Bank of England: We fucking told you this would happen.
49 replies, posted
[img]http://ichef-1.bbci.co.uk/news/660/cpsprodpb/10552/production/_90289866_0gochy0x.jpg[/img]
[url]http://www.bbc.co.uk/news/business-36712040[/url]
[quote]The Bank of England has warned there is evidence that risks it identified related to Brexit are emerging.
In a major report it states: "There is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging."
The Bank has eased special capital requirements for banks, potentially freeing up £150bn for lending.
Eight major banks have also agreed with George Osborne to provide more lending to households and businesses.
The chancellor signed a letter with Barclays, HSBC, Santander UK, Virgin Money, Metro Bank, RBS, Nationwide and Lloyds for the banks to make extra capital available in this "challenging time".[/quote]
Sterling [url=http://uk.reuters.com/article/uk-britain-markets-sterling-idUKKCN0ZL0PN]has hit a new 31-year low[/url]. US$1 is now 77p, which is fucking mental - it still doesn't seem that long since the golden era when it was roughly $1=50p and you could just halve/double prices to get a rough conversion.
[QUOTE=smurfy;50652487]Sterling [URL="http://uk.reuters.com/article/uk-britain-markets-sterling-idUKKCN0ZL0PN"]has hit a new 31-year low[/URL]. US$1 is now 77p, which is fucking mental - it still doesn't seem that long since the golden era when it was roughly $1=50p and you could just halve/double prices to get a rough conversion.[/QUOTE]
Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
Except for all of those people whose money is suddenly incredibly less valuable. Yep, not necessarily a bad thing at all, especially what with people struggling to pay rent and bills.
Mark Carney's a legend and I'm glad we have him running the Bank through this period of bullshittery
but the UK is tired of experts remember?
what a mess
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
Yeah, This is so why China keeps devluing their currency, not because they need their currency to be low for exports.
And Britain are just idiots for not devaluing their currency earlier!
Brexit has hurt Britain more then it has gained. That is just a fact when looking at the numbers.
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
Who told you that? when your country's currency becomes depreciated, that means the amount of exporting and general need of the currency is reduced. The higher the currency, the stronger it is.
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
I need to pay more money when I go on holiday though.
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
Weak currency is good for exports and bad for imports. Now riddle me this: is the UK a net importer or exporter? No prizes for guessing right!
[QUOTE=Headhumpy;50652689]Weak currency is good for exports and bad for imports. Now riddle me this: is the UK a net importer or exporter? No prizes for guessing right![/QUOTE]
You forget that they Export Cake?
Soon the whole world will be eating UKake.
time to buy stuff from amazon
Things will be fine. It was fun and we shook things up for those bureaucrats. We don't need experts when we have strong opinions
Time to get the money out of my pension and rush to the currency exchange service.
the new OnePlus 3 smartphone went up in price from £300 to £330. It's ogre.
Is this not evidence enough for Parliament to just fuck the whole thing off? I'd much rather bin a referendum, which is [u]not legally binding[/u], and save our country from falling into an economic slump, and let democracy take a transient hit, than fall back into recession that our country is only just crawling out of to validate a vote that was manipulated by deception.
If 74% of Parliament before the election were pro-Remain, I really hope they stick to their guns. They are the democratic representatives who were elected to [u]act in the best interests of the people[/u]. Leaving the EU is, evidently, not acting in the best interests of the people, whether they know it or not.
[QUOTE=Everyone;50652912]<a list of reasons why leaving was a bad bad idea>[/QUOTE]
B-but sovereignty! No more brown people! You're just sore losers!
[QUOTE=CMB Unit 01;50652912]Is this not evidence enough for Parliament to just fuck the whole thing off? I'd much rather bin a referendum, which is [U]not legally binding[/U], and save our country from falling into an economic slump, and let democracy take a transient hit, than fall back into recession that our country is only just crawling out of to validate a vote that was manipulated by deception.
