Britain fires with both barrels - emergency rate cut and budget boost

[Rookiescot]

10 minutes ago, vogie said:

And had the SNP and the Labour party had voted for Mays deal you would have remained in the single market, so let's be thankfull for small mercies. But it is always somebody elses fault.

 

Which one of the meaningful votes was that one?

And where did all the blue in the right hand column come from?

[Billthekiwi]

On 3/11/2020 at 11:00 PM, Logosone said:

Of course, they only made electrical cars in the UK.

 

Must be the reason why JP Morgan, Bank of America and Chase are going opening huge new offices in Paris.

 

Toyota and BMW also made clear they are leaving the UK if the trade deal is not good.

LOL of course it is just like all the so call celebs in the USA who said "I'm leaving if Trump get elected!"

It's taken over 3 years for them to pack so far.

 

It's all just posturing to get attention and a better deal for "them". The ordinary citizen is just dirt for them to trample on.

Remember these names the next time you're looking for a bank or car. Bite them back. Hard!

 

Seriously they are welcome to set up in France. See how that works out after the EU implodes.

[vogie]

22 minutes ago, Rookiescot said:

Which one of the meaningful votes was that one?

And where did all the blue in the right hand column come from?

This would be meaninful vote #3, as it does state on the graph I provided "MPs who changed positions from MV2"

https://ig.ft.com/brexit-exit-deal-vote/

[Logosone]

2 hours ago, englishoak said:

 

Except the Government hasnt actually borrowed anything as yet, its intending to yes and if the landscape changes so will its plans, no economy stays the same over time and  your example of our continuing economic woes is in large part to do with imo being one of the major net contributors to the EU bloodsuckers for 40+ years. This will no longer an issue.  We have often funded investment by borrowing over the past few hundred years. Its really not an issue, as much as it may seem one on paper and it used to bother me but once i got into the details i realised its really isnt. I wont go indepth into the financial markets history but suffice to say the UK tweaked and wrote the rules for much of the system the world uses today and understands it very well, with all its dodgy dealings and warts the city of London is the global financial centre and no one believes its a big risk in the financial circles i know or talk to.  Savvy and wily or timing is more the words being used in the city since last week and i agree with that. The media isnt the city and of course most media still hates the idea of leaving, especially the BBC darlings so are still banging the drum of doom but its beginning to fade and will continue to as time moves on. 

 

No nation in the EU are reducing their debts, in fact the UK has a similar level to the EU overall and less than France which is a similar size, They also continuously beak their own fiscal rules.   economy.. https://www.debtclocks.eu/public-debt-and-budget-deficits-comparison-of-the-eu-member-states.html

 

The worlds financing works on borrowing from the future, im not saying this is ok im merely stating how it is, therefore the best time to do large borrowing is when interest rates are minimal, the UK isnt a small economy but huge so has little trouble doing so any more than the other large economies running even greater deficits like France or Japan do or would. It is how the system works and the present time and going forward will be zero rates, possibly even negative rates. We also have a long record on borrowing and aside war borrowing ( with crippling rates attached ) have never had any problems repaying or defaulted and wrote most of the book on financing practices, loopholes and usage. The Uk has financed most of the past 400 years in this method one way or another, so im pretty sure its not going to be an issue now. 

 

Personally id rather everyone lived within their means including the UK but thats not how nations economies work and the financial system needs government borrowing to even survive. I will admit I do hate the fact that numbers can be simply entered on a computer to make massive amounts out of literally nothing now, it only makes the system more untrustworthy and opaque along with derivatives, credit swaps and all other manner of made up fancy worded bundles and schemes hardly anyone can any longer understand in full. Literally anything could be a complete fabrication and risk assessments or ratings are nothing to rely on anymore. This week is a clear sign 08 did nothing but delay and inflate a much much bigger global problem fuelled by made up wealth that doesn't exist by the simply stoke of a few computer keys, at some point that will have to get shaken out, maybe it is happening right now but I expect the massive coming global QE program will just kick the can further down the road. 

