British Expats Feeling the Pinch as Pound Tumbles to 31-Year Low

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Re the 'worse case scenario', of course we would want the best deal possible, and remember the UK is also a significant export market for the EU. My inference is that in negotiating, anything better than base WTO terms is a bonus. It's also in everyone's interest that currency conversions remain as stable as possible. The Euro's future only offers more uncertainty.

EU citizens would not have free movement, but wouldn't be precluded from employment wither. They would have to qualify for employment the same as any non EU citizen does at the moment.

My reference to Soros was in the context of global currency 'players', and not to him personally.

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Originally Posted by Dragonfly

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Originally Posted by lom

Britain would represent American interests: it would be the US's Trojan horse in the EEC.

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he was quite the visionary,

having spend time during the war with Churchill and the Brits, must have been quite a cultural shock for him to realize that the UK was too dangerous for a new European bloc

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To be fair, the whole of the U.K. has never had a firm relationship nor ever found an association with continental folk.....historically, as it is present day.

The EU business was largely looked upon as fashion, thinking they might be able to cash in what had soon come to be a complete boondoggle.


Can't rely on sucking the empire any longer and their traditional guarantee across the Atlantic is sorrowfully similar....continuing to live the illusion.


As a civilisation, they're fucked.

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Originally Posted by thaimeme

To be fair, the whole of the U.K. has never had a firm relationship nor ever found an association with continental folk.....historically, as it is present day.

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Your right Jeff. We don't need Europe and never have. We had a perfect union years before them which worked perfectly well. The EU is a copy of the United Kingdom. What the fcuk do we need to join them for.

https://teakdoor.com/images/smilies1/You_Rock_Emoticon.gif

The Tories actually seem to be talking the pound down. First we had the extremist speeches at their get together, now they're hinting that the governor of the Bank of England is about to quit. Are they personally shorting the pound with their brokers?

It's all good for U.K. Exports as Christmas is on the horizon sales of British Christmas goods exported are going to surge upwards due to the Tory pound rate.

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Originally Posted by wasabi

It's all good for U.K. Exports as Christmas is on the horizon sales of British Christmas goods exported are going to surge upwards due to the Tory pound rate.

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What export goods?

Such a fantasy.


...better to stir up the empire with your beloved "civilising missions" - just as fanciful.

Yup wasabi, everything's going to be sorted out by the boost to the sales of mince pies.

:rolleyes:

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What export goods?

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well its certainly not the cheap plastic poor quality lowrent shite that belch out of china and other asian shitholes and that are slowly destroying decent well run economies in siwilai countries thanks to their use of slave labour and heavily polluting industrial methods, but seeing that the uk runs the 4th or 5th largest economy in the world i can only assume they must be exporting something.

probably something of quality that you could never hope to own.

British expats are certainly feeling the pinch, as is the long suffering British 'underclass'. But the UK economy, not so

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Originally Posted by cyrille

boost to the sales of mince pies.

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:rolleyes:

Given United Kingdom’s population of 64.1 million people, its total $460.1 billion in 2015 exports translates to roughly $7,179 for every resident in that country.

United Kingdom’s Top 10 Exports

The following export product groups represent the highest dollar value in UK global shipments during 2015. Also shown is the percentage share each export category represents in terms of overall exports from United Kingdom.

Machines, engines, pumps: US$63.9 billion (13.9% of total exports)
Gems, precious metals: $53 billion (11.5%)
Vehicles: $50.7 billion (11%)
Pharmaceuticals: $36 billion (7.8%)
Oil: $33.2 billion (7.2%)
Electronic equipment: $29 billion (6.3%)
Aircraft, spacecraft: $18.9 billion (4.1%)
Medical, technical equipment: $18.4 billion (4%)
Organic chemicals: $14 billion (3%)
Plastics: $11.8 billion (2.6%)
United Kingdom?s Top 10 Exports

Not shown are 'invisible exports' such as financial services, accounting & consultancy services- which are substantial.

I can certainly understand a certain frisson' among Brit expats & wannabe expat's, but the Brexit doomsayers are only doomed to fail.

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Originally Posted by sabang

Gems, precious metals: $53 billion (11.5%)

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Yeah, lots of gems & gold being mined in the UK. :rolleyes:

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Originally Posted by Begbie

The Tories actually seem to be talking the pound down

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not just talking it down , they lowered the interest rate to give it a shove, and printed more money in the quantative easing ..

^^ Xstrata, Rio Tinto, Glencore, Anglo American, etc. Even BHP Billiton is Anglo-Australian, following the merger.

jeff

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What export goods?

Such a fantasy.

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probably something of quality that you could never hope to own.

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Machines, engines, pumps: US$63.9 billion (13.9% of total exports)
Gems, precious metals: $53 billion (11.5%)
Vehicles: $50.7 billion (11%)
Pharmaceuticals: $36 billion (7.8%)
Oil: $33.2 billion (7.2%)
Electronic equipment: $29 billion (6.3%)
Aircraft, spacecraft: $18.9 billion (4.1%)
Medical, technical equipment: $18.4 billion (4%)
Organic chemicals: $14 billion (3%)
Plastics: $11.8 billion (2.6%)

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exactly.

