Sterling slumps on 'no-deal Brexit' worries; stocks dip

[geoffbezoz]

13 hours ago, brucec64 said:

This is obviously project fear. There is no conceivable downside to any form of Brexit, deal or no deal.

Not to the ignorant there isn't. But to the educated there are massive issues and irreparable damage to the UK economy. The only people who will gain from this are the speculators and those willing to sell the UK down the drain such as Jacob Rees-Mogg

[Baerboxer]

2 hours ago, Laughing Gravy said:

Okay so you have some sympathy from me, to a point. But let me ask you. You are not old enough to get your state pension. Why are you not working in Thailand, as you are not old enough to retire, unless you are on a personal pension. Did you not think that markets in the world anywhere can have a reduction for anything. Brexit is a classic example,. It hasn't even happened yet and the markets from hearsay, speculation and trying their best to stop investors and people from wanting out of the EU.

 

Politicians historically have always been more affluent than the common person. Have you seen the wealth of Jeremy Corbyn in that little council house (NOT) in London, of his.

 

There was a binary democratic referendum with leave winning. It hasn't happened yet and so many are trying to reverse it. You haven't been the UK , so you say for 10 years, so what was your plans moving to Thailand. Why are you blaming the referendum result.  I am genuinely interested to find out more, as i am not flaming you, just want to know more background history.

 

 

 

Corbyn's wife, second or third, is a ex banker. They do all tend to marry well. Keith Vaz has numerous very expensive properties around London and has put all his children through private education. Another good socialist who supports comprehensive non ability segregated education - but only for your kids not his. He's been a professional MP since early 20's. An investigation into his unusual wealth was called off because he said he felt too ill to answer questions. Since his miraculous recovery, the police seem to have somehow mislaid his case.

 

And we all sit here posting how bad things are in Asian countries!

 

We're being shafted well and truly.

[geoffbezoz]

3 hours ago, jimballard said:

Some people seem to think this is funny. For me and my family this is turning out to be a huge tradgedy. At the age of 62 I can no longer properly support my family in Thailand and will have to leave my wife and children to go back to England to try to find work. I have not been to England for over 10 years and have nothing there. I have no idea what I will do maybe drive a taxi or van. Fun and games for Boris johnson and him millionair mates but disaster for the little people.

Well there is always the "dodgy" route in order to stay in Thailand with your family and whilst supporting them is still an immense issue for yourself as is the case for many others. But at least you are able to get a job, many of us are beyond retirement age, far beyond in many cases, and despite prudent planning , things beyond our control have heaped massive problems upon what should have been safe and planned retirement together with security for our families. All due to people who not only want to increase their wealth through currency speculation but at a lower level, a much lower level, have ideals that by putting the UK back 200 years will be a good thing.

[joecoolfrog]

3 hours ago, Laughing Gravy said:

Okay so you have some sympathy from me, to a point. But let me ask you. You are not old enough to get your state pension. Why are you not working in Thailand, as you are not old enough to retire, unless you are on a personal pension. Did you not think that markets in the world anywhere can have a reduction for anything. Brexit is a classic example,. It hasn't even happened yet and the markets from hearsay, speculation and trying their best to stop investors and people from wanting out of the EU.

 

Politicians historically have always been more affluent than the common person. Have you seen the wealth of Jeremy Corbyn in that little council house (NOT) in London, of his.

 

There was a binary democratic referendum with leave winning. It hasn't happened yet and so many are trying to reverse it. You haven't been the UK , so you say for 10 years, so what was your plans moving to Thailand. Why are you blaming the referendum result.  I am genuinely interested to find out more, as i am not flaming you, just want to know more background history.

 

 

Disgusting post !

Despite the ridiculous " project fear " denials , the uncertainty caused by Brexit has seriously undermined Sterling , a no deal scenario will make things even worse.

