The Pound is going down the Toilet

[JimC]

Apres moi, le deluge!

[DaveDodo007]

Bastard exiteeres. Sadly 'I told you so' won't make any difference whatsoever.

http://www.bbc.co.uk/news/business-36962059

The UK economy is contracting at its fastest rate since the financial crisis, making an interest rate cut "a foregone conclusion", according to financial data company Markit.

The Markit/CIPS purchasing managers' index that showed activity in the UK's dominant services sector saw its sharpest fall in seven years.

It follows falls in both construction and manufacturing in July.

The index fell from 52.3 in June to 47.4 in July, indicating contraction.

The figure confirmed an earlier initial estimate of service sector output.

Taken together with the manufacturing and construction data, Markit said a cut in interest rates by the Bank of England - expected following Thursday's meeting of the Monetary Policy Committee - was a foregone conclusion.

Policymakers are widely expected to reduce rates from the current 0.5% to a new low of 0.25%.

Earlier, economic think-tank the National Institute of Economic and Social Research (NIESR) said the country would go through a "marked economic slowdown" this year and next.

But it stopped short of forecasting a recession, saying the chances of the UK economy suffering a downturn in the next 18 months were 50/50.

It says inflation will also pick up, rising to 3% by the end of next year.

Analysis: Kamal Ahmed, BBC economics editor:

For those hunting for poor economic data since the referendum result, today's purchasing managers' index for the crucial services sector certainly provides significant pickings.

And it builds on pretty poor figures from the construction and manufacturing sectors.

It is now clear from the data that has been published that economic activity slowed markedly in the weeks following the referendum.

Of course, part of that is down to uncertainty about the shape of the economy as the UK negotiates its way out of the European Union.

Markit said incoming new business volumes fell for the first time since the end of 2012.

The pace of contraction was comparatively sharper than that seen for total business activity, and the fastest since March 2009, it added.

Moreover, companies widely reported the outcome of the EU referendum had weighed on new business inflows during the month.

Chris Williamson, Markit's chief economist, said the service sector data taken together with the construction and manufacturing data pointed to the UK economy shrinking by 0.4% in three months to September, a fall not seen since early 2009, when the Bank last cut interest rates.

"The unprecedented month-on-month drop in the all-sector index has undoubtedly increased the chances of the UK sliding into at least a mild recession," he said.

Markit said it was too early to know if the PMIs would stay as weak as they are now, but it said confidence about the year ahead was at its lowest since February 2009 among firms in the services sector, which accounts for nearly 80% of UK economic output.

"A quarter-point cut in interest rates therefore seems to be a foregone conclusion, " Mr Williamson added, "though the extent and nature of other non-standard stimulus measures remains a far greater source of uncertainty."

The reason to vote leave was not an economic one as we would like less Americans murdered on our streets and the stabbing of Australians and Israels. Also not stabbing fellow Brits or killing or trying to kidnap our own military people would be nice.

If the coming economic turmoil is, somehow, all part of the Brexiteers master plan, or at least a price worth paying, then I fear they have fallen to the Apocalyptic wish-fulfilment fantasies of the perpetually depressed. Who in their right mind is eager for oblivion other than those in terminal decline?

Then you underestimate we Brits as we are stronger when our backs are against the wall. A country which considers a cup of tea and a digestive biscuit a luxury can face the apocalypse with a shrug.

[JimC]

Just play endless re-runs of Dad's Army, you'll be right...

[DaveDodo007]

Apres moi, le deluge!

[JimC]

Merde!

[DaveDodo007]

Just play endless re-runs of Dad's Army, you'll be right...

The special snowflake and pussyfied generation can do with a reality check. Don't make me post the beautiful ones 'scientific experiment' again.

[DaveDodo007]

Don't fuck with blondie.

[rainbow]

Then you underestimate we Brits as we are stronger when our backs are against the wall. A country which considers a cup of tea and a digestive biscuit a luxury can face the apocalypse with a shrug.

Yes, I can see that.
The local ladies group will soon be getting down to knitting their own bras, while Dave has acquired an injection moulding machine, so that he can start up DaveDildo PLC.
That is when he works out how to make latex from his rubber plant.

Whooot! Whoot.

[laklak]

New missionary pass through your village, rainbow?

[Brian Peacock]

The reason to vote leave was not an economic one as we would like less Americans murdered on our streets and the stabbing of Australians and Israels. Also not stabbing fellow Brits or killing or trying to kidnap our own military people would be nice.

If the coming economic turmoil is, somehow, all part of the Brexiteers master plan, or at least a price worth paying, then I fear they have fallen to the Apocalyptic wish-fulfilment fantasies of the perpetually depressed. Who in their right mind is eager for oblivion other than those in terminal decline?

Then you underestimate we Brits as we are stronger when our backs are against the wall. A country which considers a cup of tea and a digestive biscuit a luxury can face the apocalypse with a shrug.

Yeah, coz things were so peachy and cushy before the Brexit vote weren't they?

[DaveDodo007]

The reason to vote leave was not an economic one as we would like less Americans murdered on our streets and the stabbing of Australians and Israels. Also not stabbing fellow Brits or killing or trying to kidnap our own military people would be nice.

If the coming economic turmoil is, somehow, all part of the Brexiteers master plan, or at least a price worth paying, then I fear they have fallen to the Apocalyptic wish-fulfilment fantasies of the perpetually depressed. Who in their right mind is eager for oblivion other than those in terminal decline?

Then you underestimate we Brits as we are stronger when our backs are against the wall. A country which considers a cup of tea and a digestive biscuit a luxury can face the apocalypse with a shrug.

Yeah, coz things were so peachy and cushy before the Brexit vote weren't they?

They still are, people need to be challenged or they turn into couch potatoes. Unemployed people have luxuries that medieval kings could only dream about. We have become soft as a nation. The status quo needs to be shaken once in a while to move us out of our complacency.

[DaveDodo007]

Then you underestimate we Brits as we are stronger when our backs are against the wall. A country which considers a cup of tea and a digestive biscuit a luxury can face the apocalypse with a shrug.

Yes, I can see that.
The local ladies group will soon be getting down to knitting their own bras, while Dave has acquired an injection moulding machine, so that he can start up DaveDildo PLC.
That is when he works out how to make latex from his rubber plant.

Whooot! Whoot.

We Brits made the modern world, you would be amazed at what we can achieve once we are challenged. We just need a kick up the arse now and again.

[Brian Peacock]

So Brexit was an exercise in moral correction?

[Scot Dutchy]

So Brexit was an exercise in moral correction?

I have heard it being called a few thing but...

[cronus]