Saturday, June 25, 2016

An Astounding Amount of Information About The Brexit Vote and Its Aftermath--UPDATED

Update below.
Original post: 
I'm more and more coming round  to the view that there will be no exit.

From the scheming and dreaming anti-democracy eurocrats to the million people demanding a do-over to self-appointed elites like Tony Blair you just have so many constituencies that "couldn't-care-less-what-the-vote-was-the-break-up-is-not-going-to-happen".

Should one want to know more, the hundreds of entries at the FT's Westminster Blog Brexit Live are a hell of a resource. Here are a couple of the early Friday posts:

Another vignette from a stunned City of London, via our roving reporter Naomi Rovnick:
A commodities broker, who declined to be named, having a small beer and
a cigarette at a cafe in Broadgate Circle, said:
“This morning between 7 and 9 there was no liquidity. It was more difficult than usual to get prices, extremely hard. We saw general panic to start and now reality is returning to markets. There is now a sense of relief as people thought this morning that the FTSE would have dropped more. Now our markets have returned to normal, liquidity is coming back to the assets we trade, but all eyes are now on the US market open.”

The French are starting to talk tough on the consequences for British banks of the Brexit vote Michael Stothard reports.
Frédéric Oudéa, president of the French Banking Federation, the European Banking Federation and Societie Generale, said the vote will have “significant consequences for the city of London”.
He said banks based predominately in the UK would be most affected by the vote, which could prompt the ECB to try and drive euro trading activities – today done largely in London- back to the continent.
“The deal [between the ECB and the UK] has clearly changed now”.
He said banks moving staff to the continent will not dawdle.
“The banks that are only in the UK will not be able to wait… If they are moving 500 or 1000 people, it takes time,” he said.
French banks would be some of the least impacted by the vote because they are already in the eurozone, he said, predicting there “will not be a quick or large move” of staff out of London....
Here's the last post from Friday:

It has been a momentous day in British and European politics with repercussions felt around the world as financial markets were hit sharply. The UK is set to quit the EU after 43 years but it will happen under a new prime minister, after the incumbent David Cameron said he would stand down by the time of his Conservative party’s annual conference in October.
The EU has said it will begin planning for a Brexit as early as next week and is pushing London to trigger Article 50, the so-called release clause.
Meanwhile, the break-up of the UK is also back on the agenda after Nicola Sturgeon, leader of the Scottish National Party, which rules Scotland, says she will prepare for a new referendum on Independence.
Most of the country had turned against the EU with only London, Scotland and Northern Ireland delivering big wins for Remain.
We are going to close this blog for the night and will return on Saturday morning UK time.

UPDATE: I forgot to include the link for today's liveblog, "Brexit live: EU calls for new PM in ‘days’".