Plunging British Pound Saps Expat Pension Spending Power

[Arth]

Just now, beautifulthailand99 said:

err the day after Brexit vote announced it dropped 10% and has languished since. Direct cause and effect. 

 

http://www.bbc.com/news/business-36611512

Short term shock as the market had priced in for remoaner fascists to win, if Carnage hadnt printed another 125bln and dropped interest rates along with the BOE talking the currency down it'd not be that much lower. Though i do accept uncertainty is keeping it lower.Once a deal is done either way it may go up for a while, until we default.

[Arth]

See its not that much lower vs the USD from prior to voting for freedom, was on a downward trajectory since 2014

http://www.xe.com/currencycharts/?from=GBP&to=USD&view=10Y

 

Currency isnt going to get stronger by hiring unsklled Europeans and paying the social security benefits to do minimum wage work. This is the economy in your beloved EU.

 

 

[beautifulthailand99]

1 minute ago, Arth said:

Short term shock as the market had priced in for remoaner fascists to win, if Carnage hadnt printed another 125bln and dropped interest rates along with the BOE talking the currency down it'd not be that much lower. Though i do accept uncertainty is keeping it lower.Once a deal is done either way it may go up for a while, until we default.

like I said thanks for that.  Brexit has personally cost me around 30k in various guises. So pardon me if I don't cheer with you at "taking our country back". Glad you're happy though - cheering on the Uk's downfall from the sidelines. 

[Arth]

8 minutes ago, beautifulthailand99 said:

like I said thanks for that.  Brexit has personally cost me around 30k in various guises. So pardon me if I don't cheer with you at "taking our country back". Glad you're happy though - cheering on the Uk's downfall from the sidelines. 

So we should stay in the fascist EU and have the working class totally screwed over and undercut so you can get more Isaan hookers for your pound. Give it a few years and we'll be on the up again. Once we've defaulted that is.

 

But I live in England, so hardly from the sidelines. Will be making this my last trip to this cesspit though, can't stand the  natives and it isn't fun like what it used to be. But glad i was here for the decade sterling was around the 70s.

Edited January 7, 2018 by Arth

[beautifulthailand99]

1 minute ago, Arth said:

So we should stay in the EU and have the working class totally screwed over and undercut so you can get more Isaan hookers for your pound. Give it a few years and we'll be on the up again. Once we've defaulted that is.

 

But I live in England, so hardly from the sidelines. Will be making this my last trip to this cesspit though, can't stand the  natives and it isn't fun like what it used to be. But glad i was here for the decade sterling was around the 70s.

Well let's leave it on a positive note  - hope you enjoy your trip ! 

[Watchful]

On 1/5/2018 at 12:24 AM, Arth said:

The UK does, our currency dropped over 30% from the 2008 crash in sterling, trade deficit is still horrific.

 

You don't debase yourself to being a prosperous nation.

 

Though i will accept Germany having a weaker currency than what it would have due to weak nations in the Euro is a fantastic help for their exports and is an unfair advantage.

Well, it seems even you admit currency manipulations can have a positive economic impact if only for the short term.

 

For the record, Trump is NOT devaluing the US$.  The Fed is raising interest rates to member banks and current projections are for 1 to 4 adjustments (all upwards) in 2018. Problem is the 10 treasuries are "stuck" between 2.3% and 2.5%. 

 

With the equity markets surging money should flow out of treasuries, but somebody is still buying and the US is still borrowing?!  My "guess" is wealthy people in China, Iran, Venezuela, Libya, Turkey, etc are seeking a "safe haven".   Heck there might even be wealthy Germans and Japanese seeking returns. (US 10 YEAR = 2.47%, German 10 year = 0.446%, Japan 10 year = 0.06%)

[Dagnabbit]

Yes I do! I spent years on this forum as poster chiang mai arguing that GBP/THB would see sub 42, that at a time when it was 60 then 50, I've been around the block more times than I care to recall on the subject of Thailand/economics.exchange rates.

And a stopped clock is right twice a day.

Here's mine. GBPTHB will be 40 and 50 one day - just not the same day.

Of course I dont know when, just that its likely we'll hit both at some point.

Not really much skill in that is there?



Sent from my SM-A720F using Tapatalk

[simoh1490]

2 minutes ago, Dagnabbit said:

And a stopped clock is right twice a day.

Here's mine. GBPTHB will be 40 and 50 one day - just not the same day.

Of course I dont know when, just that its likely we'll hit both at some point.

Not really much skill in that is there?



Sent from my SM-A720F using Tapatalk
 

Indeed. The difference, however, is that I invested based on my views and instead of having to abandon my retirement in Thailand and run back home, just because the home currency fell at the same time as THB strengthened significantly, I bought Thai assets and at one point went into THB  over 90%. As a result, my financial future in Thailand is now extremely secure and the value of my holdings in home country currency terms have soared. Interestingly, around that same time, there were very very few long-term posters who shared the same view, most were full of ridicule, unbelieving, accusing us of being unpatriotic and talking down the Pound (as if the man in the street can actually do such a thing). So, lucky, if you say so, at least I had the courage of my convictions and put my money where my mouth was, that's not luck, that's something else!