 

There is a possibility this virus which imo is being used to pop the everything bubble could for a time lead to the mother of all crashes and into recession if not global depression or/and the greater global economy seizing up, then we will all have much bigger problems to worry about. Personally i think they will just pump whatever numbers they need to until things stabilise for a while and the future will have to figure it out. 

 

Hmm that reply got away from me... ahh well nevermind. 

 

If UK politicians understand the financial system so well why did they not set up a sovereign wealth fund when the North Sea oil windfall came your way? Looks like Norway's politicians understood the financial system a little better. They now have a sovereign wealth fund that owns 2% of the world's top shares. This willl help them soften the effects of the oil wars. 

 

The UK, not only had the north sea oil windfall, they had the privatisation windfall. They had the mobile phone licences windfall. Where did all those billions of pounds go? UK politicians gave it to the British electorate as tax cuts, who then invested the funds in absurdly overpriced bricks and mortar. That money is gone.

 

You do have some of the greatest financial experts in the UK, and you always have had, but they almost never work in politics. Do you remember Black Wednesday when the pound fell despite Norman Lamont's best attempts? Didn't look like the UK politicians had such a firm grasp of the financial system at the time.

 

But the understanding of the financial system is not the problem, it's no worse than anywhere else. The real issue is the fact that the British economy has been in real terms decline since about 1870. Things have only gone from worse to worse, despite this sterling understanding of the financial markets. Many, many mistakes were made by Tories and Labour and now Brexiters alike.

 

Why would I be upset at the UK leaving the EU when the EU will get more money paid by the UK through tariffs than the UK ever did as a member? The UK will pay more to Europe being outside the EU than within the EU.

 

https://news.un.org/en/story/2020/02/1058131

 

the financial system needs government borrowing to even survive

 

It is the UK that needs borrowing to even survive. You know this. There is a shortfall between what the government spends in services and what it has coming in. Hence the UK has to ask the capital markets to kindly fund the difference. The Germans, Japanese and Americans do so not out of kindness, it costs the UK many billions each year. See thing is there are DEGREES of debt.

 

A certain DEGREE of debt is fine, not a problem at all. However, when you look at Greece it is clear that there can be a point when a country takes too much debt. And this has not just happened with Greece, it has happened with many countries. In fact the UK has gone bankrupt four times, the last time in 1932. Germany has gone bankrupt eight times, but became an economic success due to tight monetary policies. What we are seeing now is that the UK has embarked on a path of ever increasing national debt. That this is a problem was recognised in the UK, hence austerity was put in place, the government pledged to reduce borrowing.  However, this Brexit government has now given up on reducing debt and instead hopes to simply retain the same debt levels. Well, there are always unforeseen possible events that overwhelm a country. It's happened to the UK four times. To the Germans eight times. That is why it makes sense to not make matters worse by being excessively in debt when that happens. The treasury's own watchdog has said that about the current budget.

 

Besides, the bigger the debt is the more it costs to service. The many billions the UK spends on interest every year is money it can't spend on its children, education or health care.

[sandyf]

2 hours ago, vogie said:

I think you'll find there will be more people admitting to voting for Boris than Alex Salmond, IMO.????

 

Wishful thinking.

[JonnyF]

1 hour ago, Rookiescot said:

Had the ERG and other Brexit fanatics voted for Mays deal then we would have remained in the single market and yes the pound would have bounced back.

 

 

For once we agree. The Spartans like Mark Francois stuck to their guns while others around them crumbled, they ensured we got a real Brexit as opposed to BRINO.

 

They should be knighted IMO.

 

The pound will bounce back once we've left and things are seen to be ticking along nicely. Once Project Fear becomes nothing more than a distant, unpleasant memory it will climb relatively quickly. 

[Rookiescot]

18 minutes ago, JonnyF said:

For once we agree. The Spartans like Mark Francois stuck to their guns while others around them crumbled, they ensured we got a real Brexit as opposed to BRINO.

 

They should be knighted IMO.

 

The pound will bounce back once we've left and things are seen to be ticking along nicely. Once Project Fear becomes nothing more than a distant, unpleasant memory it will climb relatively quickly. 

Why will the pound bounce back?

 

[JonnyF]

6 minutes ago, Rookiescot said:

Why will the pound bounce back?

