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The Governers statement was just a wrapping for the 0.25% cut that was widely expected last month.
The problems are long term and unrelated to Brexit. Our massive borrowing will crucify us eventually because the continued quantative easing will ensure that the swing will be large when it eventually comes.
Let's hope we are completely clear of the EU by then, and can make our own decisions (probably crawl to the IMF as we did in the late 70's).
If you have a UK mortgage, I note there are 10 year fixed rates available at 1.98%. If I were young I would grab one. I remember what happened to people when they hit 14% last time. But I'm paying mine off in November.
The EU wants us to continue paying beaurocrats pensions when we leave. We did not get a reduction because there were no British beaurocrats when we joined so why should we pay when we are no longer members? (Deliberately contentious - before I get jumped all over - but it ought to be our default position in the negociations - not 'yes sir' - adding another pile of overblown unfunded pensions to the burden we are leaving our grandchildren).
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Let's see if the Banks swiftly pass on interest rate cuts to not only its tracker mortgage customers but also those with standard variable mortgages, or if they try to "profit" from these measures which will do little to assist stimulating the economy as intended.
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I presume that you have already purchased your Anderson shelter Roly, when is WW111 planned for BTW?
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I'm Spartacus, well why not?
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And the outers will forever cry foul - can't trust the experts etc etc. Just as well you cant trust them Hep cos it was pretty hard to find any positives in the Governor of the Bank of England's assessment today. But hey - just one of those pesky experts the isolated UK can do without.
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Does the recession occur before or after WW111? The inners will forever cry failure, no matter what happens. I fail to accept the 'expert' financial analysis on the UKs economy from folk who reside in one of the financially bankrupt PIGS nations, and who's properties have halved in value since 2008.
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I'm Spartacus, well why not?
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Oh. That explains why the US banks are doing badly as well then. All down to the EU regulations!!! Nothing to do with interest rates - which look likely to have to go down again. As a consequence of Brexit.
The fact that the Bank of England is stepping in to support the pound is a BAD thing. Not a positive. Though it does result in some people making a quick buck through exchange rates and market instability.
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That's a load of old Tosh the banks are doing crap because of Euro regulation Cap Ad rules once we leave and get on with the Job in hand we will definately do very well we are a beautiful Island yes an Island we can maintain and protect our borders set up many new trading deals and even buy back Rolls Royce etc etc
Sending back those Aussies is correct they would send Brits back that don't fit there Utopia state
And honours list HaHa I am now the Lord of Jaywick and my Caravan even has a Royal moat after it P---ed down last night
Love Hugh xx
This message was last edited by hughjardon on 03/08/2016.
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Done the Spain thing Happier in the UK
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A review of all the honours is long overdue. But this is just a distraction from the fact that we are moving ever nearer to a recession following Brexit. I am afraid I cannot follow the reasoning of those who claim we are booming. All major economic pointers are downwards, and the 'booming' stock market is on the back of exporters and falling sterling. Make no mistake, this trend will slow down economic growth, squeeze the job market and push up prices. I do though think there may be a cunning plan: run the economy into the ground, no jobs, no immigrants - what an achievement.
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The whole thing is utterly tawdry. Some bosses on their way out put some money behind the bar; this one puts some letters behind your name. BREXIT leave voters see it as a defiant parting V-sign from the old establishment. How many dukedoms would he have had to distribute if they’d actually done their jobs well enough to win?
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“A nation should be judged by how it treats it's lowest citizens’’
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This type of behaviour will just devalue the receiving or having a title of recognition. The attitude of the public will be downgraded to who gives ‘’Jack St’’.
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"That woman's tongue. If it was a bit longer she could shave with it."
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Well Cameron is throwing knighthoods at 'Remain' supporters in his resignation honours list, why god only knows, also no 10 staff have done very well in respect of lesser honours, doesn't this devalue the whole honours system? I well recall Alec Rose single handedly circumnavigating the globe, only for the prime minister, Harold Wilson, to send out a warning to others following Rose's knighthood, to the effect that completing similar feats of heroism wouldn't neccesarily guarantee an honour, what an obnoxious little s**t he was.
This message was last edited by Hephaestus on 01/08/2016.
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I'm Spartacus, well why not?
