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Brexit

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bluemoon1 | 19:40 Thu 04th Aug 2016 | ChatterBank
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First the pound collapsed; shares in UK centric businesses, UK banks and house builders too.
Then the worst drop in PMI data, more recently Markitt data too and now the UK has the lowest interest rates EVER! With more QE and Corporate Bond purchases to ward off rising inflation & falling productivity and GDP growth and recession to come.

These are not my words, but the words of a friend what do you think, is he right?
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When did the pound collapse I must have missed it? The interest rate and market drops are mainly due to the worries spouted by people like your friend...in my opinion
The pound has collapsed as far as my work allowances are concerned. The pound has picked up now so I`m not too worried.
The pound has been a basket case for years and now Brexit has shouted "The King has no cloths on".
The British economy is the first to feel the chill, but the whole european economy is very broken and in my view the EU will not survive long enough for us to get trigger article 50.
I get paid in Swiss francs at the moment so happy days.
Tax here is generous also and reason I quit the uk after a dispute with HRMC.
All the tax I was paying at 40% rate and they charged me £10k in capital tax on a house sale from 12 years prior. Then charged me interest and fine of 20% on tax owed. So I waved them goodbye.
Doing same job as I did in uk , but remotely.
That 10k they squeezed out of me has now cost them £90kmin lost tax via me .
I'm only a working bloke from working class background , but HMRC treated me as an easy target.
I`m not sure that the pound has been a basket case for years. For the last 20 years I have been paid my expenses in dollars when I have been in the US and the rate has been pretty steady at $1.50 to the £ give or take a few cents.
As I said Brexit has triggered a long hard look at the pound and uk economy.
The pound has been a basket case for years and now it is being realised.

If your expenses are paid in dollars then happy days for you then.
You now get more GBP for your dollars (cable).

Yes I know that. As far as my corporate exchange rate is concerned though, the dip in the rate was very brief and now things are back to normal.
Actually it was over $2 to GBP a while ago (2008 I think without Googling).
I speculated and bought $20,000 from GBP and tok profit 14 months later when it crashed down again to $1.56
I remember that. It didn`t last long. I went to Barbados then and their currency (as most currencies are in the Caribbean) is linked to the US dollar. Two Caribbean dollars to the US dollar. I had a very cheap holiday.
Cable is less than 1.32 today and will see 1.2 by Christmas in my view.
The euro will be in trouble and dollar seen as a safe house and rise.
Yen and Swiss franc are being kept weak by governments, because they ate seen as safe houses.
Ie in Swiss land we have negative interest rates.
Frankly, I don`t care what currency does. Life is too short and I`m still going to Grenada in a few weeks. It might cost a bit more but life is too short to worry about such things.
No I do not believe he is right.
I take it that your friend was/is a 'remainer'.
For me Brexit was a gift from the gods.
I send money back to uk into my retirement pot and was getting CHF 1.6 to GBP and now it's CHF 1.3.
I was expecting a rate of CHF 1.7 if we had voted remain.
Spot on 237SJ ....spend it while you can and enjoy life.
I certainly am.
About to quit work and take five years off.
Crazy thing to do , I will never earn what I am ever again ...but life is too short as you said.
Absolutely. What is the point of saving lots of money and then dying and leaving it behind?
237SJ - We have no children and a mortgage free house in the uk.
I plan the same strategy as you. If I can die with less than a pound to my name I will be happy lol
Plan to downsize next year also.
If house prices go down , so will the place we buy. However good news for first time buyers. I feel sorry for the young trying to buy or rent these days.
Crazy prices

'We have nothing to fear but fear itself'. If the silly credit bubble gets burst - then OK. It will be a short, very sharp shock. Can't think that interest rate reduction will help. I'll keep my money in the bank unless it goes negative - at which point I will remove it. I am not going to spend my savings, no matter what the Bank of England hopes . I'm too old to forget that sometimes you need cash in hand.

Very seriously, my main worry is that we talk ourselves down and end up with a self-fulfilling prophecy. For goodness's sake have some courage, folks, we bank on a bit of grit!

As it happens, we may have an offer on our house in France - low pound will be good for us. HOWEVER, I can remember about 9 years ago when the pound was at virtual parity with the euro - so it is nothing new. They need to calm down, they really do.

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