The economic consequences of Brexit

The economic consequences of Brexit

Poll: The economic consequences of Brexit

Total Members Polled: 732

Far worse off than EU countries.: 15%
A bit worse off than if we'd stayed in.: 35%
A bit better off than if we'd stayed in.: 41%
Roughly as rich as the Swiss.: 10%
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Discussion

NAS

2,543 posts

231 months

Thursday 25th August 2016
quotequote all
don4l said:
It is basic economics that it is better to manfufacture than to import.
It really really isn't.

If you can import a product that cheaper/better than you can make it, you would be causing huge inefficiencies by trying to making it yourself. It's much better to focus on something that you can make better than everyone else.

That is basic economics.

Digga

40,317 posts

283 months

Thursday 25th August 2016
quotequote all
NAS said:
don4l said:
It is basic economics that it is better to manfufacture than to import.
It really really isn't.

If you can import a product that cheaper/better than you can make it, you would be causing huge inefficiencies by trying to making it yourself. It's much better to focus on something that you can make better than everyone else.

That is basic economics.
Yes and no. You have to 'do' or make something, in order to pay for someone else to do or make the things you import. It is bad to be net import on all sides.

There are also, strategic and social considerations too. The conventional, straight, buy vs. make decision does not easily include contingencies for welfare payments, less still regional social unrest and diaspora.

don4l

10,058 posts

176 months

Thursday 25th August 2016
quotequote all
Greg66 said:
don4l said:
Once again, you were expecting immediate consequences.

There has been huge growth after "the Brexit vote".

It is really odd. If I make a prediction that turns out to be wrong, and especially if it turns out to be monumentally wrong, then I take a step back and re-evualate my position.

You made predictions that were wrong.
Those are two of the most gigantic lies you have peddled during your time on this forum. And that's saying something, because you've really spouted some absolute whoppers.

When you are caught with your lying trousers round your ankles smack bang in the middle of the park, your MO is to skulk off into the bushes, wait for things to move on, and then return more brazen than ever.

In this mini dialogue you've utterly shamelessly and dishonestly segued from talking about Brexit to the Brexit vote as if there is no difference between them.

To adopt your classic posting style:

I can't believe anyone is so stupid as to believe that.

Which means you've been completely dishonest.

Or are you just that stupid?

Which is it? Incredibly stupid, or outlandishly dishonest?

We know that words are your "thing". Nor are numbers your "thing". And you admit you don't understand finance. You have a good grasp of the WEEE Regulations though, and the £500 or so a year they cost your business which seems (on your account) to have placed it on the very of some sort of permanent financial calamity.

So whatever you are, we can add ill-informed to the list.

And if you really believe that the EU hasn't been planning the destruction of the banking industry in London since the vote, you must be stupid. Perhaps you're ill-informed, stupid and dishonest.

Who knows? Who cares? Not me.
Are you denying that you wrote the posts that I quoted?

If you do deny that you wrote them, then I will provide direct links to the posts.

Prior to the Brexit vote, you clearly believed that there would be immediate negative consequences if the Leave campaign won. Now, when all the evidence proves that you were wrong, you are trying to move the goalposts.

Furthermore, I am much better than average at "numbers". Being good at numbers does not mean that you are an expert in the derivitive markets, or hedge funds.


NAS

2,543 posts

231 months

Thursday 25th August 2016
quotequote all
Digga said:
Yes and no. You have to 'do' or make something, in order to pay for someone else to do or make the things you import. It is bad to be net import on all sides.
Of course smile

AC43

11,486 posts

208 months

Thursday 25th August 2016
quotequote all
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.

Dr Jekyll

Original Poster:

23,820 posts

261 months

Thursday 25th August 2016
quotequote all
NAS said:
don4l said:
It is basic economics that it is better to manfufacture than to import.
It really really isn't.

If you can import a product that cheaper/better than you can make it, you would be causing huge inefficiencies by trying to making it yourself. It's much better to focus on something that you can make better than everyone else.

That is basic economics.
+1

But to be more specific you should focus on something you can make better than you can make other stuff.

anonymous-user

54 months

Thursday 25th August 2016
quotequote all
don4l said:
Greg66 said:
Those are two of the most gigantic lies you have peddled during your time on this forum. And that's saying something, because you've really spouted some absolute whoppers.

