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Brexit
FJ1000:
I find it amazing that the BREXITERS so casually dismiss the early signs that they f***ed up, and dismiss any analysis or expert opinion.
According to them, the markets know nothing, the economists know nothing, business leaders know nothing. No. Apparently the real experts are that racist Farage, bumbling idiot BoJo, the xenophobic, the old, and the working class.
Make no mistake, what we've seen today in financial markets is significant.
GBP's largest ever 1 day fall, and lowest point since the mid 1980's vs USD.
The U.K. Is about to lose its AAA credit rating with S&P.
Equity markets around Europe have taken a beating.
The reasons the FTSE wasn't worse were because the BoE has pledged £250bn to shore up markets, there is a lot of short covering going on, and the fact that GBP has fallen so far helps the index (in dollar terms, the index has fallen about 10%)
So not only have we increased the cost of imports by 8% overnight, the prospect of the EU breaking apart has significantly weakened the market that currently buys 50% of our exports.
Add in the fact that the UK is heavily dependent on foreign direct investment to fund our current account, and any foreign investor just got badly burned. Expect major outflows.
The economy was growing at 2%. Inflation was low. Unemployment at 5% was the lowest in a decade and still falling. Wages had begun to rise.
And we've chucked it away for a load of empty promises.
Ultimately I blame Cameron. There was no need to have a referendum in the first place, and risk the future of my kids by handing the decision to the population, most of whom know nothing about the economy or financial markets, and are uninterested in facts.
Sent from my iPhone using Tapatalk
doylebros:
The video within comes to mind http://www.radiotimes.com/news/2016-06-24/the-brexit-vote-has-made-this-prophetic-yes-minister-video-go-viral?ref=yfp
They've reached there objective.
lukemk5gti:
I took advantage today and purchase a syphon from
Hario on their uk based website for delivery to Ireland and saved! Sorry to hit you lads when you're down :driver:
dansmith180:
--- Quote from: FJ1000 on June 24, 2016, 08:02:31 pm ---I find it amazing that the BREXITERS so casually dismiss the early signs that they f***ed up, and dismiss any analysis or expert opinion.
According to them, the markets know nothing, the economists know nothing, business leaders know nothing. No. Apparently the real experts are that racist Farage, bumbling idiot BoJo, the xenophobic, the old, and the working class.
Make no mistake, what we've seen today in financial markets is significant.
GBP's largest ever 1 day fall, and lowest point since the mid 1980's vs USD.
The U.K. Is about to lose its AAA credit rating with S&P.
Equity markets around Europe have taken a beating.
The reasons the FTSE wasn't worse were because the BoE has pledged £250bn to shore up markets, there is a lot of short covering going on, and the fact that GBP has fallen so far helps the index (in dollar terms, the index has fallen about 10%)
So not only have we increased the cost of imports by 8% overnight, the prospect of the EU breaking apart has significantly weakened the market that currently buys 50% of our exports.
Add in the fact that the UK is heavily dependent on foreign direct investment to fund our current account, and any foreign investor just got badly burned. Expect major outflows.
The economy was growing at 2%. Inflation was low. Unemployment at 5% was the lowest in a decade and still falling. Wages had begun to rise.
And we've chucked it away for a load of empty promises.
Ultimately I blame Cameron. There was no need to have a referendum in the first place, and risk the future of my kids by handing the decision to the population, most of whom know nothing about the economy or financial markets, and are uninterested in facts.
Sent from my iPhone using Tapatalk
--- End quote ---
It's pretty obvious you have a much better knowledge of the markets than myself but it was always obvious there was going to be serious instability for the first few days at the very least. It closed well today though.
The thing I disagree with though is that your children are at risk because if anything they will reap the rewards. There will be sh*t but that's coming now and for the next few years, in the long term without the restrictions and red tape provided by the EU we can flourish and do better than ever.
Most of the people who were scare mongering about how we will be shunned once outside of the EU have already done a complete U turn and said they can't wait yo deal with us.
Juliand:
--- Quote from: FJ1000 on June 24, 2016, 08:02:31 pm ---I find it amazing that the BREXITERS so casually dismiss the early signs that they f***ed up, and dismiss any analysis or expert opinion.
According to them, the markets know nothing, the economists know nothing, business leaders know nothing. No. Apparently the real experts are that racist Farage, bumbling idiot BoJo, the xenophobic, the old, and the working class.
Make no mistake, what we've seen today in financial markets is significant.
GBP's largest ever 1 day fall, and lowest point since the mid 1980's vs USD.
The U.K. Is about to lose its AAA credit rating with S&P.
Equity markets around Europe have taken a beating.
The reasons the FTSE wasn't worse were because the BoE has pledged £250bn to shore up markets, there is a lot of short covering going on, and the fact that GBP has fallen so far helps the index (in dollar terms, the index has fallen about 10%)
So not only have we increased the cost of imports by 8% overnight, the prospect of the EU breaking apart has significantly weakened the market that currently buys 50% of our exports.
Add in the fact that the UK is heavily dependent on foreign direct investment to fund our current account, and any foreign investor just got badly burned. Expect major outflows.
The economy was growing at 2%. Inflation was low. Unemployment at 5% was the lowest in a decade and still falling. Wages had begun to rise.
And we've chucked it away for a load of empty promises.
Ultimately I blame Cameron. There was no need to have a referendum in the first place, and risk the future of my kids by handing the decision to the population, most of whom know nothing about the economy or financial markets, and are uninterested in facts.
Sent from my iPhone using Tapatalk
--- End quote ---
What a spot on analysis. Absolutely right. Without the Bank of England bailing this out with hundreds of £Billions to regain liquidity this would have been a much greater disaster. But make no mistake, that money will not come without consequences.
Most people would have missed the significance, bathing in the euphoria of their myopia.
A significant point made too about the consequences for our children's generation - there is a valid point about voting being restricted to the younger ones, given that they will be the ones having to bear the major brunt of this in years to come.
It surprises me just how much racism still exists in the UK today. So much for a rich multi-cultural, tolerant, diverse society.
Double standards pervade too. I wonder how many of those voting out, drive European cars, take holidays in Europe, have pensions invested in European equities, and who work for companies whose origins lie outside of the UK, but have bases in the UK.
All so very short sighted....
Inflation will rise, interest rates will increase, holidays abroad will cost more, inward investment to the UK will decline, exports will cost more, affecting Uk businesses, Housebuilding will slow , as so many of the big developers names have lost value in their companies, so house prices will continue to escalate, and the banks have lost billions, so who will pay that bill? A Great day for the Independant UK! Top marks....
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