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State Pension value in US $ since Brexit.

State Pension value in US $ since Brexit.

Old Aug 17th 2019, 1:00 pm
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Unhappy State Pension value in US $ since Brexit.

I know I can't be the only person who's experienced the loss in value of the UK State Pension since Brexit was announced. Once converted my pension has declined by about 20%, is everyone having similar problems? I fear that with a strong US $ and the bumbling ineptocracy in the UK this downward slide will continue.
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Old Aug 17th 2019, 1:50 pm
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Default Re: State Pension value in US $ since Brexit.

It’s the uncertainty that’s weakening the pound rather than Brexit itself. Providing we do actually come out in 31 October it won’t take long for the dust to settle and the rate to rebound.
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Old Aug 17th 2019, 1:59 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by BritInParis
It’s the uncertainty that’s weakening the pound rather than Brexit itself. Providing we do actually come out in 31 October it won’t take long for the dust to settle and the rate to rebound.
Just what we said about the rate of exchange for the Canadian Dollar. Been years and it hasn't gotten better in the least.

Last edited by Rete; Aug 17th 2019 at 2:45 pm.
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Old Aug 17th 2019, 2:15 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by BritInParis View Post
It’s the uncertainty that’s weakening the pound rather than Brexit itself. Providing we do actually come out in 31 October it won’t take long for the dust to settle and the rate to rebound.
Thank you for that encouraging scenario. Planning for the worst and hoping for the best!
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Old Aug 17th 2019, 3:41 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by BritInParis View Post
It’s the uncertainty that’s weakening the pound rather than Brexit itself. Providing we do actually come out in 31 October it won’t take long for the dust to settle and the rate to rebound.

the damage done to the economy so far is going to be felt for a very long time. Even if Brexit doesn't go ahead. In the USA, the 2nd biggest growth sector is technology - and the UK has already lost future jobs with the biggest companies since they've all put EU HQ's in Ireland. If you look at the biggest tech companies in the UK, well, who???

USD/UKP 5 year drop is pretty impresssive:
https://www.bloomberg.com/quote/GBPUSD:CUR

and historical data shows that after a precipitous drop, the pound doesn't get back up to previous levels.

https://www.macrotrends.net/2549/pou...storical-chart

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Old Aug 17th 2019, 5:50 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by Rete View Post
Just what we said about the rate of exchange for the Canadian Dollar. Been years and it hasn't gotten better in the least.
Been years since when? The UK hasn't left yet.
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Old Aug 17th 2019, 5:59 pm
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Default Re: State Pension value in US $ since Brexit.

BritInParis You are being optimistic, to say the least. Hope you are are right though.
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Old Aug 17th 2019, 6:19 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by petitefrancaise View Post

the damage done to the economy so far is going to be felt for a very long time. Even if Brexit doesn't go ahead. In the USA, the 2nd biggest growth sector is technology - and the UK has already lost future jobs with the biggest companies since they've all put EU HQ's in Ireland. If you look at the biggest tech companies in the UK, well, who???

USD/UKP 5 year drop is pretty impresssive:
https://www.bloomberg.com/quote/GBPUSD:CUR

and historical data shows that after a precipitous drop, the pound doesn't get back up to previous levels.

https://www.macrotrends.net/2549/pou...storical-chart
That some multinational companies have been setting up European HQs - often little more than a brass plate - in Ireland has little to do with EU membership and a lot to do with favourable corporate tax rates. All that will come crashing to a halt when the EU imposes corporate tax harmonisation on all its members in the near future, particularly if the UK then has the lowest corporate tax rate in Europe outside of the microstates. The actual high-value jobs themselves have remained and continue to be created in the UK - particularly in the fintech sector. Google may be based in Dublin for tax purposes but it's just finished building a £1 billion office in London. The UK is third in the world in producing successful tech companies, behind the US and China and is the world's largest FDI destination in Europe, bring in more capital than France and Germany combined over the last three years with huge amounts waiting to go as soon as the Brexit limbo is resolved.
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Old Aug 17th 2019, 7:01 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by jopavi73 View Post
Once converted my pension has declined by about 20%, is everyone having similar problems?
But you are not paying Federal and maybe State income tax on that 20%, so you have lost as much out of your pocket as you thought.

My wife and I each have State and occupational pensions from the UK. I’ve stopped working out how much I’m losing each month, it is too depressing.
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Old Aug 17th 2019, 7:09 pm
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Default Re: State Pension value in US $ since Brexit.

I have never paid Fed or State taxes but that's of little comfort when the amount keeps declining every 4 weeks!

There's always the possibility that some EU countries are waiting to see if the UK can extricate itself successfully and a domino effect will follow! God only knows what will happen then.
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Old Aug 17th 2019, 7:26 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by lansbury View Post
I’ve stopped working out how much I’m losing each month, it is too depressing.
Ditto
Ditto the Ditto
Then Ditto that
" " " " "...ad nauseum
can't bear to think about it
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Old Aug 17th 2019, 8:42 pm
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Default Re: State Pension value in US $ since Brexit.

Ah do not worry. It will soon be back at the historic rate of £1 = US$4,80.
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Old Aug 17th 2019, 9:31 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by scot47 View Post
Ah do not worry. It will soon be back at the historic rate of £1 = US$4,80.



ah yes, the "good old days" - like back in the Pleistocene Epoch (the last Ice Age), when Currency Markets were immutable - rates frozen, advantage GBP to USD
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Old Aug 17th 2019, 9:37 pm
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Default Re: State Pension value in US $ since Brexit.

Originally Posted by Rete View Post
Just what we said about the rate of exchange for the Canadian Dollar. Been years and it hasn't gotten better in the least.
Hasnt the CAD$ historically always been lower vs the US$.

Granted there was a couple year period during the 2008 recession period and high oil prices where the CAD$ got to par and stayed high for a bit but that does not seem to be the norm.


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Old Aug 17th 2019, 10:04 pm
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Default Re: State Pension value in US $ since Brexit.

MMc That exchange rate plus Queen Victoria back in charge and a World Map dominated by the red of the British Empire ! THAT was what the Brexit vote was about.

Last edited by scot47; Aug 17th 2019 at 10:32 pm.
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