'worst Financial Crisis In Human History': Bank Boss's Warning As Pound Suffers Biggest Fall For 37 Years

[Gravelrash]

3rd world can expect invasion of destitute Brits now....

I thought that had started already...

Only difference though is instead of coming as colonisers, they now come looking for cheaper accommodation than most of the locals.

[Spee]

The economist added: 'We are going to have to wear a hair shirt as a nation. If this turns out to be recession lasting five or six quarters, which looks possible, we are not going to see the slightest upturn until 2010. And even then we can expect at least five years of muted growth.'

This could easily turn out to be the rose-colored glasses viewpoint. The current structure of the UK economy is such that it is inherently difficult to rebound from economic crises. The British people are being taxed into oblivion. The British government has socialized the vast majority of the national economy, which is a recipe for disaster.

If the British government really wanted to turn things around quickly, they would pass legislation to cut citizens' income taxes in half, cut the national sales tax (17.5% vat) in half, and reduce the size of government accordingly. Unfortunately the former tax and spend chancellor is now the current tax and spend PM (and a thoroughly incompetent one at that).

Oh, and regardless of how the pound sterling may be suffering now, the Brits still did the right thing by not moving to the Euro.

In any case, the UK government has to wake up. You stimulate economic activity by putting more money back in peoples' pockets through reduced taxation, not by increased government intrusion. Time will tell if Downing and Parliament are smart enough to figure this out.

[lannarebirth]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

[operator]

The economist added: 'We are going to have to wear a hair shirt as a nation. If this turns out to be recession lasting five or six quarters, which looks possible, we are not going to see the slightest upturn until 2010. And even then we can expect at least five years of muted growth.'

This could easily turn out to be the rose-colored glasses viewpoint. The current structure of the UK economy is such that it is inherently difficult to rebound from economic crises. The British people are being taxed into oblivion. The British government has socialized the vast majority of the national economy, which is a recipe for disaster.

If the British government really wanted to turn things around quickly, they would pass legislation to cut citizens' income taxes in half, cut the national sales tax (17.5% vat) in half, and reduce the size of government accordingly. Unfortunately the former tax and spend chancellor is now the current tax and spend PM (and a thoroughly incompetent one at that).

Oh, and regardless of how the pound sterling may be suffering now, the Brits still did the right thing by not moving to the Euro.

In any case, the UK government has to wake up. You stimulate economic activity by putting more money back in peoples' pockets through reduced taxation, not by increased government intrusion. Time will tell if Downing and Parliament are smart enough to figure this out.

Unfortunately under EU rules it's illegal to drop vat below 15%.

[a2396]

3rd world can expect invasion of destitute Brits now....

They can't live in LOS if they have no money, can they?

[Spee]

If the British government really wanted to turn things around quickly, they would pass legislation to cut citizens' income taxes in half, cut the national sales tax (17.5% vat) in half, and reduce the size of government accordingly. Unfortunately the former tax and spend chancellor is now the current tax and spend PM (and a thoroughly incompetent one at that).

Oh, and regardless of how the pound sterling may be suffering now, the Brits still did the right thing by not moving to the Euro.

In any case, the UK government has to wake up. You stimulate economic activity by putting more money back in peoples' pockets through reduced taxation, not by increased government intrusion. Time will tell if Downing and Parliament are smart enough to figure this out.

Unfortunately under EU rules it's illegal to drop vat below 15%.

Fine, the UK should either ignore the law for the legalized thievery that it is, withdraw from the EU or simply push to have the law change. Let's make one thing very clear. If the UK chooses to pull out of the EU, the EU will fold like a cheap suit. Mark my words.

Making it "illegal" to reduce taxes below a certain level is the very definition of socialism. Socialism doesn't work. It never has. It never will. Anyone who doesn't believe this is either a committed socialist, a committed communist, or a complete idiot. If the European citizens are ok with letting their collective governments rob them blind to redistribute their money to other people and political causes, then they deserve to get screwed.

Believe me, things are no different in parts of the United States. The citizens of Massachusetts (aka "Tax-a-chusetts") have a ballot question to completely eliminate the state taxes on income, dividends and capital gains, for which the current rate is 5.3%. Strangely enough, the poll numbers on the question currently show 59% no, 26% yes and 14% undecided.

