1.26 and falling
#91
Forum Regular
Joined: May 2016
Posts: 56
Re: 1.26 and falling
Here's hoping
The state of affairs in the UK could do with some positives, less it devolves into a globally insignificant subjectified union destined for a break up and relative reduction in living standards.
The state of affairs in the UK could do with some positives, less it devolves into a globally insignificant subjectified union destined for a break up and relative reduction in living standards.
#92
Re: 1.26 and falling
I saw yesterday that while GDP growth in the UK has been one of the highest in the EU for a while, GDP per capita growth was some of the lowest and even behind Spain.
Think about that... it means two things (i) we grew richer a lot slower than everyone else, (ii) our economic growth was driven mostly my imported labour expansion.
As GDP also includes internal consumption, this is a very poor position to be in. Some export growth due to a low currency will do us well.
#93
BE Forum Addict
Joined: Jan 2015
Posts: 3,520
Re: 1.26 and falling
Question for Millhouse:
There's talks in the papers that certain banks are saying if the UK doesn't retain access to the single market then they would transfer some staff - not to the EU - but to places like New York.
Can you explain that for me? I can understand transferring staff to the EU for passporting reasons but why New York? Or any other non-EU city? What kind of staff would be affected? It's all a bit byzantine to me.
There's talks in the papers that certain banks are saying if the UK doesn't retain access to the single market then they would transfer some staff - not to the EU - but to places like New York.
Can you explain that for me? I can understand transferring staff to the EU for passporting reasons but why New York? Or any other non-EU city? What kind of staff would be affected? It's all a bit byzantine to me.
#94
Re: 1.26 and falling
Question for Millhouse:
There's talks in the papers that certain banks are saying if the UK doesn't retain access to the single market then they would transfer some staff - not to the EU - but to places like New York.
Can you explain that for me? I can understand transferring staff to the EU for passporting reasons but why New York? Or any other non-EU city? What kind of staff would be affected? It's all a bit byzantine to me.
There's talks in the papers that certain banks are saying if the UK doesn't retain access to the single market then they would transfer some staff - not to the EU - but to places like New York.
Can you explain that for me? I can understand transferring staff to the EU for passporting reasons but why New York? Or any other non-EU city? What kind of staff would be affected? It's all a bit byzantine to me.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
#95
BE Forum Addict
Joined: Jan 2015
Posts: 3,520
Re: 1.26 and falling
So it's likely an example of irrational overreaction? I wouldn't be surprised if it partly has to do with the extraordinarily high COL in London and NYC is now somewhat cheaper, and the bankers are using this as an excuse.
Personally, I don't mind if the City takes a bit of a hit. It has disproportionate influence over the rest of the UK and a slight weakening of the City's influence and wealth will (ideally) cause the country to bolster other industries (manufacturing). Never good to have too many eggs in one basket.
Personally, I don't mind if the City takes a bit of a hit. It has disproportionate influence over the rest of the UK and a slight weakening of the City's influence and wealth will (ideally) cause the country to bolster other industries (manufacturing). Never good to have too many eggs in one basket.
I wish I could explain that one.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
#96
Re: 1.26 and falling
COL in UK has dropped significantly in most bank's reporting currency.
#97
Forum Regular
Thread Starter
Joined: Sep 2016
Posts: 108
Re: 1.26 and falling
I wish I could explain that one.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
Coincidence?
£ starting to slide again
Last edited by lightandbitter2; Oct 12th 2016 at 12:49 pm.
#98
Re: 1.26 and falling
Well that might also happen, but I doubt it - given that everyone else is starting to go down the protectionism route too.
I saw yesterday that while GDP growth in the UK has been one of the highest in the EU for a while, GDP per capita growth was some of the lowest and even behind Spain.
Think about that... it means two things (i) we grew richer a lot slower than everyone else, (ii) our economic growth was driven mostly my imported labour expansion.
As GDP also includes internal consumption, this is a very poor position to be in. Some export growth due to a low currency will do us well.
I saw yesterday that while GDP growth in the UK has been one of the highest in the EU for a while, GDP per capita growth was some of the lowest and even behind Spain.
Think about that... it means two things (i) we grew richer a lot slower than everyone else, (ii) our economic growth was driven mostly my imported labour expansion.
As GDP also includes internal consumption, this is a very poor position to be in. Some export growth due to a low currency will do us well.
or it could mean that the GDP was growing but the large levels of immigration meant that it was forcing down the level of GDP per capita. So it could be argued that too many immigrants were adding too little to the GDP.
#99
Re: 1.26 and falling
I wish I could explain that one.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
If passporting rights are lost, then you'd have to move bankers to Europe - not NY. It won't happen though - no one in their right mind would even think of moving their staff to the EU (inflexible labour laws, bonus caps, language issues etc) and the euro-work will still happen in London.
I can only imagine that they are thinking that if London becomes a backwater, then they will move their people to NY. A decision they were probably going to do anyway - That said, if the currency stays this weak, then it may also make sense to keep them in London.
#100
Forum Regular
Thread Starter
Joined: Sep 2016
Posts: 108
Re: 1.26 and falling
1.217 and sliding.
The whole world is short sterling, the manipulators have got their teeth into this and barring any policy change or BoE interest rate play this will go 1.15 at least.
Shouldn't compare but we are now on the cusp of £10 a pint here.
Oh and that 500 dirham note in your pocket is now worth 111 quid !!!!!
The whole world is short sterling, the manipulators have got their teeth into this and barring any policy change or BoE interest rate play this will go 1.15 at least.
Shouldn't compare but we are now on the cusp of £10 a pint here.
Oh and that 500 dirham note in your pocket is now worth 111 quid !!!!!
#101
Banned
Joined: Oct 2015
Location: Luton
Posts: 1,162
Re: 1.26 and falling
100 quid is 450 aed! Ouch! 30 mins is now over 200 quid!!!!
#104
Forum Regular
Thread Starter
Joined: Sep 2016
Posts: 108
Re: 1.26 and falling
A 0.25 rise would stop the speculators in their tracks. The country could cope with it, may even need it to head off upcoming inflation.
I am not talking about a Lamont style balls up.
#105
Re: 1.26 and falling
1.217 and sliding.
The whole world is short sterling, the manipulators have got their teeth into this and barring any policy change or BoE interest rate play this will go 1.15 at least.
Shouldn't compare but we are now on the cusp of £10 a pint here.
Oh and that 500 dirham note in your pocket is now worth 111 quid !!!!!
The whole world is short sterling, the manipulators have got their teeth into this and barring any policy change or BoE interest rate play this will go 1.15 at least.
Shouldn't compare but we are now on the cusp of £10 a pint here.
Oh and that 500 dirham note in your pocket is now worth 111 quid !!!!!