Jump to content

UK pound plunges as referendum results point to EU exit


Recommended Posts

Posted

Switzerland and Norway are doing pretty well outside of EU , I am sure the UK will be able to enjoy their new freedom .

Norway does well with the North Sea oil, the UK"s share of which is destined now to sail off into the sunset with Scotland.

Unfortunately, the UK's' North Sea Oil production is in a steep and irreversible decline. Scotland would definitely lose if it abandoned the UK for the EU.

  • Replies 230
  • Created
  • Last Reply

Top Posters In This Topic

Posted

I wanted to remain, but I can't see what the big deal is.

I don't understand why it spells economic disaster. Why is it any number of smaller economies do ok as sovereign nations, but a big economy like the UK can't? Why will the EU make trading difficult for UK, which is important to them? Likewise Britain won't be imposing tariffs on EU goods will they?

I guess we have to accept the Scots will want out the Union, that is likely to be the major disruptor, not the EU.

57% of British exports go to the EU and 55% of imports come from it. Now that's all in jeopardy to an extent that's really hard to estimate. The Germans are likely to be punitive toward the UK just as they have been toward the Greeks who also threatened the union out of which the Germans have been the big winners.

So that's all in question. And for what exactly? To make sure there are no more Polish plumbers?

Neither the UK or Germany will want to engage in a disasterous trade war. Both are heavily dependent on one another. I don't see the big deal at all.

I guess there will be big swings and roundabouts, but it will even itself out.

It's very bad for me I must admit, as it will be for all expats, but not for the UK I suspect.

British exports to Germany have been rising while German exports to all of the EU have been falling. Since German exports overall have been increasing that means that more it goes to Asia and other regions than the EU. So, it would appear that the UK needs Germany more than vice versa.

But you could be right. Let's hope so since you have bet the British economy on it.

http://www.telegraph.co.uk/finance/newsbysector/industry/9816643/Britain-becomes-Germanys-biggest-trade-partner-as-Berlin-London-pact-deepens.html

Posted

Ignore these indicators, all a symptom of speculation and market uncertainties. Just have a cup of tea, it will all be OK.

That's what my financial geek tells me and, over time, he's right.

I don't know about all this EU stuff, but I have to ask, how on earth did the UK ever get along before? I presume they did and suspect if they Leave, there will be a transition, maybe a few bumps in the road, but in the end..... as you say...

Posted

It was 45 when I first came here in 1994, still better than that now, it will bounce back once all the panty wetting dries up

45 only recently too, just before democracy was destroyed in Thailand.

I agree it will bounce back but these panties will probably remain damp (maybe not wet) for a couple of years not a couple of days.

Posted

Switzerland and Norway are doing pretty well outside of EU , I am sure the UK will be able to enjoy their new freedom .

France, Holland and Denmark next.

So the EU is collapsing? (Sorry, don't pay much attention to European news.)

If so, won't that set back plans for any fans of a New World Order? smile.png

The problem isn't the EU. It's the Euro. The UK had the best of both worlds with full access to the trading block, but their own currency. They have now pissed away that advantage, because they couldn't restrain their hatred of immigrants.

Yes, people who cite the success of Norway and Switzerland don't seem to appreciate that they both have their own currency. Although, since Switzerland is so geared towards exports, it would probably be a lot more competive now had it joined tghe Eurozone back when. Still, Switzerland is doing fine. Even though it has a higher percentage of muslims than does the UK.

Posted

Today i will not be checking my portfolio but shall relax with a nice bottle of whisky as tomorrow is another day.

Posted

Switzerland and Norway are doing pretty well outside of EU , I am sure the UK will be able to enjoy their new freedom .

Norway does well with the North Sea oil, the UK"s share of which is destined now to sail off into the sunset with Scotland.

Unfortunately, the UK's' North Sea Oil production is in a steep and irreversible decline. Scotland would definitely lose if it abandoned the UK for the EU.

I leave it to the petroleum engineers to predict the improvement of future rates of recovery due to technological advances. Scotland would have been the loser the last time when leaving the UK meant leaving the EU. But that picture has just now changed dramatically, hasn't it?

Posted

I hope England don't kicked out the Eurovision song contest as an act of spite. Likewise UEFA. Maybe the Asian league will have us.

