Bank shares are not coming back. Other shares will.

The change in the currency value is structural, though.

The Bank of England will continue to pump liquidity in in the short term but long term the FTSE will see winners (who do a lot of trade overseas, and whose products just got cheaper because the pound fell, meaning they either sell them cheaper or make more profit) as well as losers.

The banking sector will migrate staff to other territories and will shrink; London's role and place as a major financial capital will diminish.

It is what it is and it's done. Forget petitions trying to change the rules after the referendum has been run. The major leverage we have is the timing of the A50 invocation. Boris never actually wanted us to leave but it's likely he will have to lead us out. He'll want to conclude informal negotiations first as the nearer to the end of the two years we get the less leverage he will have (assuming May doesn't get in - a lot of Tory MPs don't like Boris but keeping him off the ballot which goes to the members will be tough and the members love him).

Yes, the Leave campaign lied. So did the Remain campaign; neither was in any sense a good or even competent campaign. Remain didn't even have tellers at polling stations or people getting their vote out which is appallingly shoddy. Leave had no plan on what to do if they won which is also appallingly shoddy.

We are where we are, and we go again.

Posted By: Old Man on June 27th 2016 at 13:31:22

Message Thread

"Shares in RBS, the bank still more than 70%-owned by UK taxpayer, down 23% today close to (General Chat) - Ralf Scrampton, Jun 27, 12:55:07
- Has the taxpayer been sufficiently paid back?..... (General Chat) - yellowman, Jun 27, 13:35:37
- Bank shares are not coming back. Other shares will. (General Chat) - Old Man, Jun 27, 13:31:22
  - Most sensible post I have read for a few days. (n/m) (General Chat) - Men without hats, Jun 27, 15:31:55
  - the EU aren't going to negotiate, even informally, until we invoke Article 50 (General Chat) - mr carra, Jun 27, 14:22:45
    - They might have, and still might, though the Germans don't want them to (General Chat) - Old Man, Jun 27, 14:33:34
      - Obviously they could but none of them have shown any real sign of wanting to (General Chat) - mr carra, Jun 27, 14:41:41
        
        Disagree. Right now our government is under no pressure at all because (General Chat) - Jim, Jun 27, 15:09:33
        
        with respect Jim, yes we are (General Chat) - CWC, Jun 27, 15:58:30
        
        If they were that desperate why publically say no informal talks (General Chat) - mr carra, Jun 27, 15:27:34
      - Lot of things said before the polls that wont come to fruition now... (n/m) (General Chat) - Bungle, Jun 27, 14:37:36
  - *like* *share* (n/m) (General Chat) - CWC, Jun 27, 13:34:14
- Bey O'Leary is squirming a bit too (General Chat) - CB41, Jun 27, 13:10:26

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