The Pound is going down the Toilet

[pErvinalia]

Yeah, but at least there will be less Pakis...

[Svartalf]

May will do her best to cushion it... now I don't know how many cushions WE will give her.

[Scot Dutchy]

Remember it is only over when the fat lady sings.

Article 50 process on Brexit faces legal challenge to ensure parliamentary involvement

[mistermack]

The UK doesn't have a constitution.

And parliament voted by a huge majority to hold a referendum asking whether the country should stay or leave. It is explicitly obvious to every MP who voted, that to leave, you have to invoke article 50. So by approving the referendum, they approved invoking article 50.

This rubbish doesn't stand a chance of success. It's just a bunch of publicity-seeking lawyers.

[Brian Peacock]

I agree. The UK constitution basically amounts to whatever the executive decides it is this week.

[Scot Dutchy]

The UK doesn't have a constitution.

And parliament voted by a huge majority to hold a referendum asking whether the country should stay or leave. It is explicitly obvious to every MP who voted, that to leave, you have to invoke article 50. So by approving the referendum, they approved invoking article 50.

This rubbish doesn't stand a chance of success. It's just a bunch of publicity-seeking lawyers.

Where did it say that in the motion to move for the referendum. Article 50 was never mentioned because nobody thought about the outcome of the referendum. It is a new process that has to be approved by Parliament.

[Scot Dutchy]

Tourist rates £1:€1.06
Bank rates £1:€1.083

[Scot Dutchy]

Well it has a slight recovery but the future is bleak.

Pound-Euro exchange rate: Sterling recovers slightly but analysts see more pain ahead

Economists at UniCredit have said that the 'upward trend' in the euro’s value against the pound 'is showing no signs of slowing down'

I wonder if this is what MM wanted?

[Brian Peacock]

The pound isn't going down - it just buys less.

[Hermit]

The pound isn't going down - it just buys less.

Less imported stuff. Locally manufactured gods will become more attractive, which is good for local employment. I'm not sure if that is of net benefit, though. Inflation may eat up whatever benefit there is for the plebs.

[Rum]

[Hermit]

From 1st January this year, the Euro has risen from $1.04 to $1.18
In the same period, the pound has gone from $1.23 to $1.28

Yeah. Right. We were talking about different dates earlier. Like the day of the Brexit referendum. So now you decide to bring up a new date. First of January this year.

No god pointing out then that the British pound has not fallen since Brexit, but that all other currencies have gone up?

[Scot Dutchy]

Well the second quarter is not looking good either:

UK economy grew at half the rate of the eurozone’s in second quarter of 2017

[mistermack]

Ha ha.

Merkel's million muslims will help Europe to grow.

No downside to that.

None at all.

[Jason]

The pound isn't going down - it just buys less.

Less imported stuff. Locally manufactured gods will become more attractive, which is good for local employment. I'm not sure if that is of net benefit, though. Inflation may eat up whatever benefit there is for the plebs.

This is true. Your labour will be cheaper vs international markets making doing business in the UK more attractive, and your exports will be cheaper giving an edge to your manufacturing sector.