If 74% of Parliament before the election were pro-Remain, I really hope they stick to their guns. They are the democratic representatives who were elected to [U]act in the best interests of the people[/U]. Leaving the EU is, evidently, not acting in the best interests of the people, whether they know it or not.[/QUOTE]
Because it simply doesn't work that way. They warned of the risks and they have the controls to manage the damage, it is not enough "evidence" as you say for the Parliament to override the referendum.
If total economic collapse or something close to that was coming, they'd tell you, but the issue is, theres no reversing this, everyone else has accepted the referendum and taken necessary steps.
Reversing the referendum now would actually hurt more, the markets would have even less faith in a country that reverses referendums. It will be better to just move through this and get it done.
Oh, and also allows future governments to override more referendums in the future for "the best interest of the people", you cannot be allowed to set presidence in this scenario. You eventually get the "done it once, can do it again" attitude towards it. Decreasing voter turnout and less trust in government, etc.
[QUOTE=Boilrig;50653002]Because it simply doesn't work that way. They warned of the risks and they have the controls to manage the damage, it is not enough "evidence" as you say for the Parliament to override the referendum.
If total economic collapse or something close to that was coming, they'd tell you, but the issue is, theres no reversing this, everyone else has accepted the referendum and taken necessary steps.
[B]Reversing the referendum now would actually hurt more, the markets would have even less faith in a country that reverses referendums[/B]. It will be better to just move through this and get it done.
Oh, and also allows future governments to override more referendums in the future for "the best interest of the people", you cannot be allowed to set presidence in this scenario. You eventually get the "done it once, can do it again" attitude towards it. Decreasing voter turnout and less trust in government, etc.[/QUOTE]
Reversing a shitty referendum would be something commendable actually
[QUOTE=Boilrig;50653002]Reversing the referendum now would actually hurt more, the markets would have even less faith in a country that reverses referendums. It will be better to just move through this and get it done..[/QUOTE]
Considering we never made it legally binding, we wouldn't even be reversing it. Just not acting upon it. We asked the public "you nerds want in?" then let a bunch of fucking tools tell them how the EU is letting in the damn dirty muzzie rape wave. We are well within our rights to ignore that fucking thing.
Us opting to stay a part of one of the biggest markets in the world would likely cause investors to breathe a sigh of relief. Knowing that the economy is still stable and we wont be changing our trade deals drastically. We already look like fucking bellends to the rest of the world thanks to this, us saying "nah we don't really want to go tho..." isn't going to make that any worse.
[QUOTE=hexpunK;50653168]Considering we never made it legally binding, we wouldn't even be reversing it. Just not acting upon it. We asked the public "you nerds want in?" then let a bunch of fucking tools tell them how the EU is letting in the damn dirty muzzie rape wave. We are well within our rights to ignore that fucking thing.
Us opting to stay a part of one of the biggest markets in the world would likely cause investors to breathe a sigh of relief. Knowing that the economy is still stable and we wont be changing our trade deals drastically. We already look like fucking bellends to the rest of the world thanks to this, us saying "nah we don't really want to go tho..." isn't going to make that any worse.[/QUOTE]
If anything it'll look like you finally woke up and realised the shit you've been going through
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
And as we all know, China is a model entity in global economics.
Bring on the Q and E baby!
It may save the crippled economy but it will only make twats call for more austerity and exacerbate the wealth gap
[QUOTE=orgornot;50652625]Low pound sterling isn't necessarily a bad thing. Having a low-value currency brings more business to the country.
This is why China keeps devaluing their currency.[/QUOTE]
China also lies on all their official economic reports and rigs the stock market
[QUOTE=SebiWarrior;50653101]Reversing a shitty referendum would be something commendable actually[/QUOTE]
Not in the terms of setting a precedent for future referendums, and removing what's left of public trust, regardless of sides on the referendum.
Like, if people think this is a big fuck you to the government and the 'elite', etc, the next election would be a bigger one if the referendum was ignored. Either low turnout or more to third parties voters away from the main two parties.