If citizens of a state or country do not vote to reduce or eliminate taxes given the chance, then they are effectively telling their government to feel free to rob them blind and stick foreign objects up their gazoo any time they feel like it. It would be a victory for socialism and a loss for free market, small government views.

[marshbags]

The blame game has to be shared by many and this includes those who used various methods of obtaining excessive credit, over and above what they could realistically afford.

One method i was made aware of relating to deposits on mortgages this last visit

Some where foolish enough to get a loan to put down on their properties as required by the more sensible building societies

This was not, of course, declared when applying for them and therefore not included in their outgoings.

Illegal, sure, but more of the economical with the truth scenario that many prefer to use.

Sadly, it is now coming back to haunt them, big time

marshbags

[Neeranam]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

Right, what's all the fuss about.

I came here with 2000 pounds in Aug 1992. I think I got about 65 baht to the pound. 4 months later, I was getting 37. Now it's 50 - isn't that great?

Personally, I want it to go to 37 again as I'm planning a trip to the UK at xmas. With 2 kids and a wife it makes a huge difference.

[Slogger]

3rd world can expect invasion of destitute Brits now....

What u mean they will all be toddling off to Australia?

[Slogger]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

Oh that's a relief. I was getting a bit worried there.

Edited October 26, 2008 by Slogger

[Naam]

So, if one has cash , would this be a good time to move to England?

i just read in another thread that you are a lady. that could be the explanation of your naïveté

[pongosnodgrass]

I'm still paying a mortgage and other commitements back in the UK so this is having the opposite effect for me.

I also remember the baht in the 40's but since living here, it's been mostly in the 70's sliding to the mid-60's. I've been sending back 1200GBP every month, it's not a huge amount but it's making a small difference. I'm, for once, "lucky" to be getting paid in Baht. I don't know how long that will last.

[marshbags]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

Right, what's all the fuss about.

I came here with 2000 pounds in Aug 1992. I think I got about 65 baht to the pound. 4 months later, I was getting 37. Now it's 50 - isn't that great?

Personally, I want it to go to 37 again as I'm planning a trip to the UK at xmas. With 2 kids and a wife it makes a huge difference.

Don,t forget you have to come back again ( I assume from your " visit " reference ) Neeranam

If it does / did go to 37 and prices, visa charges and deposits ect. ect. stay as high as they are now, I genuinely feel for the expat pensioners who are living out the rest of their lives here, with limited funds.

I,m already trying to help one on a pension from 6 years ago with no increases since, who was down to 16k and worried sick.

Since my last meeting with him, it,s dropped at least another 10 baht to the £ ??????? so his 16k is now going to be a lot less next month.

marshbags

Edited October 26, 2008 by marshbags

[Neeranam]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

Right, what's all the fuss about.

I came here with 2000 pounds in Aug 1992. I think I got about 65 baht to the pound. 4 months later, I was getting 37. Now it's 50 - isn't that great?

Personally, I want it to go to 37 again as I'm planning a trip to the UK at xmas. With 2 kids and a wife it makes a huge difference.

Don,t forget you have to come back again ( I assume from your " visit " reference ) Neeranam

If it does / did go to 37 and prices, visa charges and deposits ect. ect. stay as high as they are now, I genuinely feel for the expat pensioners who are living out the rest of their lives here, with limited funds.

I,m already trying to help one on a pension from 6 years ago with no increases since, who was down to 16k and worried sick.

Since my last meeting with him, it,s dropped at least another 10 baht to the £ ??????? so his 16k is now going to be a lot less next month.

marshbags

I didn't forget. I work here and get paid in baht.

As for your friend, have you suggested that he go back to his own country if he can't earn any money here. He'd be looked after by the UK government if he can't work or is old.

I'd like to spend my winter days in San Moritz but I can't.

Edited October 26, 2008 by Neeranam

[MJP]

These guys had it right.

http://www.housepricecrash.co.uk/forum/ind...hp?showforum=22

Some on there that like all that schadenfreude (taking pleasure in others suffering), but all in all a good bunch.

