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Why is the pound in a state of collapse ?

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  • #31
    Bloody hell Drewth, think of all the lovely things you have that money cannot buy, family being the main one, when you count up all those things you realise how lucky you really are.
    Originalmente publicado por Drewth Ver Mensaje
    Prime Minister Brown comments on the virtual collapse of sterling:

    UK's Brown blasts opposition for comments on sterling

    2008-11-17 16:35 UTC (GMT)

    LONDON, Nov 17 (Reuters) - British Prime Minister Gordon Brown blasted the opposition Conservatives on Monday for suggesting that Brown's plans to let borrowing rise could cause a run on the pound.

    'I have never ... given a running commentary on the currency, as the opposition seem to want to do. I think it is highly irresponsible for them to do this in the present circumstances,' he told parliament.

    'A year ago the dollar was at a low level, this year the pound is at a low level. Currencies change. If they wish to give a running commentary on sterling, they are not responsible to hold the position of even oppposition,' he added.

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    • #32
      Originalmente publicado por Chrisdee Ver Mensaje
      Bloody hell Drewth, think of all the lovely things you have that money cannot buy, family being the main one, when you count up all those things you realise how lucky you really are.
      I do appreciate that. Sadly, I have none and am alone now.

      The exchange rates situation fascinates me and many others having been subject of much discussion on other forums and it is having a telling affect on matters, regrettably. I cannot figure out why the pound is so weak with a poor prognosis when at least two major Euro based economies have declared themselves to be in recession. What is it that makes the Euro so strong v. Sterling ? Surely not the quarter per cent difference in central bank rates ?

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      • #33
        Originalmente publicado por Drewth Ver Mensaje
        Prime Minister Brown comments on the virtual collapse of sterling:

        UK's Brown blasts opposition for comments on sterling

        2008-11-17 16:35 UTC (GMT)

        LONDON, Nov 17 (Reuters) - British Prime Minister Gordon Brown blasted the opposition Conservatives on Monday for suggesting that Brown's plans to let borrowing rise could cause a run on the pound.

        'I have never ... given a running commentary on the currency, as the opposition seem to want to do. I think it is highly irresponsible for them to do this in the present circumstances,' he told parliament.

        'A year ago the dollar was at a low level, this year the pound is at a low level. Currencies change. If they wish to give a running commentary on sterling, they are not responsible to hold the position of even oppposition,' he added.

        I loathe all politicians no matter which party they claim to support, but the current set in power have to be the worst of all time.

        The quote above is so disingenuous it defies belief.

        The opposition's shadow chancellor has no power and his pronouncements mean nothing. In fact that was proven today when the Pound STRENGTHENED against both the Dollar and Euro in the wake of his comments!

        On the other hand, the people actually IN POWER, have been making idiotic speeches over the past couple of months practically willing the disintegation of the Pound.

        First of all the Chancellor made his statement that British economic conditions "are arguably the worst they've been in 60 years", and then the Governor the Bank of England came out with his warning that Britain is entering a recession and that sterling was likely to be one of its biggest casualties.

        Now those two comments really DID cause the current collapse.

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        • #34
          Indeed, it did show a very minor improvement at close this evening:
          £1 = 1.185 Euro
          E1 = 84.4 pence

          but, oh for those halcyon days of just two years ago eh ?

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          • #35
            Spooks tonight, now I see whats going on!

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            • #36
              BBC asks: is it time to ditch the Pound and join the Euro ?

              Interesting BBC news programme on 'The World Tonight' 17 November, 2008 covering the above question.

              Included in this broadcast with the part in question commencing at the 12 minute 50 second mark:

              BBC iPlayer - The World Tonight: 17/11/2008
              Editado por última vez por Drewth; https://torrevieja.com/forums/member/2922-drewth en , 12:26:57.

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              • #37
                Drewth, I've been watching with increasing alarm as well. Its been a day or two since I looked but I had a shock this morning when I saw an 84 pence Euro. When I first came here is was 66 pence.

                Toby Fischer, an FX analyst, has a good write up and interesting site as well:

                Euro Pounds Currency News: Sterling stays in low range against the Euro

                This guy reckons that the UK is in a far worse state than the Euro Zone.

                I note that both 'Sandwich Stops' on Orihuela Costa have cut their opening hours and reduced staff and the word is that two big name Italian Restaurants are going - don't know which ones yet though. I believe the fall in Sterling as a result of the economic crisis will continue to adversely affect Sterling dependent ex-pat businesses in a big way - except the silly money being frittered on TV provision, of course !
                Editado por última vez por John50; https://torrevieja.com/forums/member/2915-john50 en , 13:07:02.

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                • #38
                  It depends which 'expert' you quote and don't forgot it is more often or not these 'experts' that got us into the financails mess in the first place. If they were so clever they would have been playing the futures market and would now being sitting on their yacht somewhere warm rashter than working for a living. Here's an alternative point of view.

                  "The economic horizon has now significantly darkened as the European Union economy is hit by the financial crisis that deepened during the autumn and is taking a toll on business and consumers," EU Economic Affairs Commissioner Joaquin Almunia said in a statement. "In 2009, the EU economy is expected to grind to a standstill."