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Hep, its not only US visitors that are happy with the current state of sterling. As a Swiss resident paid in Francs, living and working several days a week in the UK, Its nice to get a pay rise without even asking.
Rossetti
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John 777,
UK expats exchanging their pounds for dollars have had some very good past results, particularly in respect of property purchase. Reliance on good/stable exchange rates is the gamble of the pound/dollar holder, I wager that there are currently some very happy Americans reliant on a good dollar-pound exchange rate.
UK equity investors have done very well post Brexit, dollars, euros and yen have flooded into the UK in order to take advantage of what is likely to be a short term opportunity, we have done and will do the same again when conditions favour us.
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I'm Spartacus, well why not?
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It is not the £/Euro rate that is the major issue for the UK residents, but the £/$ rate. This is currently showing a depreciation of over 15%.
With fuel, the majority of white & brown goods, plus a large proportion of clothing imported into the UK all paid for in $'s, price rises are just around the corner. Indeed being involved in clothing, I have been advised by numerous major clothing companies, many of whom are household names, that they are implementing price rises wef 1st August directly due to the weak £.
It is not where we are now that should be of concern, but where we will be by the end of the year when all these prices rises will have worked through to the point of sale.
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This Brexit is seeming to be the best thing that ever happened not the Doom and Gloom predicted ,I really think this will make the UK a place to be proud off again like it was in the 60s and 70s
Im of to Brighton this weekend a Fantastic place have you been
Love Hugh xx
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Done the Spain thing Happier in the UK
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tteedd, I've been accused of being everyone barring jihadi john, so I have decided to choose who to plagiarise. 
As for politics, if I had to choose it would be a coalition of all ideas and skills everytime, I note that the WW111, collapse of the pound and stockmarket brigade have gone very quiet, trade agreements are being discussed with friendly nations and Sweden are mooting a Swexit, I wonder how many more are monitoring our exit progress.
This message was last edited by Hephaestus on 27/07/2016.
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I'm Spartacus, well why not?
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I'm Spartacus, well why not?
Mm, he did get a classy bird (in the film) but he also got crucified.
Which is what would happen to Labour if May called a general election.
Would not expect it to happen though, because of the fixed term act. But if she was to backslide on Europe, Fox and Davis would resign and it would all depend on if labour would support the tory Brexiteers on a vote of no confidence.
Politics is still interesting at the moment.
Labour is in a right old pickle but, for the life of me, I cannot see why the parliamentary labour party does not just go ahead and elect a 'parliamentary' leader and say 'up yours' to Corbyn. After all the PM is not necessarily the leader of the biggest party in parliament but the person who can muster the maximum support. By extension the leader of the opposition is the person who can muster the support of the next largest group.
This would be the majority of the labour party in parliament (and probably the lib dems and green). It would surely be in Labours best interest if Labour in Parliament managed to elect someone with stature as 'Parliamentary Leader', because then Corbyn would become irrelevant.
This message was last edited by tteedd on 27/07/2016.
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The folk in the huge traffic queues at Dover don't appear to be scared of travelling to France.
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I'm Spartacus, well why not?
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ScottTravels
The nervousness and reluctance to travel abroad is more likely to do with safety rather than any effect of Brexit:
Just look at events over tha last couple of years in:
Tunisia, Germany, France , Egypt, Austalia, India not to mention the volatility in the middle east.
I don't believe we are in a position to lay the blame with Brexit or the effects of Brexit.
Anyway, every cloud etc. If people are more inclined to stay at home for their holidays how bad can that be for the UK economy, people staying in the UK to spend their money?
Also, if the exchange rate is a negative effect on travelling abroad for UK citizens, then this must then make the UK more attractive to anyone wanting to come to the UK as they will be getting a better exchange rate.
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Stop whinging.
An 8% drop is well within normal variation. We approached parity with the Euro years 5 ago it's 1.19 now.
Most of the drop is due to whingers talking the pound down. If enough people say it, it becomes an expectation and will happen.
The stock market has already more than recovered and, although there is no way of proving it, I would expect the exchange rate by the end of the year to be exactly as it would have been without the vote.
If Brexit really does mean Brexit and we regain control of our democracy. The future of our economy will depend on our own efforts, which is exactly as it should be.
This message was last edited by tteedd on 26/07/2016.
This message was last edited by tteedd on 26/07/2016.
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