Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • GustyGardenGalaxy
    • By GustyGardenGalaxy 21st Jul 18, 11:17 AM
    • 632Posts
    • 179Thanks
    GustyGardenGalaxy
    No Deal Brexit and Savings
    • #1
    • 21st Jul 18, 11:17 AM
    No Deal Brexit and Savings 21st Jul 18 at 11:17 AM
    Anticipating the worst case scenario of a No Deal Brexit, would it be a good idea to move any savings out of the UK, maybe even invest in Gold ? I ask this in the event that, for example, we end up in a Greece style situation.
Page 7
    • Chadsman
    • By Chadsman 24th Jul 18, 9:13 PM
    • 1,030 Posts
    • 375 Thanks
    Chadsman
    ...and assuming he does not die or is forced from office he will be in power until (at least) January 2021 so UK will be trying to negotiate with Trump until after the end of a Brexit transition deal (even if that is agreed). Trade deals are not negotiated in a few days, they take years to be agreed and implemented, viz UK negotiations with EU. Leavers said the UK EU trade deal would be easy to negotiate. If this is easy what will difficult look like?
    China and EU can hit back by virtue of their size, the UK does not have that ability.
    Last edited by Chadsman; 25-07-2018 at 8:08 AM.
    God save the Queen!
    I'll save Elizabeth Fry, Charles Darwin, Adam Smith, Matthew Boulton and James Watt.
    • dividendhero
    • By dividendhero 27th Jul 18, 4:33 PM
    • 244 Posts
    • 262 Thanks
    dividendhero
    Interesting piece in current Private Eye, gist of the story is that some of the hard Brexit brigade are indeed looking to crash the UK economy in order to profit from it. They've also got ties to Russia.

    Scary part is that nobody's surprised by any of this and we all know that no action will be taken
    • schiff
    • By schiff 27th Jul 18, 5:10 PM
    • 18,096 Posts
    • 9,535 Thanks
    schiff
    Power and money run pretty much everything in life. Can't see it ever changing.
    • sparkey1
    • By sparkey1 29th Jul 18, 1:36 PM
    • 426 Posts
    • 182 Thanks
    sparkey1
    No, keep your money in the UK where you can access it.

    To move into gold is speculation, could lose you money, will cost you, fees and of course you wont earn interest on it.

    I saw mention of Euros earlier in thuis thread. Again, a no deal Brexit is worse for for the Euro, so why would you want to see the euro fall against the £ and lose more money.

    If the £ drops the BOE could raise interest rates but that is unlikely as they didn't previously. However if you were concerned about that, use your savings to pay down debt.
    • Zero Gravitas
    • By Zero Gravitas 30th Jul 18, 6:49 PM
    • 345 Posts
    • 712 Thanks
    Zero Gravitas
    I can admit that I'm wrong when I am wrong, but in this instance I'm right.

    Just because someone disagrees with you and your opinion doesn't make them wrong.

    And I'm quite sure that Somerset will continue to make plenty of money from their UK domiciled funds as well as the ones they've always had outside the UK, including their current one in Ireland and the new one they're opening there.
    Originally posted by IanManc
    I saw this and I thought of you

    https://www.huffingtonpost.co.uk/entry/jacob-rees-mogg-will-flee-the-country-if-conservative-party-abandons-brexit_uk_59d3a18fe4b048a443255014
    • masonic
    • By masonic 30th Jul 18, 6:56 PM
    • 9,667 Posts
    • 6,867 Thanks
    masonic
    does he promise?
    • Glen Clark
    • By Glen Clark 31st Jul 18, 6:57 AM
    • 4,205 Posts
    • 3,222 Thanks
    Glen Clark
    a no deal Brexit is worse for for the Euro,
    Originally posted by sparkey1
    How do you work that one out when the GDP of the Euro countries is about 7 times that of the UK?
    (Did it came from the same source as the one that told us leaving the EU would give us an extra £350 million a week to spend on the NHS )
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
    • dividendhero
    • By dividendhero 31st Jul 18, 6:01 PM
    • 244 Posts
    • 262 Thanks
    dividendhero
    Presumably Rees Mogg is wealthy enough to buy a visa for just about any country in the world, this is in stark contrast to 99% of the UK population who'll soon lose Freedom to settle in 27 EU countries
    • Glen Clark
    • By Glen Clark 1st Aug 18, 7:15 AM
    • 4,205 Posts
    • 3,222 Thanks
    Glen Clark
    Presumably Rees Mogg is wealthy enough to buy a visa for just about any country in the world, this is in stark contrast to 99% of the UK population who'll soon lose Freedom to settle in 27 EU countries
    Originally posted by dividendhero
    And as long as we leave the EU so they avoid an EU wide tax treaty, he can domicile in one of Her Majesty's Tax Havens and avoid paying tax. Like the £billionaire 'newspaper' owners telling us to vote for Brexit.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
    • Malthusian
    • By Malthusian 1st Aug 18, 10:36 AM
    • 4,473 Posts
    • 7,104 Thanks
    Malthusian
    Presumably Rees Mogg is wealthy enough to buy a visa for just about any country in the world, this is in stark contrast to 99% of the UK population who'll soon lose Freedom to settle in 27 EU countries
    Originally posted by dividendhero
    Because 99% of the population were constantly doing that before, flitting between Talinn and Toulouse, emailing the office on their laptop while sipping macchiatos and conversing with the locals in six languages. Janice who works on a production line in Sunderland and takes the bus home doesn't give a crap that you might have to spend an hour of your free time applying for a visa, bad luck.

