jonno
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nil satis nisi optimum
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Post by jonno on Sept 25, 2022 8:39:02 GMT
What do you want Liz to do ? Won't happen, but I'd really like her to call a General Election. Up until Friday, I would have disagreed with you, given our political system blah blah. However this budget takes the government so far from its electoral mandate (whether you agree with it or not), that it really does deserve to be put to the electorate. I do of course appreciate that this does risk the worrying prospect of a Labour government or even worse, a coalition of the mad.
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adrianc
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Post by adrianc on Sept 25, 2022 14:00:15 GMT
"On present trends, the average Slovenian household will be better off than its British counterpart by 2024, and the average Polish family will move ahead before the end of the decade." Slovenia and Poland net beneficiaries of the EU; Britain erstwhile a net contributor. If their average household has overtaken us, why were we net contributors (and still would have been to this day)? They haven't... yet. Slovenia is forecast to in two years, Poland in eight. EU contributions are defined by previous year Gross National Income and VAT takings, along with a couple of minor factors. blog.ons.gov.uk/2019/09/18/how-eu-contributions-are-calculated/european-union.europa.eu/institutions-law-budget/budget/revenue_enEU expenditure isn't calculated based on where money is spent. It's calculated based on what money needs to be spent on to achieve aims. They don't say "We're going to spend money in Poland, not the UK", they say "We're going to spend money on these projects because of these benefits". The fact that Poland's average household wealth is rising so much shows that the projects in Poland have been a success - and as Poland's economy increases, so their contributions will increase, and the expenditure on projects there will decrease. But many of the projects have been in those countries because of their location, much of the time - external borders of the EU, and major regional crossroads. Now Croatia is a member, expenditure may well move, because the external border has moved. The UK isn't an external border, or a regional crossroads. We're an island on the fringes with nobody the other side. Being a net beneficiary, rather than a net recipient should be viewed as a GOOD thing, because it means that the country has a thriving economy and relatively few issues that need that expenditure. Remember, too, that the UK actually got a huge discount on contributions.
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travolta
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Post by travolta on Sept 25, 2022 15:53:38 GMT
Have you actually experienced the lifestyle in of out of town Croatia,Slovenia,Poland, in comparison to say ..Kings Lynn or Ponders End? Unless you have , think again....
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james100
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Post by james100 on Sept 26, 2022 6:46:11 GMT
Well, GBPUSD tanking 2.5% since open and I haven't even finished my coffee yet...
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Post by mostlywrong on Sept 26, 2022 6:59:11 GMT
Well, GBPUSD tanking 2.5% since open and I haven't even finished my coffee yet... I recommend keeping the coffee brewing all day. It will be a long one...
I wonder whether the big US companies will step in to buy up their British competitors?
For example, Pfizer might have another attempt at buying AZN.
Weak sterling, low stock market, strong dollar.
I am struggling to understand why certain REITs were marked down sharply at the end of last week. I hold BBOX and my understanding is that they lease the boxes to major companies for decades on inflation linked leases, and they have fixed a considerable amount of their debt at a low rate for years. And, yet, down it went.
I don't like trading at the opening bell, other than leaving a really low ball offer just in case the market makers are desperate! So, like you, I will top up the tea and watch the fun.
It is, after all, only money...
MW
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Post by Deleted on Sept 26, 2022 10:41:47 GMT
The pound hit 1.035 against the dollar (new historic low), and gilt markets have been poleaxed. www.marketwatch.com/investing/bond/tmbmkgb-10y?countrycode=bx10-Year gilt yield now above 4%, from 0.8% a year ago. The entire yield curve looks similar. Looks like the 'Truss deficit' is going to be rather expensive to fund. Edit: Just seen Friday described as the 'kami-kwasi' budget. That sums it up nicely.
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registerme
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Post by registerme on Sept 26, 2022 10:59:59 GMT
It's not like you needed to be John Maynard Keynes to know what the result would be. I'm a tad disappointed with our new governemtn.
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registerme
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Post by registerme on Sept 26, 2022 11:30:58 GMT
Normal Jonathon Pie warning...
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Sept 26, 2022 11:43:44 GMT
It's not like you needed to be John Maynard Keynes to know what the result would be. I'm a tad disappointed with our new governemt. A tad is a freaking understatement !!! Like many others on here I have a considerable amount of my life savings invested in stock and shares, under Boris love him or hate him my portfolio grew by nearly 30%, under Truss nearly 1/2 of that gain has been wiped already. Like many of you I got nothing in the way of help during Covid, and get the minimum help with electricity bills, and of course we will all be paying for this for years in the form of higher taxes etc.
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Post by bernythedolt on Sept 26, 2022 12:01:53 GMT
Surely it isn't the pound tanking so much as the US dollar rising? The USD has strengthened against every major currency. The Euro has fallen equally badly against USD too. The GBP/EUR remains pretty much where it's been for a long time.
Still, let's bash Britain, why not.
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registerme
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Post by registerme on Sept 26, 2022 12:13:03 GMT
Surely it isn't the pound tanking so much as the US dollar rising? The USD has strengthened against every major currency. The Euro has fallen equally badly against USD too. The GBP/EUR remains pretty much where it's been for a long time. Still, let's bash Britain, why not. Not bashing Britain, bashing the Truss government. They are not synonymous! And you're right about USD, but had the budget been more conventional it would have fallen less against the Euro and whatever other currencies in your basket you care to think about.
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registerme
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Post by registerme on Sept 26, 2022 12:14:11 GMT
A tad is a freaking understatement !!! Yes, I was trying to be both restrained and mature. My actual thoughts are... a touch pithier.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 26, 2022 12:16:03 GMT
Surely it isn't the pound tanking so much as the US dollar rising? The USD has strengthened against every major currency. The Euro has fallen equally badly against USD too. The GBP/EUR remains pretty much where it's been for a long time. Still, let's bash Britain, why not. No, it was definitely the pound tanking as it dropped against most major currencies not just the dollar. That said the Euro also had a mini-tank, presumably off the back of the Italian election result. Both have largely recovered
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Post by bernythedolt on Sept 26, 2022 12:32:47 GMT
GBP/EUR , Sep 26th opening prices...
2019 1.13 2020. 1.09 2021. 1.17 2022 1.12
EDIT: 26th or nearest available date
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registerme
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Post by registerme on Sept 26, 2022 12:38:12 GMT
GBP/EUR , Sep 26th opening prices... 2019 1.13 2020. 1.09 2021. 1.17 2022 1.12 GBP/EUR 26/0 8/22 1.1 857 GBP/EUR 26/0 9/22 1.1 187 EDIT:- FTSE 100 26/0 8/22 7427.30 FTSE 100 26/0 9/22 6977.45 FTSE 250 26/0 8/22 1967.70 FTSE 250 26/0 8/22 17703.13 And to provide some balance / context HSBC European Index Fund Income (C) 26/0 8/22 6. 85 HSBC European Index Fund Income (C) 26/0 9/22 6. 49 Though I'd suggest that continental Europe is more exposed to Russia / Ukraine risk, political risk (Italy), energy risk, and just as exposed as the UK to US interest rate moves.
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