Poll: The Official OcUK EU Referendum Exit poll (and results discussion thread)

[toshj]

Not being rude, but I don't accept those figures are anything like accurate.

On £100k earnings, you'd pay £30k in income tax, and then NI on top of it.

As an investment banking headhunter of a decade I've a relatively decent grasp on what people get paid in that industry! Anyone at VP level or above would be on £70k basic at least on the clearing side (on the investment side you'd be looking at a £120k base at VP level - VP is roughly 7 yrs market experience), so quite a few will be below that £70k figure, but also the more senior lot will get paid more. Once you chuck bonuses into the mix, then the figures can get pretty big. On 2,000 staff that's a great deal of lost income tax and NI

Then add in the missed revenues from the clearing activity - whether MS would have paid these in the UK is another discussion. But any bank moving business across is a terrible thing. Two of the primary reasons so much US banking is based in London compared to other EMEA cities is the slightly more favourable time difference and the language skills - these obviously aren't the only reasons, but they're reasons nonetheless. Therefore, a move to Dublin doesn't really represent too much of an issue for them but a massive issue for us. It'll immediately start making Dublin more competitive and attractive compared to London, particularly given the UCITS fund laws in Ireland.

Edit - reports that this if false, which would be a wonderful thing.

 

[Jonners]

?

40 years of peace and relative prosperity? We have never had it so good for the most part. What are you expecting now that we have voted to leave? That we will all get 6 figure salary jobs and ride unicorns to work?

For years of bribery, payment from us brings peace?!

Yes Unicorns and Rainbows is the outlook I can see ahead! I'm almost at the end of my darkened tunnel!

What the hell can another 40 years of EU slavery bring us to the table? They had their moment, we are now free!

 

[awaybreaktoday]

Morgan Stanley have announced they are starting to move staff too.

Looks like Morgan Stanley will completely pull out of London, that aint good.

 

[platypus]

Of course they know better. It's what comes of having life experience.

Can't tell if sarcastic or not. In case not, greater life experience doesn't mean they know better.

 

[Darujhistan]

?

40 years of peace and relative prosperity? We have never had it so good for the most part. What are you expecting now that we have voted to leave? That we will all get 6 figure salary jobs and ride unicorns to work?

Prosperity for who?

 

[MikeTheNative]

My generation is seemingly unified for once in their outrage at the outcome.

 

[jimjamuk]

Looks like Morgan Stanley will completely pull out of London, that aint good.

Where does it say that? Link or you made it up

 

[Darujhistan]

Looks like Morgan Stanley will completely pull out of London, that aint good.

Yes, now they can go and dictate to someone else how their country is run.

 

[robfosters]

If only the EU and the government had had the goodwill to listen to the people, this could have all been avoided.

Don't blame the voters, blame the EU and the government. It's their mess.

 

[RDM]

Looks like Morgan Stanley will completely pull out of London, that aint good.

I thought it was the Euro Clearing stuff they were moving out of London? About 2k jobs, which is significant, but they aren't completely pulling out of oe of the largest financial centres in the world.

 

[No1newts]

Of course they know better. It's what comes of having life experience.

There's a local in my pub, mid to late 50's whose life experience is a bricky and whose exposure to Europe is a bi-annual trip to resorts in Spain. He gets all his opinions from the Star/Sun and spends most his spare time ranting about people taking his job (despite him always seeming to have work on)

Is this the life experience we are talking about?

I have had this argument many times in the past, age does not equal wisdom or experience. Getting out there and experiencing life does and I would suggest that younger generations (sub 40) generally have better life experience due to the broader travel options that were not always available to an older generation.

 

[AndyT]

The first thing we should scrap in the inevitable recession is the winter fuel allowance and the triple lock on state pensions.

 

[philip2009]

That was mainly the far right, Le Penn in France and Wilders in Holland. France gets a lot out of the CAP.

Plenty of discontent and potential applicants for referendums across Europe - support for Brexit isn't an outlier for extremists(though I accept comments on news articles can attract bias).

 

[The Mad Rapper]

On £100k earnings, you'd pay £30k in income tax, and then NI on top of it.

As an investment banking headhunter of a decade I've a relatively decent grasp on what people get paid in that industry! Anyone at VP level or above would be on £70k basic at least on the clearing side (on the investment side you'd be looking at a £120k base at VP level - VP is roughly 7 yrs market experience), so quite a few will be below that £70k figure, but also the more senior lot will get paid more. Once you chuck bonuses into the mix, then the figures can get pretty big. On 2,000 staff that's a great deal of lost income tax and NI

Then add in the missed revenues from the clearing activity - whether MS would have paid these in the UK is another discussion. But any bank moving business across is a terrible thing. Two of the primary reasons so much US banking is based in London compared to other EMEA cities is the slightly more favourable time difference and the language skills - these obviously aren't the only reasons, but they're reasons nonetheless. Therefore, a move to Dublin doesn't really represent too much of an issue for them but a massive issue for us. It'll immediately start making Dublin more competitive and attractive compared to London, particularly given the UCITS fund laws in Ireland.

I work in the financial sector. I know very well that not all of those roles will be paying that level of salary. There will be a variety of levels of seniority and remuneration within those 2000 jobs.

 

[finalcloud]

This thread belongs in mumsnet. So much moaning.

You're doing the most moaning out of anyone, by moaning about the moaning

 

[Tefal]

Exactly, it is the EU's interest to penalise the UK to deter others who may be thinking of leaving although if Greece wanted to leave they would make probably hasten the process

Except its not in thierbinterest at all.

They penalise the uk they punich thier own industry.

At a time theyre asking thier people fkr more money to make yp for the lost uk money theyre also going ro be going "yeah your jobs wages and businesses are also gonna suffer cause we want ro make a point".

Thats gonna drive more countries out than keep them in

 

[platypus]

Something to do with their Euro clearing part of the business - you'd want that part of the business in a Euro country right?

You mean like it has been up until now? Oh, wait.

No, it was in London because up until the exit, banking terms and conditions were more favourable.

 

[Jono8]

For years of bribery, payment from us brings peace?!

By that logic, if we have been paying to keep the peace then Europe will declare war on us now..right?

 

[Jonners]

The first thing we should scrap in the inevitable recession is the winter fuel allowance and the triple lock on state pensions.

No, for once I think the OAP's actually deserve a pay rise!

They did their duty yesterday, and served us well.

By that logic, if we have been paying to keep the peace then Europe will declare war on us now..right?

Wouldn't surprise us now would it?

 

[The Mad Rapper]

Looks like Morgan Stanley will completely pull out of London

No it doesn't.