Hey, then maybe you could actually have a chance to win.

Posted

What about the British pensioners who came here in the mid 1990s, 35bht/pound, 20 years later their 1,000 pounds is worth a lot more.

Doubtful if that's true in the absence of cost of living adjustments to NI.

I just learned that if a British citizen eligible for a state pension resides in Thailand, he or she is not eligible for cost of living increases.

Posted

Weak Pound is good. Good for foreign direct investment. Good for getting a proper trade balance back. Good for re-balancing the economy back to real production. Good for diminishing our enormous debts.

How low will it go, how long will it stay there & when will it bounce ?

biggrin.png

I'd give it a month before it is back where it was.

Markets always overreact.

Yep.

I guess the both of you will be buying GBPUSD calls then with your sterling pensions.

Posted

57% of British exports go to the EU and 55% of imports come from it.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

There's a remarkable now tool out there. It's called google. You ask it a question or punch in a phrase like UK exports to EU and you'll get an answer. It works via something called the internet, Check it out.

Posted (edited)

57% of British exports go to the EU and 55% of imports come from it.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

There's a remarkable now tool out there. It's called google. You ask it a question or punch in a phrase like UK exports to EU and you'll get an answer. It works via something called the internet, Check it out.

The answers from Google don't appear to be truthful.

When I was about to depart from England (last month) I looked for a British flag mug to bring with me.

On the underside was stamped, 'Made in China', so I left it.

Edited by MissAndry
Posted

Ignore these indicators, all a symptom of speculation and market uncertainties. Just have a cup of tea, it will all be OK.

That's what my financial geek tells me and, over time, he's right.

I don't know about all this EU stuff, but I have to ask, how on earth did the UK ever get along before? I presume they did and suspect if they Leave, there will be a transition, maybe a few bumps in the road, but in the end..... as you say...

Well, it got along before when there wasn't an EU. Now there is one. If by getting along you mean surviving but not thriving, then you're certainly correct. The one good thing coming out of this in the long run is the probable decline in real estate prices. Although in the short to medium run that's probably not such a great thing for people with mortgages to pay.

Posted

I wanted to remain, but I can't see what the big deal is.

I don't understand why it spells economic disaster. Why is it any number of smaller economies do ok as sovereign nations, but a big economy like the UK can't? Why will the EU make trading difficult for UK, which is important to them? Likewise Britain won't be imposing tariffs on EU goods will they?

I guess we have to accept the Scots will want out the Union, that is likely to be the major disruptor, not the EU.

Have no fear...Herr Schauable and his minions were only huffing and bluffing...there will be little, if any, negative economic consequences to the UK regaining its independence. It's in both party's interest that a close trading and security relatinship exists between the rump-EU and the UK. My prediction is that very little will actually change except that the UK will be free to make its own immigration and border cntrol decisions going forward.

Posted

57% of British exports go to the EU and 55% of imports come from it.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

There's a remarkable now tool out there. It's called google. You ask it a question or punch in a phrase like UK exports to EU and you'll get an answer. It works via something called the internet, Check it out.

The answers from Google don't appear to be truthful.

When I was about to depart from England (last month) I looked for a British flag mug to bring with me.

On the underside was stamped, 'Made in China', so I left it.

Best just to stick with your prejudices then.

Posted

Today i will not be checking my portfolio but shall relax with a nice bottle of whisky as tomorrow is another day.

...for another bottle.

Fortunately i took precautions and moved plenty away from GBP and EUR recently or tomorrows could have been Lao Khao.

Posted

I wanted to remain, but I can't see what the big deal is.

I don't understand why it spells economic disaster. Why is it any number of smaller economies do ok as sovereign nations, but a big economy like the UK can't? Why will the EU make trading difficult for UK, which is important to them? Likewise Britain won't be imposing tariffs on EU goods will they?

I guess we have to accept the Scots will want out the Union, that is likely to be the major disruptor, not the EU.

57% of British exports go to the EU and 55% of imports come from it. Now that's all in jeopardy to an extent that's really hard to estimate. The Germans are likely to be punitive toward the UK just as they have been toward the Greeks who also threatened the union out of which the Germans have been the big winners.

