Politics POLL: Brexit Withdrawal Agreement

[caLLous]

Revolut blames Brexit as it shifts one million trading customers from London to Lithuania

The fintech company plans to transfer all of its European Economic Area customers by the end of the year

www.telegraph.co.uk

 

[Scouse]

Can't read it @caLLous - post it in full here?

 

[Raven]

Some random company begrudgingly moves its EU operations to *checks notes* Lithuania.

Easy win, pay €2 an hour.

Minimum wage in Lithuania is €730 a month, what’s that? £600 or there abouts.

 

[caLLous]

Can't read it @caLLous - post it in full here?

Revolut blames Brexit as it shifts one million trading customers from…

archived 14 Oct 2022 17:54:14 UTC

archive.ph

Revolut, some random company one of the UK's biggest fintech companies, cannot provide services to its EU customers from the UK because of "legislation introduced after the United Kingdom’s departure from the European Union" so is having to move them to a business it had to spin up last year because of Brexit. Not sure what it has to do with minimum wages, it's a passporting issue more than anything.

 

[Raven]

It has nothing to do with minimum wage, except for the fact that all things aren't equal in the EU minimum wage for one, is not the same as the next

I was ofc being silly with €2 an hour, it's actually a massive €5.something. Anyone would think the EU is basically rich nations abusing not-so-rich nations, in a bubble.

 

[Raven]

Revolut blames Brexit as it shifts one million trading customers from…

archived 14 Oct 2022 17:54:14 UTC

archive.ph

Revolut, some random company one of the UK's biggest fintech companies, cannot provide services to its EU customers from the UK because of "legislation introduced after the United Kingdom’s departure from the European Union" so is having to move them to a business it had to spin up last year because of Brexit. Not sure what it has to do with minimum wages, it's a passporting issue more than anything.

HUGE at 162 mil for the year. Massive, oh wait, no.

To put it into perspective, we do nearly that..and have ~100 employees

To put it another way, Revolut Ltd, company number 08804411, according to their P&L haven't got a pot to piss in, never have. 200mil loss in 2020. *at risk* which basically means, they are about to drown.

No wonder they are now seeking to abuse cheap-EU workers.

 

[Tom]

I hope they don't fail, I love Revolut, it's a really good service.

 

[Raven]

Edit, and for reference, they lost 32 mil in 2018 and 107mil in 2019 and as of YE 2020 (200mil loss) had 156mil to debtors. (debtors is bad btw, it's money in the wind)

 

[Raven]

I hope they don't fail, I love Revolut, it's a really good service.

Professional opinion is to not leave any cash hanging.

 

[DaGaffer]

Revolut blames Brexit as it shifts one million trading customers from…

archived 14 Oct 2022 17:54:14 UTC

archive.ph

Revolut, some random company one of the UK's biggest fintech companies, cannot provide services to its EU customers from the UK because of "legislation introduced after the United Kingdom’s departure from the European Union" so is having to move them to a business it had to spin up last year because of Brexit. Not sure what it has to do with minimum wages, it's a passporting issue more than anything.

Hmmm, Revolut are also closing their Irish office. Brexit is almost certainly a factor, but it isn't the only one. The problem with Revolut is they have essentially a payments service that people love, but there's fuck all money in payments these days (except for FX), and to be a "real" (retail) bank, then you need lending; loans and mortgages. Revolut had planned to apply for real banking licences in the UK and Ireland for that very purpose (instead of emoney licences) and both countries turned out to be poor choices (because of Brexit and retail banking in Ireland is a costly nightmare), so it looks like they're retrenching for a bit of a rethink.

 

[Raven]

Sounds like marketing. In reality, they simply don't have positive cash flow

 

[DaGaffer]

Sounds like marketing. In reality, they simply don't have positive cash flow

They don't need positive cash flow because they are (were?) funded by cheap money like lots of other digital "unicorns". But, we're in stormy seas and I would imagine Revolut has been highly exposed to lots of issues at once; Brexit and the crypto crash would be two major ones. They were actually supposed to IPO this year, but that's all gone quiet.

 

[caLLous]

They don't need positive cash flow because they are (were?) funded by cheap money like lots of other digital "unicorns". But, we're in stormy seas and I would imagine Revolut has been highly exposed to lots of issues at once; Brexit and the crypto crash would be two major ones. They were actually supposed to IPO this year, but that's all gone quiet.

