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/Econ/ Economics General #4: Mother Theresa Edition

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This thread is for a discussion of economics. Politics belongs on >>>/pol/

Q: What are the chances of London losing its status as a global financial hub as a result of a Hard Brexit? What are the further economic implications of the recent moves towards a hard Brexit?

https://www.theguardian.com/politics/blog/live/2017/jan/17/theresa-may-brexit-speech-pound-steadies-ahead-of-theresa-mays-brexit-speech-politics-live

http://www.investopedia.com/news/britain-lose-access-eu-single-market/

http://www.cnbc.com/2017/01/17/we-need-clarity-on-brexit-lloyds-chairman.html

http://www.cnbc.com/2017/01/16/uk-pm-may-to-say-britain-is-leaving-eus-single-market-customs-union-report.html

http://www.cnbc.com/2017/01/17/analysts-raise-further-doubts-over-mays-plans-for-a-post-brexit-britain.html

http://www.cnbc.com/2017/01/16/uk-can-keep-its-ties-with-the-eu-but-it-needs-to-compromise-german-minister.html

http://www.cnbc.com/2017/01/13/germanys-wolfgang-schaeuble-urges-ecb-to-start-unwinding-stimulus-this-year.html

http://www.cnbc.com/2017/01/12/italys-ubi-plans-400-million-euros-share-issue-to-buy-three-rescued-banks.html

http://www.cnbc.com/2017/01/12/britains-finance-industry-drops-demands-for-passporting-after-brexit.html

Disclaimer: Discussion in this thread is not limited to this subject. All econ-related questions or discussion topics are welcome.
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>>1738898
People have started weighing in (http://www.bbc.com/news/business-38654446), it seems like there's going to be some positives according to the business community.
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>>1738898
It's going to be tremendous. If the EU cooperates we get everything we want and can open up to the world.

If they are arses we can cut corporation tax aggressively and bring businesses to the UK en-masse.
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>>1739213
That's what it seems like to me. I think the banks were just bluffing about leaving England if they didn't get access to the single market because of the resulting instability, despite the clear positives things like a lower corporate income tax pose for them. Even if the banks left, wouldn't the City retain relevance given the non-equity related trading that takes place?

It's kind of cute watching Europeans act like Frankfurt would become the new global financial center. The EU was just debating a financial transactions tax, while England wants to reduce the corporate income tax to like ~15%. Ffs, I'm pretty sure Chicago has more relevance to the global financial system than Frankfurt.
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>>1738898
Britain needs to get back to what it does best

Conquering and exploiting poor nations across the globe and expanding our glorious British Empire

Shitholes like Brazil, India and South East Asia are developing economies ripe for the plundering.
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>>1739258
Isn't maintaining a colonial empire very expensive for the motherland?

from the perspective of trade, you're definitely right. If England loses access to the single market, they won't be held back by continental European protectionism that prioritizes Wallonian grape farmers over the interests of British and European consumers
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>>1739354
The colonies were expensive for the homeland government, but they were of a massive benefit to the home country's economy.
It was a time before globalism, and trade was mostly between different parts of a nation because protectionism, so being able to make parts of the world part of your country was a great advantage.
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>>1739258
the very fact that the uk does not have good trade relations with with ex colonies and then barred itself from such things via the single market its pretty hilarious

its almost like politicians only care about themselves and short term gains
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>>1739354
>continental European protectionism that prioritizes Wallonian grape farmers over the interests of British and European consumers

It seems like all EU supermarkets are full of South African grape anyway. Your example is weak.
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>>1739526
It's a bit of an exaggeration, but the creation of free trade agreements for the EU (https://www.theguardian.com/world/2016/oct/27/belgium-reaches-deal-with-wallonia-over-eu-canada-trade-agreement) from a bureaucratic standpoint. England can easily just make bilateral agreements with other nations and the EU can choose to punish England for leaving, but at the end of the day, that diminishes any argument that the EU is neoliberal in spirit.
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>>1739490
That's exactly my point. By punishing England for leaving in the realm of trade, the EU destroys arguably the one defense of it, that is, the free trade side of it.
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Nationalism should always take precedence over economic implications. Sovereignty makes prosperity relevant.
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>>1740115
I wouldn't say they're in disagreement here. You can be for free trade and support British nationalism. The EU free trade system is incredibly bureaucratic and you basically surrender the interests of your consumers to the interests of a far off producer, thus eliminating any of the benefits protectionism could offer, at the very least reducing them.
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>>1740115
maybe so but revolts happen for bread first and freedom second
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>>1739258
Lol imperialist :D keep plotting revenge in your mothers basement while we leave you behind. Go back to the 19th century.
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Who /econ major/ here?
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>>1740502
I just finished my associates at the local community college. I am literally an expert. Also getting dat dere Applied Mathematics major.

Useful for getting my job at Bank of America and debating BLM liberals with intelligence quotients 75-80
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>>1740502
/marketing major/ here.
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>>1739955
>>1740015
>>1740305
You write like shit and your posts make no sense
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>>1739213
This is stepping into political analysis now but from the statements of the rest of the EU it's unlikely. They think the common market is a privilege for only EU members, if a non EU member has free access while not paying their dues in terms of membership, it's unfair.

You'd also have no budget. You'd need to cut whatever damage the tariff does to break even, then some more to attract them. And they can do the same.
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>>1740502
Econ Major in second semester of freshman year here.
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>>1740724
How bad would it be if England were cut off from the single market? How strong are the tariffs that the EU has on foreign nations?

Could England survive by cutting its corporate income tax and becoming the next Ireland?
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>>1740567
dank argument 10/10 :^)
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>>1740305

Certainly; in fact, by choosing the domain in which free trade is implemented, free trade can become a powerful foreign policy tool.
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>>1742301
If used in a responsible manner, you can use it to extract certain concessions from other nations in the foreign policy arena. This was one of the big arguments in favor of the Transpacific Partnership I recall.
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No other """"science"""" has been more consistently wrong than economics.

Pseudoscience belongs on >>>/x/.
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>>1742778
>this poster again

There are varying interpretations of economics. Other scientists are wrong all the time too.

https://www.wired.com/2015/02/scientists-wrong-time-thats-fantastic/
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>>1739213
What are the chances of a dramatic cut in corporate income taxes in England? What percentages are they planning on reducing it to?
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http://www.independent.co.uk/news/business/news/brexit-latest-news-goldman-sachs-move-half-london-jobs-3000-employees-new-york-europe-eu-frankfurt-a7534776.html

g-guys Frankfurt becoming the next London is a meme, r-right?
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