UK Economy suffers Triple Blow

UpTheBeehole · Post by **UpTheBeehole** » Mon Jun 11, 2018 2:57 pm

This was published on Friday, ahead of today's very poor news for the UK:

Pound Sterling is said to be "in a precarious position" this June by strategists at J.P. Morgan citing Brexit negotiations which are approaching another pivotal moment ensuring the UK currency has now lost its safe-haven allure.

UK government debt - also known as gilts - have over recent years provided a safe harbour to investors during times of uncertainty, particularly for Europeans during the Eurozone debt crisis years that pushed the single currency close to its deathbed. The demand for gilts from Europeans in turn pushes up demand for the Pound.

Safe-haven demand has even been noted in the post-Brexit vote era with the Pound-to-Euro exchange rate rising back up to 1.20 in the approach to elections in the Netherlands and France in 2017.

However, price action during the recent Italian political crisis has left some strategists thinking the Pound may have lost its allure as a financial mooring during times of stress. And the UK's own developing political crisis has prompted the J.P. Morgan team to advocate that clients bet against the British currency.

“The rather precarious position of GBP is well illustrated by the collapse in the normally positive correlation between EUR/GBP and EUR/USD as the Euro first fell and the Italy crisis then broke. The realised correlation is virtually the most negative in the last 20 years, which surely demonstrates that GBP can’t be regarded as a EUR safe-haven for a post-Brexit world,” says Paul Meggyesi, vice president of currencies and commodities at J.P. Morgan.

The Euro-to-Dollar rate fell by close to 250 points between the final week of May and early June, as concerns over the new Italian government’s commitment to the Euro grew.

But the Euro-to-Pound exchange rate rate proved much more resilient after declining by less than 100 points, suggesting investors were much less willing to park funds under the wing of the Bank of England than they might have been just a few years or even months ago.

This price behaviour came ahead of a crucial month for the UK government and Pound Sterling, with Prime Minister Theresa May facing a series of votes in the House of Commons on Tuesday 12, June over whether to approve 15 “Brexit wrecking” amendments inserted into the EU Withdrawal Bill by the House of Lords.

“It is certainly possible that political turmoil in Europe may in some sense ameliorate the independent economic fall-out to the UK from Brexit and so warrant a smaller Brexit risk premium than the 15% or so that is currently priced,” says Meggyesi. “But the ongoing lack of clarity about what Brexit actually entails together with the intervening underperformance of the UK economy and confusion surrounding BoE policy will likely dissuade investors from wanting to own this.”

J.P Morgan’s Meggyesi says that, rather than attracting safe-haven flows due to renewed political uncertainty in Europe, the Pound is likely to face itself under increasing pressure against other so called safe havens in June because of the current UK political situation.

If the PM loses the aforementioned votes the UK will be required by law to remain a member of the EU single market and customs union and the House of Commons will have the power to send government back to the negotiating table if MPs are not happy with the final arrangements negotiated by Theresa May.

Such an outcome could reduce the prospect of a so called hard Brexit, where the UK leaves the EU in March 2019 without any arrangements for future trade in place, but may also dramatically raise the prospect of a challenge to PM May’s leadership.

That latter consequence would heighten the risk of another general election being called and, according to some, raise the prospect of a Labour Party government which would also be a negative development for Pound Sterling.

And if the Prime Minister somehow wins the votes in the House of Commons then it will mean the UK remains on course to exit the EU and its institutions, including the single market and customs union. And it’s a potential exit from the single market and customs union that pushed Sterling into a double digit loss against the Euro after the 2016 referendum in the first place.

“The lack of any real progress in the Brexit talks since the March EU council is troubling, especially the lack of convergence between the UK and EU on how to deal with the Irish border, and this impasse will come into much sharper relief in the lead-up to the next EU council meeting on June 28-29. Politically this promises to be quite a fraught month for GBP,” Meggyesi writes, in a recent note to clients.

Failure to present a Northern Irish border solution that is agreeable to EU leaders at the end of June could mean trade talks are sidelined until the October summit that has always been seen as the final deadline for all agreements to be reached.

This would also heighten the risk of a so called hard Brexit because the final withdrawal deal, and anything agreed that covers the future relationship, will have to be ratified in all of the parliaments across the EU before the March 2019 Brexit date. That is a process that could take months and underlines the importance of resolving the key issues ahead of October.

