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...I can't see many banks being able to pay out any money and even if they do it will be worthless.......the UK isn't big or strong enough to support the pound.
..., as the UK looks to be losing its export markets:.,,,
Without EU membership the UK looks very much like Argentina.....
....but as a zone its fundamental are strong....
..,,,It took one investor to attack the pound
POSTED 1 HOUR AGO #
And without a single smiley! Thanks for such a brilliantly entertaining start to the day!!! I doubt it will be beaten
Just taking Jamba's own arguments to their logical conclusion.
You can't predict the meltdown of the EU and its financial institutions and expect British banks still to be in a position to fill cash-point machines with currency people will be able to buy anything with.
My own prediction is that the EU and Euro will muddle along as the dollar has done with some parts of the dollar zone doing better than other, some even going bankrupt, but an area representing 2% of GDP going bankrupt isn't going to bring down the whole EU/Euro zone.
The pound on the other hand... .
I hope you guys are spending prudently and have some rainy day savings, they will be needed Brexit or no Brexit
and i believe that most people in the UK don't have any meaningful savings... When the wheels come off the economy it has the potential to go very badly wrong for a huge number of people.
No you are making a series of unsubstantiated claims. Ignore what Jambas says about Greece, we have no financial liabilities towards the EZ, since we are not a member of the EZ. This was/is just a scare story. Any commitment that we may/may not make would be fully collateralised like last time.
The breakup of the EZ will not help us, but it will not create the liquidity crisis that you claim. That is simply a wild exaggeration.
So, THM, you claim that the double hit of Britain no longer getting funds from the European Investment bank and banks losing whatever they have invested in European assets that go under in Jamba's Euro zone apocalypse won't cause a liquidity crisis when British banks aren't prepared for much more minor shocks as the stress tests demonstrate.
Britain might be an island but financially it is highly exposed to other people's issues and problems. Subprime was just a hiccup compared with what Jamba is predicting but look what that did to the liquidity of British banks.
anyone seen the David Davies BRexit committee cross examination, is it as much of a car crash as the comments i have been reading?
No I just understand how bank liquidity works.
Looks like it from the Guardian report
Surprised? DD has a car crash aura about him, you never know when or where, but it's coming, you know it's coming.
anyone seen the David Davies BRexit committee cross examination, is it as much of a car crash as the comments i have been reading?
I'm sure it'll all be fine. He's got Liam Fox to help him. Two towering political heavyweights, who are the very watchword for competence, to guide us through the choppy waters that lie ahead
tj, that was one of the sources, i was just wondering if that was the Guardians bias, or was it really that bad!
Other sources do suggest a car crash, but i was hoping for some semblance of a plan..... and it just being viewer bias.
The Times were chortling away at the utter clown-like incompetence of him, and his general cluelessness as well.
But I'm sure it will all be fine. Its not like we're relying on him for anything of any great importance
Oh... hang on a minute....
Davis looked awful, like he'd been up all night with George Osborne smashing the the coke n hookers
stand out comments ...
MPs- [b]Why havent you done a cost benefit analysis of Hard vs Soft Brexit[/b]?
DD - [b]I dont need numbers on a bit of paper[/b],
MPs- For realz?
DD- No its fine [b]I have an idea of what it will look like[/b] in my head
😯
and the MPs allowed this crap to carry on, by voting the other day!
Should also be pointed out in light of the NI U turn, the manifesto commitment to stay in the single market....
Hammond getting a kicking too I see.
May's huge indyref miscalculation,
Johnson & Fox saying the exact opposite, for reasons neither have the nouse to backup
Davis looking like an OAP who wandered down to the corner shop in his slippers but has now forgotten what he meant to buy...
Now cool calm Hammond flailing helplessly after the Murdoch press put him back in his place.
Kussenberg was the only person in parliament today with their reputation intact, scoring better hits than either party leader at PMQs 😯 .
The EU negotiating team must be wondering if it's all a cunning ruse or whether they'll soon be going toe to toe with a real life Dads Army
Surreal, is this how it felt on the Titanic as the band played played one last waltz?
As far as I am awte the European Investnebt Bank procided ZERO funds for British Banks. Any loans required came from BoE
The EIB provides Investment loans fir debelopment projects to the periphery, ie poorer EU / potential EU member countries
As I posted a while back no loss if they relicated that elsewhere
The EIB provides Investment loans fir debelopment projects to the periphery, ie poorer EU / potential EU member countries
Like the UK?
