So, who to believe when it comes to understanding outflows of money from the UK to Ireland? The BBC is suggesting that there is nothing happening and no reason for any concern but others take a very different view. I wonder why the BBC is so determined to retail the notion that the Irish government securing 100% of savers deposits would have no impact on the UK money market. Any thoughts on who that might benefit? Answers on a postcard.
MONEY MONEY MONEY
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indeed.. very curious how the bbc has downplayed this story.
its been on irish radio all week. and the money being moved is in the billions…
its not just small time savers – its also some serious corporate money. corporates usually have a few million stashed away as “petty cash”. and they have been making the exodus to irish accounts in a big way.
note how the poll is slanted
“In a survey carried out with the consultants Unicom, 91.6% of the 312 small businesses quizzed said that they would not consider moving deposits. ”
http://news.bbc.co.uk/1/hi/business/7652739.stm
note – “small businesses”.
but the exodus isnt by small businesses – its by big corporates with a few hundred mill in loose change.
archduke,
Yip – it’s been spun to imply things that are untrue. Typical BBC fare.
i’ve been listening to irish radio over the net over the past week, and the news has been nothing BUT the british bank withdrawal story.
one unnamed branch in kensington experiencing a 16 mill withdrawal in one day.
but then, since the bbc is pravda, we’ll never get isvestia from them. one has to go to foreign media to find out whats happening in this country!
http://www.accountancyage.com/accountancyage/news/2227071/uk-tax-regime-drives-wpp-set
http://www.guardian.co.uk/business/2008/aug/28/ireland.banking
http://www.nytimes.com/2008/09/05/business/worldbusiness/05tax.html?ref=todayspaper
http://www.irishpost.co.uk/news/story/?trs=qleyojau
Seems it must be just the BBC who think there is no problem.
On a similar subject I heard that the British entrepeneur behind multi-map had to sell his business to Microsft because of the rise in corporation tax.
Just where will Brown get all his money from when all the big tax payers leave Britain?
“Jon | 04.10.08 – 11:07 pm |”
facebook recently announced that they are setting up their euro hq in dublin.
http://www.irishtimes.com/newspaper/finance/2008/1003/1222959305107.html
amazon moved from slough to cork in ireland
http://news.bbc.co.uk/1/hi/business/4765774.stm
google set up their engineering hq in zurich.
http://www.daniweb.com/blogs/entry2192.html
and yahoo have moved their london hq to switzerland.
http://www.guardian.co.uk/technology/blog/2008/mar/14/yahoomovingfromlondontoth
not to mention WPP – who announced that they are moving to Dublin.
http://www.herald.ie/national-news/wpp-heads-to-ireland-1486070.html
not exactly a ringing endorsement of Brown’s socialist britain.
Zurich Insurance are moving to Ireland.
“Zurich Insurance are moving to Ireland.
Little Black Sambo | 05.10.08 – 12:15 am ”
start of a flood i would guess… when times were good, City firms like Zurich could afford to pay Gordon’s taxes.
not any more. cost cutting is back , big time.
I just hope the Paddys tell the EU to fuck off….bigtime.
This’ll do wonders for the NO vote…if there is one!
Arkangel: The EU won’t tell the irish to do anything. Two reasons
1. Most EU Countries will simply break the rules anyway, except the wankers at Westminster.
2. TheEU won’t take Irelenad on as they need them to vote for the Lisbon Treaty still
Soon the blame for the move to Europe will be pinned on the fact that the UK is not in the euro.
looks like Ireland has breached EU law
http://eureferendum.blogspot.com/2008/10/blood-on-floor.html
and the EU dont like it… uh oh. interesting times ahead…
Arkangel | 05.10.08 – 10:38 am
if they put the irish to a vote a 2nd time round, the No vote will be even bigger.
the unemployment register is rapidly rising over there.
Looks like Germany’s going 100% saver protection – now thats Germany, Ireland and Greece. America is garanteeing $250,000 savings – and Gordon challengeg on the £50,000 “I think its quite adequate” he said. Adequate to protect Labour voters and screw over all better off Tories if it all goes down the pan. A socialist paradise of equal wealth distribution – how fortuitous. He’s no leader of this country, he’s leader of less than third of them. Vile scottish barrister with a golden pension himself.
Suppoerters of the great leader have been keen to tell us that the deposit guarantee in the UK covers 98% of depositors. But that is not the whole story when it comes to the ££ amount that could flee for greater security elsewhere.
The increased limit should cover 98 per cent of all bank customers.
However, research by leading investment bank Credit Suisse shows that though just 2 per cent of customers are not covered, these customers hold close to half of the entire savings in Britain.
“At least 40 per cent of deposits are over £50,000 by value,” said Jonathan Pierce at the bank.
This means that at least 40 per cent of £1.17 trillion worth of British savings and deposits • £468 billion • are not covered by the new British guarantee.
http://www.telegraph.co.uk/finance/personalfinance/savings/3128606/Personal-savings-Government-to-guarantee-deposits-up-to-50000.html
i caught that on bbc breakfast news – some shill for brown argueing that it was only “2 per cent that is not covered”
but then i thought – well that 2 per cent could be a heck of a LOT of money..
and if that 2 per cent withdraws -then gordon is in serious trouble
AndrewSouthLondon | 05.10.08 – 7:04 pm
move your money. dont say i didnt warn you – or your friends…
looks to me as if UK plc is turning into a Titanic Plc with a rather large iceberg coming at us…
A news corporation with a guaranteed government income is hardly likely to be on the ball or impartial with financial news, especially when that corporation’s main business is the mass manufacture of trashy TV entertainment programmes and not news.
The distribution of wealth has a lot to do with age. When I was eighteen I had no savings. When I was forty my ex-wife ran off with my savings. Twenty more years of work has allowed me to build up my savings again – for my retirement.Now after forty years of work I have savings – I guess I’m just part of the “lucky rich” 2% Gordon is happy to sacrifice. If its “only 2%” then its nothing to make it up from 98% to a 100% is it. He knows.