Brexit thread - what happens next

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Faustus said:
The wife was telling me her friend gives financial advice for a well known charity. A number of pensioners have been in to them saying they cannot manage because they are no longer getting any interest on their money because interest rates are at rock bottom and they thought they would be better off if they voted to come out of the EU?
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Interest rates for savers have been dismal for years, so why are they only worrying about it now? The base rate has been 0.5% for what, 7 years, until this week. Voting stay or leave was going to improve things overnight in either direction, so they must have been doing as ostrich impression for some time.
 
jimjamuk said:
I voted leave and frankly stopped bickering on this thread as it was pointless- ask me in a couple of years how things are when we actually left the EU... until then not interested
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100% this. Voted leave, would do so again, will comment in 2020 assuming article 50 has been invoked by then.........
 
jimjamuk said:
I voted leave and frankly stopped bickering on this thread as it was pointless- ask me in a couple of years how things are when we actually left the EU... until then not interested
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Yes I will, I have written your name down. I voted to remain so please write down mine. Personally I think it's the biggest mistake Britain has made since the end of WW2 I really do and will have far reaching consequences.

I doubt it's going to bother me and mine much as we have done our whack and will be calling time on our working lives shortly, though I would hate to be just starting out again with both the political and economic landscape of today. I think it's pretty frightening and you can detect worry in the eyes of the politicians also as I think for the first time, perhaps in a generation, they haven't got a clue on what to do next to turn things around.

As said before the Brexit camp really didn't expect to win this and now having done so they have all p****d off.
 
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Hikari Kisugi said:
When we use QE, and we are going to have £170B of it currently, where exactly does this money go, some have said 'to the banks', well what do they do with it?
Banks are private companies are they not? So why are we funding private companies directly?

I am little to no understanding of this process, I could understand it if we used it to write off national debt, or to build infrastructure, but in its current form, what exactly does it do?
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https://simple.wikipedia.org/wiki/Quantitative_easing :p

It goes to the banks as cheap loans, basically. A central bank can do it because it controls the money supply, this is why people sometimes call it printing money.

More good stuff here including an animation http://www.investopedia.com/terms/q/quantitative-easing.asp

johnloo said:
QE Should go to the people not the banks, its free money for the banks.
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That's called helicopter money. Even more exotic than QE, but some are suggesting it might be useful.
 
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#Chri5# said:
Interest rates for savers have been dismal for years, so why are they only worrying about it now? The base rate has been 0.5% for what, 7 years, until this week. Voting stay or leave was going to improve things overnight in either direction, so they must have been doing as ostrich impression for some time.
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Well I was reading an article only yesterday on Internet security that stated 'you can't patch stupid' this was in relation to people. I think this is a good metaphor for voters.

P.S. You have been able to get reasonable rates much above that if you were will to tie your money up for a number of years. George Osborne introduced something called pensioner bonds which yielded somewhere in the region of 4%. Now all those have dried up and you are lucky to get 1.10% from some banks.
 
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Good Brexit news keeps on coming..
"The number of people in the UK securing a permanent job has fallen for two months in a row, according to a survey.
The Report on Jobs, produced monthly by IHS Markit, collects data from 400 UK recruitment and employment firms.
Its data suggests permanent placements in July fell at the sharpest rate since May 2009, with participants citing uncertainty caused by Brexit.
The results also indicated that some clients of recruitment firms had shifted towards using short-term staff."
 
silversurfer said:
Not going bust, closing down to avoid losses from their now empty order book makes sense yea. Going bust implies they had debts accumulated over the last year with no margins on work finished to cover any closing losses.
The vote barely just happened so can hardly be blamed for their poor business practise and lack of profitability.

If they did so badly previously and were borderline viable as a business in this way its hardly to blame from current news
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I used to work in supply chain of construction (well I was FD but the business operated in the supply chain) and can tell your for sure that plenty of construction based businesses are hyper sensitive to changes.
Add in the fact that cashflow is the number one problem for a significant number of small businesses and some of the most unstable businesses you can get are small construction guys.
If they are groundwork firms that can literally be living hand to mouth on work coming in as they will be subcontracted job by job at relatively short notice. They are normally first on site (post surveys) so often very quickly after full planning is granted.
Plenty of businesses trade whilst technically insolvent (large and small), can do for many years its cashflow that kills them, often not even caused by themselves, but for example a contractor or customer going bast can tip them over the edge.
 
Well I see boss of Nissan has said all uk investment on hold until they see what deal we strike with access to the EU market.

He stressed the factory in Sunderland is a European factory and 70% of the cars made there are exported to the EU.

Thats exactly why the Japanese built car factories here to get round the import limit to the EU on cars and the tariffs.

If we done have tariff free full access to the EU, Nissan, Toyota will all just move to the EU.
 
I hope the leavers are not in here much now as the replies are getting pathetic.

It has been a month people !! A downturn and a few stabilisers were expected.

EU EU hold me, hold me tight.

Get a grip. You can start moaning in a few years.
 
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We have not actually done anything, what we have experienced is just the resultant echos of uncertainty the future holds. When things start moving, it will bring more doom and gloom mentality before anything else regardless of it being the better choice or not.

Stop getting wound up sityeuropa, which members are you telling to get a grip?
 
#Chri5# said:
Interest rates for savers have been dismal for years, so why are they only worrying about it now? The base rate has been 0.5% for what, 7 years, until this week. Voting stay or leave was going to improve things overnight in either direction, so they must have been doing as ostrich impression for some time.
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However savings rates have been on a steady decline, they didnt immediately crash after the base rate drop, in fact they went up as liquidity was the issue so lenders were competing for savers money. It was only about 4 years ago I was earning nearly 4% on a cash isa.
That all changed when liquidity was massively injected via funding for lending.
This sent the savings rates into a slow steady decline. New lows were reached again this year.
 
yonderblue said:
It's all going to end well for people in Cornwall, not !! :- http://www.independent.co.uk/news/uk/home-news/brexit-cornwall-issues-plea-for-funding-protection-after-county-overwhelmingly-votes-in-favour-of-a7101311.html

Most of the comments are spot on, This comment is sums it up "'Don't bite the hand that feeds you".
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The government should seriously show some balls on this one and should match spending from the EU but ONLY on places where the majority were in favour of staying. problem is that this is a poison chalice for any government, they will get the blame for anything post Brexit fallout from the majority of the idiots who don't understand cause and effect.
 
We share office space with a recruitment company who are specialists in placing people in shipping/logistics roles.

From overhearing conversations and talking to them, their business has already taken a massive downturn.

I just can't understand their mentality for voting out. They place Brits in to European freight forwarders and Europeans in to British freight forwarders.

They've cut off their nose to spite their face so to speak.

http://www.bbc.co.uk/news/business-36975320
 
Mercenary Keyboard Warrior said:
The government should seriously show some balls on this one and should match spending from the EU but ONLY on places where the majority were in favour of staying. problem is that this is a poison chalice for any government, they will get the blame for anything post Brexit fallout from the majority of the idiots who don't understand cause and effect.
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Does that mean in the future those places shouldn't receive any additional funds if we do well out of Brexit?
 
Why is that?

Those places did well before brexit, it makes sense to keep on funding them so they can continue to do well, especially if they wanted to carry on as normal in the first place.

Why would you punish 'In' vote areas if brexit does well?
 
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