Brexit vote panic with life savings advice needed .

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  • dunstonh
    dunstonh Posts: 116,374 Forumite
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    1 - We are not leaving Europe
    2 - We have not left the EU.

    The vote outcome was an initial shock as it was unexpected. However, whilst some parts of the economy will show signs of slow down following the vote outcome, others will continue as normal until until we know what the outcomes are going to be and then when we leave (will it be a line in the sane or transitional for example).

    You can not really look at any data at the moment apart from investment and even that is not a good guide due to devaluation in sterling.

    Nobody is going to know the impact of Brexit until years after we have actually left. Some areas are going to see decline. Some will see gains. It is almost certain that our economy will be smaller in the immediate years that follow but after that, it will be in the hands of businesses and how we trade globally.

    So, please ignore media reports of business as usual or that we are still growing. Equally, ignore end of the world reports too. The impact in either direction is not going to be life changing for most (unless you happen to be an industry that mostly trades within the EU).
    This is probably just one of many examples of peoples hysteria listening to 'experts' that many on this very forum were quoting.

    There was not one post that I recall suggesting that the OP should do what he did. Indeed, there were posts predicting that sterling would devalue, which it did.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    klmeer wrote: »
    After Brexit vote I panicked and sent all my savings in GBP UK bank to a foreign bank 50K with a 6 % a year fixed .

    I cannot believe you can get a 6% one year fix, for £50k worth of US$. Show us a website.

    I am more likely to believe that the "bank" has now disappeared with your money.
  • veryintrigued
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    jimjames wrote: »
    I don't recall anything suggesting that savings should be moved abroad.

    I do recall a couple of threads within this very section containing some right belters about the world was about to end.

    You might want to have a refresh....
  • Ballard
    Ballard Posts: 2,850 Forumite
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    You could get 6% with one of these products if risk-taking is your bag.

    https://www.ubs.com/content/dam/static/wm/Global%20FIM/fxi-factsheet-en.pdf

    Getting 2% is slightly risky so getting 6% must be a huge gamble.
    I hate verisimilitude.
  • veryintrigued
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    dunstonh wrote: »

    There was not one post that I recall suggesting that the OP should do what he did. Indeed, there were posts predicting that sterling would devalue, which it did.

    From what I recall all markets were going to fall, jobs would immediately be lost, lots of posts stating sterling would rise and multinationals would stop investing immediately.

    Maybe lessons haven't been learned hey?
  • Ballard
    Ballard Posts: 2,850 Forumite
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    I do recall a couple of threads within this very section containing some right belters about the world was about to end.

    You might want to have a refresh....

    I remember saying that there was every chance that overseas companies might consider relocating to Europe should we leave the EU. I'm fairly sure that I picked Japan as an example. How stupid I feel now that they haven't packed their bags.
    I hate verisimilitude.
  • reeac
    reeac Posts: 1,430 Forumite
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    Remember that the sure-fire winners are those chaps positioned to syphon off their percentages every time you buy or sell or change currencies. The more people think short term the more those chaps make. Their customers are just gambling.
  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
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    A family member on the 23rd of June transferred all their savings to foreign bank as the rate was going good that day and now there are getting 7% interest, I was stupid enough not to listen to them.
    So OP just sit back and relax as you are getting 6% way more than you can get it here.
    What happens if you push this button?
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    First Anniversary Combo Breaker First Post
    edited 14 September 2016 at 1:52PM
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    From what I recall all markets were going to fall

    They did, then financial assets have risen on even more central politburo money being pledged, conjured from thin air and poured directly into clients coffers.

    Financial repression and ZIRP forever have become entrenched, the next stage is NIRP, which requires a cashless society, or helicopter money.

    Beyond that direct stock/asset purchases with politburo counterfeit, as they're now starting to do in Japan, effectively nationalising stock markets, and then who knows where. Very strange times these.

    None of this is a brexit windfall since that hasn't even happened yet, unless you're claiming in hindsight the measures taken and intended to counter brexit damage were always a key intended component of the whole deal.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • veryintrigued
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    jimjames wrote: »
    Wait till hard Brexit happens and I'd expect a very different picture

    Thank-you.

    Used by both sides 'experts' in the run up to the vote and another belter to add to the collection.
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