    Every single person who actually has the means to live that lifestyle will still be able to. We already needed a passport to visit any other country in the EU (unlike most Europeans), nothing significant will change.
    • dividendhero
    • By dividendhero 2nd Aug 18, 9:27 PM
    • 244 Posts
    • 262 Thanks
    dividendhero
    Janice who works on a production line in Sunderland and takes the bus home doesn't give a crap that you might have to spend an hour of your free time applying for a visa, bad luck.
    Originally posted by Malthusian
    And likewise if Janice ends up on the dole after her factory moves from Sunderland to the EU or has to put in 60 hour weeks thanks to loss of employee rights.... I won't give a crap about her plight...
    Last edited by dividendhero; 02-08-2018 at 9:29 PM.
    • donmaico
    • By donmaico 9th Aug 18, 4:41 PM
    • 318 Posts
    • 46 Thanks
    donmaico
    You forgot your sarcastic smiley icon. even the most ardent remainers cannot claim that the EU is some bastion of democracy.
    Originally posted by dunstonh
    neither is the UK. Ironically the way MEPs are elected is far more democratic than the way we elect our own MPs.
    I suspect the EU is as democratic as it could possibly be given its status as a multi-nation conglomerate. Personally, I would be far more concerned about any rise of nationalism across the continent than the ill-conceived perception that the EU is undemocratic.
    Argentine by birth,English by nature
    • donmaico
    • By donmaico 9th Aug 18, 4:51 PM
    • 318 Posts
    • 46 Thanks
    donmaico
    Presumably Rees Mogg is wealthy enough to buy a visa for just about any country in the world, this is in stark contrast to 99% of the UK population who'll soon lose Freedom to settle in 27 EU countries
    Originally posted by dividendhero
    Rees Mogg could not a give rat's *rse how his vision of Brexit would affect us all. He is an anarcho-Thatcherite who is well aware there will be "wonderful opportunities" for the likes of him to make a lot of money from distressed assets. He also reckons that what's good enough for India must be good enough for us when it comes to safety standards. I detest him as much as I detest that other self regarding dork - Bojo
    Argentine by birth,English by nature
    • dividendhero
    • By dividendhero 11th Aug 18, 6:28 PM
    • 244 Posts
    • 262 Thanks
    dividendhero
    Recent events in Turkey should be a salutary lesson for the UK. Turkey is an "independent" country and NATO member, nonetheless it's getting bullied by the US with their economy now in a death spiral
    • Thrugelmir
    • By Thrugelmir 11th Aug 18, 6:55 PM
    • 59,517 Posts
    • 52,823 Thanks
    Thrugelmir
    And likewise if Janice ends up on the dole after her factory moves from Sunderland to the EU or has to put in 60 hour weeks thanks to loss of employee rights.... I won't give a crap about her plight...
    Originally posted by dividendhero
    Is that why BMW is investing millions into a battery plant in China. To protect employee rights? You are two decades behind the curve. Even Trump is aware of the dangers posed. The world continues to change rapidly. In or out. There's no guarantees. As profit is the driver of commercial organisations. On which you rely for your dividends.
    Last edited by Thrugelmir; 11-08-2018 at 7:00 PM.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dividendhero
    • By dividendhero 11th Aug 18, 7:45 PM
    • 244 Posts
    • 262 Thanks
    dividendhero
    Is that why BMW is investing millions into a battery plant in China.
    Originally posted by Thrugelmir
    Think you've got that story completely back to front.

