News for hackers. Stuff that matters.

A comment on $1T is leaving Britain because of Brexit. Parent comment

Re:$1T is leaving Britain because of Brexit by bayesian_horse on Monday January 07, 2019 @01:24PM (#18848219)
These banks can't do that part of the business out of the UK or with a UK workforce anymore. So the tax income, foreign currency trade etc goes elsewhere.
[ Parent | on HN ]
Re:$1T is leaving Britain because of Brexit by cm2187 on Monday January 07, 2019 @01:25PM (#18848241)
Correct. Though if that business was already made out of a EU branch of a London bank (likely for retail business), the tax income was already in the EU, not in the UK.
[ Parent | on HN ]
Re:$1T is leaving Britain because of Brexit by JAlexoid on Monday January 07, 2019 @04:06PM (#18850074)
London has thousands upon thousands of people working in the banking sector. JPMorgan, Bank of America, VTB, Bank of China - all have 0 retail operations in London and massive headquarters. Citibank has barely any retail operations as well...
[ Parent | on HN ]
Re:$1T is leaving Britain because of Brexit by bayesian_horse on Tuesday January 08, 2019 @03:12AM (#18854097)
The EU doesn't tax anything, though. You may be talking about the non-UK EU members, instead. And no, I was not referring to parts of that business...
[ Parent | on HN ]