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pound has dropped so much, arent you guys worried? Watch

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    STOP PRESS !!!!

    Our Plucky Pound is Soaring Away

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    it is now worth €1.11 compared to yesterday's paltry €1.10
    *

    :ymca:*
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    (Original post by the bear)
    STOP PRESS !!!!

    Our Plucky Pound is Soaring Away

    Spoiler:
    Show
    it is now worth €1.11 compared to yesterday's paltry €1.10
    *

    :ymca:*
    And a similar surge against the dollar

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    (Original post by Jammy Duel)
    They got exactly what they voted for

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    And so will Britain
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    (Original post by Jammy Duel)
    And a similar surge against the dollar

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    You mean its flunctuating
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    (Original post by Maker)
    You mean its flunctuating
    That's not what I recall it being called when the same thing happened in reverse, 1 cent down in 15 minutes is the end of Britain, one cent up in 15 is meh

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    (Original post by HucktheForde)
    I have a lot of £ in my bank, could have bought something else that can retain value. Just didn't thought it would be this bad.
    I know it's terrible. People have to face the facts that 'Great' Britain is now a has-been, and we haven't even left the EU yet...
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    Even Marmite is getting too expensive for the British!
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    Waheyy the pound is climbing GO POUND GO!
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    (Original post by azizadil1998)
    Waheyy the pound is climbing GO POUND GO!
    It would not have fallen in the first place if it wasn't for Brexit.
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    It's going to bring inflation. There are already fights going on between major suppliers and the big supermarkets about price increases they are trying to force through.

    Inflation will lead to interest rate rises. For savers, that will be good news, but it is likely to cause major problems elsewhere in the economy, which is still in a fragile state from the 2008 financial crisis even though that was now quite a long time ago. We have massive personal and household debt problems and it has always been likely that Brexit would lead eventually to a wave of home repossessions, a surge in homelessness and bigger unemployment. The UK is basically returning to what it looked like pre-EU, when it suffered from massive inflationary problems and high unemployment levels.
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    Buy gold.
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    (Original post by Fullofsurprises)
    It's going to bring inflation. There are already fights going on between major suppliers and the big supermarkets about price increases they are trying to force through.

    Inflation will lead to interest rate rises. For savers, that will be good news, but it is likely to cause major problems elsewhere in the economy, which is still in a fragile state from the 2008 financial crisis even though that was now quite a long time ago. We have massive personal and household debt problems and it has always been likely that Brexit would lead eventually to a wave of home repossessions, a surge in homelessness and bigger unemployment. The UK is basically returning to what it looked like pre-EU, when it suffered from massive inflationary problems and high unemployment levels.
    Which, ironically enough, plays to the rich. The rich will continue being rich either way as they will have split their wealth like horcruxes. :lol:
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    Tbh in regards to Brexit it is going to just continue to decimate the middle class and parts of the upper class. The poor don't care because they were at rock bottom anyway. It's all rather poetic in how it brings everyone down. As a poor person I can't say Brexit has affected me much, I mean I have a fair amount of savings but that is it really.
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    (Original post by James.Carnell)
    Which, ironically enough, plays to the rich. The rich will continue being rich either way as they will have split their wealth like horcruxes. :lol:
    There is a school of thought that the Tories don't care and even want a situation where there is high inflation, high rates, high unemployment and high repossession rates. After all, they as a party mainly represent the interests a small group of very wealthy and powerful individuals and families for whom such conditions are literally nirvana - their trust funds pay out bigtime, they can purchase property on a massive scale and they are offshored, so have no downside risk in the high taxes that will inevitably result.

    This is essentially why the Leave campaign and people like UKIP and right wing Tory MPs had a lot of backing from hedge fund billionaires.
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    (Original post by zainyyyyy)
    you should've brought bitcoin

    edit - a drop in the value of the pound means imports will cost us more. This means the poor will suffer more + the inequality of wealth will increase. As well as that to my memories didn't Nigel Farage say that voting brexit is for the working class?
    yes bt nw dat all dem muslims r gone wee have the cuntry 2 r selfs and we can easily get jabs.
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    (Original post by Fullofsurprises)
    There is a school of thought that the Tories don't care and even want a situation where there is high inflation, high rates, high unemployment and high repossession rates. After all, they as a party mainly represent the interests a small group of very wealthy and powerful individuals and families for whom such conditions are literally nirvana - their trust funds pay out bigtime, they can purchase property on a massive scale and they are offshored, so have no downside risk in the high taxes that will inevitably result.

    This is essentially why the Leave campaign and people like UKIP and right wing Tory MPs had a lot of backing from hedge fund billionaires.
    And I am an advocate of that school of thought. What happens in recessions and housing market crashes is that the biggest sharks circle and eat things up. The amount of very wealthy will still be there, but there will be a decimation of those considered conventionally rich. So the elite essentially become even more select, but richer and more powerful at the same time. At this rate, it will be a small amount of native British rich people. And a lot of foreign investors who prey around the world for such instances (guys like Li of Cheung Kong Holdings are famous for this sort of exploitation of circumstances).

    If you think about it, who is generally savvy enough to diversify assets and hide wealth away, in the UK? We are talking about the multinational super rich individuals here. Those with two or three passports and friendly foreign banks.
    Most people have not even got £100-200 in savings...
    Those that have savings will likely have other debts like mortgage. Even higher up the ladder among the gentry you get guys that struggle to pay for the upkeep of their big estates ... so essentially they will get decimated also as they have been for years now.

    Re the Tories, they want to keep the whole thing ticking over. They won't cut benefits until it is absolutely necessary as that is the lynchpin to their entire grip on power.
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    No, this is only temporary. The pound will rise back up again in the future.
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    (Original post by TheBorisite)
    No, this is only temporary. The pound will rise back up again in the future.
    Leavers said the Euro would crash after Brexit but it seems to have backfired.
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    (Original post by Maker)
    Foreigners certainly agree with you. How much of your money have you changed into other currencies?
    considering the euro is at its highest against the pound in i dont know how long I'm certainly not complaining
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    Too late to worry now, nothing much we can do anymore but deal with it
 
 
 
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