told the FT that he expected about €1.2tn of assets to be moved to fall under its remit.
STEPHEN MORRIS
https://www.ft.com/content/016171be-...f-d49067e0f50d

[walrus]

There was an article in the economist about how much England could lose if this isn’t done right. I don’t have the article in front of me but one of the writers wrote some dire financial prospects, England basically losing the value of England. I can’t talk with authority about it as it’s hard enough to figure out what’s going on in my own country but in mine eyes if the people voted for it, it should happen. You are screwing up our stock market on occasion with this indecision so I hope you figure it up. At least you can do it in the ballot box and not have to make war with England like we did. England was fine for a long time without being in the EU, I think you will be fine again without it.