→ 11 years ago, Europe’s biggest bank gave its view on #brexit
𝗠𝗔𝗬 𝟮𝟬𝟭𝟯: 𝗜 𝗔𝗦𝗞𝗘𝗗 𝗛𝗦𝗕𝗖 𝗔𝗕𝗢𝗨𝗧 𝗕𝗥𝗘𝗫𝗜𝗧 - 𝘀𝗵𝗮𝗿𝗲 𝟯-𝗺𝗶𝗻𝘂𝘁𝗲 𝘃𝗶𝗱𝗲𝗼
During the general election campaign, politicians seem reluctant to talk about Brexit - even though it’s causing huge problems for Britain.
But that wasn’t the case for Europe’s biggest bank 11 years ago.
On 24 May 2013, I attended the AGM of HSBC Bank to ask the board of directors a pertinent question:
“Would it be in the bank’s best interests for the UK to remain in the EU?
“And if we left the EU, how would that impact on the bank’s optimistic plans, that had been presented at their AGM that year?”
At first, group chairman, Sir Douglas Flint, seemed floored by the question.
“Gosh!” he replied. “That’s not a small question.”
So few people then, let alone shareholders, were asking about Brexit (the word wasn’t even in common parlance at that time).
But Sir Douglas, now chairman of Abrdn and IP Group plc, gave a considered, if diplomatic, reply.
“It is important that Europe comes out stronger and Britain remains at the heart,” he said.
And he added that whilst there’s uncertainty around what the trading relationship might be, “that is not good for confidence.”
Back in 2013, few companies were prepared, let alone considering, that the UK might be reckless enough to leave the EU.
But as soon as the Conservatives won power in 2010, with rumblings for a new in-out referendum on the EU, and as soon as the word Brexit was invented (by a Remainer!) 2012, I could see the dangers.
Unfortunately, few people could see the risks of Brexit back then. But shock horror, Brexit did happen. A shock for both Remainers and Brexiters.
Today, Brexit is causing devastating downsides for Britain.
The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year because of Brexit, according to a comprehensive independent report by Cambridge Econometrics.
They revealed that London’s economy alone has shrunk by more than £30 billion because of Brexit. And the UK economy is almost £140 billion smaller because of Brexit.
[Source: www.london.gov...]
Even without comprehensive data proving Brexit is disastrous, it should have been obvious from the outset that leaving the EU could never benefit Britain.
How could putting up barriers to trade with our most important customers and suppliers in the world (by far) ever have benefits?
Brexit, of course, should be the most important issue being addressed during the general election campaign. But don’t bank on it.
Today, both the Tories and Labour don’t want to talk about Brexit. Unfathomably, our political leaders all have a blind spot regarding our departure from the EU.
© Report and video by @JonDanzig
#generalelection #eu #banking #hsbc
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