Bet Against Banks Leaving

bank-of-guido-cheque

Anthony Browne of the British Bankers Association is a deservedly well paid lobbyist on behalf the industry. He earned his crust this weekend by getting the Observer’s front page splash:

observer-brexit

The lurid claim made in the first line is that

“Britain’s biggest banks are preparing to relocate out of the UK in the first few months of 2017 amid growing fears over the impending Brexit negotiations, while smaller banks are making plans to get out before Christmas.”

This echoes the claims made during the referendum campaign – claims which included that Britain will go into immediate recession this year if we dared to vote to leave the EU. Guido tried to bet anyone of the 71% of City economists who made that claim £1,000 that there would be no recession in 2016. Not one economist him up on the wager. So Guido’s new offer is to Anthony: £1000 says that not one leading bank will give up its UK banking licence next year to relocate to the EU.

Winnings to charity. Well Anthony, do we have a bet?


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Quote of the Day

Ed Davey on who he would like to see lead a government of national unity

“Yvette Cooper for obvious reasons, she’s been very high-profile in cross-party work, and I’ve also mentioned Hilary Benn as chair of the Brexit Select Committee. But it would not be for me here to make that suggestion, it would be for others working cross-party. I think it probably has to be a Labour MP because most of the MPs supporting a Queen’s Speech would be Labour. Ultimately it’s a challenge to my Labour colleagues, many of who realise a no-deal Brexit would be deeply damaging to their constituents.”

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