Bank of England: We fucking told you this would happen.

[Cloak_Raider]

[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.

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]

"sets future precedence to override more referendums in the future"?

the UK already has a precedent, we don't do referendums that are legally binding on important decisions - that's already a precedent indicated by the fact that we've only ever had like, 2-3 in our history. This referendum has already breached precedence.

you're talking about government trust, when the current elected government had less than 40% of the popular vote

and what, markets losing faith in the country that reverses referendums? no

more like regaining faith in a nation NOT leaving one of the largest economic blocs in the world and NOT following the path led by inconsistent populists

so what you've got, from a market perspective, is either a decision that is guaranteed to make things [I]worse[/I], or a decision (to ignore the referendum) that might make things better or worse

so, pick your poison, guaranteed shit or potential shit

[Rolond]

[QUOTE=Jame's;50655231]Brown people? EU? wut[/QUOTE]

anyone who ain't from god's own country, as it were

too many fuckers in this country believing the racist bullshit they read in the daily mail and basically throw a hissy fit whenever they become aware of anyone who doesn't have a dozen generations of british heritage, plus the whole "we were an empire once" making people think that such a thing is possible again in the geopolitical and economic climate of the 21st century; the reasons to support leaving the EU were all basically xenophobia covered in glitter. (oh, and £350 million lol)/

and the worst part is no-one is gonna learn their lesson because the papers are gonna put some massive fuckin spin on it and end up blaming either immigration or everyone who isn't to the right of the political center.

[Drury]

[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]

Funnily enough, that's part of what makes China's economy the bubble it is.

[Sims_doc]

That's because the Chinese government got people to borrow and spend money to create growth, They also built new cities but what's strange about that is they didn't include industry with theses new cities if they did they could of just gifted houses to people whom don't have them and given them jobs.

Instead those houses sit idle while waiting for people to rent them or as tax purposes.

[Shibbey]

[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.[/QUOTE]

[url=https://en.wikipedia.org/wiki/Scottish_devolution_referendum,_1979]The precedent is set[/url]

[Fetret]

[QUOTE=Boilrig;50654414]
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. [B]Nobody said leaving the EU would be easy[/B].

The country will live through this, it will survive, your banks will survive. It may be rough, but you will be fine.[/QUOTE]

No, the Leave side pretty much insisted leaving the EU would be easy, painless and a net benefit to the UK. It is very apparent it is not, it won't be and not only it is fucking over the UK but the rest of the world too.

No you are looking at this completely the wrong way. People investing in the country want stability. People investing in markets don't give two shits about the will of the people if will of the people cause them to lose money. What people don't want is property funds locking out withdrawals because people are scared their investments are going to be worthless overnight and start a run. What people don't want is uncertainty about their futures and the futures of the companies they invested in because no one is clear about how market access will be handled after UK leaves the EU. This isn't suddenly going to turn into a totalitarian shitstorm where the MPs start giving fuck all about their constituencies and start doing whatever they want.

Of course the country will survive. Apart from the exaggeration for effect (like 80 million turks coming over, like 350 million pounds per week for the NHS, like the rapist migrants coming over and taking over jobs from hardworking Brits) no one is saying the UK will be gone and the island will be a wasteland just because it decided to leave the EU. 2008 was a massive crisis, but all of the countries that went through it still exist. What you don't see or don't want to see is the untold suffering of millions. People losing jobs, their homes, their livelihoods, their pensions. It may be rough is the understatement of a lifetime and unless you are going through that rough patch yourself keep your patronising comments to yourself. And even then it is not your place to tell people that. Let's see one of the Leave campaigners come out and say "Our country will live through this, you will live through this, the upcoming years will be rough but we'll be fine" and watch the shit hit the fan.

[skoinks]

[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]

Brits can start saying bye-bye to those cheap vacations abroad.

[Pickwickian]

[QUOTE=Zephyrs;50655048]Pretty sure Britain is on the road to being the leading world exporter of [b]bullshit[/b].[/QUOTE]

[CruelAddict]

One pound is one euro fucking seventeen cents. 1.17.

Back in December-January, it was 1.37

[Curls]

[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 the Chinese people are doing great, yeah?

[Headhumpy]

The fact that we could see GBP/EUR parity very soon is funny, sad, and somewhat frightening.

[Fulcrum]

[QUOTE=Headhumpy;50655948]The fact that we could see GBP/EUR parity very soon is funny, sad, and somewhat frightening.[/QUOTE]

Heres to hoping salaries go up sometime soon...

[Headhumpy]

[QUOTE=mdeceiver79;50655956]Heres to hoping salaries go up sometime soon...[/QUOTE]

I feel sorry for anyone being paid in EUR, or businesses with revenue denominated in EUR. A lot of UK companies with European dealings took a huge hit in share price.

[Nebukadnezzer]

[QUOTE=smurfy;50652487]Eight major banks have also agreed with George Osborne to provide more lending to households and businesses.[/QUOTE]

Correct me if I'm wrong but isn't this NOT something you want to do when the threat of a recession is looming?

[Fulcrum]

[QUOTE=Nebukadnezzer;50656366]Correct me if I'm wrong but isn't this NOT something you want to do when the threat of a recession is looming?[/QUOTE]

Lending = spending = growth

Spending or further incentivising (dropping interest rate so people aren't getting anything for money sat round doing nothing) spending is probably the best way to stop a recession.

Recession being a long period of negative growth.

[Wickerman123]

[QUOTE=mdeceiver79;50655956]Heres to hoping salaries go up sometime soon...[/QUOTE]

I wouldn't count on it. The "living wage" is still only a guideline and not legally binding by any means. Our wage system is fucked, why do under 25s have a lower minimum wage? We have to pay our way too for fuck sake. Especially when it's really fucking hard to get a job and you basically have to rely on what's left of your student loan and overdraft to get you through the summer. (I applied for so many jobs and got declined all of them because I "lacked experience." Grew up in a prejudiced shithole that wouldn't give me any jobs because my parents came from Liverpool.) Hoping to god that the company I'm a part of gets off the ground and starts earning regular income or I'm pretty much fucked because my degree is almost worthless.

[Rolond]

[QUOTE=mdeceiver79;50655956]Heres to hoping salaries go up sometime soon...[/QUOTE]

[url]https://www.gov.uk/government/news/summer-budget-2015-key-announcements[/url]

"£9 an hour by 2020"

aka "what the minimum wage used to be worth in 2015 by 2020"

[turing]

[QUOTE=Rolond Returns;50656643][url]https://www.gov.uk/government/news/summer-budget-2015-key-announcements[/url]

"£9 an hour by 2020"

aka "what the minimum wage used to be worth in 2015 by 2020"[/QUOTE]

so you just set yourself back 5 years?

[Big D Duchovny]

[QUOTE=Turing;50664282]so you just set yourself back 5 years?[/QUOTE]

Well, the pound will probably rebound to more or less the same value, but at least for a time they're gonna earn less.

[Deunan]

[QUOTE=codemaster85;50652666]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]

It's a lot more complicated than that. Generally speaking - a weaker currency is better for an economy that relies on foreign cash.

This can be export economies or tourism based economies. At the same time a stable currency is important as well. A lot of CNBs actually try to keep a currency weaker and stable if possible.