The UK pound crisis

[superal]

Bank Of England CEO Mark Carney has warned that a Brexit no deal is a distinct possibility and it will have a serious effect on the value of the "pound " .  Confidence in the "pound " is low and dropping against other currencies . Dropped below the 1.29 mark USA dollar yesterday . . Could we be in a situation where the cost of living in Thailand becomes difficult for UK expats if the weakening " pound " sinks below the 40 baht mark ? Clip from the Independent newspaper below . What are your feelings ?

 

Banks were ready for house prices crashing by a third, interest rates soaring by more than 4 per cent and the economy going into recession – the worst case scenario.

Speaking ahead of the prime minister’s meeting with Emmanuel Macron, the governor described a no deal outcome as “highly undesirable” – but warned the chances were “uncomfortably high”.

www.independent.co.uk/news/uk/politics/brexit-no-deal-uk-prices-trade-mark-carney-bank-of-england-warning-a8475531.html

[Kwasaki]

Much about this in many other threads what will be will be.

[Lungstib]

My feelings? Poverty in Tha Ton is far preferable to poverty in some damp, depressive, tiny underheated flat in grey Gloster. Good to see they are putting the 'Grate' back into Britain. 

[faraday]

Yup, & many other catastrophic events as well.

 

Boring hype.

[superal]

3 hours ago, faraday said:

Yup, & many other catastrophic events as well.

 

Boring hype.

Why bother to reply ?

[faraday]

4 minutes ago, superal said:

Why bother to reply ?

Sorry mate, I forgot to ask your permission.

[BritManToo]

6 hours ago, superal said:

Banks were ready for house prices crashing by a third, interest rates soaring by more than 4 per cent and the economy going into recession – the worst case scenario.

Sounds great, I can finally afford to buy a house, and my savings will earn interest for a change.

[faraday]

 

[cyberfarang]

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

[theguyfromanotherforum]

2 hours ago, BritManToo said:

Sounds great, I can finally afford to buy a house, and my savings will earn interest for a change.

 

Don't count on.it. it's a great window of opportunity for rich foreigners to buy more.

[simoh1490]

32 minutes ago, cyberfarang said:

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

 Here's the low end range for the next twelve months, 41-43, remember, you heard it here first.

[cyberfarang]

55 minutes ago, simoh1490 said:

 Here's the low end range for the next twelve months, 41-43, remember, you heard it here first.

The finalising of Brexit is, March 29 2019. So we may get 41-43 at least for the next 7 months. I personally don`t believe a Brexit no deal will happen, the UK government simply cannot afford for this to happen. I take most of the media doom and gloom predictions with a pinch of salt.

 

Time will tell, but in the meantime I`m going to have another few beers while I can still afford it.

Edited August 9, 2018 by cyberfarang

[simoh1490]

40 minutes ago, cyberfarang said:

The finalising of Brexit is, March 29 2019. So we may get 41-43 at least for the next 7 months. I personally don`t believe a Brexit no deal will happen, the UK government simply cannot afford for this to happen. I take most of the media doom and gloom predictions with a pinch of salt.

 

Time will tell, but in the meantime I`m going to have another few beers while I can still afford it.

I personally believe there is zero chance of a no deal Brexit, nada, niet, none whatsoever - we Brits may be stupid from time to time but we're not suicidal by nature.

[faraday]

7 hours ago, simoh1490 said:

 Here's the low end range for the next twelve months, 41-43, remember, you heard it here first.

Got any other tips Simon?

 

[simoh1490]

3 hours ago, faraday said:

Got any other tips Simon?

 

Lazy Luke, Chepstow, 2:15

[Kwasaki]

8 hours ago, simoh1490 said:

I personally believe there is zero chance of a no deal Brexit, nada, niet, none whatsoever - we Brits may be stupid from time to time but we're not suicidal by nature.

Your 41-43 may well be correct, just the last 12 months say the £ has been on a seesaw and people with money making money is my guess.

What's going to happen to the UK pound comment reports on internet sites are a mix bag too, no deal or done deal on brexit outcome is the main topic of course, money value talk but no-one really knows until it happens.

[abrahamzvi]

15 hours ago, cyberfarang said:

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

Or it could get better, the Pound rising to THB45, if we get a soft Brexit, or if a referendum is held with a result of "NO BREXIT". Let's be optimistic!

[Kwasaki]

21 minutes ago, abrahamzvi said:

Or it could get better, the Pound rising to THB45, if we get a soft Brexit, or if a referendum is held with a result of "NO BREXIT". Let's be optimistic!

Yes lets hope 75 baht to £ again like Sept 2005 when I got my savings from UK it took a while before I realized how lucky I was.

ATM was free as well both ends.

[soalbundy]

15 hours ago, cyberfarang said:

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

Bangkok bank rates, 1 pound gets you 41.7 Baht, further outlook not rosy.

[thumbthrob]

5 hours ago, simoh1490 said:

Lazy Luke, Chepstow, 2:15

Or "never push your Granny when she's shaving"!