[jimballard]

3 hours ago, Laughing Gravy said:

Okay so you have some sympathy from me, to a point. But let me ask you. You are not old enough to get your state pension. Why are you not working in Thailand, as you are not old enough to retire, unless you are on a personal pension. Did you not think that markets in the world anywhere can have a reduction for anything. Brexit is a classic example,. It hasn't even happened yet and the markets from hearsay, speculation and trying their best to stop investors and people from wanting out of the EU.

 

Politicians historically have always been more affluent than the common person. Have you seen the wealth of Jeremy Corbyn in that little council house (NOT) in London, of his.

 

There was a binary democratic referendum with leave winning. It hasn't happened yet and so many are trying to reverse it. You haven't been the UK , so you say for 10 years, so what was your plans moving to Thailand. Why are you blaming the referendum result.  I am genuinely interested to find out more, as i am not flaming you, just want to know more background history.

 

 

Ok. So you want to know my personal circumstances...

I worked and saved hard for 30+ year and retired to Thailand on a personal pension at the age of 52.  I had several million THB in cash and worked out I would be ok with pound goiing down to low 40's. 

When I left UK I hadn't heard of Boris or reese-Mogg and nobody was talking about leaving EU. I thought all risk was going to be on the Thai side.

I am just a HGV mechanic and put my hand up to being too stupid to guess GB was going to eat itself up into a banana republic. When you read online newspapers its like everyone has gone completely mad. Like those scifi movies where there is space colony with a virus and they all start killing each other. Nobody knows what they want or what to do. They are guys writing about hating germany and bringing up WW2 (which my dad fought in) comments about expats beng traitors and people should stay in UK for a holiday and not eat French cheese LOL.  Reese-mogg wanting to use imperial measurement, well I still have some Whitworth spanners he can have because I havent used them for 30 year. These guys were smoking too much wacky baccy at Oxford and addled their brains.

I got money problems because second daughter was born wih physical disability. Government hodpital couldnt help much so we went to Bangkok. 2x private operation and therapy more than 1 million baht. Then I had health problem at 59 but insurance didn't cover and cost me 400k. Down to 40 to the pound we are ok until OAP kicks in but 37 is too low.

What work can I do in Thailand? No degree so I can't teach. I could work on cars and trucks but how to get permit?

Going back to UK seems only option but cannot take family because of UK immigration rules. Now I read they have put a Indian woman Patel in chargevof UK immigration!! What will happen there?

[snoop1130]

Johnson's no-deal Brexit gamble hammers sterling

By Guy Faulconbridge, Olga Cotaga

 

Britain's new Prime Minister, Boris Johnson, delivers a speech outside Downing Street, in London, Britain July 24, 2019. REUTERS/Peter Nicholls

 

LONDON (Reuters) - The British pound tumbled on Tuesday as investors bet Prime Minister Boris Johnson’s Brexit brinkmanship with the European Union could trigger a messy divorce that would sow chaos through the world economy and financial markets.

 

Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since March 2017. The pound has lost 3.6 cents since Johnson was named Britain’s new prime minister a week ago.

 

Ever since the 2016 EU referendum, the pound has gyrated to the rhetoric of the Brexit divorce: after the result was announced, it had the biggest one-day fall since the era of free-floating exchange rates was introduced in the early 1970s.

 

Since the 2016 vote, sterling has now lost 28 cents, one of the most significant falls for the currency in recent decades.

 

“We see more GBP weakness to come,” ING said in a note to clients. “The current sterling meltdown is in line with our view that GBP risks are heavily skewed to the downside given the Brexit uncertainty and rising odds of an early election (our base case).”

 

Johnson, who was hailed by U.S. President Donald Trump as Britain’s Trump, has promised to strike a new divorce deal with the European Union and to energise the world’s fifth-largest economy after what he casts as the gloom of Theresa May’s premiership.

 

On entering Downing Street on Wednesday, Johnson set up a showdown with the EU by vowing to negotiate a new deal and threatening that, if the bloc refused, he would take Britain out on Oct. 31 without a deal to limit economic dislocation.