This is why Cornwall is now screaming out, there as been a lot of money spent in Cornwall, South wales et al.
As for we can redirect the money we sent to Brussels, how many times has that now been spent?
Tax rises or tax rises that is the choice.
jambalaya - Member
As far as I am awte the European Investnebt Bank procided ZERO funds for British Banks. Any loans required came from BoE
Ooohh ahhh Jambaaaaaafact!
Infact
The European Investment Bank (EIB) provided more than £1.25bn to UK renewable energy projects last year, out of total investment of £5.5bn to the country
http://renews.biz/105664/uk-clean-power-banks-eu-benefits/
we got 10 per cent of its loans in 2015.
Our company received EIB loans for UK infrastructure. We're the UK arm of an American company.
Looks like Holland are staying in.
http://www.reuters.com/article/us-netherlands-election-exit-poll-idUSKBN16M2XC
WTF has the EIB got to do with this? Edukator got a bit confused on the previous page and tried to link the activities of a bank that specialises in providing medium to long term investment finance with the short term liquidity needs of retail banks supplying cash thru ATMs. It was just a very confused point and best left ignored.
iolo - Member
Looks like Holland are staying in.http://www.reuters.com/article/us-netherlands-election-exit-poll-idUSKBN16M2XC
really hope so
would be nice for the alt- right not to claim another victory
Kimbers Edukator was implying the EIB had helped out British Banks, I was saying it did not. Really the EIB shouldn't be lendng to UK projects as we have ample finance available in this country already. TBH I think Edukator mixed up EIB with ECB.
Not much news today.
kimbers - Member
iolo - Member
Looks like Holland are staying in.http://www.reuters.com/article/us-netherlands-election-exit-poll-idUSKBN16M2XC
really hope sowould be nice for the alt- right not to claim another victory
It's a sinking EU bureaucratic ship they are sailing in ...
The EIB can provide finance where it wants to.
Why would we not want access to a good source of medium to long term financing for infrastructure projects?
Looks like Holland are staying in.
Greeks will be happy, Dijsselbloem will be gone.
teamhurtmore - Member
The EIB can provide finance where it wants to.Why would we not want access to a good source of medium to long term financing for infrastructure projects?
Where it wants to.
That's a key point, the UK, specifically England, are now exposed as the bunch of whiney racist bitches that they are, and are making noises about not making good on commitments.
Would you finance someone with a track record like that?
No I would finance the UK as it stands not how others might pretend it does. More importantly the EIB thinks the same.
Would you finance someone with a track record like that?
That doesn't really feature in credit analysis, generally more interested in the quality of the cashflows.
Not much news today.
just the chancellor wilting under not really very much pressure, making May (and the UK) look even weaker
and David Davis looking more incompetent than ever before
The Eurosceptics have Hammond in their sights - nor pretty but as I said in the budget thread, he was too quick to be so smug. Comes back to bite you on the backside
and David Davis looking more incompetent than ever before
If you actually watch the session, Davis comes across pretty well.
No, I watched the session: he comes across as a complete clueless incompetent.
Beware the Ides of March. There'll be more knives in backs before long.
mefty - Member
If you actually watch the session, Davis comes across pretty well.
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Some really good news from the Dutch elections too
The leftwing environmentalists of GreenLeft were set to be the big winners of the night, quadrupling their number of MPs to 16,
Yeah the tory administration is a house of cards, one that would collapse quickly if labour were not so bloody pathetic as opposition.
Some really good news from the Dutch elections too
Gains come from the Labour Party who have lost 30 seats .
No, I watched the session: he comes across as a complete clueless incompetent.
Only if you expect him to have concrete answers to the results of a negotiation that hasn't even started yet.
I would have expected him to have done some work on the worst case scenario (WTO)as that is a known set of circumstances.
I would have expected him to have done some work on the worst case scenario (WTO)as that is a known set of circumstances.
Well he has but they are still working on how some of the impacts can be mitigated.
I think it's abundantly clear they are winging it.
Not to be confused with winning it.
So it seems with the Netherlands election remaining centre right, and the pro-greens (encourages immigration) the tide of intelligence and compassion remain.
Except the UK, which it is proven is full of Racists and Far Right nasty people.
How bloody sad.
england bikebouy - not the whole of the UK 😉
More Monboit lies shocker
WTF did he think people voted to leave? WTF does he think we are about to negotiate to retain? WTF.......(repeat)
[i]I think it's abundantly clear they are winging it. [/I]
Yep, got to agree definitely feels like that to me.
