Fed up with Parliament? Read this upbeat Brexit article instead

How the UK keeps the EU27 trading

The UK dominates the world’s foreign currency market – essential for global trade

To trade internationally, countries need foreign currency. The UK has dominated the entire world in foreign currency trading, (known as Forex or more simply ‘FX’), for half a century.

The UK doesn’t just dominate FX in the the whole of the EU (including its ‘Eurozone’). The UK also dominates the world. And without foreign currency, even the mighty Germany would find its international trade would come grinding to a halt.

Brexit Facts4EU.Org Summary

The UK dominates the EU27 in foreign exchange trading

The UK does 78% of the EU’s foreign exchange trading
The UK does 21 times more than Germany
The UK does 13 times more than France

Our chart above shows clearly that it is the countries of the EU27
who are the minnows when it comes to foreign currency trading.

No other EU country even appears in the world top 5.

And the UK is still growing faster than all top players, ‘despite Brexit’

Below are the growth rates of the world’s top FX trading centres since the vote to leave the EU. These figures show the change between April 2016 and April 2018 – the latest figures available.

“Despite Brexit” the UK continues to grow at more than twice the rate of its nearest rival (USA).

United Kingdom: +23%
USA: +11%
Singapore: -5%
Hong Kong: +10%
Japan: +2%

[Source: Reuters 2018 survey of central banks.]

The UK’s FX growth rate is double that of the USA and Hong Kong and is the fastest of all the major financial centres.

So what does this say about Brexit?

According to the Reuters survey and analysis, over two years after the Referendum:

“Leaving the European Union was supposed to deal a crippling blow to London’s position in global finance, prompting a mass exodus of jobs and business. But with eight months to go, London has tightened rather than weakened its grip on foreign exchange trading.”
“Foreign exchange - the largest and most interconnected of global markets, used by everyone from global airlines to money managers in transactions worth trillions of dollars a day - is the crowning jewel of London’s financial services industry.”

And according to Alexander McDonald, Chief Executive of the industry group European Venues and Intermediaries Association:

“In order for London to be replaced there needs to be an alternative venue and there isn’t one.
“The FX market is effectively an offshore dollar market and offshore dollars are always going to be looking for an international home, and that’s London.”

The Brexit voice of British business

Brexit Facts4EU.Org asked Tom Bohills, Founder of the Alliance for British Entrepreneurs, for his views. Here is what he told us early this morning.

“The positive picture for FX mirrors what ABE is seeing across the other sectors of the City. We were promised the banks would leave and the jobs would go. In fact, City firms are hiring and expanding aggressively. Over the last year alone we have seen multiple announcements of brand spanking new HQs from the very banks that said Brexit would see them move to the EU. Goldman Sachs are building a new £1 billion HQ and Citigroup have taken a £1.2 billion long term lease in Canary Wharf.
“Away from the hysteria of the media’s doom laden commentary the City has quietly adjusted and is not just completely prepared for No Deal, it is already operating on this basis.
“The people who ignorantly spread fear about our financial services sector for political gain should publicly apologise.”

Observations

Outside Westminster people are fed up with the shambles that has been going on in Parliament. This morning the media is full of the events of yesterday, when anti-democratic MPs once again refused the request of Prime Minister Johnson to let the people decide who they now wish to govern them.

The ins and outs of all of this – and the convoluted machinations and procedures being used to thwart Brexit – are of limited interest to ordinary people. They know Brexit is being thwarted by a few hundred cosseted individuals in Parliament, but they care little for the arcane details.

The power of Global Brexit Britain

Above we have once again shown the sheer power of Global Britain. No economy – not even the mighty Germany’s – can run without a functioning engine. And it’s the UK’s pre-eminent economic centre which powers this for the EU27.

We were all told that there would be a mass exodus of bankers and traders to Frankfurt and Paris. This simply hasn’t happened because, frankly, no-one wants to go there. International bankers and traders have families, and we have seen many stories of spouses visiting those cities and reviewing the lifestyle, and the education options for the children, and refusing to budge from London.

Like a great many people in the UK, we’re sick and tired of being told what our country can’t do. We prefer the reality.

As the fifth-largest economy on the planet, with a thriving cultural scene, at the centre of the world’s time zones, and being the originator of the world’s common language, the UK is very well-placed to enjoy continued growth and prosperity after Brexit.

Now there's a positive thought to brighten your day!

We hope readers liked this positive article instead of the Westminster Bubble obsessions of much of the mainstream media. If you would you like us to continue researching and publishing daily, please support us. We just can’t keep going without some more funding. Quick and secure donation methods are below, and you will get a thank you from us. Your personal information is NEVER published by us or used by others and you will not receive regular emails asking for more. We simply need your help. Thank you.

[ Sources: International Bank for Settlements | Reuters ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, 10 Sep 2019

Click here to go to our news headlines

And please scroll down to COMMENT on the above article.

Something to say about this? Scroll down for reader comments

Since before the EU Referendum, Brexit Facts4EU.Org
has been the most prolific researcher and publisher of Brexit facts in the world.

Supported by MPs, MEPs, & other groups, our work has impact.

We think facts matter. Please donate today, so that we can continue to ensure a clean Brexit is finally delivered.

Any credit card user

Quick One-off

From £5 - £1,000

Monthly

From £3 per month

Paypal Users Only - Choose amount first

Quick One-off

Monthly

PLEASE NOTE IF YOU WOULD LIKE TO COMMENT : You can write your comment under any existing comments below. After you have clicked to preview your comment, you MUST then click on the CAPTCHA system and send you comment, for it to be published. Thank you!

Reader Comments 14

11. Concerned for civil society in the UK , Tuesday, September 10, 2019, 12:54:

Comment 10, Daren - if at this sad stage of the debacle, the Conservatives don't do a deal with the Brexit party then I think they should all be certified as bonkers and deserve to lose the coming GE.

12. Adam Hiley , Tuesday, September 10, 2019, 15:28:

Please can We have an election not against Boris Johnson or the two excellent MP's in the area where I live but the lifelong Eurosceptic Jeremy Corbyn and the shameless Remoaners in Parliament that He is in bed with if You have sleepless nights at that image or with Diane Abbot ,there has never been a perfect time than now to rid ourselves of the same useless corrupt self serving gang that have infested the democratic institutions of this Country for at least 100 Years, We should be on the streets demanding real change in Britain not on Our backsides watching fat celebrities falling over on a dance show the House of Lords must be replaced with a second elected chamber the BBC must be shut down or get rid of it's criminal TV licence fee so it can pay it's own way like the far better SKY news does, I would like the Monarchy replaced with a Federal Republic and written Constitution like Germany also change the voting system

13. L Jones , Tuesday, September 10, 2019, 21:27:

So it's hardly surprising that the EU wishes to dominate and subjugate the UK. They want all this under their control.
Why does anyone think that the next GE will be allowed to take place freely and fairly unless we escape these poisonous tentacles completely and absolutely, with no strings attached, which are just the tentacles in disguise? The EU isn't going to allow the UK to choose an anti-EU government.

14. Barbara Jell , Wednesday, September 11, 2019, 00:41:

Parliament descended into a frenzy of demented, hysterically ugly anarchy and this is all the doing of the Monster Raving Loony ex-occupant of No 10 who has fomented civil war and unrest in her own country and is responsible for people tearing at each other's throats. Would that we could send her into permanent exile to wander the corridors of the EU Parliament aimlessly for the rest of her life as a punishment!

14 comments, page 2 of 2

Add comment:

Please note: Your email address is never published unless you choose to enter it.