 

TOUR OF THE UNION

 

He told reporters in Scotland on Monday that he wanted to get a new deal but that the government had to prepare for a no-deal Brexit.

 

When asked about his remark during the campaign for the party leadership that the odds on a no-deal Brexit were a million to one, he said: “Provided there is sufficient goodwill and common sense on the part of our partners, that is exactly where I would put the odds.”

 

Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain’s economy into a recession, roil financial markets and weaken London’s position as the pre-eminent international financial centre.

 

Supporters of Brexit say that while there would be some short-term difficulties, the disruption of a no-deal Brexit has been overplayed and that in the long-term, the United Kingdom would thrive if it left the European Union.

 

Johnson’s ascent has placed an avowed Brexiteer in charge of the British government for the first time since the 2016 EU Brexit referendum.

 

Johnson will tell Welsh farmers on Tuesday they will get a better deal after Brexit, part of a countrywide tour to win support for his “do or die” pledge to leave the European Union by Oct. 31.

 

“I will always back Britain’s great farmers and as we leave the EU we need to make sure that Brexit works for them,” Johnson said before arriving in Wales.

 

“Once we leave the EU on the 31st of October, we will have a historic opportunity to introduce new schemes to support farming – and we will make sure that farmers get a better deal. Brexit presents enormous opportunities for our country and it’s time we looked to the future with pride and optimism.”

 

-- © Copyright Reuters 2019-07-30

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[BritManToo]

48 minutes ago, jimballard said:

but cannot take family because of UK immigration rules.

You can take your children, father with 2 kids gets you a minimum income of 20,000 UK pounds.

If one of your kids has a medical disability, I would have thought she would be better off in the UK.

 

Or you could economise and learn to live on less here.

If you already own your own home, 15-20kbht/month should be achievable.

 

 

Edited July 30, 2019 by BritManToo

[zorrow424]

Things will get better for sure. Just a blip this brexit thing,will pass,the £ will pick up again,has to or Thailand in trouble.  Better to go back for a while,get a job

[jimballard]

18 minutes ago, BritManToo said:

You can take your children, father with 2 kids gets you a minimum income of 20,000 UK pounds.

If one of your kids has a medical disability, I would have thought she would be better off in the UK

 

I would have to take my wife as well. How can we get minimum income of £20k? Do you have a link?

[BritManToo]

2 minutes ago, jimballard said:

I would have to take my wife as well. How can we get minimum income of £20k? Do you have a link?

Nope, you can't take your wife.

But benefits, tax credit, and housing allowance easily guarantee a minimum of 20k if you're working 16hr/week (even if it's selling on Ebay as an independent trader). You should get more because of the kids disability.

 

If you move back as a single guy, you'll get nothing.

Edited July 30, 2019 by BritManToo

[Bluespunk]

5 hours ago, dunroaming said:

The continued fall in sterling is because of Johnson's threat to the EU over a no deal Brexit.  Then he goes to Scotland and says that he is working towards a deal and will go the extra thousand miles to get one.  Same thing he is telling the Welsh.

 

So which Boris should we believe?  The one spending £100,000,000 on preparing for his no-deal Brexit or the one who is going that extra 1,000 miles and is confident in getting a deal?

 

As always Johnson spouts his rubbish to the audience in front of him at the time.  Does anyone actually believe anything he says?

I don’t. 

[jimballard]

1 minute ago, BritManToo said:

Nope, you can't take your wife.

But benefits, tax credit, and housing allowance easily guarantee a minimum of 20k if you're working 16hr/week (even if it's selling on Ebay as an independent trader). You should get more because of the kids disability.

Ok. I didnt know this.  I will have to discuss with the wife. Daughter is basically ok now after operations and therapy. She walks with a slight limp but can do all normal activities.

