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The pound

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On 26 Feb 2017 at 6:45pm Banker wrote:
A lot of remainers on here have been saying how terrible it is the pound has fallen since the referendum. I was wondering what they think the pound/dollar and pound/euro exchange rate should be.
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On 26 Feb 2017 at 6:59pm ex banker wrote:
it may be useful to explain that if you work for a company that exports, the pound falling increases your job security. It may be more expensive to travel abroad, but at least you have a job to get away from when you take time off.
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On 26 Feb 2017 at 7:11pm Banker wrote:
Precisely ex banker. I'm afraid many of our remainer friends are unaware of the complexity of matters, though they imagine themselves to be sophisticated liberal internationalists.
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On 26 Feb 2017 at 7:38pm Dfl wrote:
However, it's not all good news as a weak £sterling shows lack of confidence in the UK economy from FDI (foreign direct investment) etc and makes imports more expensive, pushing up inflation and thereafter interest rates to try to 'dampen' consumer spending (possibly resulting in people not being able to afford their homes, businesses going bust, etc) assuming BoE continues using 'monetary policy'. Perhaps it's time to re-visit 'fiscal' policy (controlling spending through taxation) as the standard neoliberal economic recipe of monetary policy hasn't worked out that well for last 20/30 years, has it? Can imagine now the neoliberal apologists getting red in the face at the merest suggestion of that! Ha bloody ha! What a f@&*ing mess we're all in coz we're slaves to just one type of exploitative order and can't/won't think outside the box. Carry on and see where this gets us.
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On 26 Feb 2017 at 7:41pm Inthegutter wrote:
Yes, there are undoubtedly benefits for exporters and those who work in the export industry. However, at the same time the price of imports will go up.
My naive guess would be that a much larger proportion of the population (especially those who are financially precarious) are hurt by the increasing cost of imports compared to those who benefit from being able to export more cheaply. Indeed, my guess would be that the main beneficiaries of a lower exchange rate are the richest in society.
Of course I'm just a liberal university professor so my opinion is probably biased.
P.S. did anyone else notice the massive increase in the price of bread at Tesco and Waitrose?
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On 26 Feb 2017 at 7:44pm Business owner wrote:
Hmmm, that depends. All my business is overseas. I can see my customers getting very edgy over doing business with a UK company. I also see this with my partner's company which is probably one of our largest hi-tech co round here. EMEA business is a real nightmare currently. Customers worried by tariffs and restrictions coming in. Pound is currently making us cheaper but before trade barriers go up. Not fun at all if you are the coal face of exporting ATM.
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On 26 Feb 2017 at 8:09pm Born Again Brexiter wrote:
Wow, it's finally been made clear, I don't know why I didnt see it so much earlier. Brexit is a marvellous thing after all. All everyone has to do is export stuff! Simple! No need to worry about all those nasty imports that are getting more expensive all the time, we don't need them because they are all foreign, and after all we'll all be millionaires soon! Who needs to eat anyway?, or wear clothes, or heat their home? We have taken back control and Great Britain is going to be great again.... well apart from Scotland who will leave, oh and probably Wales and Ireland who will leave as well, but England will be great because we had Winston Churchill and an Empire and Bobby Moore and Nigel Farafe, and we won the war and our money will still have the Queens head on, and...wibble wibble...........nurse!!!!
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On 26 Feb 2017 at 8:24pm Imports... wrote:
Don't forget we'll now be free to import wtf we want from outside of the EU without having to wait 7years for a deal to fall apart because of a minority area of Belgium. Get your heads out of the doom and gloom and grow a pair.
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On 26 Feb 2017 at 8:58pm Adele wrote:
Fortunately, the Lewes Pound in your pocket is still the same value !
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On 26 Feb 2017 at 11:21pm Dfl wrote:
Wrong Adele because the Lewes pound is pegged to £sterling - doh!
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On 26 Feb 2017 at 11:46pm Adele wrote:
ie Worthless ?
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On 27 Feb 2017 at 12:56am Economist wrote:

Here’s how the weak pound could wreck the U.K.’s economy.
A decline in a currency’s value typically benefits an economy by making goods and services produced within it more competitive on the global market. But for the U.K., it could be too much of a good thing.
These benefits take time to materialize—companies can’t ramp up exports overnight. And the U.K.’s overreliance on foreign money means that the drop in the pound could drag its economy into a recession in the coming quarters, long before the benefits can be seen, said Carl Weinberg, chief economist at High Frequency Economics.

Check it out here »
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On 27 Feb 2017 at 1:02am Craig wrote:
Brexit economy: A weak pound stokes inflation as jobs market cools .The pressure on the pound from Britain’s vote to leave the EU is stoking inflation, denting household finances and putting a brake on spending greatly increasing the likelihood of recession.