But then when faced with something so large that you can't get you head around it this is quite often the only approach, but then I'd have hoped that they'd be employing people who CAN get their head around it...
THM people in Scotland didn't vote to leave.
Davies and the WTO "no plan". IMO these are political games like the EU saying there was no scenario plan for Greece to leave the euro. By saying you have no plan you get less critism than saying you have a plan but refusing to disclose it.
Mefty not sure departure of Dijsselbloem (?)... will make any difference to the Greeks. Trump's election was far more significant with its potential / likely impact on the stance of the IMF. France/Germany just hoping it stays quiet till after their elections.
EU dodged a potential landmine in Holland but Gert was still joint second, a man who wanted to close all mosques and ban the Koran ! The PM was able to see him off by hardening his attitudes. Remember the Dutch where the nation so pissed off with Lisbon Treaty they passed into law that every new treaty or change must be subject to a binding referendum. This is one of the reasons Cameron could not negotiate treaty change as EU knew the Dutch where quite likly to reject anything on principal.
@bikebouy if the EU and individual nations where so confident there wouod be in/out referendums accross Europe. In reality the EU called our decision to hold one a mistake. DEMOCRACY eh ?
Mefty not sure departure of Dijsselbloem (?)
Schadenfreude not hope.
We should be celebrating that Gert did not win! First bit of good news - along with sensible comments from Barnier - in a long time. People need to stand up to misplaced xenophobia and racism. It's a vile and dangerous trend with very unpleasant consequences for all.
Interested to understand what people thins a WTO plan would look like. Pretty hard to plan exactly for a clusterfu@k. We would lose our existing deals and have to negotiate again from scratch. What's there to plan other than a silly amount to do. Resources dedicated to endless discussion that we don't need.
Call it the "folly folder"
Twisting words, jamby. It's not that DD hasn't planned, is that he hasn't assessed the likely damage.
He is a dim man floundering out of his depth. It would be funny if it wasn't so important.
. It's not that DD hasn't planned, is that he hasn't assessed the likely damage.
Or worse ignoring the experts in place to provide him with facts that do not fit the narrative.
We should be celebrating that Gert did not win! First bit of good news
Agreed
Sadly some on here would happily have seen such an unpleasant man win if it meant their bigoted hate of the EU could be furthered.
I'm not sure that DD is dim as such
Old, Confused and self-deluding,
Either way the task is beyond him that was clearly shown yesterday.
Either hes lying to parliament, hasn't bothered thinking about what a hard Brexit might look like or he's just given away or only negotiating hand !
I think most likely it's a case of fingers in ears and la-la-la-I-can't-hear-you. In order to maintain a veneer of deniability later on, however implausible and irresponsible it will be.
The Brexit Secretary David Davis has stunned MPs by admitting the Government has done no economic assessment of the possible effects of crashing out of the EU with "no deal".
From the indy
How they can say that WTO rules would be a good bet and also admit this is breathtaking incompetence
[quote=tjagain ]breathtaking incompetence
You sound surprised. I'm waiting to hear that there is some aspect of Brexit they have thought about in advance and know what they're doing on. Now that would be news.
On the day the Queen signs the Brexit bill (in Norman French)
the Torys are getting a monstering in the press over election fraud , , the budget and brexit incompetence and Geert Wilders is back in the political wildersness- despite the fascists crowing that he was gonna clean up
plus Sturgeon has May by the balls
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chin up lads
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You appear to have odd priorities kimber. The nutty wing of the Tories are out to get Hammond because he's a remainer. Lose him and the situation gets worse.
plus Sturgeon has May by the balls
Are you sure about which one has the balls? 😉
So if the government do a U-turn so as not to upset a million or so people, what about not upsetting the half of the population who are quite content to remain in the EU?
It's ok, for balance, the Express is gloating over The (Dutch) Labour Party's disastrous polling. I guess for their readers (and some here it would seem), the words "Labour Party" are enough. Forget actually reading up on why* they've been monstered by the electorate and how the Dutch Labour Party might differ from ours.
*Amongst others: Austerity** coalition with a centre-right party. 😀 (Sound familiar?). Turning on immigrants in a left populist/nationalist stance. (Sound familiar?) Bet they [the PvdA] are glad they have PR in The Netherlands.
Whatever the result, at least it's a bit of a blow for populism be it left or right wing nut job populism. France next then...
**Yes, I know.
The nutty wing of the Tories are out to get Hammond because he's a remainer.
