The bankers are not going anywhere

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We are told, perpetually, that bankers will leave the UK at the drop of a hat.

And i perpetually respond that they won’t – because London is the only place where they can make profits of the magnitude they do because they need the cluster of banks that operate in London to create their exploitative markets.

As if evidence that they’ll be staying is needed the FT reports today:

The City of London’s largest office building is to house the new European headquarters of UBS after the investment bank agreed a deal with British Land and Blackstone to remain on the Broadgate estate, reports the FT. UBS is set to announce on Monday it has finalised a deal with the owners of the 1980s London financial complex, after several months of talks about whether to remain in Broadgate. Two existing buildings will be demolished in order to make way for a striking new one.

So let’s hear less of the stupid rumour mongering by bankers, can we? The reality is you’re here because this is the only place you can be in this time zone – and as such you’ll have to comply with our regulation and taxes, like it or not.