When you are caught with your lying trousers round your ankles smack bang in the middle of the park, your MO is to skulk off into the bushes, wait for things to move on, and then return more brazen than ever.

In this mini dialogue you've utterly shamelessly and dishonestly segued from talking about Brexit to the Brexit vote as if there is no difference between them.

To adopt your classic posting style:

I can't believe anyone is so stupid as to believe that.

Which means you've been completely dishonest.

Or are you just that stupid?

Which is it? Incredibly stupid, or outlandishly dishonest?

We know that words are your "thing". Nor are numbers your "thing". And you admit you don't understand finance. You have a good grasp of the WEEE Regulations though, and the £500 or so a year they cost your business which seems (on your account) to have placed it on the very of some sort of permanent financial calamity.

So whatever you are, we can add ill-informed to the list.

And if you really believe that the EU hasn't been planning the destruction of the banking industry in London since the vote, you must be stupid. Perhaps you're ill-informed, stupid and dishonest.

Who knows? Who cares? Not me.
<snip>

Furthermore, I am much better than average at "numbers".

<snip>
That is the only thing you deny from what I posted.

Thank you. That is much clearer now.

barryrs

4,389 posts

223 months

Thursday 25th August 2016
quotequote all
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
Perhaps you should get a 0 commission credit card such as the Halifax Clarity rather than pay others to provide cash?

I was in Florida in June and the drop in the value of the £ would have added around £150 to a holiday that cost £4k; not the end of the world in my view and ive booked New York for November.



anonymous-user

54 months

Thursday 25th August 2016
quotequote all
AC43 said:
As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
Just show your Mrs this thread, I'm sure she will understand the devaluation of the £ is a good thing. Let her see that travelling overseas is bad for the UK and all her dreams are actually in the Uk.

Good luck

anonymous-user

54 months

Thursday 25th August 2016
quotequote all
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
You have to be a moron if you buy currency on spec at the airport, they always ream you.

The point you make highlights just how bad the Euro has been for the Greek economy, they need a much cheaper currency if they sre ever going to attract the numbers of tourists they need to balance the books. Until they leave the Euro they are well and truly buggered.

anonymous-user

54 months

Thursday 25th August 2016
quotequote all
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.

Just back from there myself. 400€ cost me £347. Still seemed cheap out there anyway.

And the exchange rate is the least of your financial worries if you're going to NYC. wink

London424

12,829 posts

175 months

Thursday 25th August 2016
quotequote all
I know the remainers were worried about the house builder market so thought I'd post this (don't think it's been posted yet).

http://www.telegraph.co.uk/business/2016/08/23/per...

Derek Smith

45,659 posts

248 months

Thursday 25th August 2016
quotequote all
Jockman said:
youngsyr said:
Derek Smith said:
...
I won't save much in fuel as I'll only drive locally, and for a few days, and pay for the car hire at the new rate of exchange. We've got trips planned: Pompeii being one destination I'm really looking forward to. I couldn't pay for the trips before I went so now have to fork out at the new conversion rate. Then there're the taxes, again which I pay once there.
Word of advice Derek - Pompeii is spectacular, but it's also like walking around a stone oven in the Mediterranean sun. Take a frozen bottle of water, an umbrella for shade and try to visit early morning/late evening if possible.
Agreed.

You're about to find out how small people were in those days.
Thanks guys. That was one reason we didn't book the trip before we went. I'm going to check the weather forecast and pick a cooler day. I wouldn't mind a bit of light rain.


Derek Smith

45,659 posts

248 months

Thursday 25th August 2016
quotequote all
fblm said:
Derek Smith said:
If the value of the £ was at a certain level then this would have been based on, perhaps, greater performance by the UK in comparison to those in the Eurozone. In other words, we worked for it.
You remainers seem keen on 'experts' so perhaps it's worth noting the IMF said GBP was 12-18% overvalued prior to Brexit and is still overvalued now! Regarding your european trip perhaps some perspective is needed... EURGBP back to the bad old days of 2013!
So? The vote has affected the value of the £. You feel it was overvalued yet if we'd voted to remain it would probably have gone up in value. The graph is all very well, and I hope it makes you feel like an expert by posting it, but it has nothing to do with what I said.