“Despite partial evidence that UK growth may be creeping higher after coming to a near standstill in 1Q, we increase our overall GBP short through a new cash position in GBP/JPY as we suspect the coming month could prove politically quite fraught in the UK,” Meggyesi concludes.

Meggyesi and the J.P. Morgan team have recommended that clients bet on a fall in the Pound-to-Japanese-Yen exchange rate during the coming weeks. They advocate entering a “short” trade at or around 146.05, with a stop loss at 148.97.

This comes on top of another short trade from May 04 where the bank is betting against the Pound-to-Swiss-Franc exchange rate. The J.P. Morgan team entered the trade at 1.3519 and have since made a 2.58% profit. They have also lowered their “stop loss” to 1.3350, which will lock in some of their profit regardless of what happens during the weeks ahead.

https://www.poundsterlinglive.com/gbp-l ... ur-and-usd

dsr · Post by **dsr** » Mon Jun 11, 2018 3:09 pm

Lancasterclaret wrote:Eh?

You posted about losing your job between 1992-2010 and yes, I get that "****" happens and its never fun.

My comment was that people could lose their jobs, be told they have lost their jobs because of Brexit and they would still walk out going "Its all the EU fault".

And I have to let you know, the happiness that way too many people appear to have about not knowing stuff I find completely appalling. Its not like anyone is asking you to take an exam in it, its just to read a bit about it so the understanding is there.

When you are talking about decisions that affect the whole country, then surely its the least that some of you could do?

I think what you and many other Remainers struggle with is the concept that anyone can read what you have done and not agree with your conclusions. You are so convinced that you are right and can't possibly be wrong, that you assume anyone who disagrees is doing it out of either ignorance or malice.

RocketLawnChair · Post by **RocketLawnChair** » Mon Jun 11, 2018 3:31 pm

Lancasterclaret wrote:Eh?

You posted about losing your job between 1992-2010 and yes, I get that "****" happens and its never fun.

My comment was that people could lose their jobs, be told they have lost their jobs because of Brexit and they would still walk out going "Its all the EU fault".

And I have to let you know, the happiness that way too many people appear to have about not knowing stuff I find completely appalling. Its not like anyone is asking you to take an exam in it, its just to read a bit about it so the understanding is there.

When you are talking about decisions that affect the whole country, then surely its the least that some of you could do?

What ? So you are saying I don’t read about issues that may effect my future? Wow !

If truth be known I’ve probably read too much for too long and when you filter it you work out the majority are bull shitters on both sides. And everything that could or will happen as happened before in a different guise. You know it I know it, No in fact we all ******* know it. It’s always been the same. Whose the fool the one who trusts politicians or the one who attempts to make the best of whatever situation they are in regardless of politicians.

That may be cynical but not as cynical as the politicians in the UK and over in Europe are being (again on both sides)

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 3:36 pm

dsr wrote:I think what you and many other Remainers struggle with is the concept that anyone can read what you have done and not agree with your conclusions. You are so convinced that you are right and can't possibly be wrong, that you assume anyone who disagrees is doing it out of either ignorance or malice.

The Remoaner mantra - what I'm saying is right. I know it's right cos I'm the one saying it.

Or in other words, arrogant self confirmation.

But remember this deep seated belief that people with a different world view to theirs, just need to be educated and theyd be just as enlightened as they are. Comes from the core belief that the EU is the answer to every thing. Anything positive is because of the EU. Anything negative is due to the unenlightened believing in self determination and sovereignty.

There is no feasible or credible alternative to their europhile view.

The plaque placed in the brand new multi million pound tax payer funded EU visitors centre, explains their, holier than thou, almost cult like attitude, so succinctly.

"“National sovereignty is the root cause of the most crying evils of our times….The only final remedy for this evil is the federal union of the peoples.”

They believe in the "Final Remedy".....

RocketLawnChair · Post by **RocketLawnChair** » Mon Jun 11, 2018 3:39 pm

Perhaps I’d be classed as far more intelligent and well versed if I copied and pasted somebody else’s opinion like UpTheBeehole.

claretdave · Post by **claretdave** » Mon Jun 11, 2018 4:10 pm

Burnley Ace wrote:Today -

1) U.K. construction output fell 3.3%
2) trade balance 19 month low -£5.28bn
3) Manufacturing output -1.4% biggest fall for 5 years
4) £ down against € and $
5) Poundland goes into administration
6) UK economy grew 0.2% in last quarter

But don’t worry Toyota might invest some cash if we get a decent transitional deal.

