JP Morgan Plans to Leave Germany for London over Blackout Fears

Banking giant JP Morgan is planning to switch out the lights in its Frankfurt HQ for the last time and shift its workforce to London amid blackout fears across Germany this winter. With Putin turning off the gas taps to Europe, spooked executives are drawing up emergency measures to set up shop in Britain should Germany go dark over Christmas. The same JP Morgan that shifted billions in assets out of London right after Brexit. Welcome back.

Even if they ultimately decide to stay in Frankfurt, they’re also considering bringing in diesel generators just to keep the phones working without mains power for several days. Although they’re obviously still insisting this is all just contingency planning:

“It would take a perfect storm of a complete shutdown of Russian gas supply, no reduction of gas use at all and little alternative sourcing for gas before it would have real impact on our business.”

Hopefully no cold, dark nights in Brrr-lin this winter…

mdi-timer 7 September 2022 @ 10:07 7 Sep 2022 @ 10:07 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Airbus to Invest £100 Million in Broughton Plant #DespiteBrexit

Airbus has announced new plans to invest £100 million in beefing up its Broughton manufacturing plant over the next few years, creating more than 500 jobs at the site as the company ramps up aircraft production as it emerges from the pandemic. We have take-off…

This will be a bit of a surprise to those who believed the Remain campaign’s scaremongering. Guido’s old enough to remember when Will Straw, executive director of “Britain Stronger in Europe”, paraded around with the company’s UK’s president to scaremonger about Brexit and act as though leaving the EU would send the country into a tailspin:

“The success of Airbus Group’s operations in the UK, which depend on European industrial organisation and integration, are a clear demonstration of the economic benefit the UK receives from EU membership. If the UK exits the EU, there are likely to be significant changes to the regulatory and economic environment with subsequent impacts on our competitiveness.”

Airbus even donated to the losing anti-Brexit campaign, George Osborne would tour the Airbus facilities, hard hat and high-vis jacket and all, to pretend the UK’s access to the single market was what allowed all that investment to happen. In an interview with Andrew Neil, he even brandished a part from a plane wing and claimed those parts might not even be manufactured in the UK if we left the EU. He sat there bickering with Neil, prop in hand, acting as though the planes might fall out of the sky without access the single market. The lies they told…

mdi-timer 6 May 2022 @ 12:02 6 May 2022 @ 12:02 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
London Still World’s Top Financial Hub Despite Brexit

Despite the supposed woes of Brexit, London is still the top overall destination for financial services worldwide – including as the leading foreign exchange trading centre – according to a new report by the City of London Corporation. Beating other cities to the crown – including New York, Singapore, and Paris – thanks to an “unmatched international financial reach” across 95 metrics…

The City was once again found to be Europe’s top destination for financial services investment, and was given an overall competitiveness score of 61, with New York 3 points behind at 58 and Singapore on 53. Paris, meanwhile, scored just 41…

Once again proving London is still a global leader in finance and commerce, despite repeated warnings that all this would come crashing down once we left Europe. Two years on, and that supposed exodus of talent is yet to materialise…

mdi-timer 28 January 2022 @ 12:11 28 Jan 2022 @ 12:11 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
OECD Says UK Headed for Best Growth in G-7 in ’21 & ’22

The OECD is forecasting 4.9% GDP growth for the UK next year, the fastest in the G-7. Growth this year will be better than the OECD previously estimated at 6.9% rather than 6.7%. Guido looks forward to how doomster remainers explain this…

As well as the prospect of two years of back-to-back surging growth, it is worth noting that the pound is now higher than it was before the referendum, foreign direct investment in the UK is still massively out-performing our continental rivals and the unemployment rate in the UK is half that of the Eurozone. Thanks to Brexit!

mdi-timer 21 January 2022 @ 15:13 21 Jan 2022 @ 15:13 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
UK Storms Ahead of Europe in Tech Investment #DespiteBrexit

According to new data from Atomico, the UK is storming ahead of Europe in tech venture capital investment, with the number of ‘unicorn’ companies – start-ups with valuations exceeding $1 billion – across Britain and Europe now sitting at 321, and over 100 of those companies having been created in the UK. Germany and France are lagging way behind with 51 and 31 respectively…

The amount of cash being pumped into British tech firms has skyrocketed in the last 12 months, with London-based businesses taking in the most capital with over $18 billion – more than Berlin and Paris combined. Cambridge has also been crowned the “unicorn capital of Europe” in recognition of its “high concentration of talent” and the number of inhabitants per business created. More cash, more companies, more jobs…

mdi-timer 7 December 2021 @ 16:30 7 Dec 2021 @ 16:30 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Shell Moving HQ From Netherlands to UK #DespiteBrexit

Royal Dutch Shell has this morning announced it will move its global headquarters and tax residency from the Netherlands to the UK. In a major shakeup that will also see the energy giant scrap its dual share structure in favour of a single class of shares – and drop “Royal Dutch” from its name – the company confirmed it would vote to implement the measures at a shareholders’ meeting on 10th December. Guido’s old enough to remember the New European opining both Shell and Unilever should “take advantage of lower corporate taxes in the Netherlands” post-Brexit…

Speaking this morning, Business Secretary Kwasi Kwarteng called the move “a clear vote of confidence in the British economy” that would “strengthen competitiveness, attract investment and create jobs”, with Shell Chairman Andrew Mackenzie adding that the plans would allow the company to “strengthen [its] competitiveness and accelerate both shareholder distributions and delivery of its strategy to become a net-zero emissions energy company”. The Dutch government, meanwhile, called the move “an unwelcome surprise”…

mdi-timer 15 November 2021 @ 10:18 15 Nov 2021 @ 10:18 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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