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Brexit 101
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Brexit 101

  #371 (permalink)
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SMCJB View Post
...They haven't left Europe Union, they haven't even agreed to leave the Union, in fact one of the few things they have agreed is that they won't be leaving the Union in 2016.

So with regards to all the "doom and gloom" I think it's a little early to say. Lets see what the situation is 18 months after they actually leave, rather than 4 weeks after a referendum which so far hasn't changed anything yet.

Heh, that 18-month time period you mention? Seems like it could take a bit longer than that.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/505566...m_the_european_union.pdf

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  #372 (permalink)
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Pound Set to Extend Decline as Investors Anticipate BOE Rate Cut

The pound looks set to extend its decline next week, when traders and economists predict the Bank of England will cut interest rates for the first time in more than seven years.

Sterling, which posted its third consecutive monthly drop against the dollar in July, has weakened versus all of its 31 major peers in the past three months. Britain’s vote in June to leave the European Union, along with recent economic data which underscored the ensuing setback to consumer confidence and business activity, have boosted speculation that the BOE will loosen monetary policy on Aug. 4.

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All but two of the 46 economists in a Bloomberg survey forecast policy makers led by Governor Mark Carney will cut the key interest rate from a record-low 0.5 percent. While the median estimate in a separate survey was for the BOE to maintain its asset-purchase target at 375 billion pounds ($498 billion), the highest forecast of 525 billion pounds underlined the uncertainty over the extent of the BOE’s stimulus measures. The central bank will also release its quarterly Inflation Report.


Full article on Bloomberg

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  #373 (permalink)
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UK interest rates cut to 0.25%


The Bank of England has announced the first change to its benchmark policy rate since 2009, and a raft of further stimulus measures the help mitigate the impact of the UK’s Brexit vote.


Economists and investors reactions from FT

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  #374 (permalink)
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GSK: UK still 'attractive' post Brexit as it invests £275m

This is a couple of weeks old but still interesting



"The pharmaceutical firm, whose chief executive Sir Andrew Witty backed the Remain campaign, said the UK's skilled workforce and competitive tax system helped drive the decision.

It said most of the products made at the expanded sites would be exported.

The firm said it expected its investment to create jobs.

The company has invested £750m in new facilities over the past six years. This latest decision takes the total up to £1bn.

The investment will be spread across three of its UK manufacturing sites: Barnard Castle in County Durham, Montrose in Angus, and Ware in Hertfordshire.

GlaxoSmithKline currently employs 16,000 people in the UK, 6,000 of which are employed in manufacturing.
"


Full article on BBC News

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  #375 (permalink)
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China 'Threat' over Hinkley Point


Quoting 
China has issued its sternest warning yet to the UK that bilateral ties stand at a “crucial historical juncture” over London’s deferral of an £18bn nuclear power project.

Liu Xiaoming, China’s ambassador to the UK, drew a clear link between Beijing’s desire to see an early go-ahead for the controversial Hinkley Point power project and the future of the UK-China relationship.

“Right now, the China-UK relationship is at a crucial historical juncture … I hope the UK will keep its door open to China,” Mr Liu wrote in the Financial Times.

He hoped the British government would “continue to support Hinkley Point — and come to a decision as soon as possible so that the project can proceed smoothly.”

The UK’s move last month to review the landmark deal, under which a Chinese consortium is due to part-finance the power station to be built by France’s EDF, threw into doubt a “golden era” of ties proclaimed during a visit to the UK by Xi Jinping, China’s president, last year.

Any cancellation of the Hinkley deal would be likely to jeopardise other planned Chinese investments in the UK, according to Chinese officials, who declined to be identified. Nearly £40bn in investment deals and contracts were secured for the UK during Mr Xi’s visit.

Noting that over the past five years, Chinese companies have invested more in the UK than in Germany, France and Italy combined, Mr Liu said that trust and respect needed to be “treasured even more” as the UK decides on the Hinkley project.

-James Kynge and Henry Mance FT


Quite an interesting and aggressive stance from the Chinese. I found it odd that they would be so aggressive in pushing a deal that they are simply financing. For me that is a red flag. It could add further delays to the deal if the UK were to re-evaluate the financing and go over the details once again or if T. May felt the need to show strength and pushed back after these comments.

Perhaps they think they can be pushy as we are 'desperate' but we aren't out of the EU yet.

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  #376 (permalink)
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CobblersAwls View Post
Quite an interesting and aggressive stance from the Chinese. I found it odd that they would be so aggressive in pushing a deal that they are simply financing. For me that is a red flag. It could add further delays to the deal if the UK were to re-evaluate the financing and go over the details once again or if T. May felt the need to show strength and pushed back after these comments.

Perhaps they think they can be pushy as we are 'desperate' but we aren't out of the EU yet.

Thanks CobblersAwls - Just trying to understand what's the Brexit angle about this story.

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  #377 (permalink)
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xplorer View Post
Thanks CobblersAwls - Just trying to understand what's the Brexit angle about this story.

The fact that one of the main arguments and tactics of Brexiteers was to establish strong relationships with China and other major global powers, moving away from a reliance on the EU. If we take the comments in this article as close to fact, then it seems the Chinese see these as less of a relationship and more a dictatorship.

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  #378 (permalink)
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Pound Reclaims World’s-Worst Crown as BOE Stimulus Kicks In

"The pound fell for a second week as the Bank of England restarted its stimulus program, leaving the U.K. currency as, once again, the year’s worst performer.

Before the BOE’s revamped bond purchases started on Monday, sterling had conceded the dubious honor of being the biggest loser among 32 major currencies to the Argentine peso as it rallied from its post-Brexit lows. The pound is now back below $1.30 for the first time since July as the easy money policies designed to shield the economy from the decision to quit the European Union take effect."

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Full article on Bloomberg

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  #379 (permalink)
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xplorer View Post
"The pound fell for a second week as the Bank of England restarted its stimulus program, leaving the U.K. currency as, once again, the year’s worst performer.

Before the BOE’s revamped bond purchases started on Monday, sterling had conceded the dubious honor of being the biggest loser among 32 major currencies to the Argentine peso as it rallied from its post-Brexit lows. The pound is now back below $1.30 for the first time since July as the easy money policies designed to shield the economy from the decision to quit the European Union take effect."

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Full article on Bloomberg

At least we beat the Argies!

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  #380 (permalink)
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no edge reading FT


FT groupthink


Quoting 
THURSDAY, AUGUST 11, 2016

Financial Times Editor Exposed (Accidental Public Tweet)
Financial Times editor Lionel Barber thought he was sending out a direct private tweet.

Not so, He accidently sent the tweet out a publicly.

In the tweet, he attached a letter that informed that he had been chosen to be awarded the Légion d’Honneur by French President François Hollande.

There is no doubt, he was awardred this because of his pro-EU, anti-Brexit stance.

This explains why as part of the tweet he included the message:
confidentially because bad publicity in UK right now

source:
EconomicPolicyJournal.com: Financial Times Editor Exposed (Accidental Public Tweet)

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