 

Firstly, because the pound is currently undervalued.

 

Secondly, because the markets will see that the UK is doing very well outside the EU and that the doomsday predictions from the likes of Mark Carney were politically motivated.

[Rookiescot]

13 minutes ago, JonnyF said:

Firstly, because the pound is currently undervalued.

 

Secondly, because the markets will see that the UK is doing very well outside the EU and that the doomsday predictions from the likes of Mark Carney were politically motivated.

Why is the pound undervalued?

 

What evidence do you have the Carney was politically motivated?

[JonnyF]

36 minutes ago, Rookiescot said:

Why is the pound undervalued?

 

What evidence do you have the Carney was politically motivated?

I'm not your private tutor, there's plenty of information out there about how to assess the value of a currency.

 

Given his laughably inaccurate predictions, either he was politically motivated or he's woefully inept. Take your pick.

[evadgib]

23 minutes ago, JonnyF said:

I'm not your private tutor, there's plenty of information out there about how to assess the value of a currency.

 

Given his laughably inaccurate predictions, either he was politically motivated or he's woefully inept. Take your pick.

The Mogg made light of Carney's predictions during one of his moggcasts ????

[Rookiescot]

1 hour ago, JonnyF said:

I'm not your private tutor, there's plenty of information out there about how to assess the value of a currency.

 

Given his laughably inaccurate predictions, either he was politically motivated or he's woefully inept. Take your pick.

Ah right so just baseless assertions.

[Rookiescot]

1 hour ago, evadgib said:

The Mogg made light of Carney's predictions during one of his moggcasts ????

If you believe anything that comes out of that slimeball then its no wonder we are in the mess we are in.

[Logosone]

2 hours ago, JonnyF said:

I'm not your private tutor, there's plenty of information out there about how to assess the value of a currency.

 

Given his laughably inaccurate predictions, either he was politically motivated or he's woefully inept. Take your pick.

People in the UK have been saying this when the pound was at 1.29 to the USD, oh the pound is undervalued, anything under 1.30 means 'buy, buy, buy'.

 

Now the pound is at 1.25 to the USD and nobody's buying. Looks like the pound was overvalued if anything. The value is only what buyers will pay. 1.25 USD at the moment.

 

Carney politically motivated, lol.

[Logosone]

18 hours ago, JonnyF said:

Firstly, because the pound is currently undervalued.

 

Secondly, because the markets will see that the UK is doing very well outside the EU and that the doomsday predictions from the likes of Mark Carney were politically motivated.

Pound at 1.22 to the USD.

 

Yes, the UK is doing extremely well outside the EU now, lol. The golden age of Brexit glory days, with bountiful herrings sold to New Zealand is just around the corner. Britain is BACK baby!

 

Lol.

 

The doomsday predictions by Mark Carney if anything were too careful and modest. Carney politically motivated and incompetent, lol, have you ever looked at this man's CV? He can work anywhere he wants in the world. For you to call a man like Mark Carney incompetent is frankly the height of impudence.

 

[evadgib]

17 hours ago, Rookiescot said:

If you believe anything that comes out of that slimeball then its no wonder we are in the mess we are in.

Says a bloke who swears by Carney & whose former anointed political idol is currently 'up-on-one' as per Harvey Wienstein ????

Edited March 14, 2020 by evadgib

[Logosone]

Britain fired with both barrels.

 

Market fires back with two billion barrels.

 

British Pound in hiding down the lane.

[evadgib]

7 minutes ago, Logosone said:

Britain fired with both barrels.

 

Market fires back with two billion barrels.

 

British Pound in hiding down the lane.

How's everyone else doing?

[Rookiescot]

40 minutes ago, evadgib said:

Says a bloke who swears by Carney & whose former anointed political idol is currently 'up-on-one' as per Harvey Wienstein ????

I think Carney knows more about economics than some guy who thinks Reese Mogg is a font of knowledge. 

As for Salmond. I have never voted for him. So not exactly my political idol.

[Logosone]

Euro's doing much better than before the oil crisis.

 

US Dollar made a huge recovery.

 

People are going long again, except on the Pound of course.