[Arth]

4 hours ago, Watchful said:

Well, it seems even you admit currency manipulations can have a positive economic impact if only for the short term.

Germans have "stuff" to export, and they've a weakened currency due to many EU nations being a shambles, a unique situation.

[mitsubishi]

On 1/1/2018 at 11:08 PM, simoh1490 said:

"Started the year at 1.24 now 1.35. Now 44 THB to £ same as Jan 2017".

 

So explain to us what happened, did GBP strengthen/weaken or did THB strengthen/weaken?

Both. The money people pulled out some reserves after the Brexit decision. Thailands wants a weak baht but for some reason it is weak against the £ and not most other currencies. The US $ is not as badly affected nor most others.

 

It could well be Thailand is wanting imports like steel from the UK which is affordable  for UK exporters (when the £ is weak).

[mitsubishi]

On 1/2/2018 at 10:41 PM, oldwelshman said:

Av salary of £40k pa and many on double this? Really? I think that is way over the actual average for UK is £30 480 https://www.monster.co.uk/career-advice/article/uk-average-salary-graphs and £28 584 for north east, https://www.adzuna.co.uk/jobs/salaries/north-east-england maybe your figure is for payment n THB? lol I have no idea where you think these high slaries are but if you know please let the thousands of graduates earning sub £25k where they are. By the eay, ask your wife to let me know where the hight quality food is in the UK and these cheap clothes.

 

That's right, a lot of the time this 40k per annum is 'household' income with both parents working like dogs to bring that level in.

[simoh1490]

5 minutes ago, mitsubishi said:

Both. The money people pulled out some reserves after the Brexit decision. Thailands wants a weak baht but for some reason it is weak against the £ and not most other currencies. The US $ is not as badly affected nor most others.

 

It could well be Thailand is wanting imports like steel from the UK which is affordable  for UK exporters (when the £ is weak).

 

Don't give up your day job!

[mitsubishi]

11 hours ago, simoh1490 said:

Indeed. The difference, however, is that I invested based on my views and instead of having to abandon my retirement in Thailand and run back home, just because the home currency fell at the same time as THB strengthened significantly, I bought Thai assets and at one point went into THB  over 90%. As a result, my financial future in Thailand is now extremely secure and the value of my holdings in home country currency terms have soared. Interestingly, around that same time, there were very very few long-term posters who shared the same view, most were full of ridicule, unbelieving, accusing us of being unpatriotic and talking down the Pound (as if the man in the street can actually do such a thing). So, lucky, if you say so, at least I had the courage of my convictions and put my money where my mouth was, that's not luck, that's something else!

Oh be careful in your mouth my friend.

 

Countries that are one coup away from changing your world altogether once they decide assets belonging to farangs are surplus, aren't where you brag of such things.

[mitsubishi]

10 minutes ago, simoh1490 said:

 

Don't give up your day job!

Thanks, it pays me more than enough to offset the negative TVers like yourself. :)

[simoh1490]

14 minutes ago, mitsubishi said:

Oh be careful in your mouth my friend.

 

Countries that are one coup away from changing your world altogether once they decide assets belonging to farangs are surplus, aren't where you brag of such things.

So, a country that has foreign currency deposits of over USD 220 billion, one of the largest such reserves of any country in the world; a country where tourism is in excess of 19% of its GDP; a country that consistently runs a trade surplus; a country that relies on western markets (to a lesser degree) for exports......that same country has the potential to conduct another coup and seize all the assets of foreigners living here?

 

Like I said, don't give up the day job!

[amvet]

It was 43 Jan 2017 and it's 43 Jan 2018.  Don't you think this story is fake news and should be removed?

[janclaes47]

Just now, amvet said:

It was 43 Jan 2017 and it's 43 Jan 2018.  Don't you think this story is fake news and should be removed?

 

Maybe you should try to learn to count to 2.

[amvet]

2 minutes ago, janclaes47 said:

 

Maybe you should try to learn to count to 2.

http://www.xe.com/currencycharts/?from=GBP&to=THB&view=1Y

 

43 a year ago and 43 now.  What do you mean?

[janclaes47]

Just now, amvet said:

http://www.xe.com/currencycharts/?from=GBP&to=THB&view=1Y

 

43 a year ago and 43 now.  What do you mean?

 

The spending power of their state and personal pensions has dipped by a fifth in the past two years,

[amvet]

4 minutes ago, janclaes47 said:

 

The spending power of their state and personal pensions has dipped by a fifth in the past two years,

I would think a year is valid comparison and typical.  2 years is odd and looking for a particular result rather than viewing recent history.  If you don't like Brexit you would go back 2 years if you were an impartial observer you would look at the last year.

 

PS why make it personal and try to insult me (Maybe you should try to learn to count to 2?)  Are you English?

Edited January 8, 2018 by amvet

[janclaes47]

2 minutes ago, amvet said:

I would think a year is valid comparison and typical.  2 years is odd and looking for a particular result rather than viewing recent history.  If you don't like Brexit you would go back 2 years if you were an impartial observer you would look at the last year.

