STAFF NEWS & ANALYSIS
Has Brexit Really Damaged London’s City or Will British Finance Benefit?
By Daily Bell Staff - July 03, 2016

If the City has truly found humility, it can still be useful to Britain … Some figures in the financial services industry are almost starting to sound contrite. Given the trade surpluses they generate, it’s tempting to listen … The City is nervous about Brexit.  – Guardian

This article is telling us that post-Brexit, London’s City is “remorseful” about how it has acted. Or at least it should be.

Of course a city cannot be remorseful, and we are not sure about the remorse of City bankers either. It seems something like propaganda, a dominant social theme being purveyed by the mainstream media.

The top bankers in our view are going to use Brexit to further a globalist agenda.

Already Brexit is being used as a justification to further deepen a United States of Europe. Brexit may also be used an excuse for the City itself to cast a wider net in Europe and Asia.

The City will explain that Europe will take City business away post Brexit. Also that it faces increased competition from Asia.

Remorse is to be the outward expression however. The public expression:

Douglas Flint, the chairman of HSBC, had a warning for his colleagues: refrain from lobbying for the industry’s sectional interests; be very discreet; and be seen to be batting for Britain, not the City.

David Sproul, boss of the accountancy firm Deloitte’s, went further. He said the City had overplayed its hand during the recovery, leaving behind people in towns like Sunderland and Hartlepool.

Flint also touched on the expanding meme of populism versus globalism, which we have noted elsewhere.

According to Flint, voters rejected the “expert class” – a globalist vision in other words.

As a result, bankers should accept more stringent regulation as the price necessary to pay for being accepted. Even salaries and bonuses should be adjusted, with City bankers receiving less and “workers” receiving more.

If the City wants to continue to operate along familiar lines and to continue to assume financial risk, it will have to make compromises in other areas, Flint indicated.

Flint’s perspective is in line with a just-published article in The Daily Beast, entitled, “Why the World Is Rebelling Against ‘Experts’”

The article explains the occurrence of Brexit and calls what is happening currently the “Great Rebellion.

Here:

Its expressions range from Brexit to the Trump phenomena and includes neo-nationalist and unconventional insurgent movement around the world.

It shares no single leader, party or ideology. Its very incoherence, combined with the blindness of its elite opposition, has made it hard for the established parties across what’s left of the democratic world to contain it.

What holds the rebels together is a single idea: the rejection of the neo-liberal crony capitalist order that has arisen since the fall of the Soviet Union.

This is indeed the point the Telegraph article is making. A shift in sentiment has taken place that has supported Brexit in Britain and Trump in the US.

What people need to bear in mind is that these analyses are being proposed by mainstream media outlets. We’re not sure that Brexit will threaten City business in the long run. Nor is the idea of “remorse” sincere.

Conclusion: There are good many reports suggesting that public sentiment has shifted and that the “elite” globalist agenda has been turned back. That may not be the case.

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  • Praetor

    MSM! Ministry Of Propaganda!

    One note, the words they are using. Like rebels, insurgency movement, ideology buss words for a problem the Order is having and needs to confront. The agenda hasn’t been turned back, but it has give them poss.

    As always the Keynesian Collective of the Fiat Empire has forgotten Natural Law and Human Action, these two forces combined are uncontrollable.

    They have been trying to control these forces since humans began!!!

  • notinmyname

    Oh dear. The Guardian is, sadly, no more reliable than any other MSM broadsheet or tabloid newspaper. Its coverage of the EU-referendum was biased in the extreme: and that is saying something. Guardian journalists are currently “full-on” about a the need for a second referendum or somehow otherwise negating the result of the plebiscite by fair means or foul. (My own view is that that is wasted effort in any case as masterly inaction by the new UK-PM – bound to be a “fix” in its own right – will push the triggering of Article 50 well past 31 March 2017 by which time EU-exit becomes subject to qualified majority voting, ergo, it will not come to pass anytime soon. QED)

    Last time I looked (The Sunday Times, around lunchtime today) there were plenty of reports that the City fared better than well out of the fall-out from Brexit. For example, there is a report that hedgie David Harding “one of the largest donors to the “remain” campaign, has emerged as one of the biggest beneficiaries of Brexit as his hedge fund made $1.1bn (£828m) from the crisis in the markets.” (p2. Sunday Times 3 July 2017)

    You could not make it up. Some win, and . . . some win!

    Brexit will not threaten City business in the slightest. On the contrary, it will benefit. And the last time I saw a remorseful banker was in . . ., or was it . . ..

    The possibility of Brexit will certainly be used to “deepen a United States of Europe”, (and the UK will be part of it) but there are far too many vested interests for the City to be allowed to fade away with a campaign of righteous reform. It will probaby not happen.

    As for rebels, they were mostly over 55 in age. (I was a rebel “Leaver” and I am 59.) The younger generation – between 18-25 could hardly be bothered to get out of bed.

    • colinc

      Article 50 is a distraction.All that is needed is to repeal the 1972 European Communities Act base on the outcome of the Brexit vote.This would make membership of the EU null and void for the UK.A petition has been started for this.

      • thanks.

      • notinmyname

        Up to a point. Whilst the repeal of the ECA is necessary to remove EU dictated statues, repeal in itself would not nullify membership. As for the invocation of Article 50, the vexing question of who, exactly, has the power to do that is, I understand, now for consideration by m’ learned friends. (The net result, if you can call it that, will be two-fold: (i) highly unlikely that there will be speedy resolution, if at all – it will be kicked upstairs or, even funnier, right back to Parliament, where it belongs in the first place, and (ii) the eventual resolution will, ultimately, depend on which High Court claims – and can exercise – supreme authority. I wait with eager aniticipation but, in any case, would not advise anyone to hold their breath. As discussion and debate of the latter revolves around the exercise of Royal Prerogative a nice time can be had by all.)
        There have been all sorts of petitions around Brexit raised, signed – and, eventually, nullified and ignored. One of the first petitions raised was to do with stopping the Civil Service being used as an arm/tool of government propaganda on the “Remain” side. It failed dismally. I will allow that a pro-Remain petition might well succeed several millions of signatures, but it will inevitably fall foul of parliamentary principle and procedure.

  • Bruce C.

    Who knows what is the case, and who is to decide.

    The articles, or whatever quotes you cite are so obscure they barely matter. I don’t mean to slight the DB but take heart, the elites are breaking down.

  • rahrog

    Brexit is a small, but important, step in the right direction. It is largely a symbolic vote. Movements need symbols. The Ruling Class still rules the financial world, and can do anything it wants with the markets it has rigged.
    The battle between tyranny and liberty is eternal. Any group that breaks away from centralized control is heading in the right direction.

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