No Deal Brexit and Savings

Zero_Gravitas · 23 July 2018 at 12:50PM

Reed_Richards wrote: »

Ultimately if Brexit is a success then the value of the pound will rise as Britain's economy prospers or if Brexit is a failure then the value of the pound will fall as the economy sinks. You might believe that a no-deal Brexit is more likely to damage the economy but, deal or no-deal, if you support Brexit you should be keeping your savings in the UK and if you don't you should consider moving them elsewhere.

Is that why Jacob Rees-Mogg’s investment company is setting up new funds in Eire?..:)

EachPenny · 23 July 2018 at 12:55PM

Voyager2002 wrote: »

And yes: there are bigger issues at stake than money. Things like preventing war in Europe; things like maintaining a central system of governance so that never again can a European country fall into the hands of a maniac like Thatcher. Things like creating a global counter-weight to the USA.

Umm, this Single Market thingy that the EU are so keen on protecting and maintaining the integrity of? I'm trying to remember the name of the politician often credited with being a driving force behind its establishment.

I wouldn't think the EU would allow a 'maniac' to influence the direction of economic policy, would they?

EachPenny · 23 July 2018 at 1:04PM

Reed_Richards wrote: »

Ultimately if Brexit is a success then the value of the pound will rise as Britain's economy prospers or if Brexit is a failure then the value of the pound will fall as the economy sinks. You might believe that a no-deal Brexit is more likely to damage the economy but, deal or no-deal, if you support Brexit you should be keeping your savings in the UK and if you don't you should consider moving them elsewhere.

Isn't that a bit like saying "If you support Man U then you should only buy red cars."? Some people might believe it, others take a more rational view.

Some of my investments are in US companies, it doesn't mean I want the UK to become the 51st state.

Glen_Clark · 23 July 2018 at 1:11PM

Voyager2002 wrote: »

This forum is about money, so it is natural that the discussion emphasises the financial issues at stake.

The document you quoted is an official civil service memo, providing the most accurate, neutral, idea of what to expect and hence how to make contingency plans. If you think you know any better, then why are you not advising the government?

And yes: there are bigger issues at stake than money. Things like preventing war in Europe; things like maintaining a central system of governance so that never again can a European country fall into the hands of a maniac like Thatcher. Things like creating a global counter-weight to the USA.

Precisely :T
And its worth remembering Britain is the least democratic country in Europe. We don't elect the Head of State & Hangers On, We don't elect the absurdly over-populated House of Lords (which alone is bigger than the EU Parliament for 27 countries) - both of which can over-rule the supposedly democratic Government which is held up by bribes to the DUP.
So would a little power in the far more democratic EU be such a bad thing?

dunstonh · 23 July 2018 at 1:35PM

So would a little power in the far more democratic EU be such a bad thing?

You forgot your sarcastic smiley icon. even the most ardent remainers cannot claim that the EU is some bastion of democracy.

IanManc · 23 July 2018 at 2:02PM

Zero_Gravitas wrote: »

Is that why Jacob Rees-Mogg’s investment company is setting up new funds in Eire?..:)

No.

Somerset Capital specialises in emerging markets. The firm is opening another fund in Dublin - it has one already - to service clients in the eurozone who want to hold investments in the eurozone.

Somerset Capital was founded in 2007 and has always run funds in overseas jurisdictions including Ireland and especially the US as well as the UK from the beginning - long before Brexit was contemplated.

The new fund is just the latest addition to their portfolio and is actually an Irish Collective Asset Management Vehicle (ICAV) which was only introduced by the Irish regulators in 2015.

So it's nothing to do with Brexit, but that doesn't make a good tabloid headline for the gullible, does it?

Malthusian · 23 July 2018 at 2:18PM

dunstonh wrote: »

You forgot your sarcastic smiley icon. even the most ardent remainers cannot claim that the EU is some bastion of democracy.

Perhaps the argument is that a state with a 500 million electorate is clearly more democratic than one with a piddling 65 million electorate. Even if a tiny percentage of those 500 million bother to vote and the people they vote for have virtually no influence over the state's decisions.

It is self-evident that the bigger a state is, the less democratic it is, as

a) the more people there are in the electorate, the less any individual vote matters

b) the more people there are in the electorate, the more the votes of people who are affected by any given issue are outnumbered by those casting votes on matters which are none of their business

But war is peace, freedom is slavery.

Zero_Gravitas · 23 July 2018 at 2:37PM

IanManc wrote: »

No.

Somerset Capital specialises in emerging markets. The firm is opening another fund in Dublin - it has one already - to service clients in the eurozone who want to hold investments in the eurozone.

Somerset Capital was founded in 2007 and has always run funds in overseas jurisdictions including Ireland and especially the US as well as the UK from the beginning - long before Brexit was contemplated.

The new fund is just the latest addition to their portfolio and is actually an Irish Collective Asset Management Vehicle (ICAV) which was only introduced by the Irish regulators in 2015.

So it's nothing to do with Brexit, but that doesn't make a good tabloid headline for the gullible, does it?

Nothing to do with the tabloids:

http://www.private-eye.co.uk/issue-1472/columnists

And a significant amount to do with brexit...

Voyager2002 · 23 July 2018 at 2:40PM

Malthusian wrote: »

:rotfl:

Britain Stronger in Europe was less pro-EU than the Civil Service is. They had to pay danger money to find any civil servants willing to work in Dexit at all.

To a civil servant, the EU was basically Paradise. No accountability, no meaningful democratic oversight, no need to worry about where the money came from. To imagine how the Civil Service felt when Britain voted for Brexit, imagine if you were a senior church official whose congregation had just voted to convert to worshipping Satan.

For info, "neutral" does not mean "agrees with me".

Duh!!

Yes, Civil Service careers working for the EU institutions are very attractive. The career structure is totally different from the British Civil Service. If anything, a British civil servant might feel jealous and resentful of conditions working for Brussels and so be tempted to be biased in the opposite direction. Fortunately, civil servants spend their entire careers risking the temptation to be biased.

Voyager2002 · 23 July 2018 at 2:46PM

IanManc wrote: »

And why should we trust, or take any notice, of these forecasts any more than all the other forecasts which they produce and which then turn out to be utterly wrong?

These forecasters have only ever proved one thing - that they're no good at forecasting.

The team that produced the latest assessment did not exist at the time of the referendum.

The assessment is the most reliable possible. Maybe you believe that the economy is essentially unpredictable, but politicians throughout the world, of all possible political parties, do seem to need these assessments when making decision about interest rates and the like.

Again, why do you think that you know better?

No Deal Brexit and Savings

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