Brits battered by Brexit backlash - Social Anxiety Forum
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post #1 of 40 (permalink) Old 10-14-2016, 12:27 PM Thread Starter
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Brits battered by Brexit backlash


Slowly but surely the effects of Brexit (the UK leaving the European Union) are coming through. Here's a quick run down:


-The value of the pound has dropped to a 30-year low at $1.3342. One Analyst suggests that it might go down even lower in 2017 (1 pound to 1 dollar)

-The Pound Sterling is now the the most devalued currency of 2016 (just beating out the Argentine Peso)

-Britain imports half it's food from abroad (and that won't be changing any time soon) - food prices will be increasing in the short to mid term.

-Petrol (gas to the American inclined) will also go up, as well as most consumer goods.


--------

Some relevant vids:






slow progress is still progress.
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post #2 of 40 (permalink) Old 10-14-2016, 12:43 PM
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That's some nice aliteration. And yeah it sucks the only good thing is if you work online and get paid in dollars and convert into pounds. Which naturally isn't most people.

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post #3 of 40 (permalink) Old 10-14-2016, 02:06 PM Thread Starter
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That's some nice alliteration.
Took me a few minutes, but time well spent I say :-]

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And yeah it sucks the only good thing is if you work online and get paid in dollars and convert into pounds. Which naturally isn't most people.
There is a potential silver lining (although not likely) - this recent down turn is the result of Teresa May saying she would not accept free movement from the EU and Angela Merkel over in Germany saying that we would have to in order to access the EU trade Bloc. The financial markets therefore are reacting to the idea that we can no longer trade tariff free with Europe - providing Teresa May can back down and give a 'soft' Brexit (or better yet scrap it all together) then we can stop this madness.

slow progress is still progress.
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post #4 of 40 (permalink) Old 10-14-2016, 02:26 PM
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Nothing to do with 0% interest rates of course which started in 2008 thanks to Labour and Gordon 'no more boom and bust' Brown. Raise rates to 5% (the historical average) and watch sterling appreciate like crazy as investors pile in for the easy yield.

Easier to blame Brexit though as the narrative that nationalism = a bad thing is something today's journalists are comfortable with.
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post #5 of 40 (permalink) Old 10-14-2016, 02:33 PM
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Nothing to do with 0% interest rates of course which started in 2008 thanks to Labour and Gordon 'no more boom and bust' Brown. Raise rates to 5% (the historical average) and watch sterling appreciate like crazy as investors pile in for the easy yield.

Easier to blame Brexit though as the narrative that nationalism = a bad thing is something today's journalists are comfortable with.
Things will improve in Britain. This is just the initial withdrawal symptoms.
In the long-term, it will end up pretty good provided people don't jump the gun and elect the wrong people - like the mayor of London. That was a mistake.

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post #6 of 40 (permalink) Old 10-14-2016, 02:45 PM
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Things will improve in Britain. This is just the initial withdrawal symptoms.
In the long-term, it will end up pretty good provided people don't jump the gun and elect the wrong people - like the mayor of London. That was a mistake.
Things are no different in Britain now than they were on June 23rd save for a group of people intent on talking down sterling. If it wasn't for the headlines nobody would have even noticed. Some 'crisis'
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post #7 of 40 (permalink) Old 10-14-2016, 02:53 PM
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The fact of the matter is that sterling is the 4th strongest currency in the world. Based on our pre-Brexit fundamentals (high debt, low interest rates, high taxes and so on) we were due for a devaluation anyway.
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post #8 of 40 (permalink) Old 10-14-2016, 03:26 PM
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Nothing to do with 0% interest rates of course which started in 2008 thanks to Labour and Gordon 'no more boom and bust' Brown. Raise rates to 5% (the historical average) and watch sterling appreciate like crazy as investors pile in for the easy yield.

Easier to blame Brexit though as the narrative that nationalism = a bad thing is something today's journalists are comfortable with.
The Danish interest rate is negative to discourage investors destabilising the Danish krone, but the British pound has still lost 15.3% value compared to our currency since June - 22.5% in the past year.
So no, it doesn't seem to be due to your low interest rates.
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post #9 of 40 (permalink) Old 10-14-2016, 03:47 PM
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The Danish interest rate is negative to discourage investors destabilising the Danish krone, but the British pound has still lost 15.3% value compared to our currency since June - 22.5% in the past year.
So no, it doesn't seem to be due to your low interest rates.
Go and have a look at a 10 year currency graph between the and krone. Sure the has been stronger than it is now but it's been weaker too. It closed today at 8.27 which is where it was floating from 2009 to 2014 when we were fully fledged members of the EU. Not what a reasonable person would call a crisis. You're cherry picking figures to try and make a case.

If it was that much of a problem the Bank of England would raise rates, but unfortunately for them they have bigger things to worry about than Brexit and the value of the . There's the small matter of that ginormous pile of debt we're sitting on (the real reason behind the devaluation fyi)
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post #10 of 40 (permalink) Old 10-14-2016, 04:01 PM
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Never mind that:

  • We've had 0% interest rates since 2008
  • Average people can't afford housing
  • Private debt is out of control
  • Public debt is out of control
  • Taxes are too high
  • Wages at the bottom end have been eroded by mass migration
  • Our infrastructure can't cope with demand
  • And energy costs have gone through the roof thanks to global warming alarmism

Simply blame everything on Brexit! Because if there's one thing the Greeks have proven it's that membership of the EU is vital for a healthy, functioning economy.
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post #11 of 40 (permalink) Old 10-14-2016, 04:08 PM
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Go and have a look at a 10 year currency graph between the and krone. Sure the has been stronger than it is now but it's been weaker too. It closed today at 8.27 which is where it was floating from 2009 to 2014 when we were fully fledged members of the EU. Not what a reasonable person would call a crisis. You're cherry picking figures to try and make a case.
Let's dispel that very quickly, because that statement is ridiculous, and I don't much care for the accusation.

