KJinDoha

As mentioned above by DXBtoDOH, the whole brexit process will take 2 years. I can't see the £ recovering during that, especially if it is the shamble that I have come to expect from UK politics.

My own forecast is based on the Brexit negotiation resulting in contracted exports from the UK and a stagnate workforce/immigration. Perhaps 2 decades is far-fetched, and I can't claim any qualification on the matter. But then again it is sentiment that decides markets....

KJinDoha

Agreed, but we all have our estimates.

KJinDoha

Or in the case of this weekend, algorithyms decide markets

Millhouse

Most countries crave a weak currency. The Brits obsession with the strong pound is the main issue.

A weak currency would solve a lot of the UKs problems.

Viva la Industrial Revolution 2

iggle

Yeah, all all the "bloody foreigners" will leave cause they aint making nah monezy"

Millhouse

Well in fairness the UK needs sustained net immigration. More so if we go down the manufacturing road that everyone wants.

KJinDoha

I wonder what you mean by that?

From my own perspective, the weak currency means an inflation of import costs and a decrease in overseas travel. Coupled with [potential tarrifs] to deliver exports, as the [likely] result of brexit, it doesn't seem to be at all positive.

Millhouse

The weak currency more than offsets the likely export tariffs. Let's not forget we don't have to trade with the EU (and they are not our largest trade partner).

Brexit aside - the UK needs to reform it's economy and export more of everything. Manufacturing needs a desperate boost as does almost everywhere north of Paddington. A low currency will support that.

London will ultimately benefit too. Never bet against the innovation that happens there and a low currency will help service exports (as is already being shown).

Ok imports will be more expensive. Great - we will import less as we will slowly restructure the economy.

Very few countries want strong currencies. As we enter into a global growth slowdown all major economies will be trying to devalue their currency were they can. This is why the Fed is so nervous about putting up rates when it clearly should be doing so.

mission

mine is fixed @ 7.33 - happy days

KJinDoha

I'm very jealous!

Have you had inflationary increases? in line with cost of living increase in Dubai. I have heard that this is not commonly awarded and kind of offsets the exchange rate gains when comparing to the UK, since inflationary increases are common in the UK

mission

nope no inflationary increases whatsoever...being in the O&G industry all pay rises/bonuses/increase of any kind to one's overall package have been totally frozen

KJinDoha

So then, are you remitting more GBP now than you were originally? I understand that this depends on you actually saving your money in GBP and your spending habits being constant, but assuming that is true and the only changes have been Dubais inflation (and perhaps the inflation of your consumerism) and GBPs devaluation.

Not to be prying....

Millhouse

We all got 8pct this year. Thought that was quite reasonable. Although it only equates to a handful of peanuts and a packet of crisps.

iggle

Are you not worried about your job? What your view of the future of the price of the barrel?

mission

Totally....to be honest my expenses haven't increased significantly and so I am able to convert more into GBP savings and transfer home.