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House Price Crash Forum

Bank Threats To Move A Load Of Hot Air

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Whilst we on HPC have for a long time wanted the banks to make good on their threats to leave, it seems this is unlikeyl to happen. Even the Global Banking regulator says it is all hotair.

Pity really, I was waiting to see China's response to future antics by the Giant Squid -> probably involves a heavy metal other than gold.

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Surely there are any number of countries you can move to with sufficient resources, a government able and willing to underwrite 100% of your gambling losses, an electoral system that manages to allow lobbying to ensure that underwriting continues no matter what and an electorate flaccid enough to let it happen.

I suppose Iceland is out though, Africa still a bit too poor, southern Europe would be good but we said they were insolvent....Germany, probably not, too sensible to let us...USA, nah, we've been there and they won't have it again...China- have you seen their prisons ?

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Of course it's hot air.

We know that in past downturns job losses in the city have been in the hundreds of thousands. In comparispn the shifting of a major bank HQ is just that - a move of the HQ and a few thousand staff at most. That bank would still continue investment banking and retail operations in the UK and continue to employ almost as many people. If it did move out completely the slack would be taken up by competitors anyway, perhaps after an offloading of UK business to competitors in a situation where the outgoing bank could hardly demand a high price without making itself look stupid.

I wish they would go but they aren't planning to. It's media friendly window dressing for serial government cave-ins, the coalition following a fine tradition of governments of every persuasion being shafted in the butt by the banks.

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