Cameron was wrong to resign...

Tigsteroonie

westernpromise wrote: »

He's working his notice.

In which case, he either does his job or is put on garden leave. Not pick and choose what he wants to do ...

looknohands

CLAPTON wrote: »

why caused your clients costs to sky-rocket?

UK client holding conferences later in the year in US & Europe, caution around weak pound, costs could get even higher due to political turmoil and economic uncertainity, I've seen predictions of ending the year at $1.30 so who can blame them. They're cutting back around 15% of their costs to be on the safe side.

As we used to say... C'est la vie!

zarf2007

looknohands wrote: »

I voted remain, I understand the concerns with the EU democratically and 'taking back control' I agree would be great. However the only vote for me as a business owner was remain because of those experts advising on economy. Today Thomas Picketty has also expressed his concern on Brexit, really it's looking like a short-term economic disaster.

You might have seen Branson commenting on how his companies have lost 1/3 of their value maybe you brushed it off... as these companies are big businesses and can survive that, they will be here in 2 years time when your engraved apology is due and they've recovered fully.

However today saw my business loose it's first substantial contract due to the Brexit turmoil causing a clients costs for a project in Europe to sky-rocket. We and a few other UK suppliers were cut loose from this engagement. Short-term I can manage one hit like this, however a few more of these over the coming months could spell trouble,

My business might not be here to present your engraved apology!

I know many people who aren't business owners wont really see much in this but it is my livelihood and also the livelihood of my suppliers, my business has been growing for the past five years, but this has really thrown a spanner in the works.

There needed to have been a short-term plan, things need to move quicker to steady the ship.

While it s unfortunate for your business others will benefit when free of the beurocratic nonesense that goes with EU membership. Sorry to be harsh but we cannot stay in to appease a few business owners, if you go down then that's life in the big city..

looknohands

zarf2007 wrote: »

While it s unfortunate for your business others will benefit when free of the beurocratic nonesense that goes with EU membership. Sorry to be harsh but we cannot stay in to appease a few business owners, if you go down then that's life in the big city..

Life in the big city on the small island more like!
The business will be here in two years.. don't worry yourself too much.

Though your disregard for businesses going under is quite shocking...
as though you are blaming businesses if they can't survive a political and economic meltdown? Businesses take risks everyday, the fear of recession is not usually a great environment for businesses to take risks in, trust me, we really don't want another recession, though you seem like the sort of person who enjoys them?

I also disagree entirely that the outcomes of the last few days benefits most business and only effects a few. However I'm all ears, I'd be interested in hearing some business success stories here to lighten the mood, or are they all hypothetical?

My sector is tech & media, here's what happens... be interesting to see how you can help me and the 1.5 million employed in this sector see some light.

We now lose...
- IPOs for startups due to economic instability, would you lend money now to a new UK company?
- Access to some of the most talented designers, developers and programmers in europe,
- Data sharing between technology companies becomes harder out of the EU,
- Financial Tech, the UK is a leading light here, this is a massive loss... we now lack the ability to transfer data across Europe, deal with european banking regulations, this is a huge part of financial tech.

I've taken many a risk in my 6 years of business, these were calculated risks. The leave campaign seems as though they've thrown us under the bus, and not sure when they're going to come get us....

I'm waiting for someone, maybe a business leader, campaigner or even a politician from the Leave side to instill some confidence somewhere, aren't we all?

This turmoil is sending this country head-first into a recession.

CLAPTON

looknohands wrote: »

UK client holding conferences later in the year in US & Europe, caution around weak pound, costs could get even higher due to political turmoil and economic uncertainity, I've seen predictions of ending the year at $1.30 so who can blame them. They're cutting back around 15% of their costs to be on the safe side.

As we used to say... C'est la vie!

why does a lower pound mean higher costs?
do they import into the uK and sell their products here?

looknohands

CLAPTON wrote: »

why does a lower pound mean higher costs?
do they import into the uK and sell their products here?