As it goes I was a fan, his NIC rise wasnt even a bad idea, just badly executed and badly defended by him
Im happy to see the tories slap each other about, it belies the myth that the referendun has put their european divisions to bed.
Put a proper right winger in charge and as they squeeze the poorest watch public support for brexishambles collapse
Ill live with that
Tories remain miles ahead in the polls, despite all the press coverage Brexit passes without amendment
Davies is doing just fine, as I said if he says there is a detailed assesment there will be a creshendo of calls for it to be published. Hammond one of the few Remainers in a senior roll does appear to have shot himself in both feet (although personally I am in favour of these NIC rises)
Remain now find themselves in the same place as Leave during the Referendum. Unable to access official government fescources to make detailed calculations / impact assesments.
Roll on A50. It's beautiful Spring 2017 gift.
The Tories always do themselves in over Europe, now is no different. The main opposition is within the party not outside it. Their only blessing is the fact that Labour are as split on this too. Only the Lib Dems have a reasonably consistent face - and that is to blow a raspberry in the face of the electorate and the democratic process.
Lovely bunch, politicians!!
It's ok, for balance, the Express is gloating over The (Dutch) Labour Party's disastrous polling. I guess for their readers (and some here it would seem), the words "Labour Party" are enough.
Not sure whether that was aimed at my comment, but I agree it is their LibDem moment, but the point I was making was that the Greens good result came at Labour's expense, but Labour's vote has gone in both directions so it would wrong to say that overall there is shift to the left.
Not sure whether that was aimed at my comment
For clarity, no, it wasn't. And, certainly there was no overall shift to the left - PvdA lost to as you say, their LibDem moment but their late shift to "attacking" immigrants is similar to post-Brexit British Labour's chasing of the UKIP vote and hasn't proved to be popular. Wilders PVV coming second is still worrying enough, but it looks likely he'll be kept out of government (for now). He's already said he's not going anywhere or making any significant changes to his stance.
It's difficult to compare & contrast election results in countries with such different electoral practices, let alone extrapolating across borders. All I can see is that The Netherlands wants to swing slightly in either direction around the centre, with a green influence - they've more or less come from nowhere (and the UK Green Party, while welcoming the result, shouldn't take too much hope from it).
I'm not sure that DD is dim as such
Very cheap way to dismiss people that have different views.
Ok, DD didnt do well enough in his A levels, but he saved money, retook them then went to Warwick Uni, London Business School and Harvard. Misguided, true, dim, hardly.
Then spent almost 2 decades in "real" work.
Looks like the Knives are out for Phil. And its nowt to do with his budget. Thats just an excuse. Its the fact that he's the only grown up in the room. The only one on the front bench with the temerity to point out that driving the countries economy off a cliff might not be the best idea anyone's ever had. And as we know, non-believers, as well as experts, have no place in this particular asylum
I'm not sure that DD is dim as such
Very cheap way to dismiss people
absolutely, hes not dim
and he did very well, but his best days are obviously behind him if he really hasnt bothered to investigate the repurcussions of no deal
Dim I said and dim I mean. Davies is so out of touch and so incompetent that its no longer funny
He has made no plans and no assessment of something he says would be good for the country.
and he did very well, but his best days are obviously behind him if he really hasnt bothered to investigate the repurcussions of no deal
But he has, there is a government wide exericse that his department is managing, he just see little value in putting a number on something which would still be based on a lot of assumptions. Listening to his evidence, it soon becomes apparent that the size of his job is frightening - but he is well across his brief.
“And more than that, I think it wouldn’t be fair to the people of [s]Scotland[/s] the UK because they’re being asked to make a crucial decision without all the necessary information - without knowing what the future partnership would be, or what the alternative of [s]an independent Scotland[/s] the UK would look like.”
Listening to his evidence, it soon becomes apparent that the size of his job is frightening
yeah, good job no one would vote for such an insane thing.....
“And more than that, I think it wouldn’t be fair to the people of Scotland the UK because they’re being asked to make a crucial decision without all the necessary information - without knowing what the future partnership would be, or what the alternative of an independent Scotland the UK would look like.”
But the Government did do an analysis at the time of the referendum, it was pretty negative, but still we voted out, so out we go.
Really Mefty?
We were told that we would be staying in the single market but able to stop all those nasty furriners coming here amo0ngst other such stupid stuff
Could you please link to this assessment the government made before the vote? It must have been published somewhewre
https://blogs.spectator.co.uk/2017/03/beware-cult-brexit/
Worth a read, good point about delaying A50 until the Autumn.