[Jaggg88]

mmm Mark Carney, thats the guy who predicted the UK economy would crash after the leave vote and reduced interest rates to counter this. The economy didnt crash but his reduction in interest rates caused the pound to fall. He has admitted this now so this 'expert' doesnt hold any favour with me. he is constantly predicting doom and gloom of which none has materialised yet. His pre referendum predictions have all been wrong.

It's easy to drop interest rates but very difficult to increase them again without causing a recession so the pound will remain depressed until he feels interest rates can rise.

[Small Joke]

I'd buy the dip,  but I'm scared it could get so bad it actually never recovers. One lad has been buying since the referendum and has seen an 8% paper return.  But it ain't over till it's over. 

[Small Joke]

13 minutes ago, Jaggg88 said:

mmm Mark Carney, thats the guy who predicted the UK economy would crash after the leave vote and reduced interest rates to counter this. The economy didnt crash but his reduction in interest rates caused the pound to fall. He has admitted this now so this 'expert' doesnt hold any favour with me. he is constantly predicting doom and gloom of which none has materialised yet. His pre referendum predictions have all been wrong.

It's easy to drop interest rates but very difficult to increase them again without causing a recession so the pound will remain depressed until he feels interest rates can rise.

Yes,  but Brexit hasn't happened, yet. So his predictions may well come to pass.  Most pre vote investors would already face a selling loss right now,  they're hanging on, as nobody wants to pull the pin on a loss until it really starts to plunge,  it's the age old greed/fear seesaw at work.   

By the way,  they're not experts in anything but being smooth operators. If they were,  they'd have averted the GFC,  and would not be teetering on the next looming crash that will be the biggest in human history.  Even the bodgy MSM have got that memo by now. 

Edited August 10, 2018 by Small Joke

[ResandePohm]

17 hours ago, cyberfarang said:

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

All those expats who voted for Brexit will get what they voted for and what they deserve. Very happy I sold my house and removed my savings out of the UK.

[OJAS]

10 minutes ago, Jaggg88 said:

He has admitted this now so this 'expert' doesnt hold any favour with me.

Agreed - but, unfortunately, currency speculators still appear to hang on his every word given that the GBP's value against other currencies always takes a nosedive these days every time after he has blabbed his big mouth off about this, that and the other.

[Small Joke]

12 minutes ago, ResandePohm said:

All those expats who voted for Brexit will get what they voted for and what they deserve. Very happy I sold my house and removed my savings out of the UK.

The mother of own goals, all because of the 7% of filthy foreigners who get free Rolls Royce's and mansions because they're Muslim or Polish or something. ?

When Tories support it,  you know the man in the street is screwed. 

Edited August 10, 2018 by Small Joke

[tandor]

15 hours ago, cyberfarang said:

The finalising of Brexit is, March 29 2019. So we may get 41-43 at least for the next 7 months. I personally don`t believe a Brexit no deal will happen, the UK government simply cannot afford for this to happen. I take most of the media doom and gloom predictions with a pinch of salt.

 

Time will tell, but in the meantime I`m going to have another few beers while I can still afford it.

..at my age with senility setting in, i can convince myself quite easily i already had one beer.

[gamini]

17 hours ago, cyberfarang said:

The press love to create panic with doom and doom scenarios, it keeps the reports running. As they say; no news, is good news. But of course it`s the not knowing that still causes concern and this is what the press are playing on.

 

At the moment the £ is just on the verge of 42. Wouldn`t surprise me if tomorrow it goes down to 41 or even 40. Just to add more pain to the misery, British banks are refusing to pass on the latest 0.25 interest rate rise onto savers, saying; they don`t need savers, take it or leave it.

 

So for us Brits, financially, the foreseeable future is not looking too good. This could go either way. It is possible the £ could drop down into the 30s. So be prepared, there could be a rough ride ahead.

I'm afraid 39 is about what it will drop to soon.  But with no brexit deal.  It could eventually go down much further. 

[peterb17]

Just cut down a bit , I have a suspicion will hover around 42/43 - so less wine ( stupidly expensive ) eating out etc. 

 

My view is always if you have no control over something- why worry - there is nothing you can do about exchange rates and the thought of waking up in the dark, grey skies , vast numbers of people shoving and pushing on the underground. I was in England last year - what a depressing place - grey people shuffling about , my local pharmacy - queues to collect their methadone - it’s grim. 

 

So don’t worry about the pound- sunshine most days , my fab tropical garden , dip in the pool, take the dog out - it’s OK 

Edited August 10, 2018 by peterb17
Grammar

[toofarnorth]

2 hours ago, Kwasaki said:

Yes lets hope 75 baht to £ again like Sept 2005 when I got my savings from UK it took a while before I realized how lucky I was.

ATM was free as well both ends.

Yes Kwasaki , that is when I bought my house in Hua Hin , LLoyds bank where I lived in Plymouth said " The exchange rate is good right now "  Is it I said.  If I wanted to move to HH now I could just about afford a sala with a stream round the back for the toilet !