[News] Morgan Stanley begins move away from London

[c0lz]

http://www.bbc.co.uk/news/business-36701273

Most of the data for the survey was collected before the 23 June referendum in which the UK voted to leave the EU.

 

[Diego Napier]

House prices will grow less than they would otherwise have done. Homebuilders have profited enormously from a national housing crisis. I am not so sympathetic that their windfall has slightly decreased.

OK. How about your sympathy for their employees? Or those involved in commercial construction? Or civil engineering? Or specialist construction activities? Or those involved in services such as architectural & quantity surveying activities? Or the wholesale of construction materials? Or the manufacture of construction products & materials?

Over 3 million jobs, 300,000 businesses, 10% of UK employment, worth £100bn to the UK economy. Some bubble eh?

 

[Prince Monolulu]

OK. How about your sympathy for their employees? Or those involved in commercial construction? Or civil engineering? Or specialist construction activities? Or those involved in services such as architectural & quantity surveying activities? Or the wholesale of construction materials? Or the manufacture of construction products & materials?

Over 3 million jobs, 300,000 businesses, 10% of UK employment, worth £100bn to the UK economy. Some bubble eh?

Have they ALL gone, in one go? Osborne scaremonger stats? I don't know.

 

[Diego Napier]

Key quote:

"Most of the data for the survey was collected before the 23 June referendum in which the UK voted to leave the EU."

Yes, unwillingness to invest by the construction industry in case the decision turned out to be Leave.

Bubbles cannot grow forever.

Hmm, glib or crass; which is more apt for your idiom?

Most of the data for the survey was collected before the 23 June referendum in which the UK voted to leave the EU.

Keep up at the back please!

 

[Diego Napier]

Have they ALL gone, in one go? Osborne scaremonger stats? I don't know.

Fearsomely tenacious extrapolation on your part but yes, yes, the underlying message in the BBC report is that the whole shooting match is totally kaput.

 

[portslade seagull]

Fearsomely tenacious extrapolation on your part but yes, yes, the underlying message in the BBC report is that the whole shooting match is totally kaput.

The BBC and of course they are not biased are they

 

[beorhthelm]

Why? For convenience. Presently most Eurobond clearing takes place in London. The ECB is based in Frankfurt, it could easily request that those transactions take place within the EU itself, ideally Frankfurt, especially as it is responsible should any EU banks crash in a similar manner to that of Lehman.

if its convenience, why isnt it in Frankfurt today?

 

[c0lz]

Keep up at the back please!

Quote Originally Posted by The Merry Prankster View Post
My business - construction related - suffering a massive downturn already. Unlikely we will survive it. A hundred or so jobs gone. Many of whom voted for Brexit and are going to be outraged.
Quote Originally Posted by Postman Pat View Post
Can I ask how the effect has bitten so quickly? Not disputing what you are saying just interested to know what has changed as a result of the vote.

So what was the purpose of your link ? http://www.bbc.co.uk/news/business-36701273

 

[Diego Napier]

Quote Originally Posted by Postman Pat View Post - "Can I ask how the effect has bitten so quickly?"

So what was the purpose of your link ? http://www.bbc.co.uk/news/business-36701273

I t w a s i n r e s p o n s e t o P o s t m a n P a t ' s q u e s t i o n (f o r w h i c h h e t h a n k e d m e) d e m o n s t r a t i n g t h a t t h e d o w n t u r n o c c u r e d b e f o r e t h e r e f e r e n d u m

 

[El Presidente]

The BBC and of course they are not biased are they

No they are not. Do you have any evidence that proves otherwise?

 

[c0lz]

I t w a s i n r e s p o n s e t o P o s t m a n P a t ' s q u e s t i o n (f o r w h i c h h e t h a n k e d m e) d e m o n s t r a t i n g t h a t t h e d o w n t u r n o c c u r e d b e f o r e t h e r e f e r e n d u m

lol But he was replying to The Merry Prankster who said no such thing.

 

[Diego Napier]

The BBC and of course they are not biased are they

What? Do you think they made it up? They were reporting facts from the Markit construction managers index and comments made by IHS Global Insight, not indulging in some Remain/Leave propaganda.

Sakes, If Peter Farrelly knew about you you'd be world famous and we'd all have laughed our socks off at Dumb & Dumber & Dumbest.

 

[El Presidente]

if its convenience, why isnt it in Frankfurt today?

Because the UK is in the EU.