Believe me Toyota are/have already invested millions on your very door step for the next 5 to 7 years.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 4:17 pm

More of a general whinge that anything specific aimed at you RLC, and as DSR and Ringo constantly prove, just reading the stuff that you want to read which reinforces your opinion is worse than useless.

The only people who care about Burnley based on the past thirty years appear to be the EU and bits of work done by Lab and Lib Dems. Its clearly not enough for the area, but as has been argued on here many times, its a damn sight more than it will get under a Conservative government determined to make sure it stays in power in any circumstances.

And I'll take the **** and the abuse on here for being right, as I have a very annoying habit of knowing what I'm talking about and (unfortunately) being right about a whole lot of stuff about this.

I'd love to be wrong, I'd take Ringo crowing about it on here for decades if it meant that the UK prospered and stayed together, but I fear that we won't.

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 4:19 pm

RocketLawnChair wrote:Perhaps I’d be classed as far more intelligent and well versed if I copied and pasted somebody else’s opinion like UpTheBeehole.

I wouldn't bother if I were you. That clown has posted a graph that shows fluctuations in the currency markets, and is trying to pass it off as evidence of the economic Armageddon that his side were promising prior to their losing the referendum.

Confidence in the UK economy will evaporate over night following a vote for Leave. They said.

https://www.theguardian.com/politics/20 ... uk-economy" onclick="window.open(this.href);return false;

David Cameron: "leave vote would be economic bomb for UK"

https://www.theguardian.com/politics/20 ... uk-economy" onclick="window.open(this.href);return false;

The treasury also predicted that 18 months after a vote to Leave, we would see an extra 850,000 joining the dole queue.

And now the same bunch of liars are at it again. And the ever dwindling gaggle of ceaseless Remoaners still suck it up! Mugs.

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 4:23 pm

Lancasterclaret wrote: I have a very annoying habit of knowing what I'm talking about and (unfortunately) being right about a whole lot of stuff about this.

Congratulations! You've won today's Most Self Aggrangizing Post on UTC message board!

Good effort Lancs!!!

You should've just stuck to pretending that you misunderstood rocketlawnchairs, easily understood, post about getting made redundant!!!

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 4:28 pm

Two years of being unfortunately being right does that to people Ringo.

Love your selective quoting by the way, completely ignoring about wanting to be wrong because hey, guess what, I'm not a ****.

Two things today have put me in a really bad mood

Jacob Rees-Mogg talking about Dover and Landrover moving production into the EU.

UpTheBeehole · Post by **UpTheBeehole** » Mon Jun 11, 2018 4:41 pm

RingoMcCartney wrote:Congratulations! You've won today's Most Self Aggrangizing Post on UTC message board!

Good effort Lancs!!!

You should've just stuck to pretending that you misunderstood rocketlawnchairs, easily understood, post about getting made redundant!!!

Weren't you the one giving out spelling, punctuaton and grammar lessons earlier?

Then you post that barely literate nonsense?

RocketLawnChair · Post by **RocketLawnChair** » Mon Jun 11, 2018 4:41 pm

Lancasterclaret wrote: if it meant that the UK prospered and stayed together, but I fear that we won't.

Sorry to severely edit your post LC (I have read all of it honest). I find this very last comment the most intriguing. I fear the UK prospering and staying together vanished a long long time ago and way before any referendum. The UK as been broken for a long time. The argument appears to be will it be more or less broken by the brexit result, during all this ******** I've just decided to carry on being plain old me and deal with it as it happens there is no other way when you have no real influence.

Years ago I used to be very passionate about where we were heading, not anymore because if its not brexit it will be something else that I cant control. I was brought up believing democracy was you went with the majority and made it work despite your beliefs, I now believe people use Democracy to destabilise the opposition despite there victory, That system can never work and compromise will never be reached so it just all becomes one big pointless mess.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 4:46 pm

Not sure I agree with that, though I fully agree that there isn't a lot you can do about it if you feel that stuff is being done that you can't control and you are best just getting on with it, but with the big caveat that you can't stand and do nothing while clearly unacceptable stuff goes on (be that asian grooming gangs or Tommy Robinson thugs nazi saluting in London)

I'd argue that this whole shitshow is a sign that democracy is still strong as well, and though I'm not going to accept a "No deal" under any circumstances, I still remain some hope that an organised deal might still avoid us taking too much of a hit and keeping the UK together.

