No Deal and your transaction

NameUnavailable

I'm not worried right now. Banks are multinational - I had most of my money in HSBC so quickly moved that around when the disruption in Hong Kong flared up and China were coming down on 'western' ways.

It's worth being aware of these issues because they do sometimes create massive problems - look at the banking failures in the not too recent past! Untouchable banks going under overnight can happen.

Thrugelmir

gab3x said:

I am waiting to exchange (could happen today) but I am starting to worry that the severe disruption of No Deal could cause systemic bank failure in early Jan (when we are scheduled to Complete) and as a result transaction might fail and I might be liable for damages.

How is No Deal affecting your transaction?

p.s. yes I know we don't have a confirmed No Deal but let's face it this is the most likely outcome

The US-China spate hasn't caused the global financial system to crash.........

Mickey666

AdrianC said:

Mickey666 said:

Anyone remember the Millennium Bug disaster that was going to crash every computer on the planet and wreck all our critical institutions?  No?  Exactly

Umm, that didn't happen BECAUSE of the extensive planning that was in place beforehand, given that responsible adults recognised there was going to be a problem. "Anti-climax" was precisely the intended outcome.

Can you spot a difference with the forthcoming "Australia-style" no-deal...?

There will have been extensive planning going on in the background because responsible adults recognise there is a good chance of a no-deal exit from the EU.  By ‘responsible adults’ I don’t mean the government or the media but the people actually running the businesses that power our economy.   I have little doubt there will be some disruption and quite probably some business sectors will be very badly affected but there won’t be any sudden ‘systemic failure’ of our economy, the sun will still rise on 1st January 2021 and life will go on.  People, and therefore economies, are adaptable.

Imagine some sort of global threat that causes the shutdown of most international travel and draconian laws forcing people to stay in their homes for months on end, driving entertainment and holiday businesses into bankruptcy.  Let’s call it ‘lockdown’   Is it a systemic global catastrophe or do people and businesses adapt?

Or imagine a new form of technology that allows people to conduct business, communicate buy whatever they want and have it delivered the next day to their doorstep, globally.  A new form of commerce that makes the high street retail model completely redundant, leading to boarded-up shopping centres in every town and city around the world.  Let’s call it ‘the internet’.  Is it a systemic global catastrophe or do people and businesses adapt?

This time next year we’ll all be wondering what the fuss over ‘deal or no-deal’ was all about and there’ll be some new ‘global catastrophe’ occupying the printed and broadcast media and being echoed all around the various social media platforms.
T’was ever thus.

gab3x

DayDreamerandGeneralWaster said:

Christ on a bike. 

Do you have an anxiety disorder? Or perhaps l should say, maybe see your doctor about your anxiety levels. I'm not being rude, this level of catastrophising is unusual. 

Your reply is rude and offensive. 

gab3x

@mikey72 - thanks, great read. Sadly I don't think we will forget about the B word next year but as you point out it might not bring about risks that I have been stressing over

Crashy_Time

gab3x said:

I am waiting to exchange (could happen today) but I am starting to worry that the severe disruption of No Deal could cause systemic bank failure in early Jan (when we are scheduled to Complete) and as a result transaction might fail and I might be liable for damages.

How is No Deal affecting your transaction?

p.s. yes I know we don't have a confirmed No Deal but let's face it this is the most likely outcome

More likely that chains will just break down as buyers start pulling out or demanding decent price drops.

Crashy_Time

gab3x said:

@mikey72 - thanks, great read. Sadly I don't think we will forget about the B word next year but as you point out it might not bring about risks that I have been stressing over

The banks failed years ago, the CB`s have been shovelling "money" into them for years, can`t see a situation where the ATM`s don`t pay out, but you never know, best to keep a couple of grand at home just in case. On the other hand it is easy to imagine mortgage offers being withdrawn or held up, bond market turmoil spiking mortgage rates etc. Low rates are hurting banks, that is probably going to be the main thing big debt carriers need to worry about, the banks want higher interest rates all round so they can make money, they don`t care how much "under-value" someone who paid their mortgage off years ago manages to sell for, not anymore.

TrudieinLondon

I am hopefully moving to the south coast so the only thing I am worried about is the traffic on moving day. Wondering if removal companies might not want to go in that direction!

Getting_greyer

Think you'll be alright mate 

Crashy_Time

Mickey666 said:

AdrianC said:

Mickey666 said:

Anyone remember the Millennium Bug disaster that was going to crash every computer on the planet and wreck all our critical institutions?  No?  Exactly

Umm, that didn't happen BECAUSE of the extensive planning that was in place beforehand, given that responsible adults recognised there was going to be a problem. "Anti-climax" was precisely the intended outcome.

Can you spot a difference with the forthcoming "Australia-style" no-deal...?

There will have been extensive planning going on in the background because responsible adults recognise there is a good chance of a no-deal exit from the EU.  By ‘responsible adults’ I don’t mean the government or the media but the people actually running the businesses that power our economy.   I have little doubt there will be some disruption and quite probably some business sectors will be very badly affected but there won’t be any sudden ‘systemic failure’ of our economy, the sun will still rise on 1st January 2021 and life will go on.  People, and therefore economies, are adaptable.

Imagine some sort of global threat that causes the shutdown of most international travel and draconian laws forcing people to stay in their homes for months on end, driving entertainment and holiday businesses into bankruptcy.  Let’s call it ‘lockdown’   Is it a systemic global catastrophe or do people and businesses adapt?

Or imagine a new form of technology that allows people to conduct business, communicate buy whatever they want and have it delivered the next day to their doorstep, globally.  A new form of commerce that makes the high street retail model completely redundant, leading to boarded-up shopping centres in every town and city around the world.  Let’s call it ‘the internet’.  Is it a systemic global catastrophe or do people and businesses adapt?

This time next year we’ll all be wondering what the fuss over ‘deal or no-deal’ was all about and there’ll be some new ‘global catastrophe’ occupying the printed and broadcast media and being echoed all around the various social media platforms.
T’was ever thus.

Really? Can you give us two events from your working lifetime equal to Brexit and Covid?