HSBC: DON'T BANK ON BREXIT!

→ 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.uk/new-report-...]
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

[@JonDanzig]

→ 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.uk/new-report-reveals-uk-economy-almost-ps140billion-smaller-because-brexit] 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.

[@victoriaplum997]

Oh dear, you just carry on pleasing the parasitic bankers. It is the corrupt EU that puts up barriers to world free trade, as well as putting up the membership fee every year by billions to pay their 200k salaries for their non jobs.

[@williampatrickfagan7590]

The biggest fuck up since the sundering of Ireland over 100 years ago. The Con party with reverse that in an nano second if the thought that it would dig themselves out of the shit that they are now in knee deep

[@jonathanwetherell3609]

Tis is why we were instructed not to listen to experts back in 2016. They have a strong tendency to know what they are talking about.

[@mentar1048]

Reminds me of Michael Gove. "Fuck experts!" - and well, look where we are now.

[@JonDanzig]

@@happy.uk.patriot The verdict was hardly clear. Brexit only had the support of 37% of registered voters and half the nations of the UK voted strongly to remain in the EU. Today, polls consistently show that most voters consider Brexit to be a mistake and they would now vote to rejoin. We will have to have a new vote on this one day, because that is how democracy works.

[@ab-ym3bf]

@happy.uk.patriot ​You are all over this comment section with the same response. And it is a nonsensical response since the question asked by Danzig was about the effects it would have on the company, not on UK society. You sound like a panicking parrot that hasn't really understood the topic. . ​@@happy.uk.patriot

[@vullings1968]

​@@ab-ym3bf Who has understood the topic? And I think the chairman of this bank was proven right, isn't he?

[@davidhoyle6626]

He said “fuck exports”, not “experts”.

[@ab-ym3bf]

​@@vullings1968I don't see how your reply relates to my comment from happy, who is going on and on about the referendum, not the topic of the question to the bank chairman?

[@tobyclayton2597]

I know that I shouldn't feel this way but I am still very angry with the people who voted to leave the EU.

[@donquixote3927]

I assure you they never voted to join in the first place. Look up the ‘EU Constitution’ and Gordon Brown’s behaviour.

[@kenjepson1908]

Me too.

[@erikzoe1]

I completely get that and I struggle to not feel the same way, but our anger would be better aimed at the government who very irresponsibly put that decision directly into the hands of the general public.

[@amayastrata4629]

⁠@@donquixote3927I studied EU law at university. To understand it better I read books on the idealism behind the formation of the EEC and EU. The whole aim of this United country idealism was set out before it even started. The vote in 1974 was clearly explained to those who bothered to read about it and what it was and should have known about the plans for its progress. If those who initially voted for this membership now say that they didn’t vote for it are ignorant or lying. One of the books I read was dated back in the 50’s so it was there to read. The PM at the time set out what it meant in layman’s terms and what has come about is just the exact development according to the original goals. The only thing that I had concerns about was the rapid inclusion of certain countries as I believe that was naive. Just as it is usually unwise for businesses to increase their business too fast I felt that they struggled to cope with the quick influx of member countries. I’ve read many rules, regulations, directives, Treaty’s, etc and to blame the EU for what is essentially the uk’s faults in many attitudes towards the application of the EU influence is wrong. The EU did not end to adopt full free movement of people. Just as we have a section in the Lisbon Treaty (as do some other countries) we had exceptions for the U.K. for things such as the eurozone, and that the EU was not permitted to adopt laws that conflicted with the current U.K. laws etc. We had, and always had, the power of veto and it was for our government to decide on what we chose to accept or reject so whatever was adopted by the EU was with our consent and agreement. That means that if our country didn’t like something but accepted it anyway it makes the government’s that did this the faulty party and the weak one, not the EU.

[@derekwhite2929]

Brexit has and is costing the UK dearly and was a serious error for the UK's regional interests

[@JohnnyinMN]

It’s still mind-boggling that Englanders thought so highly of themselves while, at the same time, being so clueless about global economics. The world rolled their eyes.

[@victoriaplum997]

How does voting to leave a corrupt political union, which we never voted to join, equate to Englanders thinking highly of themselves?.

[@brendansparks1511]

@@victoriaplum997 Yes we did vote to join the EU, it was referendum in 1973. Now back to school with you and pay attention.