    A Chinese company called CATL is building a factory in Germany to produce batteries for BMW - Don't think Janice from Sunderland need apply though - she'll need a visa to work in Garmany unless she's lucky enough to have an Irish grandparent. Meanwhile her fate will be decided in Tokyo...
    Last edited by dividendhero; 11-08-2018 at 8:31 PM.
    • qwert yuiop
    • By qwert yuiop 11th Aug 18, 7:54 PM
    • 2,390 Posts
    • 1,497 Thanks
    qwert yuiop
    I saw mention of Euros earlier in thuis thread. Again, a no deal Brexit is worse for for the Euro, so why would you want to see the euro fall against the £ and lose more money.
    Originally posted by sparkey1
    The EU is a huge proportion of our export market. We, although one of the larger EU countries, are only one country and represent a much smaller proportion of their exports. Look at it the other way round - if we were having a spainexit or an italexit, would you really care?
    “What means that trump?” Timon of Athens by William Shakespeare
    • ruthcain1
    • By ruthcain1 11th Aug 18, 9:02 PM
    • 27 Posts
    • 13 Thanks
    ruthcain1
    I wish I HAD bought some euros 2 weeks ago. Was lulled into a false sense of (vague) security by certain people on here saying the risk of no deal was already built into the fall of the pound in July 2016.

    A coffee in Denmark just cost me nearly a fiver. Cheers Brexiters

    Appears that was totally wrong, then. I see that even the Daily Express is now taking on a panicky tone about the fall of plucky old sterling.

    I suspect no one in the international financial community thought we could be stupid enough to ACTUALLY throw ourselves off the cliff we are now rushing toward with such alacrity.

    Meanwhile on the Old Style boards people are talking about how they survived the war and the Winter of Discontent and by Jove they will survive Brexit too.

    Won't it be fun! Just like the war! You know, the one we are not currently fighting.

    Anyway. I'm now definitely thinking of opening up an account with euros in it as I think I want to be out of the UK at brexit time and the way things are going the pound will be worth 60 euro cents by then.
    • Terry Towelling
    • By Terry Towelling 11th Aug 18, 9:32 PM
    • 361 Posts
    • 261 Thanks
    Terry Towelling
    Anyway. I'm now definitely thinking of opening up an account with euros in it as I think I want to be out of the UK at brexit time and the way things are going the pound will be worth 60 euro cents by then.
    Originally posted by ruthcain1
    Don't forget @ruthcain1, no one on this forum (or in the papers) can really tell what will happen at Brexit (deal or no deal). They may have an opinion but that's all.

    My own homespun view (which I've said before) is that the EU (as an administrative body) has to make our economy worse on leaving in order to justify its continued existence. If we come out in an immediately better position, then citizens of other net-contributing EU states are going to say, 'hang on a sec, why are we bothering to stay in when it is clearly better to be out'.

    On the subject of leaving the UK are you a national of another EU country, or from somewhere outside Europe? The reason I ask is because things may not be so straightforward for UK nationals living in Europe post Brexit as they are at the moment.

    As for coffee in Denmark, take a Thermos next time, unless flying, in which case a small jar of instant and ask for hot water in the cafes
    • dunstonh
    • By dunstonh 12th Aug 18, 12:12 PM
    • 93,911 Posts
    • 61,695 Thanks
    dunstonh
    I wish I HAD bought some euros 2 weeks ago. Was lulled into a false sense of (vague) security by certain people on here saying the risk of no deal was already built into the fall of the pound in July 2016.
    The movement in Sterling is just normal activity. Sterling has floated between 1.08 and 1.15 over the last year. It's currently 1.12. This time last year, it hit a 7 year low (excluding the flash crash).

    Appears that was totally wrong, then. I see that even the Daily Express is now taking on a panicky tone about the fall of plucky old sterling.
    The Daily Express takes panicky tone about everything. They are very good at finding their target market reader. Relatively low IQ. Easy to take offence about anything, Lives to panic at everything. Every paper has its target market and the writing style of that paper reflects that. You should never rely on the Express for your news.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

144Posts Today

1,192Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin