The economic consequences of Brexit

[Puggit]

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

[Puggit]

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

[WinstonWolf]

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

It's the low interest rates, absolutely nothing to do with Brexit.

[Mr. White]

WinstonWolf said:

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

It's the low interest rates, absolutely nothing to do with Brexit.

They've double profit bit now expecting a "slowdown in growth". Note not a loss, a slowdown in growth.

Utterly disgusting and demonstrates the fundamental flaw in capitalism. If companies were legally obliged to do what's best for their shareholders and the workforce, capitalism would be a much fairer system.

[///ajd]

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

For a bit of balance; at the same time the car industry SMMT boss warned that this was due to previous investment decisions and the fact we are in the tariff free EU SM. He said 80% of our cars are exported with EU the biggest market - protecting our access must be a brexit prioirty.

[Digga]

WinstonWolf said:

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

It's the low interest rates, absolutely nothing to do with Brexit.

HSBC are closing branches too. My take is, this is the death of high-street banking, nothing more, nothing less, and nowt to do with Brexit. Of course, for spineless management, it is a superb whopper to tell in order to deflect blame and acrimony, but somewhat disingenuous and ill advised.

[Burwood]

Digga said:

WinstonWolf said:

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

It's the low interest rates, absolutely nothing to do with Brexit.

HSBC are closing branches too. My take is, this is the death of high-street banking, nothing more, nothing less, and nowt to do with Brexit. Of course, for spineless management, it is a superb whopper to tell in order to deflect blame and acrimony, but somewhat disingenuous and ill advised.

It's nothing more than an excuse. Lloyds has had to pay out £15B in PPI claims. I wonder why they are slashing other costs to the bone. But let's blame brexit

[jjlynn27]

jsf said:

TooLateForAName said:

jjlynn27 said:

Already explained why 100 is not the best indicator. Have a look at 250.

Even the page he links to says :
"The smaller cap FTSE 250 paints a more accurate picture of UK investor sentiment, as the vast majority of firms in the index are wholly UK-based. It ended the day 3.22%, but is still more than 1300 points lower than on Thursday, before the UK's Brexit vote"

FTSE 250 now back up above the level it was on June 22nd pre Brexit vote.

The FTSE 250 was at 15734 when the above posts were made on July 5th, it hit 17360 today, which is a gain of 1626 points.

should we now look to the FTSE 500 for our indicators jjlynn27?

LOL. Daft post even by your standards.

No, 250 still represents good barometer of UK economy, just as it did then. It's very good news that it's back where it was.
Interesting thing will be to see how the same reacts on any announcement by Govt at the future direction of negotiations.
But for now, very good news indeed, as was the announcement of new investments.

[WinstonWolf]

///ajd said:

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

For a bit of balance; at the same time the car industry SMMT boss warned that this was due to previous investment decisions and the fact we are in the tariff free EU SM. He said 80% of our cars are exported with EU the biggest market - protecting our access must be a brexit prioirty.

You mean for your daily injection of doom and gloom.

[jjlynn27]

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

Another excellent news. This is why I think that negotiations to keeps us in the single market are so important

smmt said:

UK Automotive is export-led, with 77.8% of cars built in the UK destined for more than 100 overseas markets, but the majority of which are headed for the rest of the EU. The sector is part of a complex, highly-integrated European and global supply chain, and depends on significant cross border trade in components. While local content of UK-built cars is growing, 59% of vehicle components are imported, predominantly from the continent.

That relationship with our biggest market is now uncertain and, as a survey of SMMT members just published shows, is of significant concern. 57.1% of respondents believe the outcome will have a negative impact on their business, while just 8.3% foresee it being positive. A further quarter (27.7%) are uncertain about the impact at this early stage.2

Respondents, including businesses of all sizes, from component suppliers to vehicle manufacturers and importers, are most concerned about the potential negative impact of tariffs, custom charges or other barriers between the UK and the EU single market (68.4%). They also expressed concern about losing access to EU trade deals (66.4%), being bound by regulations in their prime export market over which they have no say (66.1%) and loss of access to the EU-wide skills market (63.6%).

Seems that other people are concerned about losing FML.

[///ajd]

WinstonWolf said:

///ajd said:

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

For a bit of balance; at the same time the car industry SMMT boss warned that this was due to previous investment decisions and the fact we are in the tariff free EU SM. He said 80% of our cars are exported with EU the biggest market - protecting our access must be a brexit prioirty.

You mean for your daily injection of reality.

[jjlynn27]

WinstonWolf said:

///ajd said:

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

For a bit of balance; at the same time the car industry SMMT boss warned that this was due to previous investment decisions and the fact we are in the tariff free EU SM. He said 80% of our cars are exported with EU the biggest market - protecting our access must be a brexit prioirty.

You mean for your daily injection of doom and gloom.

Seriously? How did you read that into his post?

[WinstonWolf]

jjlynn27 said:

WinstonWolf said:

///ajd said:

Puggit said:

UK car production up 10.4% to 159000 vehicles last month. Highest ever since 2000.

(Source - Guido)

For a bit of balance; at the same time the car industry SMMT boss warned that this was due to previous investment decisions and the fact we are in the tariff free EU SM. He said 80% of our cars are exported with EU the biggest market - protecting our access must be a brexit prioirty.

