June 25, 2016 – Since the Brexit

Second Casualty: UK Commissioner Quits

June 25, 2016June 26, 2016 adminBrexit, commissioner, resignation0 comment

Jonathan Hill, former leader of the House of Lords, has turned in his resignation as the UK Commissioner in the European Commission in the wake of the UK Brexit referendum. As the European Commissioner responsible for Financial Stability, Financial Services and Capital Markets Union, Hill was considered one of the most influential and important members of the Juncker commission. According to The Guardian, Hill’s departure “became a foregone conclusion after the vote for Brexit, because many European politicians oppose having a Briton in charge of financial services when the UK…

Financial Markets Jobs

Morgan Stanley to move 2,000 jobs out of London – or?

June 25, 2016June 26, 2016 adminBrexit, city of london, jobs, rumours, unemployment0 comment

Shortly after the official result of the Brexit referendum became known, BBC reported that according to anonymous sources, Morgan Stanley, one of the world’s largest financial services corporations, had already decided to move 2,000 employees from the City of London/Canary Wharf to Dublin and Frankfurt due to the British exit vote. This seemed to be the first of many such announcements from major companies. However, shortly after the newsflash from the BBC a spokesman for Morgan Stanley denied that any such plans to move employees from London exists. Thus it is still…

Financial Markets

Financial markets plummet in response to surprise Leave vote

June 25, 2016June 26, 2016 adminBrexit, EUR, Financial, FTSE, GBP, stocks, USD0 comment

The Leave vote came as a surprise to the financial markets, as the last polls before the Brexit referendum had shown a small but fairly secure victory for the Remain side. Even the UK bookmakers had got it wrong, and in the days before the referendum some bookies offered odds of 2/9 on Remain, implying a 82 percent winning chance for that outcome. As such, the financial markets were generally unprepared for the final result, which therefore came as a huge shock to the international financial markets. The British Pound dropped early on in…

UK Politics

First Casualty: David Cameron

June 25, 2016June 25, 2016 adminBrexit, David Cameron, Downing Street, PM, Renegotiation0 comment

British PM David Cameron became one of the first known casualties of the Brexit vote as, in the morning of June 24, he informed the Queen and the public of his intention to stand down as Prime Minister of Great Britain and Northern Ireland. He will remain in place, however, until the Conservative Party conference in Birmingham on October 2-5, 2016, where his successor is likely to be announced. The date of the Brexit referendum was announced by Cameron in February 2016 following a lengthy process of renegotiation with the EU. In…