Pound going through the floor.

HornetSaver

I saw a Facebook post asking for the most likely reasons for the plummet in the value of the pound. In fairness this type of discussion will disproportionately attract Tories, so there's a definite political bias, but with that caveat these were the funniest:

My theory on the fall is that for a few minutes a major trader in Asia mis-read the news report about Stephen Woolfe, and thought the UK government was on the verge of collapse.

Someone had inside information that Tony Blair was about to announce his interest in getting involved in British politics again

We told the EU they could have whatever they wanted out of the Brexit deal as long as they took Scotland and Northern Ireland off of our hands. The EU said no.

setmefree2

setmefree2 wrote: »

I think you are confusing the Pound with the Euro.

StevieJ wrote: »

I, and the rest of the world don't think he is.

mayonnaise wrote: »

I've been hearing about Eurogeddon for the past 15 years.

I read this Mayonnaise and I thought of you.

French National Front leader Marine Le Pen dismissed President Francois Hollande’s hardening stance over Britain’s departure from the European Union, saying the rest of the bloc will pave the way for smooth trade relations.
“There are threats and blackmail but the EU has no interest in breaking commercial relations with the U.K.,” Le Pen said in an interview during a visit to a farm in central France Friday. “There is strong talk but there are negotiations that will benefit Britain. They are already benefiting because they are able take strategic decisions we can’t because of dictates from the EU."
The remarks underline the domestic political pressure on Hollande and other leaders across Europe as they prepare to open formal talks with the U.K. by April. Le Pen, whose party is pushing for France to exit from the euro and the EU, has consistently polled as the front-runner going into the country’s 2017 presidential election.

http://www.bloomberg.com/news/articles/2016-10-07/le-pen-dismisses-hollande-s-brexit-warning-sees-u-k-gaining

Frexit is the real horror story, Brexit will be a cakewalk in comparison.

setmefree2

Marine Le Pen on Brexit, Frexit and the future of Europe

7 October 2016 Last updated at 13:36 BST
France's far-right National Front (FN) leader, Marine Le Pen has said that if she is elected president she will ask the European Union for "four sovereignties back".
She told BBC HARDtalk's Stephen Sackur she wanted legislative, territorial, economic and monetary sovereignty all returned to France.
Ms Le Pen has previously described Britain's vote for Brexit as the most important event since the fall of the Berlin Wall. Great Britain had begun to bring down the "Brussels Wall", she said.
The Brexit vote had not been bad for the UK: "Great Britain has never had it so good in economic terms. Householders' confidence has never been so high, exports have never been so strong," she said.
Watch the interview in full on Monday 10 October 2016 on BBC World News and on the BBC News Channel and after on BBC iPlayer (UK only).

http://www.bbc.co.uk/news/world-europe-37588318

ruperts

HornetSaver wrote: »

The temporary plunge and the rapid 80% rebound masks the true, medium term picture though, which is that Sterling continues to weaken. The terrifying thing for me is that the lower the pound goes (I'm talking low stable levels, rather than blips like this), the higher inflation will go, and the more credible it is that the current hard-left Labour party could win in 2020.

Sure, that doesn't fit conventional political wisdom. But conventional political wisdom did not predict the Tories winning in 2015, the sheer scale of the SNP's gains in the general election, their subsequent failure - given those gains - to secure a Holyrood majority in 2016, or indeed the EU referendum outcome. So all you can do in these circumstances is look at where the main parties are now, and what the threats and opportunities are. Well, the threats to the Government are that they make a hash of Brexit, or that factors beyond their control bring inflation-adjusted take-home pay down.

The opportunities for Labour are in principle limited, but if things go badly over the next few years, who else are people going to vote for?

The xenophobic amateur boxers?

The Anglophobic people desperate to break the UK up?

The Europhile Lib Dems?

It's foolish to dismiss Corbyn's potential given what we've learned about the power of general anti-status quo and anti-establishment sentiment over the past few years. They're not doing a great job at the moment but if this Labour Party can convince people they stand for genuine change -whatever that change may be (it doesn't seem to matter as we saw with brexit) - then they will get a surprising number of votes.

I think the establishment recognise this threat and are currently furiously attempting to discredit Corbyn in whatever way possible, hence the ridiculous front page furore over the whole train setup in a country where the tories employing actors to pretend to be ordinary people praising their policies during the last election was basically regarded as acceptable electioneering. The establishment are scared of Corbyn, and you can't help but wonder why they're so afraid if everything they do is above board.

setmefree2

Dimon says risks to euro survival are five times higher post-Brexit
Other risks pale in comparison, J.P. Morgan CEO says

Threats to the survival of the eurozone are much greater now that British voters have decided to leave the European Union, J.P. Morgan Chase Chairman and CEO Jamie Dimon said on Friday.
“The issue about Brexit, to me, was always what is the impact long run – not next year or two years — on the survival of the eurozone,” Dimon said during a luncheon talk at the Institute of International Finance.
“My own personal view is it made the chance of the euro zone not surviving, call it a decade from now, five times higher,” Dimon said.

http://www.marketwatch.com/story/dimon-says-risks-to-euro-survival-are-five-times-higher-post-brexit-2016-10-07

I know the pound will still be here in 10 years.....

StevieJ

Nick_C wrote: »

To help us understand which facts you are referring to, could you say which currency or basket of currencies you are comparing sterling with?

Since June 22, the drop in value has been as follows:-


USD 1.4787 1.2415 -16%
EUR 1.3054 1.1139 -15%
CNY 9.7258 8.2884 -15%
CHF 1.4189 1.2181 -14%

My bad I should have said Euro and since November last year, apologies
Euro 1.43 down to 1.11 - Down 22%

lesta1980

ruggedtoast wrote: »

So publicly identifying yourself as a country 52% comprised of ignorant inward looking xeonophobes has some knock on effect on how the world views your currency.

Who knew?

jesus christ

ruggedtoast

setmefree2 wrote: »

http://www.bbc.co.uk/news/world-europe-37588318

And now you're quoting the president of the French National Front.

Well, why not, your politics are the same as hers after all.

I'm sure you've got some great Nick Griffin lined up too.

An awful person quoting awful people...

ruggedtoast

ruperts wrote: »

It's foolish to dismiss Corbyn's potential given what we've learned about the power of general anti-status quo and anti-establishment sentiment over the past few years. They're not doing a great job at the moment but if this Labour Party can convince people they stand for genuine change -whatever that change may be (it doesn't seem to matter as we saw with brexit) - then they will get a surprising number of votes.

I think the establishment recognise this threat and are currently furiously attempting to discredit Corbyn in whatever way possible, hence the ridiculous front page furore over the whole train setup in a country where the tories employing actors to pretend to be ordinary people praising their policies during the last election was basically regarded as acceptable electioneering. The establishment are scared of Corbyn, and you can't help but wonder why they're so afraid if everything they do is above board.

They are frightened for the same reason the same Romans were frightened of Jesus Christ.

He can't be bought off or intimidated and his principles are unchanging. And the more they denigrate him the more followers he has.

J.C.

setmefree2

ruggedtoast wrote: »

And now you're quoting the president of the French National Front.

Errr - keep up - I was quoting Le Pen because Steve J said there was no threat to the Euro and there clearly is as Le Pen wants to leave the Euro and is riding high in the polls...

ruggedtoast wrote: »

Well, why not, your politics are the same as hers after all.

I'm sure you've got some great Nick Griffin lined up too.

An awful person quoting awful people...

Thanks mate.

I'm not sure what you are adding to this thread but I guess, in the end, all views must be welcomed.