[QUOTE=hexpunK;50653168]Considering we never made it legally binding, we wouldn't even be reversing it. Just not acting upon it. We asked the public "you nerds want in?" then let a bunch of fucking tools tell them how the EU is letting in the damn dirty muzzie rape wave. We are well within our rights to ignore that fucking thing.[/QUOTE]
True, its not legally binding, its just political suicide for the government who ignores it, and as I said, remove whats left of public trust.
[QUOTE=hexpunK;50653168]
Us opting to stay a part of one of the biggest markets in the world would likely cause investors to breathe a sigh of relief. Knowing that the economy is still stable and we wont be changing our trade deals drastically. We already look like fucking bellends to the rest of the world thanks to this, us saying "nah we don't really want to go tho..." isn't going to make that any worse.[/QUOTE]
It would overall make it worse if ignored. Leaving the EU, market destabilization, fine, but then ignoring a referendum which is probably going to go down in history, leaving the markets in turmoil because the think they have a rouge government on its hands and just ignores the people and then that's where people start leaving.
No one would think their money is safe in a country that just ignored a referendum in a country like the UK, because then theres huge uncertainty about how the public will react and that apparently, if you're rich enough to fuck with the market, you could probably determine the outcome of a referendum.
Like, if they ignored a referendum in some third world country, a lot of people wouldn't care, but the UK is on the world stage, and can't be seen as doing anything close to ignoring that referendum, even the House of Lords will throw a fit if its ignored, regardless of their personal views on the matter. The government cannot be seen bowing to the will of the market because speculators took their money elsewhere due to uncertainty, please. Nobody said leaving the EU would be easy.
The country will live through this, it will survive, your banks will survive. It may be rough, but you will be fine.
[QUOTE=Superkilll307;50652777]You forget that they Export Cake?
Soon the whole world will be eating UKake.[/QUOTE]
Pretty sure Britain is on the road to being the leading world exporter of salt.
[QUOTE=Mining Bill;50652954]B-but sovereignty! No more brown people! You're just sore losers![/QUOTE]
Brown people? EU? wut
[QUOTE=Boilrig;50654414]Not in the terms of setting a precedent for future referendums, and removing what's left of public trust, regardless of sides on the referendum.
Like, if people think this is a big fuck you to the government and the 'elite', etc, the next election would be a bigger one if the referendum was ignored. Either low turnout or more to third parties voters away from the main two parties.
True, its not legally binding, its just political suicide for the government who ignores it, and as I said, remove whats left of public trust.
It would overall make it worse if ignored. Leaving the EU, market destabilization, fine, but then ignoring a referendum which is probably going to go down in history, leaving the markets in turmoil because the think they have a rouge government on its hands and just ignores the people and then that's where people start leaving.
No one would think their money is safe in a country that just ignored a referendum in a country like the UK, because then theres huge uncertainty about how the public will react and that apparently, if you're rich enough to fuck with the market, you could probably determine the outcome of a referendum.
Like, if they ignored a referendum in some third world country, a lot of people wouldn't care, but the UK is on the world stage, and can't be seen as doing anything close to ignoring that referendum, even the House of Lords will throw a fit if its ignored, regardless of their personal views on the matter. The government cannot be seen bowing to the will of the market because speculators took their money elsewhere due to uncertainty, please. Nobody said leaving the EU would be easy.
The country will live through this, it will survive, your banks will survive. It may be rough, but you will be fine.[/QUOTE]
You keep talking about losing public trust but they'd actually lose the Leavers' trust and gain the Remainers' so it's a moot point
And while it does set a precedent for England it's at least a good one since it'd spare you the trouble you'll be facing when you leave
[QUOTE=smurfy;50652653]Mark Carney's a legend and I'm glad we have him running the Bank through this period of bullshittery[/QUOTE]
Carney steered Canada out of the recession really quick, to the point that it barely affected us.
You guys were lucky to nab him.
[QUOTE=Funktastic Dog;50655271]Carney steered Canada out of the recession really quick, to the point that it barely affected us.
You guys were lucky to nab him.[/QUOTE]
As a thank you gift, can we send you Boris and Gove? :v:
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