BRIT (pensioners) and EXCHANGE RATES

[billd766]

6 hours ago, chiang mai said:

 

Domestic water bills in Thailand quote number of litres consumed per month.

 

My water bills come in cubic metres (1,000 litres = 1 cu/m) and when there is no drought I pay 2 baht per cu/m. When there is a drought I pay whatever the going rate is.

 

My drinking water is free and is rainwater from the roof stored in 2 x 3,000 litre stainless steel tanks.

 

Why has this thread wandered so far OFF TOPIC  from Brit pensioners and exchange rates?

 

I am guilty too.

Edited October 27, 2016 by billd766

[Kwasaki]

14 hours ago, ardokano said:

Tap water per liters ?

 are you sure?

Yes

14 hours ago, ardokano said:

Are you sure?
  Firstly where is the guarantee will match the quality of water for drinking?
Those who set filetry this guarantee?
In the UK, you can sue the water supplier.
Secondly this is the complexity, cost, and how much the filter and install?

 And need find company installer its this same time, and time its money..
In the UK, I went into the apartment and turned on the tap to drink. 
  And in Thailand, how much time? It may already want to change  place of residence when the filters become profitable.

 

Yes

[Kwasaki]

7 hours ago, billd766 said:

 

My water bills come in cubic metres (1,000 litres = 1 cu/m) and when there is no drought I pay 2 baht per cu/m. When there is a drought I pay whatever the going rate is.

 

My drinking water is free and is rainwater from the roof stored in 2 x 3,000 litre stainless steel tanks.

 

Why has this thread wandered so far OFF TOPIC  from Brit pensioners and exchange rates?

 

I am guilty too.

The threads been watered down. 

[ThaiPauly]

I think there are a great many "Brexiteers" on this forum that won't admit that Brexit has been very damaging to them.

 

I was  Remainer, I have no qualms in saying that I am a lot worse off financially than I was before Brexit happened.

 

I can only see it getting even worse. I am lucky enough to be financially sound at the moment, but I am certainly having to tighten my belt, no trips to Singapore or Hong Kong, need the money for everyday living expenses. 20% is a big number and I can see many of us having to return home, especially if that 20% becomes 30 or 35%.

 

Tough times ahead I fear

[evadgib]

Brexit was the right move regardless of how long the initial consequences last. They can't sulk forever.

Edited October 28, 2016 by evadgib

[AlexRich]

5 hours ago, evadgib said:

Brexit was the right move regardless of how long the initial consequences last. They can't sulk forever.

 

And the damaging consequences can last forever too. Scared people voted to be poorer.

[ThaiPauly]

1 hour ago, AlexRich said:

 

And the damaging consequences can last forever too. Scared people voted to be poorer.

You are correct.

[davehowden]

On 25/10/2016 at 6:35 PM, YeahSiam said:

 

You've been drinking too much of the Kool-aid

The UK economy is far, FAR from "sound".

Like every other major Western economy with, perhaps, the exception of Germany, Britain is awash with debt; household and public sector.

Manufacturing accounts for less than 12% of GDP and, more worryingly, its service economy is over-dependent on a City of London that's shown itself to be particularly vulnerable to financial shocks.

Much of the country's wealth is directly linked to real estate market lunacy and, despite the Bank of England's efforts to keep the plates spinning, Armageddon is inevitable.

 

Maybe not so awash with debt as some places ?

 

"At the end of FY 2017 the gross US federal government debt is estimated to be $19.5 trillion, according to the FY18 Federal Budget."

 

UK debt to GDP 90.6%

 

USA debt to GDP 104.17%

[YeahSiam]

1 hour ago, davehowden said:

 

Maybe not so awash with debt as some places ?

 

"At the end of FY 2017 the gross US federal government debt is estimated to be $19.5 trillion, according to the FY18 Federal Budget."

 

UK debt to GDP 90.6%

 

USA debt to GDP 104.17%

 

That may be so but the dollar is the world's reserve currency, the pound isn't (any more) and, as such, it's not as important to world trade.