[@donquixote3927]

@@brendansparks1511: Afraid not. Treaty after treaty was signed, bringing ever closer union, yet 43 years down the line Britons were able to speak and they clearly stated no treaty should have been entered into after 1991. That was the year of another catastrophic European policy.

[@sbalfre]

In a nutshell he basically said the UK should stay in the EU

[@1258-Eckhart]

And eight years down the line: was he right, or was he right?

[@JonDanzig]

11 years later..

[@1258-Eckhart]

@@JonDanzig 8 years after the referendum. Only since then have they in fairness had their chances (and spectacularly failed).

[@JonDanzig]

@@happy.uk.patriot What an odd view to make. So, you want to vote completely blind, without having any idea how Brexit will affect our economy, our medicine supplies, our exports, our imports, our standing in the world, because the people in a position to know about that have no right to express a view, according to you? No wonder the country is in such a huge mess.

[@donquixote3927]

@@1258-Eckhart: Who, in fairness is ‘they’? Boris Johnson no more believed in Brexit than he believed in the pandemic.

[@RogerLong-tb4xl]

I would suggest he is a great deal more intelligent, than the average person that bothered to vote, and also had far more relevant experience. More than a decade later, the results are plain to see, and totally vindicate his opinion.

[@erikzoe1]

And that is one reason among many why a referendum was such a thoroughly unsuitable instrument for such a decision.

[@jasperlawrence5361]

At the time I thought all this was obvious, that we would not leave. Oh well.

[@williampatrickfagan7590]

Great reply to question.

[@victoriaplum997]

Lol

[@brendansparks1511]

@@victoriaplum997 Oh it's you again, go for a stroll instead of a troll. Lol.

[@danielkaszas2982]

To me it seems he had a tough time staying relatively neutral on the subject and giving a polite response. I wonder what the answer would have been behind closed doors and without cameras.

[@bernardpearce3478]

​@@happy.uk.patriotThe UK's electorate were lied to & now your country's fcked Pal.

[@vullings1968]

​@@happy.uk.patriotYup, you don't want to ask some experts on trade. You preferably ask people who only have an elementary grasp of economics at best. Then you put a question to them and provide them with a lot of false information and no clue where it would lead to in an advisory referendum. And then call it democratic. It isn't democratic in the slightest. Democratic would mean that you give the voter a well defined choice and inform them objectively about possible outcomes of each choice.

[@victoriaplum997]

We can trade with the whole world, no membership of a corrupt, parasitic EU required.

[@vullings1968]

@@happy.uk.patriot I don't think that are trade-experts in general, but consulting experts is generally wiser than consulting a politician who does not know anything on the subject. So far, British politicians have not shown themselves to knowledgable on trade-matters.

[@vullings1968]

@@happy.uk.patriot The problem UK now has is that brexiteers didn't get it either. I could understand it if they had a good plan on how UK would thrive outside EU. But they didn't, they haven't and there is no sign that they will have it in the near future. Or the grand plan is very well hidden still, probably somewhere near the Cayman Islands..

[@donquixote3927]

The Conservatives had no choice but to concede a Referendum. They should have offered EEA membership though instead of IN or OUT to avoid the economic damage. As politicians, it was their duty to at least protect us from foolhardy decisions.

[@iankuah8606]

How could fools protect us from foolhardy decisions?

[@donquixote3927]

@@iankuah8606 I have already asserted how in the comment you are responding to.

[@Richard-pe4cx]

if only articulate informed people had been able to give their views in the media instead of populist nationalistic we were fed ps i voted remain

[@ab-ym3bf]

2013. It is often said that brexit only became a point on the agenda of the voting public when uk politicians started to make it a point. Before that it was just something lingering on the back burner for the majority of the public. So asking this in 2013 is very forward looking of sr Danzig, and I understand why the chairman was a bit off guard by the question. Too bad he only gave a vague diplomatic response. Question to Sr Danzig: was there any reaction from the rest of the public present, or was it just "move on, next question". Seems to me for most this was a question that never would become an actual event?

[@donquixote3927]

Cognitive dissonance. How many older folk had died before we finally got a Referendum? Clearly, it was a massive issue just waiting for a voice and UKIP won election after election when Europe was the foremost item on the agenda.

[@user-ov7hp2cw1h]

We are better as group!

[@victoriaplum997]

Who is we?.

[@user-ov7hp2cw1h]

@@victoriaplum997 to stand only in this day and age is not so smart!