So that's all in question. And for what exactly? To make sure there are no more Polish plumbers?

Your own figures point out the truth that both sides have a vested interest in the status quo. I predict nothing much will change in term of trading terms between the EU and UK.

Posted

Switzerland and Norway are doing pretty well outside of EU , I am sure the UK will be able to enjoy their new freedom .

Norway does well with the North Sea oil, the UK"s share of which is destined now to sail off into the sunset with Scotland.

Unfortunately, the UK's' North Sea Oil production is in a steep and irreversible decline. Scotland would definitely lose if it abandoned the UK for the EU.

There is still investment going on in the North Sea, but also don't discount West of Shetland and, once we get rid of Faslane Naval Base, that opens up lots of potential in the Irish Sea.

Posted

Barclays down 35%!!!

Not sure about just blood on the floor - looks like there may be some vital organs as well.

Posted

According to the currency conversion app on my iPad, the pound is steadily rising against the baht as we speak. Two hours ago 47.30. Now (2:50pm) 48.75.

Posted

My condolences to the Brit expats here on the pound.

Most of the Brits living here are all a little too fat. So it is good if they lose a few pounds.

Posted

Currency and stock markets have been predicated on utter tosh since the advent of QE. Nothing to see here. Move along.

Posted

Weak Pound is good. Good for foreign direct investment. Good for getting a proper trade balance back. Good for re-balancing the economy back to real production. Good for diminishing our enormous debts.

To avoid confusion pleas read

https://en.wikipedia.org/wiki/United_Kingdom_national_debt

Debt versus deficit

<......>

The UK national debt is often confused (even by politicians) with the government budget deficit (officially known as the Public Sector Net Cash Requirement (PSNCR) ......

<..........>

........ As of 2011 around 35% of the national debt was owed to overseas governments and investors. ........

read in: http://www.live-counter.com/uk-national-debt-clock/

By 2011, the British national debt amounted to £940 billion, with most of the money, 35 percent in total, being owed to other governments and investors. On this debt interest alone cost more than £42.9 billion annually. By 2012 the national debt amounted to £1,278.2 billion. Currently, Great Britain's debt clock keeps ticking and adding more and more numbers to an already high amount. Every second Great Britain increases its debt by £5190 and every day by £448.500,000 as can be seen on the debt clock. Over the course of a year that implies a new £163 billion that the government owes to other people, governments and institutions, marking a solid £1,471 billion on the national debt clock above. Interestingly, the Bank of England still contributes its fair share to the debt – a rocking £42.4 billion, which is more than the national defense budget. Network Rail also contributes £33 billion to the total amount, which is the same amount the entire country of Uruguay can show for its GDP. Great Britain struggles to remain as great as it once was with so high a debt burden on its shoulders.

Now to your "Good for diminishing our enormous debts."

One example for paying US$ debts:

1 billion Dollar =

  • Yesterday the exchange rate was 1 GBP = 1,485814 US $ 731.977.613 GBP
  • Today the exchange rate is 1 GBP = 1,366862 US$ 677.592,113 GBP

difference: 54.385.450 GBP

What does it mean?

To pay back only 1 billion (1.000.000.000) US$ wouldn't diminish the debts for England, but increase it by more than 54 million US$. I guess Johnson didn't tell you.

Posted

The pound reached B22 in 1982 under Maggei and I saw that. Friends Thailand based, said it got as low as B20.

I had B85 in 98 and I was assured by same friends it went over B100.

B44 during 2008 crisis.

john

Posted

The pound reached B22 in 1982 under Maggei and I saw that. Friends Thailand based, said it got as low as B20.

I had B85 in 98 and I was assured by same friends it went over B100.

B44 during 2008 crisis.

john

for the record: the Pound was never as low as 22 and higher than 91.

-in 1982 the Baht was pegged to the US-Dollar at 20,

-in 1982 the average exchange rate Pound/Dollar was 1.80

= 1 Pound bought in 1982 ~36 Baht

source GBP/USD Bank of England

http://www.bankofengland.co.uk/boeapps/iadb/Rates.asp?TD=23&TM=Jun&TY=1982&into=GBP&rateview=A&POINT.x=5&POINT.y=8

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...