Pound Falls Ahead Of Theresa May Brexit Speech

[mikey4444]

http://www.bbc.co.uk/news/business-38632140

And she hasn't even opened her mouth yet !

What an asset Mrs May is to Britain....the cause of a 20% drop in the value of Sterling.

[mikey4444]

Kromo....you couldn't make it up!

[dannyk13]

Anybody who is unhappy about Brexit or Theresa May can always emigrate to their beloved EU.

[Kromovaracun]

Yes danny, I could always leave my family, friends and professional connections behind to start over again in a country where I don't know the language. Obviously if I choose not to do that I am just moaning and don't really take my opposition to Brexit too seriously.

Honestly, do people not think before they type?

[youngmafbog]

Culdnt make what up mickey? You constant banging on about something you clearly have no clue about by any chance?

I seem to recall it was Gromit who stated a while back the £ was over priced.

The money mane will use every opportunity to make some money, hence the pound dropping even before anything said. You sell it in big numbers others follow thining you know something they dont then you buy it back cheap. oldes trick in the book

We wont know how things will work out good or bad until it is all over. Even then becasue of the passage of time no one will be able to say it is better or worse becaasue we will never know what would have happened if we took the other path.

[Kromovaracun]

The IMF ruled that the pound was overvalued by somewhere between 5 and 15% in 2015, YMB. We're well over that now.

https://fullfact.org/economy/exchange-rates-and-imf/

[mikey4444]

All I can see on here this morning is a lot of very poor attempts to excuse our present Government for the disastrous fall in the pound.

But if the shoe was on the other foot, and it was a Labour Government under whose watch this had occurred, then the airwaves would be full of outraged howling !

You voted Tory and Brexit, so get used to the results.

[ToraToraTora]

So I assume you are also "blaming" the government for the rise in the FTSE mikey?

[mikey4444]

TTT....what would rather have....a strong FTSE, or a strong Pound ?

[ToraToraTora]

FTSE, the pound does not effect me day to day

[dannyk13]

Kromo, cannot you recognise a tongue in cheek remark?

[New Judge]

I'm perfectly used to the results, Mikey. You have to remember that you raised this question. You won't find me harping on or gloating whenever any news which is remotely said to be the result of Brexit hits the headlines.

Most Leavers are perfectly prepared to see turbulence in the money markets and stock markets. As youngmaf and I have explained, buying and selling is what the moneymen do and it's buying and selling that dictates the prices. Brexit and the associated negotiations provide them with ample opportunities to earn a few bob.

So long as the other results (out of the EU, out of the Single Market and Customs Union, free from the jurisdiction of the European Court of Justice, free to choose who settles here and who does not) follow on reasonably swiftly I'll be perfectly happy regardless of whether it costs me an extra 10% to stay in Benidorm for a week.

[New Judge]

And I forgot to add, regardless of anything else whatsoever. I'm not concerned what the side-effects will be. I knew there were risks and benefits associated with voting to leave. I knew the same of voting to remain. So I'll take whatever comes so long as Brexit is complete and absolute. I don't want any of this "pick and mix"nonsense that's being bandied about. The EU cannot be trusted and any association with them whatsoever will end in tears.

[ToraToraTora]

the falling pound is irrelevant to most people anyway and it's good for exports. Imports may get dearer so we look for home produced items, another good thing. It's really only a concern for those who earn or have major assets in other currencies or are about to go on holiday.

[Kromovaracun]

How significant are imports to the British economy, 3T?

and do you think all of them are replaceable?

[jno]

Imports may get dearer so we look for home produced items, another good thing

"May"? Britain imports 40% of its food. Good luck with replacing that in a hurry.

[mikey4444]

TTT...Britain is an island nation, and consequently we import a lot of our goods.

Do you think its a good idea for all those goods to cost so much more than they did ?

[naomi24]

Mikey, //Britain is an island nation, and consequently we import a lot of our goods.//

???

[jim360]

There's a fundamental limit to how far the pound can drop before it stops being, by any measure, a good thing. The good news is that this limit is surely a very long way off; the pound looked at various points to be in freefall last year but managed to stabilise (-ish) soon after.

The main problem for the "lower pound is a good thing" argument is that I am not sure we export enough to compensate for the pricier imports. Or perhaps we'll just have to redevelop the industries we abandoned a few decades back...

It could go either way, but I think there's a certain amount of what you might call "witch-trial" mentality in the way some Brexiters are responding to these falls -- as in, a fall in Sterling is "good for exports", whereas a rise would be described as "a vote of confidence in Brexit"... Can't have it both ways.

[mushroom25]

//Britain is an island nation, and consequently we import a lot of our goods.//

being an island nation does not on its own require imports - Britain could produce a lot more of its food requirements but doesn't because successive governments have seen fit to view farming as little more than a necessary evil for keeping the countryside looking nice for the tourist dollar (or yen or euro).

[dannyk13]

Out of the 40% of imported goods quite a large proportion is imported from countries outside the EU.