Originally posted by Hitchhiker's Guide To...View Post
Maybe I missed the finer points in macroecon class, but hard to see how a weak currency for the brits is anything other than positive for them, except that maybe the cheap tat in poundland might now have to sell for a few extra pennies.
It helps exports but also makes you poor.
A sword of the double-edged variety.
If you look at the rich countries in Europe, they were all the proud possessors of 'hard' currencies.
"We are not Europeans. Those people on the continent are freaks."
Originally posted by Hitchhiker's Guide To...View Post
Maybe I missed the finer points in macroecon class, but hard to see how a weak currency for the brits is anything other than positive for them, except that maybe the cheap tat in poundland might now have to sell for a few extra pennies.
Because they import so much more than they export. And almost none of it is locally substitute-able.
Weaker currency => More expensive imports.
Yes in the long run that will create opportunities for indigenous businesses to work towards replacing some of these more-expensive-imports but the long run is quite long away!
Much of their exports are based on adding value to imported goods too, meaning that they won't actually benefit hugely from a currency weakness as their costs increase proportionally.
Mick Wallace providing massive value far outweighing anything that could have been done with his unpaid tax again yesterday,along with Clare Daly. Making Frances Fitzgerald look like a fool
Mick Wallace providing massive value far outweighing anything that could have been done with his unpaid tax again yesterday,along with Clare Daly. Making Frances Fitzgerald look like a fool
She just never answers a question that sums up a lot of politicans though.
She has done fuck all since she got the job.
A quick look at her political cv and she has failed to be elected a number of times.
How she has been touted as a possible fine gael leader is mind boggling.
She just never answers a question that sums up a lot of politicans though.
She has done fuck all since she got the job.
A quick look at her political cv and she has failed to be elected a number of times.
How she has been touted as a possible fine gael leader is mind boggling.
Bring back Shatter....
"We are not Europeans. Those people on the continent are freaks."
Sterling is in some freefall at the moment. Any predictions as to where it will settle down?
Looking at the Yahoo graph it actually fell to 1.07 overnight in a matter of minutes from around 1.13 but seems to be around the 1.11 mark at the moment.
Originally posted by Hitchhiker's Guide To...View Post
Don't know enough about it, but this Telegraph article today seems rather convincing that the fall in sterling is rather great.
From the article
At the moment, Brexiteers are happy, pointing out that exporters are being given a huge boost
They haven't. The interdependence of the UK export industry on their import industry means this simply isn't true. If the UK were exporting wholly indigenous goods they've just had huge gains as their product becomes cheaper to a huge number of people overnight. However, as above, and as the ONS points out, almost all UK exports depend on imports. Nissan Cars are manufactured in the UK, but not from UK parts etc... The theory is good "weak currency => exports benefit" but that only works if the raw materials are all locally sourced.
Almost all of the rest of the article is very Catholic self flagellation.
But the conclusion was that we were living beyond our means, and that our currency needed to drop in value, reducing the value of all UK assets and UK incomes streams (including salaries) in overseas currency terms to reflect that. Painful medicine, but necessary – and the whole point of having a floating exchange rate is that it can eventually adjust relatively easily.
C'mon Hitch
The IMF is wrong about most things, but it calculated that the pound was between 12 and 18pc overvalued prior to Brexit
He has another go, without understanding what Britain exports.
FYI - Top 30 British Exports are
Spot the locally produced and non-import dependent products?
The weaker pound makes it cheaper for UK exporters to sell their wares abroad; it makes it more expensive for Brits to buy imported goods...
Theory yes. Reality => it's slightly more complicated than that.
Here's the important bit for people;
We will feel poorer, for good reason
And a very boldly asserted, and excellently not-backed-up point
The idea that the slump in sterling reflects a real reduction in the value of the UK economy - in other words, that the net present value of the UK’s GDP is down by a massive amount is nonsensical.
So far, retailers have absorbed many of the costs; producer prices have been under greater pressure.
Sterling is in some freefall at the moment. Any predictions as to where it will settle down?
Looking at the Yahoo graph it actually fell to 1.07 overnight in a matter of minutes from around 1.13 but seems to be around the 1.11 mark at the moment.
It'll go to parity with the euro. Then parity with the dollar.
Fairly quick too.
Then the UK will be renamed Zimbabwe-on-Sea.
"We are not Europeans. Those people on the continent are freaks."
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Ever since Sky wouldn't replace my remote after I had given them 13 years of business I've been looking for the right deal to tell them to go fuck themselves.