 

[Diego Napier]

lol But he was replying to The Merry Prankster who said no such thing.

I'm going to give it one more go before I lose the will to live!

The following sequence is all you need to know, whatever The Merry Prankster wrote is immaterial.

Can I ask how the effect has bitten so quickly? Not disputing what you are saying just interested to know what has changed as a result of the vote.

i.e. PP had assumed the downturn happened post referendum

http://www.bbc.co.uk/news/business-36701273

I posted a link demonstrating that it started prior to the referendum

Thanks.

So companies were already holding off on new projects before the vote, now it's gone leave they have been cancelled completely. Makes sense until there is more understanding of the process.

I gratefully received PP's thanks and assumed the job's a good 'un.

I'm desperately hoping it is in this case too.

 

[c0lz]

I'm going to give it one more go before I lose the will to live!

The following sequence is all you need to know, whatever The Merry Prankster wrote is immaterial.



i.e. PP had assumed the downturn happened post referendum



I posted a link demonstrating that it started prior to the referendum



I gratefully received PP's thanks and assumed the job's a good 'un.

I'm desperately hoping it is in this case too.

I think it a good cover up as the head line was a bit miss leading and that's whats happens when you just post a link and say nothing.

 

[The Merry Prankster]

Can I ask how the effect has bitten so quickly? Not disputing what you are saying just interested to know what has changed as a result of the vote.

Projects are being suspended or cancelled, left right and centre. We only work on a 3/4 week order book. So it's very bad.

Key quote:

"Most of the data for the survey was collected before the 23 June referendum in which the UK voted to leave the EU."

I can assure you it has got much worse since those figures were compiled.

 

[Harry Wilson's tackle]

Do tell us when you lose your job. I wouldn't want to miss out on a smug "Oh well, cheerio" kind of post at your expense.

A friend of mine works for the EMEA (medicines stuff). I mean 'worked'. Redundancy notices went out the day after the vote.

Perhaps she can get a job cleaning Boris' swimming pool.

(note, she and her hubby are lifelong tories; no prisoners in the meltdown).

 

[Alex Alex Dawson oo! oo!]

A friend of mine works for the EMEA (medicines stuff). I mean 'worked'. Redundancy notices went out the day after the vote.

Perhaps she can get a job cleaning Boris' swimming pool.

(note, she and her hubby are lifelong tories; no prisoners in the meltdown).

This is interesting stuff. EMA (the European Medicines Agency) will have to relocate to within the EU and this is a big deal for both the UK Pharma industry and the regional subsidiaries/offices of EU and non-EU Pharma that are based in the UK. No strategic point in the non-UK companies staying here whatsoever as the major role (with Germany, Sweden and the Netherlands) that the UK Medicines Agency (MHRA) plays within the common medicine and medical device licensing procedures within Europe has vanished.
We've cancelled two client scientific advice meetings with MHRA because there is no point if they (MHRA) are unable to guarantee they will be in a position to take the products forward through EMA. Another lost some US investment last week (we estimate around £15m) because of the EMA situation and falling pound.

 

[Prettyboyshaw]

Let's not wet ourselves, I was vote in and thought it would be a disaster if we voted out. I was even more ****ed off when the pound plummeted stock market went down (not as bad as everyone expected). But having listened to a few people one of which was a well respected IFA and another that imports from Spain (both out not for immigration issues) I honestly think after a rocky 12-24 months we actually will be ok. China is pissed of with the EU, let's deal direct with the new super powers.

 

[Baldseagull]

This is interesting stuff. EMA (the European Medicines Agency) will have to relocate to within the EU and this is a big deal for both the UK Pharma industry and the regional subsidiaries/offices of EU and non-EU Pharma that are based in the UK. No strategic point in the non-UK companies staying here whatsoever as the major role (with Germany, Sweden and the Netherlands) that the UK Medicines Agency (MHRA) plays within the common medicine and medical device licensing procedures within Europe has vanished.
We've cancelled two client scientific advice meetings with MHRA because there is no point if they (MHRA) are unable to guarantee they will be in a position to take the products forward through EMA. Another lost some US investment last week (we estimate around £15m) because of the EMA situation and falling pound.

Not only will these jobs be affected, the job that they do is help bring new treatments to market by putting them through E.U. wide trials. This significantly reduces the cost to the Pharmaceutical company and results in lower costs to the NHS, and other European health care providers. For some rare diseases, this is the difference between having a treatment and not.