                  The EC predicted economic growth in the 27-nation EU will be a paltry 0.1% in 2009. However, many analysts - including those with BNP Paribas SA (OTC: BNPQY), Citigroup Inc. (C) and Royal Bank of Scotland PLC (RBS) - believe even that figure is generous.

                  "A recession in 2009 seems now unavoidable," Jacques Cailloux, chief Eurozone economist at Royal Bank of Scotland, told Bloomberg News. "Today’s new GDP forecast of 0.1% for 2009 by the European Commission still looks too optimistic to us."

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                  • #39
                    Originalmente publicado por rspltd Ver Mensaje
                    It depends which 'expert' you quote and don't forgot it is more often or not these 'experts' that got us into the financails mess in the first place. If they were so clever they would have been playing the futures market and would now being sitting on their yacht somewhere warm rashter than working for a living. Here's an alternative point of view.

                    "The economic horizon has now significantly darkened as the European Union economy is hit by the financial crisis that deepened during the autumn and is taking a toll on business and consumers," EU Economic Affairs Commissioner Joaquin Almunia said in a statement. "In 2009, the EU economy is expected to grind to a standstill."

                    The EC predicted economic growth in the 27-nation EU will be a paltry 0.1% in 2009. However, many analysts - including those with BNP Paribas SA (OTC: BNPQY), Citigroup Inc. (C) and Royal Bank of Scotland PLC (RBS) - believe even that figure is generous.

                    "A recession in 2009 seems now unavoidable," Jacques Cailloux, chief Eurozone economist at Royal Bank of Scotland, told Bloomberg News. "Today’s new GDP forecast of 0.1% for 2009 by the European Commission still looks too optimistic to us."
                    And I know I shouldn't say this, but a little reality in the Euro Zone might do us pound sterling dependant ex pats a favour by devaluing the exorbitantly high Euro v. Pound right now which is killing this area. Mind you, on the Sky News last night they were saying the UK economy would be in negative growth which is even worse than 0.1 % or 0% growth.

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                    • #40
                      The broadsheets are now picking up on the fall of the pound against the euro. Good. Perhaps we might see a bit of propping up in all our favours.

                      Recession: the euro is too dear; the pound will rise again - Telegraph

                      Pound sinks to record low against the euro - Business News, Business - Belfasttelegraph.co.uk

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                      • #41
                        all the doom and gloom, job and home losses on the horizon, those guys who prayed for the return of the thatcher years,

                        your wish has come true.


                        sorry just couldnt resist,


                        kev

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                        • #42
                          Today i handed my neighbours keys into the bank









                          I never liked him and it serves him right for dropping them

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                          • #43
                            Euro is 84.3 pence this morning or 1.185 to the Pound whichever way you look at it.

                            Agree with previous poster. The Thatcher years are back but this time round the mines and British Leyland aren't there anymore.

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                            • #44
                              and all the tower blocks and school playing fields have gone too.

                              i suppose if you are lucky enough to get a decent price for your casa here, some people will see this advantageous to skipping back to blighty without the need for further borrowing.

                              kev

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                              • #45
                                Costa tourism slump in 2009

                                There is an article in the Coastrider this week that says it all. I am surprised that this has not made other papers but at least it made page 8 of this one !

                                British tourism to this neck of the woods is down 60% and likely to worsen during 2009 - so what do the clever Spanish do ? Well slap a 20 Euro charge on rental cars at the airports of course. In the same paper there is an allegation by the local business association that there is a kind of 'business apartheid' often illegal, aimed at ex pat businesses by the Spanish authorities. Well, expect to see a lot more of that going on.

                                As one who has run a business here, nothing the Spanish do surprises me. Now the crunch is finally hitting home caused in part by the weak pound. People won't come to this type of place for their annual two weeeks when they can get far better for their pounds elsewhere - Turkey, Tunisia, anywhere but here. The Spanish will surely reap what they have sown. They have been warned down the years but no, they carried on building more and more and assumed that holiday makers loved visiting the urban jungle along this part of the coastline. What they could never understand that it was the low prices that drew people, that and the warm weather which allowed tourists to lay on the beaches. It certainly wasn't the scenery ! Now that prices have been inflated, terribly so by the collapse of sterling, they assume people really want to come here ? They are fooling themselves and the unemployment figures and closing restaurants, cafes, bars, shops and even now banks won't even serve to convince them. They will see the error of their ways - when it is too late. They have been told this at a recent World Travel Market but they failed to listen, not only to the Brits, but to the Germans, the Scandanavians and a whole lot more. I have listened to both the pleas of representatives of the Visiting Market and then the Spanish response and conclude that their mindset is one of complete Latin stupidity. That stupidity is even causing the low cost airlines reconsider their routes. They will only learn when the money dries up entirely during 2009. They have been told time after time that this area cannot offer quality to satisfy wealthy tourists and should concentrate on the Chinese Restaurant method of keeping costs down to ensure 'bums on seats' . No the Spanish knew and know best.
                                What will the various ayuntamiento do then ? Put up taxes of course. That is their way. Service industry - they wouldn't know the meaning of the word !

                                £1 -- 1.19 Euro
                                E1 -- 84 pence
                                Editado por última vez por John50; https://torrevieja.com/forums/member/2915-john50 en , 14:57:07.

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