For the time being, the world still has confidence that the US is "good for it" and will continue to lend it money even if it can never repay what it owes unless it pays creditors back with vastly devalued dollars.

Britain doesn't enjoy that safe haven status any more.

 

[smokie36]

I'm in my early 40's and spend a third of my year in Thailand currently, which will rise incrementally as I get towards retirement age.

 

The major effect for me is that my mounting pot of UK pounds will not be travelling to Thailand until the exchange rate improves thus I am not investing here right now.

 

The water issue mentioned is interesting as I use filtered water from my Bangkok tap mostly....no idea which is cheaper on that.

 

I also think the Brexit vote was taken on political issues rather than financial ones....no one voted for a financial meltdown but were prepared to accept it for a better political future.

 

My sympathy to those on UK state pensions....a very rough ride at the moment for some of you!

Edited October 28, 2016 by smokie36

[evadgib]

5 hours ago, YeahSiam said:

 

That may be so but the dollar is the world's reserve currency, the pound isn't (any more) and, as such, it's not as important to world trade.

For the time being, the world still has confidence that the US is "good for it" and will continue to lend it money even if it can never repay what it owes unless it pays creditors back with vastly devalued dollars.

Britain doesn't enjoy that safe haven status any more.

 

 

You're only a 'Shredded Wheat' away from joining us...

 

Edited October 28, 2016 by evadgib

[JLCrab]

On 10/28/2016 at 6:18 PM, davehowden said:

 

Maybe not so awash with debt as some places ?

 

"At the end of FY 2017 the gross US federal government debt is estimated to be $19.5 trillion, according to the FY18 Federal Budget."

 

UK debt to GDP 90.6%

 

USA debt to GDP 104.17%

"These technically recoverable (US Government owned as of 2013) resources total 1,194 billion barrels of oil and 2,150 trillion cubic feet of natural gas that is owned by the federal taxpayer. At $100.00 per barrel of oil and $4.00 per thousand cubic feet of natural gas, the oil resources are worth $119.4 trillion and the natural gas resources are worth $8.6 trillion for a grand total of $128 trillion, or about 8 times the U.S. national debt."

http://instituteforenergyresearch.org/analysis/federal-assets-above-and-below-ground/

Edited October 30, 2016 by JLCrab

[nauseus]

On 10/25/2016 at 3:55 PM, nauseus said:

 

On 10/25/2016 at 8:28 PM, mercman24 said:

i think 33 to the pound is a bit irrelavent (post 16) as 30 years ago THAILAND was as cheap as chips, doesn't compare with todays THAILAND

 

Think what you like but this shows the history (and future) and the erratic nature of exchange rates.

 

If Thailand was so "cheap" why was it not 333 Baht / Pound then??

[SooKee]

I'm really happy the UK just released general growth and performance figures which were quite a bit better than expected.  Seems to have given the £ opportunity to drop even further against the THB  

[berybert]

It seems nothing can stop the pound dropping against the baht. I bet if Premier May decided the U.K. would be staying in the E.U. it would drop another 10 baht to the pound.

[AlexRich]

I guess it will re-balance after the Brexit negotiations are complete, so just a few more years to go? 

 

At at least we are "taking back control" and socking it to "project fear" ... and we have superstar politicians like Boris, Liam and David to lead us to the "promised land". 

 

We're building up our "war machine" to take back what's rightly ours, we'll start with taking back the Raj, before moving swiftly on to the US colonies, we might be able to take them by surprise during the confusion of the election. Onwards, brave souls, for England and St George!

 

[rickudon]

Brexit, to anyone who did even the most basic research, was financial idiocy. 90% of economists and financial experts had clearly stated that it would impact on our GDP and cause a decline in the pound. The only problem was that none of them actually predicted falls of over 20% in the value of Sterling. 

