The strength of our economy is based on our financial services ability to do business in Europe under a scheme it will likely lose access to, whilst meanwhile planned spending and investment is being pulled all over the place. The reason people are, quite rightly, panicking is because we literally don't have anything in our fundamental economy which can plug that kind of hole.
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The UK votes to leave the European Union
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The strength of our economy is based on our financial services ability to do business in Europe under a scheme it will likely lose access to, whilst meanwhile planned spending and investment is being pulled all over the place. The reason people are, quite rightly, panicking is because we literally don't have anything in our fundamental economy which can plug that kind of hole.
Ravensmash
Member
Seen a few people on the ol' social media claiming that the pound falling is good (!) because it'll make us attractive to countries looking to buy cheap.
I guess the flaw in that argument is that we don't export nearly as much as we import, meaning that there'd need to be a radical shake up - right?
I guess the flaw in that argument is that we don't export nearly as much as we import, meaning that there'd need to be a radical shake up - right?
ferrasvansen
Member
Even when triggered its at least another two years of instability.
I don't think that the referendum results being ignored would be an unpopular decision now that people can actually see the ugly results of a leave win. I'd wager that if the referendum was held today, Remain would win. The idea that in a democratic republic such a potentially destabilizing decision was ultimately made by a simple majority spanning 4 countries is really dumb. As a result, nobody seems eager to be the one to hit the article 50 button, including Bojo.
Friday losses were bigger than the 2008 crash in terms of a single day worldwide fall. But we're better prepared because this time we have more in the bank in layman terms, and we've stress tested the markets to much much worse.
PJV3
Member
The UK has out everything at risk, I don't think we will fully recover again. After 2008 it's got to be the final nail for the countries reputation.
The clown show going on now just confirms it.
Rudimental
Member
D
Deleted member 231381
Unconfirmed Member
Sure, but investment is a critical component of GDP. If people reduce investment for the next two and a bit years, that implies GDP will be down for those two and a bit years. That's pretty dreadful.
Daffy Duck
Member
You would think Leavers would prefer we went about this in a way that prioritises the UK getting a good a deal as possible, rather than as fast as possible, regardless of what was promised.
Then again, this is the same group of people who just voted to shoot themselves in the head, so who knows what they're thinking.
RedSparrows
Member
Yeah. What we do sell best is what we've just thrown into utter uncertainty.
Yeah but atleast you don't have 3+ more months added to the 2 years
I know you guys have been looking at charts all weekend and are really in the middle of it so it seems worse than it actually is, but I honestly believe that this isn't going to be as catastrophic as you all think.
Once we're through this week we should be in a better place. Let's try not to talk ourselves into a recession too much!
Once we're through this week we should be in a better place. Let's try not to talk ourselves into a recession too much!
Yeah, I am not having a good feeling about this at all at this point.
Also, isn't it better to just get on with it and invoke article 50 already? This "delaying the inevitable" seems like it would also delay any chance at restructuring and solving the shitload of massive problems this thing has spawned. Playing the waiting game seems like the wrong thing to do now, as more and more companies are likely to pick a different trade haven as long as they don't see any plans. Or am I missing something?
Also, isn't it better to just get on with it and invoke article 50 already? This "delaying the inevitable" seems like it would also delay any chance at restructuring and solving the shitload of massive problems this thing has spawned. Playing the waiting game seems like the wrong thing to do now, as more and more companies are likely to pick a different trade haven as long as they don't see any plans. Or am I missing something?
Honey Bunny
Member
Doesn't have to be a flat change. Technically it can result in importing cheaper products and exporting more expensive ones.
Cameron making his statement. For our international friends http://news.sky.com/watch-live
nature boy
Member
Cameron speaking.
There seems to be a growing legal opinion that the PM can't even activate Article 50 without passing it through the house. At the rate the economy is going under I think that is looking more difficult by the day. Again, I think that is exactly what Cameron was aiming for with this resignation.
