<story><title>$1T is leaving Britain because of Brexit</title><url>https://www.cnn.com/2019/01/07/investing/brexit-banks-moving-assets/index.html</url></story><parent_chain></parent_chain><comment><author>myrandomcomment</author><text>No surprise. Passporting (allow banks to operate in all members of the EU if they are licensed in one member) is a key to all of the banks operations. Every bank based in London for that purpose now has to open a regulated branch in an EU member. The next thing to kill the market in London will be the movement of Euro clearing to an EU member. Brexit is a self inflicted shot to the head. The number of people that supported leave and lacked understanding of all the ties of the businesses that operate in the UK but sell in the EU was amazing. All the car manufacturing will be the next to move. There goes all the good jobs that the leave camp said were being stolen by immigration.&lt;p&gt;Edit: typo and to clarify I am not an UK or EU citizen, only outside observer of the train wreck.</text></comment>
<story><title>$1T is leaving Britain because of Brexit</title><url>https://www.cnn.com/2019/01/07/investing/brexit-banks-moving-assets/index.html</url></story><parent_chain></parent_chain><comment><author>GreaterFool</author><text>&amp;gt; have shifted at least £800 billion ($1 trillion) worth of assets out of the country&lt;p&gt;And what&amp;#x27;s the significance of that? Suppose I had $100 in a bank in UK and I moved it to a bank in Germany. Neither country is better or worse because of that. The article doesn&amp;#x27;t bother to explain the ramifications.&lt;p&gt;Deals are made in UK because English law is really, really good. Having to maintain offices in EU will surely increase the capital requirements of the banks but it&amp;#x27;s not a straightforward &amp;quot;Britain is XYZ poorer because banks shuffled some stuff around&amp;quot; situation.</text></comment>