Brexit, the economy and house prices part 5

wunferall

HAMISH_MCTAVISH wrote: »

That is false.

Average real wages rose by 2% above inflation in each of the two years before the referendum.

Real wages have fallen to 1% below inflation in the year after the referendum, and remain in negative territory today.

More remainer lies according to this:

Regular pay, excluding bonuses, increased by 2.8 per cent in the month, compared with the Office for National Statistics’ preferred inflation measure of 2.7 per cent

https://www.thetimes.co.uk/article/wages-rise-faster-than-inflation-to-end-squeeze-on-incomes-k92t9qq28

Major UK media sources have been reporting rising UK wages since Christmas but, as has been said, what has it got to do with Brexit?

HAMISH_MCTAVISH

cogito wrote: »

None of which has anything to do with Brexit.

The devaluation of the £ was both dramatic and instant once the referendum results showed we'd voted to leave.

Making us all poorer via real terms cuts to our income.

And yes, that had everything to do with Brexit.:cool:

wunferall

ilovehouses wrote: »

Not sure how you reach that conclusion. It's quite different to that in the article.

Yawn.

A Dutch-led northern alliance opposed to French ideas for more risk-sharing in the eurozone has fired warning shots across the bows of Europe’s power couple in recent weeks. As has a Central European group hostile to German-led efforts to make countries take a share of refugees and to tie EU regional aid to compliance with the rule of law.

The rising profile and belligerence of both groupings is a symptom of a new, unstable balance of power in Europe. Among the shocks to EU stability: Britain’s vote to leave the bloc, energetic French President Emmanuel Macron’s dozens of reform proposals, and German Chancellor Angela Merkel’s relative weakness as she emerges from six months of political limbo at the head of another tired grand coalition.

That's not about divisions then? Next time try actually reading the article instead of desperately attempting to justify why the article's headlines are incorrect, maybe.

HAMISH_MCTAVISH

wunferall wrote: »

More remainer lies according to this: https://www.thetimes.co.uk/article/wages-rise-faster-than-inflation-to-end-squeeze-on-incomes-k92t9qq28

From the article you posted....

"On the more commonly followed rolling three-month average, regular pay was only 2.6 per cent higher and still shrinking in real terms at 0.2 per cent"

wunferall

HAMISH_MCTAVISH wrote: »

The devaluation of the £ was both dramatic and instant once the referendum results showed we'd voted to leave.

Making us all poorer via real terms cuts to our income.

And yes, that had everything to do with Brexit.:cool:

Fullfact:

the IMF had said back in February 2016 that the pound was “moderately overvalued in 2015” by 5 to 15 percent. Other groups including the Bank of England and the IMF agreed that the pound was overvalued. This means the exchange rate could have been artificially high before the EU referendum .

https://fullfact.org/economy/pound-fallen-since-brexit/

http://uk.businessinsider.com/theresa-may-denies-that-brexit-caused-the-fall-in-sterling-2017-5

https://www.express.co.uk/finance/city/910931/Brexit-USA-EU-remoaners-referendum-leave-dollar-pound-sterling-oil-crude-Trump-news]

Oh and the pound going up now must then be because of Brexit too. Almost £1.16 to the €, the highest in about a year and well above the average since the referendum.

wunferall

HAMISH_MCTAVISH wrote: »

From the article you posted....

"On the more commonly followed rolling three-month average, regular pay was only 2.6 per cent higher and still shrinking in real terms at 0.2 per cent"

Is that not better than the previous 0.4% shrink and doesn't it show wages improving?
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/articles/supplementaryanalysisofaverageweeklyearnings/latest

cogito

HAMISH_MCTAVISH wrote: »

The devaluation of the £ was both dramatic and instant once the referendum results showed we'd voted to leave.

Making us all poorer via real terms cuts to our income.

And yes, that had everything to do with Brexit.:cool:

It may possibly have made some people poorer but those who invested in the stock markets with companies with overseas earnings did very well out of devaluation. That's everybody with a pension or pension scheme and that's a hell of a lot of people. Compared to the GFC, the referendum effect was trivial at worst.

As for the clown quoted by Arklight who claims his pension was reduced by around 20%, I call him a liar.

iro

cogito wrote: »

It may possibly have made some people poorer but those who invested in the stock markets with companies with overseas earnings did very well out of devaluation. That's everybody with a pension or pension scheme and that's a hell of a lot of people. Compared to the GFC, the referendum effect was trivial at worst.

The impact of Brexit from the morning after when the footsie future was trading down at 5500 was for those who bought (not those hedge gardeners who were vomiting) was to rise to today at 7217. This represents a very considerable sterling denominated return.

It might be said what about the dollar return? the pound was at roughly at the same or lower level on that morning as it is today.

Now of course some remoaner will go off and say that the footsie closed at some higher level on Brexit day 23/6/16, this is true but it is not the price that many of us bought at!

The price on Brexit day expected a remain win.

Whist remoaniacs were mewling and puking sensible people were buying the footsie future (this is a derivative related to the footsie that was traded continously during the morning of the 24/6/16 even though the 'official' market was yet to open).

Once the official market opened the 'footsie' future was sold and underlying shares bought into the pension pot.

Now I realise that this type of approach requires precisely the sort of research and informed choice my decision to vote for Brexit entailed, but please do not come on here saying that Brexit made you poorer.

Those of you who take the view that all leave voters were thicko northerners might also reassess that view as well.

Brexit did not make you poorer, the inability to behave rationally and exploit the opportunity provided by the Brexit vote made you poorer! In large part this was no doubt connected to a emotional response of loss rather than an innate sense of self preservation.

For goodness sake give it up remoaniacs you are still making yourself poorer!

You are like inconsolable teenagers moping over the ending of your first real relationship, forget about it and embrace the new love of your life Brexit!

:rotfl:

Moby

ilovehouses wrote: »

Not sure how you reach that conclusion. It's quite different to that in the article.

It's called wishfull thinking. The meme goes......... we've got out before the whole shebang comes crashing down.

Moby

Arklight wrote: »

From the article:



Many Brexiteers, quite apart from being the free thinking rebels they believe themselves to be, are in fact just conforming to what they are told to conform to.

English people (for it is predominantly they who want Brexit) culturally believe themselves to be highly individualistic. But in my travels around the world I don’t see much evidence for this. English, and also American culture which sprang from England, is very conservative, deferent to authority, and conformist, which goes a good way towards explaining these countries success in empire building.

You can’t starve a Frenchman and tell him to fight for you in Africa, or make him work in your factory for a pittance. He'll overthrow you and chop your head off at the former and barricade you in your own office at the latter.

But Anglo-Saxons will put up with this. They'll grumble and moan but there'll be no revolution or protest.

The sight of people of working class heroes marching off to vote for Brexit one month as a protest against the elite, then going off a few months later to vote Jacob William Rees-Mogg and Alexander Boris de Pfeffel Johnson back into government just illustrates the point.

Brexit isn’t a sign of Brits thinking for themselves. Again.

This is the thing I don't understand either. The working class in the North, Wales and the Midlands voted brexit due to wanting to give the establishment a good kicking but have thereby succeeded in furthering the interests and values of the very people who hate them the most.....Boris, Rees Mogg, Redwood, Duncan Smith etc. These politicians represent the elite and have fought against the interests of the working classes all their political lives! It beggars belief.