The CEO said he doesn't want the IPO until they hit a certain revenue target (which is like 5-6x of their last actual revenue) but they're "worth" £30bn according to funding rounds. It sounds like it's run more like a snazzy tech startup than a financial institution and there's hesitance (reluctance?) from the FCA to issue them with a UK licence.

 

[DaGaffer]

The CEO said he doesn't want the IPO until they hit a certain revenue target (which is like 5-6x of their last actual revenue) but they're "worth" £30bn according to funding rounds. It sounds like it's run more like a snazzy tech startup than a financial institution and there's hesitance (reluctance?) from the FCA to issue them with a UK licence.

Having worked in digital in an Irish bank until very recently, Revolut's ability to roll out products incredibly quickly has raised lots of eyebrows. While we were certainly far too slow (I managed to deliver an app based loan product in six months and it was like I'd performed some kind of black magic), it struck us that Revolut were rolling out stuff that was inside the time window of the Central Bank's own approval processes, meaning they could only do what they did (at least in Ireland) because they didn't have a banking licence.

I'm told the CEO and senior management team are all awful cunts and Revolut is a terrible place to work, and apparently Bunq and Starling are great; as I'm now over 50 I doubt I'd be offered a job by any of them.

 

[Ormorof]

Yeah also heard Revolut isn't nicest place to work

 

[Yoni]

A bit like Klarna is not supposed to be a good place to work…

 

[Aoami]

I've used Monzo for years which is one of those that started off a top up payment card but is now a proper bank. I really like it and wouldn't really consider anything else now.

 

[Scouse]

Brexit promised to end the overfishing of UK waters. It hasn’t, and now it’s time to revolt | Charles Clover

Our cod populations – which belong to King Charles on behalf of the people – are declining precipitously, says Charles Clover of the Blue Marine Foundation

www.theguardian.com

It was said this was going to deliver a “gold standard” of sustainable fisheries and make Britain a “world leader” in protecting the sea. The result has been rather different. Last December ministers and officials signed an agreement with the EU that allowed 65% of all catch limits to be set above scientific advice.

 

[Wij]

lol

Brexit promises.

 

[caLLous]

Brexit-backing Next boss says UK needs more overseas workers

Lord Wolfson urges the government to let more foreign workers into the UK to tackle labour shortages.

www.bbc.com

 

[Wij]

Brexit-backing Next boss says UK needs more overseas workers

Lord Wolfson urges the government to let more foreign workers into the UK to tackle labour shortages.

www.bbc.com

They told us that a short supply of labour would push up wages but seem reluctant to actually do that. Whoda thunk it?

 

[Wij]

London Loses Crown of Biggest European Stock Market to Paris

London has lost another status symbol. It’s no longer home to Europe’s biggest stock market.

www.bloomberg.com

 

[Jupitus]

London Loses Crown of Biggest European Stock Market to Paris

London has lost another status symbol. It’s no longer home to Europe’s biggest stock market.

www.bloomberg.com

Meh - copy/paste past the paywall, @Wij ?

 

[caLLous]

London Loses Its Crown of Biggest European Stock Market to Paris - Bl…

archived 14 Nov 2022 09:00:30 UTC

archive.ph

 

[caLLous]

 

[Wij]

Meh - copy/paste past the paywall, @Wij ?

This about the London stock market falling behind Paris.


View: https://twitter.com/AdamBienkov/status/1592195788968497156

 

[caLLous]

 

[Jupitus]

Oh... why don't you just stop being remoaners!! This couldn't possibly be related to Brexit!!!

 

[Bodhi]

The stock market thing isn't in the slightest - that's purely down to the quite baffling success of the most valuable company traded on there - LVMH - and how their shares are worth 3 times as much as our biggest fish, Royal Dutch Shell. Take LVMH out of the equation - and Royal Dutch Shell if you insist - and the LSE is still significantly larger.

However we weren't told when we left that the French would still be better at punting overpriced fizz and handbags to the world than we would - so much better they can even keep doing it in a global economic downturn. Grrr Brexit and all that.

Or probably it would have happened anyway. Probably seems to be a good word for ex BOE (who left under a cloud) chap up there also quoted, so I'll go with that.

 

[Scouse]

Take LVMH out of the equation - and Royal Dutch Shell if you insist - and the LSE is still significantly larger.

Revenue:
LVMH - 18bn
Shell - 96bn

...