[puipuitom]

In many companies they have Friday / Monday a management team meeting. Some have busines in GBP also. They see Monday the GBP sink as a stone in the water. So… as we have a export order open of.. £ 288K. Sank yesterday 1,46 % and today (14:15): 0,54%. Sh.t, 2% of our margin evaporated in 1 ½ day = £ 5760 , so.. SELL the £'s . But.. who is willing to buy in a downward market ? Better wait an ( ¼ - ½ - 1/1) hour and.. when still down, wait another hour etc etc.

Opposite, we British co bought in €uro's, value £ 353k... so… wait with forex covering €uro's to sell in £.  We gained in 1 ½ day: £ 6000 POUNDS

In €uro as well as in US$ -countries they just think opposite. 

Result: more sell, less demand for £ and that triggers... YES.. a further downfall.

For the entire UK... the import and the export is in BILLIONS, not in thousands… The £ was in Jan 2016 € 1,47. UK, calculate your losses…. and compare that with the EU contribution.

 

Prayer in EU changed:  "dear God, give us our daily bread and,., thanks for Boris c.s. and his no deal Brexit.."

Edited July 30, 2019 by puipuitom

[puipuitom]

5 minutes ago, Bluespunk said:

As always Johnson spouts his rubbish to the audience in front of him at the time.  Does anyone actually believe anything he says?

 

I don’t. 

When I feel the sun is shining and he tells it is daytime: Yes.

Edited July 30, 2019 by puipuitom

[Bluespunk]

13 minutes ago, zorrow424 said:

Things will get better for sure. Just a blip this brexit thing,will pass,the £ will pick up again,has to or Thailand in trouble.  Better to go back for a while,get a job

Your empathy and caring attitude is a lesson to us all. 

 

Truly you are a comfort to all humanity. 

 

Bravo sir. 

Edited July 30, 2019 by Bluespunk

[Misty]

5 hours ago, dunroaming said:

As always Johnson spouts his rubbish to the audience in front of him at the time.  Does anyone actually believe anything he says?

Born in NYC and was a US citizen, as I recall. 

 

NPR interview from 2014:  "Outrageous or not, will you pay this IRS tax bill?" Johnson's response: "I'm — no, is the answer. I think, it's absolutely outrageous. Why should I?" 

 

(Narrator:  He paid the bill.)

 

https://www.npr.org/sections/thetwo-way/2014/11/21/365690481/london-mayor-boris-johnson-owes-irs-money-wont-pay

 

[Bluespunk]

12 minutes ago, puipuitom said:

When I feel the sun is shining and he tells it is daytime: Yes.

The warmth you mistakenly think is from the sun is actually a heat lamp he’s had placed outside your window...

Edited July 30, 2019 by Bluespunk

[zorrow424]

11 minutes ago, Bluespunk said:

Your empathy and caring attitude is a lesson to us all. 

 

Truly you are a comfort to all humanity. 

 

Bravo sir. 

least he is going back for a job,you ever worked? or here full time?......Never mind eh!   Eire's time is virtually up Id say,truly the whipping boy of the Brexit solution

[Bluespunk]

1 minute ago, zorrow424 said:

least he is going back for a job,you ever worked? or here full time?......Never mind eh!   Eire's time is virtually up Id say,truly the whipping boy of the Brexit solution

Your economic illiteracy is laughable, as is your judgement of others. 

[Matzzon]

How long are these two irresponsible parts going to be allowed to continue? One is messing up the pound, the other bloc is messing up the euro. Just make a deal and end your peoples suffering. Nothing good comes out of this.

[Jip99]

6 minutes ago, Matzzon said:

How long are these two irresponsible parts going to be allowed to continue? One is messing up the pound, the other bloc is messing up the euro. Just make a deal and end your peoples suffering. Nothing good comes out of this.

 

 

Wisest post of the day...

[bristolboy]

12 minutes ago, Matzzon said:

How long are these two irresponsible parts going to be allowed to continue? One is messing up the pound, the other bloc is messing up the euro. Just make a deal and end your peoples suffering. Nothing good comes out of this.