But thanks for posting it. If the subject ever come up, I'll know where to look.


MarshPhantom

9,658 posts

137 months

Thursday 25th August 2016
quotequote all
London424 said:
I know the remainers were worried about the house builder market so thought I'd post this (don't think it's been posted yet).

http://www.telegraph.co.uk/business/2016/08/23/per...
Well we're going to need more houses to accommodate all fhe Eastern Europeans that move here prior to Brexit.

Digga

40,317 posts

283 months

Thursday 25th August 2016
quotequote all
London424 said:
I know the remainers were worried about the house builder market so thought I'd post this (don't think it's been posted yet).

http://www.telegraph.co.uk/business/2016/08/23/per...
Persimon ought to be able to make a few quid; just look at the chart I posted earlier. Half of their SME competitors went to the wall in the GFC.

anonymous-user

54 months

Thursday 25th August 2016
quotequote all
Derek Smith said:
So? The vote has affected the value of the £. You feel it was overvalued yet if we'd voted to remain it would probably have gone up in value. The graph is all very well, and I hope it makes you feel like an expert by posting it, but it has nothing to do with what I said.

But thanks for posting it. If the subject ever come up, I'll know where to look.

You were whining about the cost of your holiday going up due to Brexit. The graph was simply to provide you some perspective.

AC43

11,486 posts

208 months

Thursday 25th August 2016
quotequote all
jsf said:
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
You have to be a moron if you buy currency on spec at the airport, they always ream you.

The point you make highlights just how bad the Euro has been for the Greek economy, they need a much cheaper currency if they sre ever going to attract the numbers of tourists they need to balance the books. Until they leave the Euro they are well and truly buggered.
Airports are not the best places to buy currency but even so...99c !?

And yes it's a double whammy - the Greeks are totally shagged by the politics and policies around the Euro and I've had my currency shagged by Brexit.

Let's hope it's a short term thing. Although at the rate the BoE are going to have to print money during the years of uncertainty ahead I'm not holding my breath.

London424

12,829 posts

175 months

Thursday 25th August 2016
quotequote all
AC43 said:
jsf said:
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
You have to be a moron if you buy currency on spec at the airport, they always ream you.

The point you make highlights just how bad the Euro has been for the Greek economy, they need a much cheaper currency if they sre ever going to attract the numbers of tourists they need to balance the books. Until they leave the Euro they are well and truly buggered.
Airports are not the best places to buy currency but even so...99c !?

And yes it's a double whammy - the Greeks are totally shagged by the politics and policies around the Euro and I've had my currency shagged by Brexit.

Let's hope it's a short term thing. Although at the rate the BoE are going to have to print money during the years of uncertainty ahead I'm not holding my breath.
Can you and Derek let the rest of us know what the exchange rate 'should' be? Then we know when it's worth us going on holiday to Europe or not.

don'tbesilly

13,933 posts

163 months

Thursday 25th August 2016
quotequote all
London424 said:
AC43 said:
jsf said:
AC43 said:
Just back from Greece.

Every time I took 400 Euros out of the cash machine on the island I was being charged north of £380.

Apparently some of the UK airports were offering 99c to for £1 whilst I was over there.

Made the trip VERY expensive.

As for taking the Mrs to NY on a long-promised trip sod that until the £ recovers.
You have to be a moron if you buy currency on spec at the airport, they always ream you.

The point you make highlights just how bad the Euro has been for the Greek economy, they need a much cheaper currency if they sre ever going to attract the numbers of tourists they need to balance the books. Until they leave the Euro they are well and truly buggered.
Airports are not the best places to buy currency but even so...99c !?

And yes it's a double whammy - the Greeks are totally shagged by the politics and policies around the Euro and I've had my currency shagged by Brexit.

Let's hope it's a short term thing. Although at the rate the BoE are going to have to print money during the years of uncertainty ahead I'm not holding my breath.
Can you and Derek let the rest of us know what the exchange rate 'should' be? Then we know when it's worth us going on holiday to Europe or not.
I always pre-book currency prior to going abroad for pick up at the airport on the day I fly out.

Moneycorp will do Euros at 1.14 to the £ if you book it right now,they'll hold it at that rate (could of course go up!) until you pick it up.

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