[Logosone]

Just now, Rookiescot said:

I think Carney knows more about economics than some guy who thinks Reese Mogg is a font of knowledge. 

As for Salmond. I have never voted for him. So not exactly my political idol.

Mark Carney is a superb thoroughbred economist.

 

That is of course why the Brexiters hate him. He talks sense. It's very upsetting when you're dreaming of a golden age of selling unprecedented amounts of Herring to New Zealand to have a nasty Canadian economist working for your own Central Bank telling you a golden age is not around the corner due to Brexit.

 

Or indeed to have your own Treasury watchdog telling you that the Brexiter budget will cause problems in the future.

 

I mean, who wants to hear that? It's supposed to be a golden age for Britain now! Britain is back! Brexit, has created a time of golden opportunity and untold riches!

[evadgib]

22 minutes ago, Logosone said:

Mark Carney is a superb thoroughbred economist.

 

That is of course why the Brexiters hate him. He talks sense. It's very upsetting when you're dreaming of a golden age of selling unprecedented amounts of Herring to New Zealand to have a nasty Canadian economist working for your own Central Bank telling you a golden age is not around the corner due to Brexit.

 

Or indeed to have your own Treasury watchdog telling you that the Brexiter budget will cause problems in the future.

 

I mean, who wants to hear that? It's supposed to be a golden age for Britain now! Britain is back! Brexit, has created a time of golden opportunity and untold riches!

- I cannot recall a single prediction in which Carney was other than completely wrong.

 

- He secured ???????? citizenship some years ago.

 

- Blame for the virus lies outside ????????'s control (but don't let that stop you eh?)

Edited March 14, 2020 by evadgib

[Logosone]

“We shouldn’t be addressing the issue in terms of (whether) there would be some financial institutions and maybe some individuals associated with those financial institutions who have correctly predicted, or got lucky, on what direction sterling ends up going,” Carney said. "They will possibly make a lot of money, but it won’t cascade into the core of the system and it won’t amplify it into an impact onto the real economy.”

 

https://www.reuters.com/article/uk-britain-boe-carney-markets-idUSKBN1WU14G

 

Looks accurate to me.

 

Of course NOBODY can correctly predict the future at all times, and Carney has been off at times. However, overall his performance was nothing less than stellar.

 

I'm aware he holds three citizenships, but he is Canadian.

 

The British are not to blame for the virus, no, but neither are the Americans. Their currency is going up. Yours is not. Of course the UK will blame all of its economic problems on the virus now. That is transparently false of course.

[evadgib]

The virus wont be around long & I thought it was 'our' given you're a Brit too, even if, like me, you can (or have) obtained a 2nd nationality.

[Logosone]

Well, no, but the Brexit politicians blaming all economic woes on the virus will continue for years.

 

We promised a golden age, and you know, it almost happened, almost, we was so close...honest....but that stupid Chinese virus, ah well, still we now decide how we go into bankruptcy, and not those Europeans. Rejoice, Rule Britannia, Rule Britannia! Britannia rule the Waaaaaves....

[evadgib]

If we sang that in the Eurovision song contest we'd get a bigger landslide than Boris & Ferage combined ????

[Logosone]

It is massively stirring. When I watch the Proms I almost get sucked into the fervour myself. Of course the silly people dressed in Union Jack suits quickly snap you out of it and you realise you're actually not that crazy.

[evadgib]

Happens every weekend during the football season, albeit in slightly different rig...

 

[Logosone]

Not at the Leizpig vs Tottenham second leg.

 

Nor in the Bayern vs Chelsea first leg:

 

"Supporters of the Bundesliga side were heard chanting “football’s coming home” as they cruised into a 3-0 lead at Stamford Bridge."

 

https://www.express.co.uk/sport/football/1247308/Bayern-Munich-Chelsea-footballs-coming-home-Three-Lions-fans-sing-Champions-League

 

 

[ivor bigun]

2 hours ago, Logosone said:

It is massively stirring. When I watch the Proms I almost get sucked into the fervour myself. Of course the silly people dressed in Union Jack suits quickly snap you out of it and you realise you're actually not that crazy.

Your not? amazing .