Sounds reasonable if you don't actually think about it. Once you do, you realize how empty an observation it is. Got any specifics?

[Matzzon]

1 minute ago, bristolboy said:

Sounds reasonable if you don't actually think about it. Once you do, you realize how empty an observation it is. Got any specifics?

I am so happy to hear that you have given your post so much thought. Feels safe to know that at least one of us know what he is talking about.

[bristolboy]

17 minutes ago, Matzzon said:

I am so happy to hear that you have given your post so much thought. Feels safe to know that at least one of us know what he is talking about.

When somebody writes the kind of sentiment that wouldn't be out of place on a greeting card, it's difficult not to detect BS.

[kingdong]

13 hours ago, flossie35 said:

Unbelievable nonsense. The government's own experts have produced an analysis which is all very bad news.

what the governments "own experts" what the same mob who said we,d face financial armhageddon if we didn,t join the euro?the same mob who couldn,t see the crash of 2008 coming?and the authors of the project fear leaflet?

[kingdong]

1 hour ago, Matzzon said:

How long are these two irresponsible parts going to be allowed to continue? One is messing up the pound, the other bloc is messing up the euro. Just make a deal and end your peoples suffering. Nothing good comes out of this.

the eu dosen,t want us to leave[not for any sentimental reason like liberating them from the nazis] just because they want our money,so will not give us sweet fa,i thought it would have been obvious to even the most hardened remainer when cameron went to the eu pleading for a change in eu law to prevent eu citizens coming to the uk and abusing ourwelfare state,they laughed in his face,so what type of deal does anyone think the eu will give us?that scheme remainer may tried to push thru 3 times which would have kept us in forever?

[kingdong]

8 hours ago, jimballard said:

Some people seem to think this is funny. For me and my family this is turning out to be a huge tradgedy. At the age of 62 I can no longer properly support my family in Thailand and will have to leave my wife and children to go back to England to try to find work. I have not been to England for over 10 years and have nothing there. I have no idea what I will do maybe drive a taxi or van. Fun and games for Boris johnson and him millionair mates but disaster for the little people.

whilst i sympathise with your personal position,it would appear the baht is getting too strong against all major currencies,not just sterling,and its not all down to brexit..still, you still have a country you can go back to[at the moment]

[bomber]

8 hours ago, jimballard said:

Some people seem to think this is funny. For me and my family this is turning out to be a huge tradgedy. At the age of 62 I can no longer properly support my family in Thailand and will have to leave my wife and children to go back to England to try to find work. I have not been to England for over 10 years and have nothing there. I have no idea what I will do maybe drive a taxi or van. Fun and games for Boris johnson and him millionair mates but disaster for the little people.

there will be more like you,probably some on here still fighting the brexit corner,but they in true brexiteer fashion will not admit it though,but they did learn something from their time in thailand though,how to save face.<deleted> dont enter a spoons when you go back

[bristolboy]

30 minutes ago, kingdong said:

the eu dosen,t want us to leave[not for any sentimental reason like liberating them from the nazis] just because they want our money,so will not give us sweet fa,i thought it would have been obvious to even the most hardened remainer when cameron went to the eu pleading for a change in eu law to prevent eu citizens coming to the uk and abusing ourwelfare state,they laughed in his face,so what type of deal does anyone think the eu will give us?that scheme remainer may tried to push thru 3 times which would have kept us in forever?

So exactly what did you do to liberate Europe from the Nazis? Time travel much?

[bomber]

8 hours ago, rhyddid said:

 

The Blonde dude his digging fast UK economy!
Let it happen, meantime get out of UK 

https://www.bbc.com/news/av/uk-wales-49140557/think-seriously-about-welsh-independence-say-rally-crowds

wales now want out,that would be 3 out of 4,come on brexiteers lets have a sing song,no surrender no surrender no surrender to the sheep sha--ers