Brexit again: London finance companies moving assets to EU

City firms revealed in the final months of 2020 that they planned to shift nearly £100bn in assets to the EU, taking the total value of assets lost to the bloc since the Brexit vote to £1.3 trillion, according to a new survey.

The data from consulting group EY pointed to a last-minute push by firms before 31 December, after the UK-EU trade deal did not offer concessions for the UK’s dominant financial services sector. It forced companies to move staff and assets to the continent in order to continue serving EU customers.

According to EY’s latest Brexit tracker, which covered the period from October 2020 to February, firms have shifted or declared plans to move approximately £500bn worth of those assets in the last two years alone.  (Kalyeena Makortoff, EY, March 1, 2031)

My comment: My oldest son works for a big international bank.  He tells me that large numbers of City workers are moving to Frankfurt or Paris and that the loss of financial services is going to be catastrophic for the UK.  One of the side effects is that the expensive and fancy office accommodation in the City is emptying, leaving a huge hole in the viability of corporations who own the tower blocks. Then there is the effect on the value of residential property in London, as bankers move to the Continent.  And these example of the effects of Brexit are only a start.

Do Brexiteers  care?  Well, many are elderly, living in in the boondocks or countrified spots, (but also in the past!)  When they find their pensions are dodgy because of the effects of Brexit on the economy, just listen to the uproar!

P.S: To those for whom this issue concerns a far- away country of which they know little – I will not go on about this issue.  Nonetheless, the UK is arguably America’s most supportive and active ally.  It does have (as yet unclear) effects on the United States.

Mourning Brexit

“It is frustrating for remainers ( anti-Brexiteers) who still crave a moment of vindication, when the fraud is proved beyond doubt and the tide of opinion turns. But for that to happen, Brexit would have to be measured in terms of trade and diplomacy. Those aren’t the leavers’ metrics. They long ago swapped economic argument for culture war bluster.

“There is no defence of Johnson’s deal if the ambition was serious advancement of the national interest. But there is another test. It is the one that matters most to the architects of Brexit, although they never admit it, even to themselves.

“For the true believers in Brexit, a good Brexit is one that keeps the grievance alive; that makes foreigners the scapegoat for bad government; that continues to indulge the twin national myths of victimhood and heroic defiance. Measured for that purpose, Johnson’s pointless Brexit is perfect.”  ( Part of a long article by Rafael Behr, The Guardian , 24 Feb 2021)

My comment:  How right!  And how shameful!  To my chagrin some British friends , and even relatives, support Brexit, and I have had to listen politely to their views, squirming.  There was nothing better to ruin a nice dinner party than to gainsay the Brexiteers, and now I will have to restrain myself from “ I told you so” comments to keep the family peace; indeed to keep friends.

As an historian one starts with the Roman invasion and then follow the fortunes of Britannia through to the 21st Century.  From an obscure offshore island through the centuries back to an obscure island once again!  Makes you sad.

Following Epicurus one should ignore politics, but it’s hard not to be attentive when disasters like this happen on your watch.  This is existential.

Can the US mend and reassert itself?

Watching the opening weeks of the Biden administration are Europeans filled with relief and optimism? Not exactly. Four years of Trump has, it seems, battered our trust, convincing us that Joe Biden, liked as he is, can’t fix a “broken” America, that the US is an unreliable ally, and that within a decade China will be the global superpower.   (The Guardian)

My comment:   That China will soon be the global superpower is not in doubt, (and it is not a pleasant prospect).  But in my opinion, if Biden cannot calm the Capitol  thugs and the populists, reduce the corruption and address some of the other problems besetting the US, then arguably no one can do it. He is smart, and has surrounded himself with capable people. The last few months has made me personally very anxious, and maybe the reader feels the me way? But a watchful ataraxia should break out!

 

The Dinner Gift, two short verses*

 Do you remember last time what we took?

A crime DVD or that Middle East book?

We’ve given them flowers and the odd potted plant,

And that re-cycled candle that came from your aunt.

And didn’t we bring back some French confiture?

Perhaps that would do? Or the blackberry liqueur?

But hang on a moment, temper my zeal;

They brought that last time they came for a meal.

 

A cheese, I am certain, would go down quite well.

Unless they’re intent on a low LDL.

A box of good chocolates is fine to donate, 

Except that I know they are watching their weight.

What can we take without causing disquiet

For people who live on a permanent diet?

Oh, for a gift that is not anodyne!

We’ll just have to take them a bottle of wine.

  •  by Robert Hanrott

 My comment:  It will be nice to have the problem once again!  How often have you dined with friends recently?

Extremists and their views

People with extremist views are less able to do complex tasks. The Cambridge University team say their findings could be used to spot people at risk from radicalisation:

The Cambridge researchers sought to evaluate whether cognitive disposition – differences in how information is perceived and processed – sculpts ideological world-views such as political, nationalistic and dogmatic beliefs, beyond the impact of traditional demographic factors like age, race and gender.

The study, built on previous research, included more than 330 US-based participants aged 22 to 63 who were exposed to a battery of tests – 37 neuropsychological tasks and 22 personality surveys – over two weeks.

Overall, the researchers found that ideological attitudes mirrored cognitive decision-making.  A key finding was that people with extremist attitudes tended to think about the world in black and white terms, and struggled with complex tasks that required intricate mental steps.

“Individuals or brains that struggle to process and plan complex action sequences may be more drawn to extreme ideologies, or authoritarian ideologies that simplify the world,” the author said.

Those with tendencies towards extremism are not good at regulating their emotions, meaning they were impulsive and tended to seek out emotionally evocative experiences. This helps us understand what kind of individual might be willing to commit violence against innocent others.

Participants who are prone to dogmatism – stuck in their ways and relatively resistant to credible evidence – actually have a problem with processing evidence even at a perceptual level, the authors found.

“It’s fascinating, because conservatism is almost a synonym for caution,” the author said. “We’re seeing that – at the very basic neuropsychological level – individuals who are politically conservative … treat every stimulus  they encounter with caution.”The “psychological signature” for extremism across the board was a blend of conservative and dogmatic psychologies.

The study, which looked at 16 different ideological orientations, could have profound implications for identifying and supporting people most vulnerable to radicalisation across the political and religious spectrum.

The team found that demographics don’t explain a whole lot; they only explain roughly 8% of the variance,  “Whereas, actually, when we incorporate these cognitive and personality assessments as well, suddenly, our capacity to explain the variance of these ideological world-views jumps to 30% or 40%.

(Philosophical Transactions of the Royal Society, Natalie Grover,  and Dr Leor Zmigrod at Cambridge’s department of psychology. 21/ 02/ 2021)

My take: Interesting though this is, the results are on display every day of the week, and have been on full view since the election. Once an untruth is told repeatedly and without evidence it seems to be believed with furious certainty, regardless of how many respectable people gainsay it. Nothing shakes it.  It is difficult to run a successful democracy once the number of these people is significant.  Those who follow Epicurus should be able to ignore all this, but as so many Germans and Italians found in the 1920s and 30’s, one’s life is potentially at stake if you do.