Losses on Friday were a correction on market expectations of a Remain win.
Again, don't think I'm in the Brexit club, I think it was a mistake to leave, but I don't think the fundamentals are as bad as people say.
I seem to recall that we were also told that remaining positive would stave off the harmful effects of austerity cuts too. How's that working out?
PJV3
Member
We have nothing set up to deal with it.
MatrixMan.EXE
Member
Damn.
RedSparrows
Member
Unfortunately it feels like that's the way it's going. Such a weird world.
Daffy Duck
Member
Anywhere to listen?
I don't think we're in the worst case scenario either. And where I live has been the worst hit in the whole country.
Blackthorn
"hello?" "this is vagina"
anonymous_abc
Member
Well no, if they are worried about this golden once in a lifetime opportunity disappearing [because of conspiracy reasons] they would want to push the no way back button asap.
RedSparrows
Member
Daffy Duck
Member
BossDarkseid
Member
"We're well placed to challenges ahead"
Really?
Why does no one have a fucking plan?
oh well
Really?
Why does no one have a fucking plan?
oh well
Palculator
Unconfirmed Member
What did Cameron say?
I personally think we can recover, sure. But we're going to have to wade through a minimum of five years of shit to do it and even then, it's if we can do it.
D
Deleted member 231381
Unconfirmed Member
Cameron essentially saying "things are going to be shit, but we can take it".
Oh goodie.
Oh goodie.
dealer-
Member
Everything is fine and dandy.
I doubt we see any semblance of a recovery until investors have an idea of what the future UK/EU deal might be. Uncertainty is the biggest issue here, which doesn't even touch the effects of what a future UK/EU deal holds and how that changes how the UK currently does business. That is a whole other can of worms that isn't even open yet.
I'm not expecting a 2008 crash yet, but I don't understand all the people here in the US who thinks this is a big non issue that people are overreacting to. My dad thinks this is a bunch of nonsense and within a couple weeks things will be fine because the UK has their sovernity snd the authority to make policy at home vs in Brussels. Whatever I guess :/
Dorsal Axe
Member
"It's the next guy's problem."
30yearsofhurt
Member
I think I can categorically say that although I have very little idea about what is going on, I still have more idea than 99% of the tory government who are paid to know more than a half educated nonce such as myself.
The UK is a hot mess right now. And not one of those good white ones either.
The UK is a hot mess right now. And not one of those good white ones either.
BossDarkseid
Member
Joked a new Labour MP should keep her phone on incase s he's in the Shadow Cabinet by the end of the day
Palculator
Unconfirmed Member
anonymous_abc
Member
Hahahahaaha
Get your own house in order you utter cunt. Everything around you is in the shitter and you're the one mostly to blame you goddamn piece of shit pig fucker.
SuperEpicMan
Banned
He basically said the new MP should keep her phone on as she might find herself a member of the shadow cabinet by the end lol
Bobnob
Member
New mp should keep her phone on ? May get called into sc by end of the day.
BossDarkseid
Member
As much as he's talked about respecting the outcome...he's literally only talked about the Leave's concerns, as far as i can hear.
anonymous_abc
Member
Osbourne doesn't look happy.
Honey Bunny
Member
Osborne looks like a stroppy schoolboy
no this is incomparable to 9/11.
this is comparable to the mortgage crisis in the US where many people made bad deals and bad bets on people who had no business having what was given to them.
For the UK now there is no way that you can recover from having a pretty sweet alliance with over 27 countries( to now having to either pay more for less, and/or making individual deals with various countries in which now you are doing it alone vs being a collective with exponentially way more buying power and leverage.
Let me put it like this, Within the EU you all had under one umbrella the collective buying power of over 395 Million people larger than the entire united states.
Now you only have the buying power of 64 million by yourselves. That is what has been lost and it is extremely arrogant to think that you will have remotely as much success by losing that many people as one massive entity.
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