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Were 'The City' to be reduced to that size which is required to provide NEEDED financial services in the UK it would likely be less than 10% of its current size. And, in a worst case BREXIT, that might be one result. Many UK financial corporations might collapse, but most international ones would simply relocate most of their current UK assets to the continent.

Such a development would both devastate the upper middle class in the UK and inherently discredit finance in the UK as we know it. There would undoubtedly be knock-on effects on the bottom 90% in the UK which, in absolute terms and in many cases, would be worse than the loss of those in finance - such as collapse of public services and a much larger number of unemployed.

Given the systematic way in which the population has been misled by elites a constructive response to such a crisis seems unlikely. But it remains essential that one be found. The alternatives are very ugly and increasingly probable.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Aug 22nd, 2017 at 02:38:28 PM EST
[ Parent ]
The "worst case" Brexit you outline is the likely outcome if the UK leaves the EEA. Services take up the largest share in the UK's exports and comprise the sector with the highest net positive contribution to the balance of trade. Its demise would not only mean a collapse in high paid labour and taxation, it would open a huge hole in the UK's trade balance and inflate its external debt.

You might find me At The Edge Of Time.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Tue Aug 22nd, 2017 at 03:21:10 PM EST
[ Parent ]
Yes, but the people who will be perfectly OK post brexit are the very ownership class who own the principle media organisations that bamboozle the public anyway.

I'm sure they'll happily blame it on the EU/immigrants/black people/gypsies/teh gays/the judiciary/the unions/Jeremy Corbyn just like they've done for the last 50 years

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Aug 22nd, 2017 at 05:15:03 PM EST
[ Parent ]
I think that's what "The alternatives are very ugly and increasingly probable." actually means.
by Bernard on Tue Aug 22nd, 2017 at 07:45:56 PM EST
[ Parent ]
"You ain't seen nothing yet!"

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Aug 22nd, 2017 at 10:07:45 PM EST
[ Parent ]

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