 

Yes, when we did a survey locally, over 80% were for Brexit. And most of them still lived in a 1960's dream world where we wave the Union Jack and are still a world power. Sure the EU has problems - name me any country or regional group which doesn't. But many of the problems were not of the EU's making. EU legislation was there for a purpose - and if you want to sell into the EU that legislation will still exist. Do Brexiters really think the old common wealth will coming running to our doors to buy our products? If they wanted them, they will have been buying already. Until Brexit is over and a stable trading relationship is re-established, investing in the UK is higher risk than before, so no improvement until then. I reckon it will be 2020 before the UK is stable and growing properly (any current growth is just due to the cheap pound). Anyway enough about what caused Sterling's fall.

 

Six years ago, I lived on 30,000 baht a month which cost me a bit over 500 GBP. in June this year, i needed 40,000 baht which cost me just under 800 GBP. Now my 40,000 baht cost me about 960 GBP.  Pensions don't grow that fast. if the rate falls below 39 baht before January ...... Goodbye wife and daughter, no more marriage visa. 

 

Hopefully i will survive by using my savings until the State pension kicks in later next year, but it is going to be very tight.

[OMGImInPattaya]

On 10/26/2016 at 8:05 PM, rogeroc said:

 

'Why would Bremainers be complaining' Well i am a Bremainer and i was horrified when the vote went for Brexit. I could not believe the percentage of people on Thai Visa who voted for Brexit. I think they must really have believed the Brexiters saying that the economic predictions if Brexit occured were 'scare-mongering'. If not that then i accept many did actually take a 'non selfish' stance which they may be regretting now. And now of course many Brexiteers are saying that the Gov / Bank of England are deliberately fixing things.

 

Brexiteers living outside of the UK have damaged both themselves and Bremainers primarily on the basis of one of three things.

 

Fear of Immigration and / or  Racism

Nationalism

Protest Vote

 

So yes i am angry (no point complaining)  that i am needing to tighten the belt a little. 

It's easy not to fear uncontrolled migration into the UK when you're an expat living in Thailand (especially a retired one) ?

[YeahSiam]

3 minutes ago, OMGImInPattaya said:

It's easy not to fear uncontrolled migration into the UK when you're an expat living in Thailand (especially a retired one) ?

Expat??

No, "immigrant" is the term you're looking for.

[OMGImInPattaya]

On 10/26/2016 at 8:42 PM, YeahSiam said:

 

Thanks for the correction (I couldn't be arsed to look it up.

Maybe now you understand why manufacturing and exports are more important than rampant expansion of credit.

That seems to be the case with most of your "facts."

 

And manufacturing and exports don't necessarily make an economy stronger...just more susceptible to exogenous events outside one's control, like economic slowdowns in other countries.

[homeseeker]

15 hours ago, rickudon said:

Brexit, to anyone who did even the most basic research, was financial idiocy. 90% of economists and financial experts had clearly stated that it would impact on our GDP and cause a decline in the pound. The only problem was that none of them actually predicted falls of over 20% in the value of Sterling. 

 

Yes, when we did a survey locally, over 80% were for Brexit. And most of them still lived in a 1960's dream world where we wave the Union Jack and are still a world power. Sure the EU has problems - name me any country or regional group which doesn't. But many of the problems were not of the EU's making. EU legislation was there for a purpose - and if you want to sell into the EU that legislation will still exist. Do Brexiters really think the old common wealth will coming running to our doors to buy our products? If they wanted them, they will have been buying already. Until Brexit is over and a stable trading relationship is re-established, investing in the UK is higher risk than before, so no improvement until then. I reckon it will be 2020 before the UK is stable and growing properly (any current growth is just due to the cheap pound). Anyway enough about what caused Sterling's fall.

 

Six years ago, I lived on 30,000 baht a month which cost me a bit over 500 GBP. in June this year, i needed 40,000 baht which cost me just under 800 GBP. Now my 40,000 baht cost me about 960 GBP.  Pensions don't grow that fast. if the rate falls below 39 baht before January ...... Goodbye wife and daughter, no more marriage visa. 

 

Hopefully i will survive by using my savings until the State pension kicks in later next year, but it is going to be very tight.

 

This is an excellent post,  though sadly it reveals the dire consequences of the Brexit vote especially re exchange rates.

