Pound going through the floor.

Nick_C

StevieJ wrote: »

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

OK, fair enough. But the £ had been at a record high against the Euro, because our Govt has been sorting out the economy while the Eurozone remained weak.

From 2009 to 2011, the Euro was in the range 1.10 to 1.20. We are back there now.

I accept though that there has been a real fall in the value of the £ since the Brexit vote - about 15% - but that's not all bad.

Between June 2014 and June 23 this year, the pound dropped against the USD - from 1.7013 to 1.4787; a fall of 13% I don't remember the Prophets of Doom saying the country was finished. On the countrary, while the pound was losing value against the dollar, unemployment was falling, inflation was low, and the budget deficit was being reduced.

The pound floats. Or sinks. It's not such a big deal.

ruperts

Nick_C wrote: »

OK, fair enough. But the £ had been at a record high against the Euro, because our Govt has been sorting out the economy while the Eurozone remained weak.

From 2009 to 2011, the Euro was in the range 1.10 to 1.20. We are back there now.

I accept though that there has been a real fall in the value of the £ since the Brexit vote - about 15% - but that's not all bad.

Between June 2014 and June 23 this year, the pound dropped against the USD - from 1.7013 to 1.4787; a fall of 13% I don't remember the Prophets of Doom saying the country was finished. On the countrary, while the pound was losing value against the dollar, unemployment was falling, inflation was low, and the budget deficit was being reduced.

The pound floats. Or sinks. It's not such a big deal.

It's not such a big deal yet IF you assume it will regain strength and this will prove nothing more than a dip. However there's no guarantee that will happen. The pound is plummeting as it attempts to find its new post-brexit value. We might go inverse on the dollar before this collapse is done and we might never see a strong pound again in our lifetimes. In which case it will be a big deal. It'll be the biggest self inflicted economic disaster the developed world has ever seen and even the boomers will suffer.

posh*spice

ruperts wrote: »

It's not such a big deal yet IF you assume it will regain strength and this will prove nothing more than a dip. However there's no guarantee that will happen. The pound is plummeting as it attempts to find its new post-brexit value. We might go inverse on the dollar before this collapse is done and we might never see a strong pound again in our lifetimes. In which case it will be a big deal. It'll be the biggest self inflicted economic disaster the developed world has ever seen and even the boomers will suffer.

Oh for heavens sake calm down... Take a look at some real problems like Alleppo or Hati and you might get more perspective.

ruperts

posh*spice wrote: »

Oh for heavens sake calm down... Take a look at some real problems like Alleppo or Hati and you might get more perspective.

I'm seeing similar cliches about perspective being used by brexiters as a diversionary tactic quite regularly lately. It's spectacularly ironic given the sheer triviality of the EU issues they complained so loudly about before the referendum. Thankfully our current problems aren't comparable to the terrible events in Haiti or Aleppo, but at least my post-brexit complaints do concern the fact that British people are now tangibly poorer, rather than being complaints regarding the shape of fruits for example or whether or not someone was born within the "correct" man made geographical boundary.

Thrugelmir

ruperts wrote: »

but at least my post-brexit complaints do concern the fact that British people are now tangibly poorer, rather than being complaints regarding the shape of fruits for example or whether or not someone was born within the "correct" man made geographical boundary.

Middle class incomes have been stagnating for some time now. (The US is suffering the same issue). Given the poor economic record of the EU is the UK really going to suffer? Germany only changed from sick man to rich man. When the DM switched to the Euro. Totally favourable to the Germans.

Kohoutek

posh*spice wrote: »

Oh for heavens sake calm down... Take a look at some real problems like Alleppo or Hati and you might get more perspective.

To suggest that something is not a 'real problem' because it is not a deadly natural disaster is a pretty silly argument...

ruggedtoast

Thrugelmir wrote: »

Middle class incomes have been stagnating for some time now. (The US is suffering the same issue). Given the poor economic record of the EU is the UK really going to suffer? Germany only changed from sick man to rich man. When the DM switched to the Euro. Totally favourable to the Germans.

This is just the kind of absurd brexiteer propaganda that cripples this country.

My first experience of Germany was as a schoolboy on exchange in the 90s.

It was like the land of milk and honey compared to dirty, dilapidated Tory Britain.

We apparently went to a good state school in a wealthy area. God knows what the German kids made of it.

Things have improved now but we do not have a German standard of living. You have to go back to the War to find a time when Germans were poorer than Brits, and considering the state of the working class under the boot of the Empire even that's pretty debatable.