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  • FIRST POST
    • GustyGardenGalaxy
    • By GustyGardenGalaxy 21st Jul 18, 11:17 AM
    • 640Posts
    • 186Thanks
    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 8
    • Zanderman
    • By Zanderman 12th Aug 18, 12:37 PM
    • 1,880 Posts
    • 4,584 Thanks
    Zanderman
    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
    You mean physically out of the UK or just your money out of the UK?

    Being physically out of the UK but trying to live within the EU after Brexit may not be so easy - you'll no longer have a right of residence there. Unless you have some other EU citizenship.
    • Terry Towelling
    • By Terry Towelling 12th Aug 18, 1:49 PM
    • 755 Posts
    • 590 Thanks
    Terry Towelling
    You mean physically out of the UK or just your money out of the UK?

    Being physically out of the UK but trying to live within the EU after Brexit may not be so easy - you'll no longer have a right of residence there. Unless you have some other EU citizenship.
    Originally posted by Zanderman
    I wonder whether @ruthcain1 is from Eire because she mentions buying a property in Ireland in another thread - yes, I know I am assuming. This may make it easier for her to live elsewhere within the EU post Brexit.
    • qwert yuiop
    • By qwert yuiop 12th Aug 18, 2:36 PM
    • 2,579 Posts
    • 1,624 Thanks
    qwert yuiop

    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.
    Originally posted by dunstonh
    Don't forget the Diana fans. And the weather.
    “What means that trump?” Timon of Athens by William Shakespeare
    • SeniorSam
    • By SeniorSam 12th Aug 18, 3:06 PM
    • 1,184 Posts
    • 605 Thanks
    SeniorSam
    Some UK equities and Global equities are performing very well indeed. A split between both may be the right way to go depending on how you view risk.

    Sam
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, so my comments are just meant to be helpful.
    • Thrugelmir
    • By Thrugelmir 12th Aug 18, 3:44 PM
    • 61,363 Posts
    • 54,612 Thanks
    Thrugelmir
    Some UK equities and Global equities are performing very well indeed. A split between both may be the right way to go depending on how you view risk.
    Originally posted by SeniorSam
    Portfolio's need to be diversified. No particular sector outperforms forever. The aim should be for the portfolio to gain as a whole. Risk comes in a whole variety of forms. Impossible to forecast what might happen tomorrow.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • AnotherJoe
    • By AnotherJoe 12th Aug 18, 3:53 PM
    • 11,887 Posts
    • 13,855 Thanks
    AnotherJoe
    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
    Originally posted by ruthcain1
    Well you'd have lost out big time since you'd first have converted your Pounds to Euros, and then converted those to Danish Krone, probably losing about 10% overall. Near miss.



    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.
    Originally posted by ruthcain1
    For values of "totally wrong = 1% "

    The Daily Express does nothing but a panicky tone.

    And FWIW if you had, lets pluck a sum out of thin air and say that you have £100k in your pension fund, and the pound has similarly fallen against the dollar as the Krone and the Euro, your pension fund would have risen roughly half of that 1%, eg £500.

    Lets say you also took £1,000 on holiday. Had you changed it earlier you would have £10 more. Making you overall £490 better off.


    Happy days. Have a double shot latte next time.
    • meldrew58
    • By meldrew58 23rd Aug 18, 11:45 AM
    • 11 Posts
    • 3 Thanks
    meldrew58
    Eu based savings
    Contrary question.
    In the event of any Brexit outcome, would it be prudent to move any savings out of EU member state banks? In particular, RCI and Bank of Cyprus UK. Post Brexit, will the same protection be in place?RCI's protection is based on the French regulations with a threshold of 100.000 euros -will this still apply?
    • Malthusian
    • By Malthusian 23rd Aug 18, 12:32 PM
    • 5,011 Posts
    • 8,099 Thanks
    Malthusian
    In particular, RCI and Bank of Cyprus UK. Post Brexit, will the same protection be in place?
    Originally posted by meldrew58
    Yes. Bank of Cyprus UK is a UK bank anyway. Out of those two, only RCI is an EU member state bank.

    RCI's protection is based on the French regulations with a threshold of 100.000 euros -will this still apply?
    What makes you think it wouldn't? If you were a Brazilian or an Australian investing in an RCI account you would be covered.
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