RocketLawnChair · Post by **RocketLawnChair** » Mon Jun 11, 2018 4:55 pm

Lancasterclaret wrote:Not sure I agree with that, though I fully agree that there isn't a lot you can do about it if you feel that stuff is being done that you can't control and you are best just getting on with it, but with the big caveat that you can't stand and do nothing while clearly unacceptable stuff goes on (be that asian grooming gangs or Tommy Robinson thugs nazi saluting in London)

I'd argue that this whole shitshow is a sign that democracy is still strong as well, and though I'm not going to accept a "No deal" under any circumstances, I still remain some hope that an organised deal might still avoid us taking too much of a hit and keeping the UK together.

Ah yes but **** like Robinson and the grooming gangs should be dealt with regardless of your political beliefs or even lack of. If people cannot even agree on that then Democracy can never work. Hence I feel the UK was broken many moons ago that things like this are actually allowed to get to the level they do before anything is done.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 4:58 pm

Which they are.

Of course, if you want to harken back to a UK that didn't have any problems or issues, then good luck with that as I don't think that ever existed

Its hard to change things around, but at the heart of it the vast majority of us whatever race, religion and political persuasion just want to get on and do stuff. As long as we keep remembering that, there is still hope.

Longsider · Post by **Longsider** » Mon Jun 11, 2018 4:59 pm

I hope we sell or sign someone soon. This thread and the arguments from in it can then be dropped down the board a bit.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 5:00 pm

Oi! Less of the sell, we need to sign someone first!

RocketLawnChair · Post by **RocketLawnChair** » Mon Jun 11, 2018 5:08 pm

Lancasterclaret wrote:Which they are.

Of course, if you want to harken back to a UK that didn't have any problems or issues, then good luck with that as I don't think that ever existed

Its hard to change things around, but at the heart of it the vast majority of us whatever race, religion and political persuasion just want to get on and do stuff. As long as we keep remembering that, there is still hope.

I don’t want to harken back to anywhere, I’m the one who accepts things happen and always have.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 5:18 pm

Fair enough

nil_desperandum · Post by **nil_desperandum** » Mon Jun 11, 2018 5:23 pm

claretdave wrote:Believe me Toyota are/have already invested millions on your very door step for the next 5 to 7 years.

They have, but not without making their position on the Customs Union very clear:

"Johan van Zyl, chief executive of Toyota Motor Europe, said the investment showed that the company was doing all it could to make Burnaston more competitive.
However, he warned: "Continued tariff-and-barrier free market access between the UK and Europe that is predictable and uncomplicated will be vital for future success."

ClaretMoffitt · Post by **ClaretMoffitt** » Mon Jun 11, 2018 5:29 pm

Longsider wrote:I hope we sell or sign someone soon. This thread and the arguments from in it can then be dropped down the board a bit.

true that

Stayingup · Post by **Stayingup** » Mon Jun 11, 2018 6:04 pm

UpTheBeehole wrote:Trade deficit widened by £2bn in 3 months, now stands at £11.86bn

Manufacturing output down by 0.2%, as opposed to the forecast of a 0.5% rise. This was mainly due to the 4.4% fall in car production, the big brexiteer favourite.

Construction sector down 1.2%, as opposed to forecast of a 0.7% rise.

All painting a rather bleak picture for the UK economy. Well done Brexit.

http://www.telegraph.co.uk/business/201 ... ndustrial/

If moaning buggers like you and half the government, the Labour party, the BBC, THE Lords, CBI, Blairites and others had shut up and got behind the cause instead of being the useful idiots of the corrupt communist EU, Brexit would have been a success and good for the country

Damo · Post by **Damo** » Mon Jun 11, 2018 6:08 pm

Lancasterclaret wrote:More of a general whinge that anything specific aimed at you RLC, and as DSR and Ringo constantly prove, just reading the stuff that you want to read which reinforces your opinion is worse than useless.

The only people who care about Burnley based on the past thirty years appear to be the EU and bits of work done by Lab and Lib Dems. Its clearly not enough for the area, but as has been argued on here many times, its a damn sight more than it will get under a Conservative government determined to make sure it stays in power in any circumstances.

And I'll take the **** and the abuse on here for being right, as I have a very annoying habit of knowing what I'm talking about and (unfortunately) being right about a whole lot of stuff about this.

I'd love to be wrong, I'd take Ringo crowing about it on here for decades if it meant that the UK prospered and stayed together, but I fear that we won't.

So the EU took away manufacturing but gave a new bus station.
Honestly, those ungrateful oik's don't know when they are onto a good thing.

If only they listened to the experts on here

Burnley Ace · Post by **Burnley Ace** » Mon Jun 11, 2018 6:11 pm

How would Brexit be a success? What is your criteria?

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 6:18 pm

UpTheBeehole wrote:Weren't you the one giving out spelling, punctuaton and grammar lessons earlier?

Then you post that barely literate nonsense?

If you can't understand English, that's not my concern. However, if I were you, I'd be less worried about other poster's posts. And put more effort into trying to avoid looking like a clown. By posting a graph that shows fluctuations in the currency markets, and is trying to pass it off as evidence of economic Armageddon, that you so crave.

Weapons grade idiocy!

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 6:19 pm

Any one who thinks the EU killed the manufacturing in Burnley shouldn't be listened to either to be fair.

FactualFrank · Post by **FactualFrank** » Mon Jun 11, 2018 6:21 pm

Brexit will soon be followed by other countries, that I'm sure.

What could we have?.. Grexit, Departugal, Italeave, Czechout, Oustria, Finish, Slovakout, Latervia, Byegium. Only Remania will stay.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 6:24 pm

Again, and this appears to be a recurring theme, there is no evidence for that.

The Italian PM said last night for example there was no prospect of Italy dumping the Euro, Hungary and Poland want the EU money and trade benefits, as do Greece and Spain.

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 6:26 pm

Lancasterclaret wrote:Two years of being unfortunately being right.

guess what, I'm not a ****.
.

Combined with the self aggrandizement, on an epic scale, in your earlier post. This latest pontification, clearly contradicts the last claim!!!

Heard of shooting ones self in ones foot!?

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 6:35 pm

Lancasterclaret wrote:Any one who thinks the EU killed the manufacturing in Burnley shouldn't be listened to either to be fair.

Anybody that doesn't accept that the People of Burnley have had 40 odd years to decide whether or not EU membership has been good for Burnley for themselves. Probably has a sheltered, kept in clover lifestyle. Living in a wealthy university town, with relatively low levels of unskilled migration. That hasn't seen it's manufacturing heart ripped out of it. That hasn't seen immigration change the face it and had a detrimental effect on community cohesion, public services, wages, competition for jobs. Real difficulties in securing children's school places and GP appointments.

So maybe be we can ignore their ivory towered opinion too eh!?

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 6:46 pm

Cheers Ringo. I always knew that reading about stuff rather than making it up as I went along would annoy certain people but I never gave a **** about that when I was kid and I'm certainly not going to start now.

Why don't you read about the global economy, and where the immigration is going to come from now you've told Europe to do one.

You'll really start panicking then.

Stayingup · Post by **Stayingup** » Mon Jun 11, 2018 6:54 pm

UpTheBeehole wrote:I see the Pound's on the slide again

http://www.bbc.co.uk/news/live/business-41444155

http://www.telegraph.co.uk/business/201 ... stability/

At it again. You are such an ignorant pillock

Stayingup · Post by **Stayingup** » Mon Jun 11, 2018 7:09 pm

I would like to ask all these economic 'experts' on here why a strong pound is desirable to them? Are they buying a French Chateau or something? I can hardly believe the economic illiteracy of these lefties. Just like Corbyn who is a real economic illiterate.

Stayingup · Post by **Stayingup** » Mon Jun 11, 2018 7:09 pm

I would like to ask all these economic 'experts' on here why a strong pound is desirable to them? Are they buying a French Chateau or something? I can hardly believe the economic illiteracy of these lefties. Just like Corbyn who is a real economic illiterate.

bluelabrador16 · Post by **bluelabrador16** » Mon Jun 11, 2018 7:37 pm

For Ringo, et al

I've just watched "Renegade Inc" on RT, which had Mitch Feierstein (Author of Planet Ponzi) joining the host Ross Ashcroft.
Well worth watching. It will be on again at 23.30.

One snippet from the show:

Number One..Danger/Problem for the US...Deep State, China, Iran, Russia.....one got over 90%

A taster...

Mitch Feierstein on Social Control

"In this extract from the 'The Global Economy - What Lies Beneath?’ episode of Renegade Inc, Mitch Feierstein discusses the public's relationship with social media as a political tool and how the growing distrust for the mainstream media has helped many recent political movements gain legitimacy.."

https://www.youtube.com/watch?v=IGgKNIss4u8" onclick="window.open(this.href);return false; (2.13)

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 8:02 pm

Lancasterclaret wrote:Cheers Ringo. I always knew that reading about stuff rather than making it up as I went along would annoy certain people but I never gave a **** about that when I was kid and I'm certainly not going to start now.

Why don't you read about the global economy, and where the immigration is going to come from now you've told Europe to do one.

You'll really start panicking then.

There you go again. Assuming that I don't read about the global economy! You do realise that other people can be knowledgeable about the global economy, and have a different opinion to you, don't you!? You aren't privy to some golden enlightenment are you!?

Simple question.

Who knows what is best for Burnley with regards to EU membership? The People of Burnley (The vast majority of whose voters have chosen to leave it) who've had 40 odd years to make their own personal impact assessment.

Or you?

RingoMcCartney · Post by **RingoMcCartney** » Mon Jun 11, 2018 8:06 pm

bluelabrador16 wrote:For Ringo, et al

I've just watched "Renegade Inc" on RT, which had Mitch Feierstein (Author of Planet Ponzi) joining the host Ross Ashcroft.
Well worth watching. It will be on again at 23.30.

One snippet from the show:

Number One..Danger/Problem for the US...Deep State, China, Iran, Russia.....one got over 90%

A taster...

Mitch Feierstein on Social Control

Saw it (this morning I think it was) while making breakfast.

ontario claret · Post by **ontario claret** » Mon Jun 11, 2018 8:08 pm

At least you're cushioned from the lunacy that is Donald Trump by being so far away. We have both a steel plant and a large GM assembly plant in my close vicinity. His agenda will absolutely devastate both of those operations. It's so bad that even right-wing politicians in our country are flocking to support Justin Trudeau.

ontario claret · Post by **ontario claret** » Mon Jun 11, 2018 8:10 pm

He risks destroying the world's economy just to appease a bunch of extreme right-wing, red-neck lunatics.

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 8:15 pm

I don't tell people how to vote

I just tell people those little unfortunate stuff called "facts" about what they believe to be true.

Care to run some more of your cherished, bullshit "lets leave the EU" reasons past me?

hampsteadclaret · Post by **hampsteadclaret** » Mon Jun 11, 2018 8:24 pm

There’s some proper nonsense on this thread and no mistake.
Up your bum hole why have you stuck that dollar/sterling graph up in post 201?
It is useless.
Stay away from the Economics if you don’t get it.
A rough estimate would say that on that graph,the £ fell about 15% against the dollar between Referendum and ‘somewhere mid 2018-ish’..
So what.. it’s a fairly small number and it only relates to one country not the whole world.
The whole 15% could be because of ‘uncertainty’
not because ‘getting out’ is a bad idea.

As someone else suggests above.. a weak pound can provide potential BIG advantages for the UK.

It makes the selling of our exports easier in foreign markets, because they are cheaper.. good for jobs - look at the stats.

It also means we might import less - good.. then we can buy British instead.
This will in time cause the UK Balance of Payments to improve... good, about time.

1) The Tories massively damaging ‘Austerity’ policy/programme ( still continuing...does anybody, anywhere still believe in that nonsense ?) has been way more damaging than all the Brexit stuff.

2) The ‘banker/ financier’ induced Economic Crisis ( Bank collapse, Credit Crunch, World Recession ) of 2008/2009 was WAY more serious than the Brexit ordeal... cool yer jets!

hampsteadclaret · Post by **hampsteadclaret** » Mon Jun 11, 2018 8:25 pm

There’s some proper nonsense on this thread and no mistake.
Up your bum hole why have you stuck that dollar/sterling graph up in post 201?
It is useless.
Stay away from the Economics if you don’t get it.
A rough estimate would say that on that graph,the £ fell about 15% against the dollar between Referendum and ‘somewhere mid 2018-ish’..
So what.. it’s a fairly small number and it only relates to one country not the whole world.
The whole 15% could be because of ‘uncertainty’
not because ‘getting out’ is a bad idea.

