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THAT’LL TEACH THE BREXITEERS

By Pete Moore On July 30th, 2019

The pound has continued to fall on currency markets as the government insists that the UK is prepared to leave the EU without a deal […]

The fall in the value of the pound means UK tourists heading abroad could face a “horrendous summer”, according to one currency expert.

Bravo, you retired Sunderland miners, Bolton shelf-stackers and Wrexham checkout ladies. Your August in Tuscany just got a bit more expensive.

But as always, there are trade offs. On the one hand your spending money is worth a tenner less. On the other, sovereignty, independence and self-governance is restored. Not so difficult really.

17 Responses to “THAT’LL TEACH THE BREXITEERS”

  1. What Sovereignty, independence and self governance does a farmer or car assembly worker have who has lost their livelihood and ability to pay their mortgage as a result of the economic chaos of no deal ?

  2. What?

    A lower Pound means increased exports and greater inward investment. That’s good for jobs, you know.

  3. Not with the tariffs, quotas and various other legal financial and administrative barriers of no deal Brexit. Plus the benefits of a lower pound are cancelled out by the price increases and inflation necessitated by the devaluing of our national currency.

  4. Just checked in to see Colm spouting the same old tripe.

    Sad

  5. Djaym

    Nothing better to do with your time I guess, you easily lead fool. Happy to go down whatever nationalist flag waving Brexit path Nigel and Boris lead you eh ?

  6. “A lower Pound means increased exports and greater inward investment.” A no deal Brexit makes the UK an outlaw nation. No country will want exports from or invest in an outlaw nation.

  7. Yes but we’ll have our Sovereignty and independence back…. you know like North Korea !

  8. //A lower Pound means increased exports and greater inward investment. That’s good for jobs, you know.//

    A lower Pound means all the parts that have to be bought abroad to build something in Britain (I’m told more than more than half the parts in “made in Britain” cars are sourced from the EU alone) are much more expensive, that’s bad for British industry, bad for the consumer who has to pay more dosh and bad for jobs, you know.

  9. It’s so easy to demolish Pete’s pro-Brexit arguments, to the extent that I don’t think he even believes himself anymore !

  10. And EU Workers will be see the UK as a little less attractive.

  11. Bravo, you retired Sunderland miners, Bolton shelf-stackers and Wrexham checkout ladies. Your August in Tuscany just got a bit more expensive

    But will the Wessex van driver still have his skiing holiday next year?

    Pete is doing what Pete always does, taking a story and cherry picking to present a particular narrative, much like the erstwhile commentator here who used to post any old seemingly positve economic shit from Guido Fawkes. What Noel says above of course is correct though, parts imported from Europe and abroad are more expensive with a lower pound and that with no deal WTO tariffs will of course be passed onto the UK consumer.

    But hey, if Brit subjects can still afford to go on holiday they’ll be able to do it on a dark blue passport, (made in France).

    Just checked in to see Colm spouting the same old tripe

    Reacting to Pete’s same old tripe?

  12. According to those crazy Brexiteers, the IMF and the Bank of England, the pound was overvalued 5-15% before the referendum:

    the IMF had said back in February 2016 that the pound was “moderately overvalued in 2015” by 5 to 15 percent. Other groups including the Bank of England and the IMF agreed that the pound was overvalued. This means the exchange rate could have been artificially high before the EU referendum

    https://fullfact.org/economy/pound-fallen-since-brexit/

  13. And then there’s this too:

    https://www.bbc.co.uk/news/business-40972840

    🤷🏻‍♂️

  14. Move the British economy to bitcoin and other cryptocurrency only.

    Be edgy.

  15. Yet most of the fall in the value of the pound since the referendums have been at points of major political instability. So if it was a market adjustment then it would have happened randomly, or over time. Not at key political moments over the last few years. The referendum result, May’s declaration of triggering Article 50, the General election, Jaguar cutting 1,000 jobs due to Brexit, and the Tory leadership election and result – all have caused drops in the pound. Now the drops may have been more severe, and the recovery less pronounced, due to the overvaluation of the pound. But the drops themselves have been caused by instability.

  16. Seamus, that was about whether it was self-evidently a bad thing, not what caused it.

  17. Most things are never absolute good or absolute bad.

    I would say that one of the major impacts of currency devaluation is inflation. Goods cost more in the shops because of the additional cost of importing (due to the weaker pound). An interesting comparison is inflation vs wage growth. Generally the two go hand in hand (wages go up, prices go up etc…). However, if inflation is higher than wage growth then you have reductions in living standards. If inflation is lower than wage growth then you have increases in living standards.

    So the likely long term effect of a poor pound will be to push inflation above wage growth. Before the referendum inflation was damn near in negative numbers. It took a big jump after the referendum and has stayed around the 2% mark for a while now. Thankfully economic growth has kept wages above that so living standards are increasing. But if the pound continues its poor run of form then that will likely change.