 

PS why make it personal and try to insult me (Maybe you should try to learn to count to 2?)  Are you English?

No I'm not English and I didn't insult you but pointed to your ridiculous post, where you made a claim that this was fake news because the exchange rate is same as 1 year ago, however the OP is about the exchange rate in the past 2 years, not since January 2017.

[amvet]

19 minutes ago, janclaes47 said:

No I'm not English and I didn't insult you but pointed to your ridiculous post, where you made a claim that this was fake news because the exchange rate is same as 1 year ago, however the OP is about the exchange rate in the past 2 years, not since January 2017.

I guess you don't read much.  Try looking at any financial journal and see how many use 2 years as a baseline for data that aren't anti Brexit.  The author was looking for a negative story about Brexit so took two years of Pound data.  The real story is Brit pensions are no worse off this year than last.  

 

What statistics are reported in increments of 2 years?  Traffic accidents?  Tourism numbers?  GDP informaiton.  No.  Everything is 1 year. Business is up this year over last not business is up over 2 years ago.  

 

You got conned by a fake news story thats all.  No big deal.  

 

The story would have made sense if it was written last year when the Pound went down not this year when it didn't.  

Edited January 8, 2018 by amvet

[janclaes47]

3 minutes ago, amvet said:

I guess you don't read much.  Try looking at any financial journal and see how many use 2 years as a baseline for data that aren't anti Brexit.  The author was looking for a negative story about Brexit so took two years of Pound data.  The real story is Brit pensions are no worse off this year than last.  

 

What statistics are reported in increments of 2 years?  Traffic accidents?  Tourism numbers?  GDP informaiton.  No.  Everything is 1 year. Business is up this year over last not business is up over 2 years ago.  

 

You got conned by a fake news story thats all.  No big deal.  

I would think that most British pernsioner thing even much further back than 2 years, let stand 1 year.

 

You do understand this thread is about British pensioners in Thailand, right?

 

Most of them came her longer than 2 years ago, so what do they care that the exchange rate is today same as 1 year ago.

[billd766]

14 minutes ago, janclaes47 said:

I would think that most British pernsioner thing even much further back than 2 years, let stand 1 year.

 

You do understand this thread is about British pensioners in Thailand, right?

 

Most of them came her longer than 2 years ago, so what do they care that the exchange rate is today same as 1 year ago.

 

I came here back in 1993 when the forex rate was much the same as today.

 

However I have been logging the daily forex rate for many years now.

 

Trust me, I/we care, as it affects us on a monthly basis.

[amvet]

18 minutes ago, janclaes47 said:

I would think that most British pernsioner thing even much further back than 2 years, let stand 1 year.

 

You do understand this thread is about British pensioners in Thailand, right?

 

Most of them came her longer than 2 years ago, so what do they care that the exchange rate is today same as 1 year ago.

And I agree if the story was written last year but this year nothing happened to British pensions.  It is old news written this year to upset people with the Brexit vote. Not real news but fake news to make a political point that is not really accurate. 

Edited January 8, 2018 by amvet

[nauseus]

On 1/2/2018 at 12:50 PM, janclaes47 said:

Really.

 

Below is exchange rate 29 December 2014 next to 29 December 2017.

 

I can only see 1 ( ONE ) currency that has tanked.

 

Doesn't look right there fellah!

[simoh1490]

And the Pound is now 42.89 at Kasikorn. 

[Coconutman]

The cost of living in thailand is cheap compared to most expats home countries.

 

Beer, warmer weather and other benifits i doubt there will be an exodus back home. 

[George FmplesdaCosteedback]

On 1/8/2018 at 2:32 AM, beautifulthailand99 said:

well looks like we will get neither and a rinsed pound as the tories have guaranteed no hard border with Eire which will mean some sort of paid union fee. Thanks for that I will salute your Bulldog spirit when counting out my satang on my next visit. We have all greatly lost - you do see that - hope the feelgood factor you got when watching Uncle Nigel celebrate on that ghastly night has proved sufficient recompense.  Can I have my 50 baht to the pound back I would happily settle for that in these straitened times. 

A selfish view if I ever read one.

I guess you haven't considered if your income comes from the UK you should want a weaker pound to boost exports and make imports more expensive to push the bitter EU into a better trade deal.

Once we are out it will balance and the Baht is over valued as all but those in total denial admit.

Rejoin the world, not taken over by a bureaucratic EU dominated by the French and Germans who have craved that for hundreds of years!

Billions of German and UK money pouring into new member countries to keep the vote high.

It's not difficult to see what is going on, and it is no conspiracy theory, it is happening under your nose...

Wake up and smell the bratwurst and garlic.

 

 

 

Edited January 10, 2018 by George FmplesdaCosteedback

[simoh1490]

12 hours ago, Coconutman said:

The cost of living in thailand is cheap compared to most expats home countries.

 

Beer, warmer weather and other benifits i doubt there will be an exodus back home. 

Maybe not you, but perhaps for the 70-year-old retiree living on fixed income, a pension that hasn't increased for the past six years and a Pound that has devalued year on year, for the same period.