As someone else suggests above.. a weak pound can provide potential BIG advantages for the UK.

It makes the selling of our exports easier in foreign markets, because they are cheaper.. good for jobs - look at the stats.

It also means we might import less - good.. then we can buy British instead.
This will in time cause the UK Balance of Payments to improve... good, about time.

1) The Tories massively damaging ‘Austerity’ policy/programme ( still continuing...does anybody, anywhere still believe in that nonsense ?) has been way more damaging than all the Brexit stuff.

2) The ‘banker/ financier’ induced Economic Crisis ( Bank collapse, Credit Crunch, World Recession ) of 2008/2009 was WAY more serious than the Brexit ordeal... cool yer jets!

ontario claret · Post by **ontario claret** » Mon Jun 11, 2018 9:04 pm

Despite what Trump claims, the U.S. runs a trade surplus with Canada. We buy a lot of manufactured goods from them, and we give (mostly) raw resources in return. The exception is Southern Ontario, which depends on manufacturing. We used to have the "Auto Pact", which more or less guaranteed a balance in automobile trade. It was managed trade, not free trade. That was erased when Nafta was implemented. Suddenly, a lot of those jobs went to Mexico. GM in Oshawa went from 15,000 to 2,000 jobs almost overnight. Oshawa has yet to fully recover. Instead, we have people making 3 hour daily commutes to downtown Toronto. It's simply not healthy.

JohnMcGreal · Post by **JohnMcGreal** » Mon Jun 11, 2018 9:08 pm

hampsteadclaret wrote:As someone else suggests above.. a weak pound can provide potential BIG advantages for the UK.

It makes the selling of our exports easier in foreign markets, because they are cheaper.. good for jobs - look at the stats.

I've looked at the stats and goods exports fell £3.1 billion and services exports fell £2.5 billion. That's with weak pound sterling.

Also, how will it be it easier to export to foreign markets if we have no trade agreements with those markets?

Damo · Post by **Damo** » Mon Jun 11, 2018 9:52 pm

Lancasterclaret wrote:Any one who thinks the EU killed the manufacturing in Burnley shouldn't be listened to either to be fair.

Absolutely spot on.
The introduction of tariff free trading when we joined, and the subsequent, steady demise of manufacturing in places that offered cheap labour is pure coincidence.
How silly of me to question your expertise Lancaster
You massive expert you

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 9:53 pm

I'm at least capable of understanding the issue was a global one.

You lot are all completely mental, you probably blame the EU if it rains.

dpinsussex · Post by **dpinsussex** » Mon Jun 11, 2018 10:02 pm

Burnley people like to blame anyone except themselves for being impoverished irrespective of politics. That said there is a theme with their politics.
Any other opinion is wrong in their opinion.

Seriously the world does not owe you anything. The only one who can influence your life is you. Get a fo ok ing grip and take control over yours and your families lives.

Sorry but in or out we will make this country great again. I didn't want to leave but have accepted that we are leaving and fully intent on making this country successful.

Ps I don't agree with Lancasters politics but he does talk with an element of knowledge

Lancasterclaret · Post by **Lancasterclaret** » Mon Jun 11, 2018 10:06 pm

No one agrees with my politics DP!

Everyone is either mentally right wing or mentally left wing these days. its very hard work!

Quickenthetempo · Post by **Quickenthetempo** » Mon Jun 11, 2018 10:08 pm

dpinsussex wrote:Burnley people like to blame anyone except themselves for being impoverished irrespective of politics. That said there is a theme with their politics.
Any other opinion is wrong in their opinion.

Seriously the world does not owe you anything. The only one who can influence your life is you. Get a fo ok ing grip and take control over yours and your families lives.

Sorry but in or out we will make this country great again. I didn't want to leave but have accepted that we are leaving and fully intent on making this country successful.

Ps I don't agree with Lancasters politics but he does talk with an element of knowledge

That's right because all people from Burnley have impoverished lives.
You sound a right tit.