I can only speculate as am just a supplier to them.
They are a non-profit based in the UK, my assumption is they only have a sterling bank account and as suppliers for these events are based in the US and Europe (where the events are based) these suppliers are paid in $'s and €'s from the £ budget (so local technicians, venue hire, catering, venue staff etc..) therefore the clients budget is squeezed by exchange rate. They aren't selling a product for profit, it's a non-profit doing educational presentations, so the budget for the event is granted by a UK institution for them to spend, it's fairly tight in that sense.

Based on my business (i only have a sterling account too) I can see why...
We paid a supplier in euro's this week for a small project and we have ran over budget by £500 due to the exchange rate jump, contractors invoice for €5000 goes from £3,600 to £4,100 over a weekend. It's no big deal to us on that scale as we mark up so it just hits our profit margin a little.

I think the lesson is to have foreign currency as a business, buy at a good rate and keep it in the bank!

CLAPTON

looknohands wrote: »

I can only speculate as am just a supplier to them.
They are a non-profit based in the UK, my assumption is they only have a sterling bank account and as suppliers for these events are based in the US and Europe (where the events are based) they are paid in $'s and €'s (so local technicians, venue hire, catering, venue staff etc..) therefore the clients budget is squeezed by exchange rate.

Based on my business (i only have a sterling account too) I can see why...
We paid a supplier in euro's this week for a small project and we have ran over budget by £500 due to the exchange rate jump, contractors invoice for €5000 goes from £3,600 to £4,100 over a weekend. It's no big deal to us on that scale as we mark up so it just hits our profit margin a little, but for a bigger event the margins would be bigger.

I think the lesson is to have foreign currency as a business, buy at a good rate and keep it in the bank!

sorry makes no sense

if their income is in dollars and euros and their costs are in dollars and euros what is the problem?
it might make sense to have bank accounts in these currencies to avoid exchange costs, but the exchange rate is irrelevant.

if you regularly deal in other currencies then you must be useed to regular changes in exchange rates : remember the days when the pound and euro were one-to-one

looknohands

They are given a grant from a UK educational institute in £'s
The events are in Europe and US, so they pay the suppliers there in $'s or €'s

They don't make money from the event

CLAPTON

looknohands wrote: »

They are given a grant from a UK educational institute in £'s
The events are in Europe and US, so they pay the suppliers there in $'s or €'s

They don't make money from the event

ok, so the problem is the exchange rate which has fluctuated wildly over the years
OK its low at the moment due to the uncertainty over brexit, but hardly an issue to decide on whether one should stay or go, just as if the pound strengthen that would be a reason either.

looknohands

Sure it's a short-term effect, I wasn't using it as a remain or leave argument, just an example of how economic turmoil can suddenly effect things, short-term. It's a drastic fall (30 year low), not just a fluctuation, I've never lost work due to exchange rates in 6 years of business.

I mentioned in my initial post that there should have been a short-term plan for this from Leave, and my question is why isn't there? It seems there is nothing, no experts to install confidence in leaving, Osborne even attempted to help a campaign he didn't even support.

Growth forecast now predicted to be down estimates from 1.4 - 0.2% (Goldman Sachs) by 2017, from 2% before referendum. The lower end of that and we will be edging into a recession shortly.

Quantitive easing to keep a hold on inflation along with decreasing wages, the rhetoric for the past few years has been the increasing cost of living, so is this really what we need?

Investor confidence will be effected short-term, we've got 17 Unicorn companies here, which is a lot for a little island, we were doing so well. Will IPOs get those valuations and attract the investment when the country is edging towards this recession?

I dislike the bureaucratic policies of the union, I want our country to have it's say in it's own affairs. But I would sooner we remained due to the short-term economic impact and the long-term being unknown. There is not an economic argument for leaving, as it's a complete unknown, nobody has a clue. We have two years of stagnation, possible recession, then what we get at the end is a mystery box...