Must-Read: Joseph Cotterill: A BREXIT Joke

Must-Read: Joseph Cotterill: A BREXIT Joke:

Compare: Bloomberg story on “three senior figures in May’s administration” promising “no special favours” for the City in Brexit negotiations, October 2nd:

Business leaders are failing to recognize that the new prime minister has a different view of the City of London from Cameron, the people said. May does not simply accept what the City says in the way that Cameron and his former chancellor, George Osborne, tended to do, according to one person. That realization will be a shock to some in the City, the person said.

Financial-services firms risk damaging their relationship with lawmakers by repeatedly complaining about the impact of Brexit on their businesses and threatening to move their offices out of the U.K., one senior figure said, dismissing as a joke the idea that London-based financial-service companies would all move to Frankfurt, Paris or Dublin.

Contrast: Speech by Director of Policy and Risk Gerry Cross, Central Bank of Ireland, October 3rd:

Following the UK referendum, there is the potential for a material increase in the number of applications for authorisation by the Central Bank due to the possible loss of passporting rights of UK-authorised entities.

We will in general want to see that the Board and the management of the entity are located here such that that the business is run from here. We will want to be satisfied that the mind and will of the entity are located here; that the decision-making happens here.

I think one thing that we will want to be very clearly satisfied about is that the risks that are associated with the business of the entity are governed, remunerated, managed and mitigated in and by that entity. That obviously flows through to the staffing that we would expect to see.

Who sounds more like they’ve actually got a plan?

Who seems to be hoping senior managers won’t follow the money?