Those of you locked out behind the Financial Times paywall may have missed this bit of Brexit good news, reported by their Financial Editor Patrick Jenkins a few days ago:
‘A week ago UBS became possibly the first big bank to come out with an upbeat view on Brexit. Via a combination of public announcements and private briefings, it became clear that the Swiss bank now planned to move only 250 or so jobs from London to an EU location such as Frankfurt, or just 5 per cent of its London headcount. At the start of the year, it had sounded alarm bells over a possible move of 1,000 roles’.
Other big banks, Jenkins went on, seem to share that more sanguine view. Why? For starters, I’d surmise it’s because they don’t work either in the ‘Land of Remain’ that is the Treasury, or the Bank of England.
Patrick, being the professional journalist that he is, engaged in no such polemic. He just reported the facts – that in meetings with European policymakers over recent months, bankers say they have been reassured about a crucial mechanism that will allow business to remain in London. It is something called ‘back-to-back’ trading which allows an entity in one jurisdiction to carry out a duplicate transaction in a larger location.
If you missed this good news on the BBC it is because it wasn’t there. Yes, the banks, able to continue centralising their European capital needs and risk management in London, won’t all be rushing off to Frankfurt, now as the BBC and Remainers so determinedly forecast.
And those in the City still dismayed about Brexit? Well, it’s because of the lack of progress in political negotiations. They are not alone. Every Brexiteer is too. But disenchantment with political progress is not the same as Brexit spelling an economic or political disaster.
‘It’s the FT’s duty to pour scorn on a terrible mistake’, its letters page headline read earlier this week. Nobody can be under any illusion as to its Editor’s negative mission on Brexit but at least it still reports the ‘despite Brexit’ good news.
A pity the same can’t be said of the biased-against-Brexit BBC which only pours the scorn.