Record that convo please. :-)
X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
It'll go to parity with the euro. Then parity with the dollar.
Fairly quick too.
Then the UK will be renamed Zimbabwe-on-Sea.
At what point do you go and start buying expensive items from the UK? As eventually prices are going to rise sharply as their pound weakens. Huge savings to be made there at the moment on electronics/cars etc
Of the UK's 30 biggest import & export markets, only 6 don't cross over in terms of rankings. An awful lot of what the UK exports it also imports.
Check out the balance of trade on some of them...
Of course, utter truism, the weakened pound will almost certainly increase demand overseas for British Products, as at today's prices, they are materially cheaper than they were a week ago. Lower prices, demand increases.
However, if those products are made from imported materials, then either those prices overseas {and internally!} must rise to reflect the increased cost of production that the weakened currency has made (potentially offsetting that increased demand?), or else the producers will have to take a hit.
Is that sustainable? Is that a real benefit to the British producer?
I get zero benefit from this , I can just tell you , I know for a fact he will be sorry .
I have nothing against android boxes and what not but Eir is just shit and I know that, as I hear feedback every single day.
We have an android box in, does the job for me. I would hate to be paying the €123 I paid in Donegal. The TV goes on for a tiny bit a day. I don't watch it, just read books, Tony at work, kids at school and even when they home they watch netflix rather than the TV. A complete waste of money it would have been!
We pay €29 a month for 2 places to watch it. Grand job
It'll go to parity with the euro. Then parity with the dollar.
Fairly quick too.
Then the UK will be renamed Zimbabwe-on-Sea.
Now if I had a mind, how would one go about making a profit based off the misfortune of this proud, sun reading x factor loving, union jack waving nation?
People say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner! https://revolut.com/referral/jamesb8!G10D21
Originally posted by Hitchhiker's Guide To...View Post
@emmet whats the point of a list of 30 big manufacturing exports and imports, if manufacturing is only 14% of the UK economy. Can imagine there's far more benefits to come from exported services that whatever is going to happen to manufacturing (where even there it requires a bit of twisted logic to arrive at a conclusion that manufacturers selling more is a bad thing!)
No doubt that there will be advantages from the sterling fall for these fields;
The UK's imports and exports of services analysed by product, industry and country.
The most recent services data from ONS is 2014, but gives you an idea of the amount of the industry that depends on being able to serve the EU and the single market.
That's the market that they're looking to leave of course...
Shepard Smith reveals the horrible truth behind Hurricane Matthew. If you're reading this, your children are already dead.
People say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner! https://revolut.com/referral/jamesb8!G10D21
So when I win the euromillions tonight can I get them to stick the monies in a € bank account and not transfer it into £?
Buying property in Ireland seems to be the best bet since demand is about to jump further outstripping supply when the cost of inheriting is reduced, more first time buyers enter the market and financial services companies move from the UK to Ireland.
Jesus laya Healthcare through work is awesome. I have a chest infection. I know I do myself. Had a video call with a doctor for free and he just sent fax to chemist beside me to pick up antibiotics and an inhaler.
Unreal!
Michelle, I just called the eir rep who confirmed that I won't have any interruption to my BB. They are installing on 21st of this month, my virgin service will shut down in and around the 6th of November. Also confirmed (as the contract states) that my monthly fee will not change for the entire contract.
I hold silver in tit for tat, and I love you for that
I was meant to get periodontic treatment after getting a back tooth out. Dentist was to forward everything to periodontal clinic in Nass. I have heard absolutely nothing since. And cant go forward without getting that done first. So dunno
Find Detached Houses for Sale in Chapelizod, Dublin. Search 2 Detached Houses for sale on Daft.ie now.
People say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner! https://revolut.com/referral/jamesb8!G10D21
Experts question legality under anti-discrimination laws as senior politicians criticise move as ‘baffling’
Leading foreign academics acting as expert advisers to the UK government have been told they will not be asked to contribute to any government analysis and reports on Brexit because they are not British nationals.
This substantial property on the only remaining intact Georgian street north of Dublin’s Liffey has been lavishly refurbished to a high standard with nearly €3 million in renovation works undertaken over the past decade
Grand pile of bricks in the paper yesterday. Walking distance to the quiz.
X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
Linked Finance is class. Fingers crossed no cunce default on me now.
I have a fair few loads on there incl a few grand to cornucopia and all have repaid for a year and a half so far. I hate the new set loan percentage, I was able to get a lot of good value just applying my own percentages near the end of a loan, seems way shitter now.
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