Here's a chart of the conversion rate from 2009 to 2014 from xe.com



As you can hopefully see, the Pound wasn't floating around 8.26 from 2009 to 2014. The Pound has only briefly been below 8.5.
Not only that, but I think that, yes, most people would call the years right after 2008 a financial crisis.

And this is the chart since June this year:



Considering the trends (value of the Pound rising when it was thought the UK would vote to stay, and a steep drop when you voted to leave), it's really rather remarkable you would claim Brexit has had no effect on the value of the Pound, and that people who claim otherwise are just cherry-picking and pushing a leftist agenda.
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post #12 of 40 (permalink) Old 10-14-2016, 04:33 PM
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Let's dispel that very quickly, because that statement is ridiculous, and I don't much care for the accusation.
Your eyes need testing.

Just looking at that graph you can see the average is around 8.5. It goes up past it towards 9 then comes back down. Goes up again and comes down again. Lets be generous and say the average is 8.7 (it was rarely above 9 during that period), OK so we're temporarily 5% down from that at 8.3. You're making is sound much worse than it is by cherry picking a certain point and then arguing that we've suffered a 22.5% devaluation. That is utter baloney. Does a 5% devaluation over the average from a longer period really warrant all the huffing and puffing of leftist armchair economists who weren't at all interested in FOREX markets until June 24th? No. If we sorted the fundamentals out sterling would take care of itself.
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post #13 of 40 (permalink) Old 10-14-2016, 04:37 PM
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Took me a few minutes, but time well spent I say :-]



There is a potential silver lining (although not likely) - this recent down turn is the result of Teresa May saying she would not accept free movement from the EU and Angela Merkel over in Germany saying that we would have to in order to access the EU trade Bloc. The financial markets therefore are reacting to the idea that we can no longer trade tariff free with Europe - providing Teresa May can back down and give a 'soft' Brexit (or better yet scrap it all together) then we can stop this madness.
Yeah hopefully she'll make the best decision :/

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post #14 of 40 (permalink) Old 10-14-2016, 04:44 PM
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The is 7% stronger against the Krone now than it was from some cherry picked date in 2009.

Hooray for Brexit!
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post #15 of 40 (permalink) Old 10-14-2016, 04:56 PM
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Things are no different in Britain now than they were on June 23rd save for a group of people intent on talking down sterling. If it wasn't for the headlines nobody would have even noticed. Some 'crisis'
True, but if wasn't for the media hype would anybody feel enslaved by Angela Merkel? Or even burdened by immigration? The Brexit bunch from my Essex hometown are on hols every other week living it up in a villa in Greece. Not speculation, I know these characters and most are 60+ and retired. I'm in my twenties and have never been abroad in my life.

Speaking behalf on a country they love so much they'd rather disappear to some holiday resort...because yeah, the weather is bad. (some) British people in a nutshell.
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post #16 of 40 (permalink) Old 10-14-2016, 05:01 PM
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Well played @Milco

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8.27
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Your eyes need testing.
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the average is 8.7
Magnificent.

Oh, and it is worth pointing out we haven't even left yet.
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post #17 of 40 (permalink) Old 10-14-2016, 05:04 PM
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True, but if wasn't for the media hype would anybody feel enslaved by Angela Merkel? Or even burdened by immigration? The Brexit bunch from my Essex hometown are on hols every other week living it up in a villa in Greece. Not speculation, I know these characters and most are 60+ and retired. I'm in my twenties and have never been abroad in my life.

Speaking behalf on a country they love so much they'd rather disappear to some holiday resort...because yeah, the weather is bad. British people in a nutshell.
Personally I would notice yes. An Eastern European accent used to be a rare and exotic thing in Britain not that long ago, now I can barely walk out my front door without hearing somebody talk in Polish or Lithuanian and I'm in a relatively affluent area of the country. An Eastern European not that far from made the headlines when he went beserk and killed a couple. I certainly notice this more than the fluctuating price of bread or milk. I couldn't even tell you what they cost.
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post #18 of 40 (permalink) Old 10-14-2016, 05:07 PM
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Never mind that:

  • We've had 0% interest rates since 2008
  • Average people can't afford housing
  • Private debt is out of control
  • Public debt is out of control
  • Taxes are too high
  • Wages at the bottom end have been eroded by mass migration
  • Our infrastructure can't cope with demand
  • And energy costs have gone through the roof thanks to global warming alarmism

Simply blame everything on Brexit! Because if there's one thing the Greeks have proven it's that membership of the EU is vital for a healthy, functioning economy.
I have even heard of some negative interest rates in Europe - WTF?!
For that, I'd rather keep my money - there is absolutely NO incentive to save if you are having to PAY banks that extra fee to keep your money!

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post #19 of 40 (permalink) Old 10-14-2016, 05:11 PM
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Well played @Milco

Magnificent.

Oh, and it is worth pointing out we haven't even left yet.
Was this the economic catastrophe you were warning about in the run up to the referendum bob? A mild, temporary devaluation against a country who's main export is bacon and who's pig stock is riddled with MRSA according to The Guardian?

You'll have to excuse me while a recline and open up another can of 'I couldn't give a damn'
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post #20 of 40 (permalink) Old 10-14-2016, 05:40 PM
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Easier to blame Brexit though as the narrative that nationalism = a bad thing is something today's journalists are comfortable with.
Eh, it is rather irrational for Britain considering how dependent they are on everybody else
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