You mean for your daily injection of doom and gloom.

Seriously? How did you read that into his post?

When I see him post anything even vaguely positive you'll know because my post will be like this

apweiogfaporighpqoeriabhoijh
bgaio[bn'ijga]\b-\gr;ija[prgboua]pobia


As I fall off my chair.

[SunsetZed]

Digga said:

WinstonWolf said:

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

It's the low interest rates, absolutely nothing to do with Brexit.

HSBC are closing branches too. My take is, this is the death of high-street banking, nothing more, nothing less, and nowt to do with Brexit. Of course, for spineless management, it is a superb whopper to tell in order to deflect blame and acrimony, but somewhat disingenuous and ill advised.

This, this and this again. Branches have been being closed over the last decade and now they're accelarating because no-one wants to be the last one left in each town as then the option to close is much harder.

Online banking and telephone banking are much more convenient for the majority, a trend that's only going to increase.

[sidicks]

jjlynn27 said:

Seems that other people are concerned about losing FML.

If these skilled people were genuinely needed to fulfill roles here, they'd get in under any sensible controlled immigration policy, so loss of FML wouldn't be an issue.

Interesting that you're still trying to pretend that Brexit means no immigration...

[jjlynn27]

sidicks said:

jjlynn27 said:

Seems that other people are concerned about losing FML.

If these skilled people were genuinely needed to fulfill roles here, they'd get in under any sensible controlled immigration policy, so loss of FML wouldn't be an issue.

Interesting that you're still trying to pretend that Brexit means no immigration...

I don't 'pretend that Brexit means no immigration', not at all. Please stop making things up. Read what I type, not what you think that I type.

I don't know if they are skilled, semi-skilled or unskilled people that quoted article is talking about. What I'm saying is that I believe, (note; my opinion, not stating facts, yes?) is that FML is significantly more efficient than any government led points based system. That opinion is based on the empirical evidence that people arriving under FML are significantly more beneficial to the economy than people arriving under points system (non-eu immigration) that we have in place now.

[jjlynn27]

WinstonWolf said:

When I see him post anything even vaguely positive you'll know because my post will be like this

apweiogfaporighpqoeriabhoijh
bgaio[bn'ijga]\b-\gr;ija[prgboua]pobia


As I fall off my chair.

Still don't see doom and gloom in that post. But ok.

[Hosenbugler]

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

Serious wielding of the scalpel had been mooted at months before the referendum. This is no recent strategy decision on the part of Lloyds. I tend to follow matters regarding Lloyds as I'm a shareholder.

Don't agree with the closing of branches, convenient excuse to cut costs in any but which way for Gov't to sell off their share

[jjlynn27]

Puggit said:

Lloyds Bank closing 200 branches and losing 3000 jobs and blaming Brexit. I'm calling bulllst onto that convenient excuse.

Are we reading the same thing?

bbc said:

The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the chances of interest-rates staying low in the wake of Brexit.
But Mr Horta-Osorio emphasised that Lloyds was in a "strong position to withstand the uncertainty" created by the vote.

bbc said:

Laith Khalaf, analyst at Hargreaves Lansdown, said that despite Lloyds' attempt to set out its stall as a "multi-channel bank", the reality is that "demand for banking services is moving online, and so banks must follow where their customers lead, and ultimately that doesn't bode well for high street branches".

He added that while the Brexit vote had hit Lloyds, "it remains a strong bank", and the impact of the vote will probably be felt most by shareholders, who may receive less cash this year.

Doesn't read to me that they are blaming Brexit. It reads to me that they are 'blaming' changes in how people do banking and low interest rates.

[///ajd]

jjlynn27 said:

sidicks said:

jjlynn27 said:

Seems that other people are concerned about losing FML.

If these skilled people were genuinely needed to fulfill roles here, they'd get in under any sensible controlled immigration policy, so loss of FML wouldn't be an issue.

Interesting that you're still trying to pretend that Brexit means no immigration...

I don't 'pretend that Brexit means no immigration', not at all. Please stop making things up. Read what I type, not what you think that I type.

I don't know if they are skilled, semi-skilled or unskilled people that quoted article is talking about. What I'm saying is that I believe, (note; my opinion, not stating facts, yes?) is that FML is significantly more efficient than any government led points based system. That opinion is based on the empirical evidence that people arriving under FML are significantly more beneficial to the economy than people arriving under points system (non-eu immigration) that we have in place now.

I'm sure you are right jj.

It will be interesting to see the practical difference between the "control" mentioned here we might secure from brexit, and the existing ability to deport those EU migrants without jobs (a control we've had since 2014).

If brexiters here are content that those who have a job can come, not sure what the difference really is. Neither option deals with illegal workers coming in on tourist visa/waivers. I think we've all agreed we don't want to stop tourist travel, haven't we?

The more I think about it, this points based idea for EU citizens is a poor one we'll almost certainly regret. And who knows what the impact on brits trying to work abroad would be in the future. What if there is no points system in other EU nations for ex-EU members, does the UK just join the non-EU queue in immigration and for jobs? So UK people are at an immediate disadvantage to EU citizens?

It was sad listening to May say existing citizens would be fine ...... all very good but there was silence regarding the future and what it might mean for our kids who might seek a job in the EU.

Edited by ///ajd on Thursday 28th July 09:14