^ Sounds like a cracking Christmas list. Clearly wasabi was right. Are you hoping to find a lathe or an industrial pump tucked under the Christmas tree this year?

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Originally Posted by stroller

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Originally Posted by sabang

Gems, precious metals: $53 billion (11.5%)

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Yeah, lots of gems & gold being mined in the UK. :rolleyes:

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Exactly. A list like that taken in isolation means nothing at all.

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Originally Posted by sabang

the Brexit doomsayers are only doomed to fail.

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Because it was all ignorant tabloid editors and opportunist politicians making the case to stay in and economists making the case to leave. Or something like that.

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Originally Posted by stroller

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Originally Posted by sabang

Gems, precious metals: $53 billion (11.5%)

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Yeah, lots of gems & gold being mined in the UK. :rolleyes:

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Originally Posted by sabang

Xstrata, Rio Tinto, Glencore, Anglo American, etc. Even BHP Billiton is Anglo-Australian, following the merger.

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Being mined in UK?
Sorry but sending out the invoice from their London City tax heaven does not constitute export in my book.
The same goes for all the big pharma companies from mainland Europe who has placed their headquarters and nothing else in England.

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Originally Posted by lom

Being mined in UK?

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No. I think the main things actually mined and exported from the UK now are slate from Nth Wales, and China Clay from Cornwall (amazingly profitable- goes to semiconductor manufacturing, not pottery). Not counting energy, of course.

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Originally Posted by lom

sending out the invoice from their London City tax heaven does not constitute export in my book.

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Then write a new book. But that would require a much more cerebral thread than this, if you wish to rewrite the meaning of 'Exports'.

Back to the main point, the Doomsayers have egg on their face.

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Originally Posted by sabang

the Doomsayers have egg on their face.

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What utter bollocks.

Nothing has basically been changed yet except that sterling is in the toilet. HTF can you say 'doomsayers have egg on their face' when absolutely nothing connected with Brexit has even been enacted yet? :rolleyes:

Did anyone predict, for example that Honda would be downsizing the day after the vote? The level of cluelessness displayed by some on this forum says it all about how the numpty UK electorate should never have been trusted on this.

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Originally Posted by cyrille

Did anyone predict, for example that Honda would be downsizing the day after the vote? The level of cluelessness displayed by some on this forum says it all about how the numpty UK electorate should never have been trusted on this.

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A rare occasion that we agree on something. Paid in dollars here and it is bloody annoying to say the least.

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Originally Posted by cyrille

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Did anyone predict, for example that Honda would be downsizing the day after the vote? .

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Have tried to find news on this but can't. Links? Honda have a history of laying off workers, including laying off all of it's direct workers for 4 months in 2009.

This morning's pound crash, from Bloomberg

The pound plunged as much as 6.1 percent against the dollar, the biggest decline since the day the U.K.’s Brexit referendum result was announced, in a move that traders said was exacerbated by computer-initiated sell orders.

Sterling sank as low as $1.1841 in early Asian trading, according to data compiled by Bloomberg, the lowest since March 1985. The pound pared the drop to trade 1.5 percent weaker at $1.2428 at 11:21 a.m. in Tokyo.

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Originally Posted by PAG

Have tried to find news on this but can't. Links? Honda have a history of laying off workers, including laying off all of it's direct workers for 4 months in 2009.

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My wording was poor. There was no such announcement.

I meant that nobody expected disastrous effects from Brexit the day after the vote, and that it's idiotic to say 'doomsayers have egg on their face' when nothing has been enacted as a result of the vote yet.

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Originally Posted by thaimeme

To be fair, the whole of the U.K. has never had a firm relationship nor ever found an association with continental folk.....historically, as it is present day.

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Is this why the British ignored Hitlers invasion of Poland, or the French prairie is littered with British corpses to this day Ask the Scandinavian countries about the help they never got from the British as their countries were occupied by Nazis.

Contrary to popular belief, the US did not win 2 world wars. They rewrote history for your consumption, and you not only swallowed whole, but charged us for the privilege.

I think for the next few weeks, the exchange rate is going to seesaw on the markets perception of events to come. The first real affect on rates in the long term will be on the 23rd November, when Hammond rolls out his Autumn Statement, and the markets have something tangible with which to operate rather than the supposition that currently exists.

This will set out and be the first implementation of economic policy in the post Brexit era. Already announced there will be a departure from Osbourne's austerity/cut the deficit at all costs strategy, so expect to see investment in infrastructure and support for businesses. May and Hammond know that it's vital that they get the majority onboard with their vision of the UK post Brexit, so I'd expect to see some populist measures rolled out also.

May's already said that Article 50 will be enacted before the end of March, and it will be interesting to see whether this will be before or after March Budget.