Check it out here »
 
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On 27 Feb 2017 at 6:21am Douglas wrote:
I don't care I'm offshore in Douglas I O M
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On 27 Feb 2017 at 10:06am John Stockdale wrote:
The other trouble with the pound suddenly declining by 15-20% is that most of our major companies are largely owned by foreigners and the value of their shareholding immediately falls in value by the full amount. Whilst profits may rise, they do so only gradually and the value of increased UK income is reduced for foreign investors. Significant, sudden unexpected falls are always unhelpful as they cause uncertainty.
 
 
On 27 Feb 2017 at 10:07am Minor politician wrote:
Brexit will activate many directives. Should we except them all or negotiate a tighter portfolio? A rising pound will increase the base profit of all executive notifications. How will a directive freeze against Brexit? I think the SAS inputs were wrong in the original protocol.
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On 27 Feb 2017 at 10:09am Born Again Brexiter wrote:
@ Imports. Yes, we may be free to import stuff from other countries, but that only means anything if other countries produce what you need to import, and they can ship it to us at a similar price. It's not going to work is it!
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On 27 Feb 2017 at 10:18am Minor politician wrote:
Imports indeed may be included in the briefing document but this has yet to be e-signed. Under paragraph iiia part 2c of section 24a this must be agreed before signature of the narrative document if is to be promoted through the approval cycle. In fact a meeting has been scheduled to discuss this very point in brussels later this month. Three documents are currently in a draft state and are awaiting finalization of the listings and figures in the database. The pound may react accordingly but in my view prices will stabilize before the exit strategy has been counter-signed.
 
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On 27 Feb 2017 at 10:30am @Born Again Brexiter wrote:
99% of people care about the day to day stuff (the rising cost of food), importing from outside of the EU will cover this quite nicely.
The majority of white goods are either made here or imported from outside of the EU already. The main increase will be raw materials from inside the EU, VW parts (I own a Lexus so really don't give a monkey).
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On 27 Feb 2017 at 10:36am Minor Politician wrote:
Raw materials are covered in Section IIa of part 6, sub-section 453, paragraph 27, line 4 in Chapter 6 of Volume 44b. You may indeed feel this is not an issue. I suggest you read the aforementioned document.

Check it out here »
 
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On 27 Feb 2017 at 11:57am @minor politician wrote:
Yes and you clearly failed to detect my sarcasm...
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On 27 Feb 2017 at 12:27pm Minor politician wrote:
This is a serious subject, however after re-reading this discussion I find no trace of an ironic or satirical remark. Please contact my secretary if you wish to discuss further. Monday afternoons are currently pencilled in for golf although considering the abundant precipitation at the moment I may be forced to cancel.
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On 27 Feb 2017 at 12:51pm Born Again Brexiter wrote:
Easy to say @Born Again Brexit, but where will the food come from outside the EU that can be brought here as cheaply and easily as is can either on a lorry through the tunnel or on a ship from, for example, Rotterdam?
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On 27 Feb 2017 at 12:56pm Minor politician wrote:
I am currently out of the office. I will endeavour to respond your message when I return.
 
 
On 27 Feb 2017 at 1:02pm mr green wrote:
wat a stupid question!
 
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On 27 Feb 2017 at 1:14pm Banker wrote:
I see no Remainer has said what they think the preferred pound/dollar and pound/euro exchange rate should be. They all seem to say the present rate is wrong but don't say what their preferred rate would be.
 
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On 27 Feb 2017 at 1:25pm @minor politician wrote:
I suggest the only "raw materials" that come from the EU are "VW parts"...
*I find no trace of an ironic or satirical remark*, yes as I said "you clearly failed to detect my sarcasm"... You even did a take 2 and failed to see it, Maybe stick to the telly tubbies in future?
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On 27 Feb 2017 at 1:37pm @Banker wrote:
Nobody can really say what the ideal exchange rates should be. It's all relative. The exchange rates were at a certain level pre-Brexit, but have weakened since, meaning exporters are doing a bit better but importers and the general public doing worse, relative to where they were before the referendum. There is always a plus side as fluctuations mean different things to different people but it would be nice if the positives actually outweighed the negatives.
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On 27 Feb 2017 at 2:30pm Tom Pain wrote:
Meanwhile,the EU accounts have still never been signed off by an auditor.
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On 27 Feb 2017 at 2:58pm full facts wrote:
Meanwhile Mr Pain (in the butt) continues to lie.Auditors say the accounts are accurate and have been since 2007. But they record significant errors in how money is paid, and this has been the case since 1995.

Check it out here »


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Bill Lewes 10:143
Bill Lewes

'Reclaim the streets' Tom? You jest. The same procession year after year on one day, the same relentless brainless 'patriotism'... more
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If you lend someone £20 and don't see them again it was probably worth it.
Dan