[marshbags]

The title is incorrect. The current decline in the GBP is the biggest in 15 years, not 37.

Right, what's all the fuss about.

I came here with 2000 pounds in Aug 1992. I think I got about 65 baht to the pound. 4 months later, I was getting 37. Now it's 50 - isn't that great?

Personally, I want it to go to 37 again as I'm planning a trip to the UK at xmas. With 2 kids and a wife it makes a huge difference.

Don,t forget you have to come back again ( I assume from your " visit " reference ) Neeranam

If it does / did go to 37 and prices, visa charges and deposits ect. ect. stay as high as they are now, I genuinely feel for the expat pensioners who are living out the rest of their lives here, with limited funds.

I,m already trying to help one on a pension from 6 years ago with no increases since, who was down to 16k and worried sick.

Since my last meeting with him, it,s dropped at least another 10 baht to the £ ??????? so his 16k is now going to be a lot less next month.

marshbags

I didn't forget. I work here and get paid in baht.

Lucky you, for nowwwwwwwwwwwww

As for your friend, have you suggested that he go back to his own country if he can't earn any money here. He'd be looked after by the UK government if he can't work or is old.

Yes and he,s 70 years old going on 71, not exactly feeling confident about life at the moment.

If you are familiar with the U.K. you will appreciate it,s not so simple, all things considered and not such a good idea ......

It,s covered here :-

http://www.thaivisa.com/forum/Uk-Oap-Payme...78#entry2290578

I'd like to spend my winter days in San Moritz but I can't.

San Moritz ??????????

marshbags

[ourmaninbangers]

Daily Mail:

http://www.dailymail.co.uk/news/article-10...l-37-years.html

Economy outstrips forecasts to shrink by 0.5%

Pound suffers worst fall against dollar for 37 years

FTSE plunges 9% before rallying to close down 5%

Asian markets tumble for a third day amid global fears

Sterling took a hammering as economic figures showed the UK approaching full-blown recession.

Bank of England deputy governor Charlie Bean warned that the pain is just beginning, calling the situation the 'largest financial crisis of its kind in human history'

On the 79th anniversary of the Great Crash of 1929:

• Britain's economic output slid 0.5 per cent - more than twice the decline expected by the City;

• Markets tumbled around the world, with leading UK shares losing almost £50billion;

• Sterling had its worst-ever week against the dollar since 1971 and hit a record low against the euro;

• Experts warned that hedge funds are facing disaster, with billions likely to be wiped off savings and pension funds;

The economist added: 'We are going to have to wear a hair shirt as a nation. If this turns out to be recession lasting five or six quarters, which looks possible, we are not going to see the slightest upturn until 2010. And even then we can expect at least five years of muted growth.'

Sassienie quote:

I would expect further drops in the baht rate against the £.

For those of us on final salery company pensions, the UK government does offer a compensation scheme if a pension fund goes down. There are no such schemes imposed for those on private pensions.

UK banks will compensate up to £50000 on savings, this does not cover all off shore accounts. Isle of Man has it`s own compensation deal up to £50000, Jersey and Guensey have none at this time.

The good news is, errr, sorry, there isn`t any.

you say no good news, and yet some of my friends are loving this- really loving it...

is it not so that some people make a fortune from this capatalistic folly?

if you have time, can you explain me alittle of how

I have asked and one said its because things are now much the cheaper

one man buys propetys

[mahtin]

you say no good news, and yet some of my friends are loving this- really loving it...

is it not so that some people make a fortune from this capatalistic folly?

if you have time, can you explain me alittle of how

I have asked and one said its because things are now much the cheaper

one man buys propetys

Did you just fall off the bar stool?

[ourmaninbangers]

you say no good news, and yet some of my friends are loving this- really loving it...

is it not so that some people make a fortune from this capatalistic folly?

if you have time, can you explain me alittle of how

I have asked and one said its because things are now much the cheaper

one man buys propetys

Did you just fall off the bar stool?

actually I was in a pub, but not the drunk,...but why do you say this? I am serious, some of my friend( some from the Uk, other europe, but all western) simply love this and are rubbing their hands together.

I have asked, and was told as I said above and I find it interesting how some always seem to profit no matter what.