Not only In Thailand but worldwide thousands of expats will be suffering.

All because the "Leave" campaign lied and used scare tactics to a vast group of  mostly low IQ individuals.

[OMGImInPattaya]

On 10/27/2016 at 9:26 AM, Farang99 said:

 

When I came here to stay in October 1998 they were about to raise the financial requirement for retirement from 400K to 800K. Those on 400 K were grandfathered, but I was two days too late!

Tough shit.

No worries, you'll be grandfathered when they raise it to 1.6M.

[OMGImInPattaya]

On 10/28/2016 at 4:12 PM, AlexRich said:

 

And the damaging consequences can last forever too. Scared people voted to be poorer.

Nope...voted to be free.

[OMGImInPattaya]

8 minutes ago, homeseeker said:

 

This is an excellent post,  though sadly it reveals the dire consequences of the Brexit vote especially re exchange rates.

Not only In Thailand but worldwide thousands of expats will be suffering.

All because the "Leave" campaign lied and used scare tactics to a vast group of  mostly low IQ individuals.

UK national policy isn't made for the benefit of expats...it's made for the benefit of 98% of UK citizens who live in the UK, who voted for their freedom, which is priceless.

[Johnniey]

I'd recommend any young people here to work in Thailand like me then retire in their home country, like I plan to, well at least half the year.

The pound was lower when I came here. 

When it was strong, they had it good, so did the many of the Isarn female population who suddenly got very expensive houses built for them, and of course a new pick-up truck

 

On a selfish note, I'm happy as I'm going to transfer cash to my UK bank to pay back the last 10 years of voluntary contributions. Also, my mother will benefit as I can send more back to her as will my daughter who is studying in Wales. 13k GBP a year seems much lower now :)

[Johnniey]

On 27/10/2016 at 9:26 AM, Farang99 said:

 

When I came here to stay in October 1998 they were about to raise the financial requirement for retirement from 400K to 800K. Those on 400 K were grandfathered, but I was two days too late!

Tough shit.

Strange, I was showing 200k in the bank in 2005, when they raised it to 400k. I thought they did the retirement at the same time. It certainly wasn't 1998.

[R123]

12 minutes ago, OMGImInPattaya said:

UK national policy isn't made for the benefit of expats...it's made for the benefit of 98% of UK citizens who live in the UK, who voted for their freedom, which is priceless.

It will soon be dawning on those 98% that the enormous rise in the cost of living and their decreased standard of living is  far from a vote for freedom!

 

[YeahSiam]

39 minutes ago, OMGImInPattaya said:

That seems to be the case with most of your "facts."

 

And manufacturing and exports don't necessarily make an economy stronger...just more susceptible to exogenous events outside one's control, like economic slowdowns in other countries.

 

No but they definitely make an economy more balanced and thus, more able to withstand those exogenous factors.

Examples? Australia, China, Germany - all with sizeable export income - weathered the financial crisis far more effectively than Britain.

 

Only a clueless fool would favour an economic policy that's made what was once the world's greatest economy particularly susceptible to the vagaries of the fractional reserve Ponzi scheme and almost entirely dependent upon whether or not people can rack up more credit.

 

 

[OMGImInPattaya]

20 minutes ago, R123 said:

It will soon be dawning on those 98% that the enormous rise in the cost of living and their decreased standard of living is  far from a vote for freedom!

 

Freedom is not counted in pounds and pence.

[OMGImInPattaya]

3 minutes ago, YeahSiam said:

 

No but they definitely make an economy more balanced and thus, more able to withstand those exogenous factors.

Examples? Australia, China, Germany - all with sizeable export income - weathered the financial crisis far more effectively than Britain.

 

Only a clueless fool would favour an economic policy that's made what was once the world's greatest economy particularly susceptible to the vagaries of the fractional reserve Ponzi scheme and almost entirely dependent upon whether or not people can rack up more credit.

 

 

It finally came out...you're one of those anti-fiat currency we should pay for everything with shavings of gold economic knuckle-draggers...not even gonna engage.