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Uk Loses Aaa Credit Rating.

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Yay!

Now we have no additional lending capacity and the cost of our servicing debts has gone up.

Surely that is a good use of the £350m, debt service, instead of the NHS?

Who would have ever thought there would be consequences to a Leave vote?

Oh yeah. And five years of austerity right down the drain. Good one lads.

Economists on George Osbourne 'calming' this morning:

“We are more worried — for the UK, though importantly not for the world — than we were in 2008 or any other post-World War Two crisis,” he said. “The scale of all this will start to unfold in coming weeks.”

https://twitter.com/ChrisGiles_/status/747418086031097856/photo/1?ref_src=twsrc%5Etfw

Cl9cs11WEAUH4ed.jpg

https://twitter.com/Peston/status/747491049707290624

This government was totally obsessed with UK retaining its AAA rating after 2008 crash. So it holds EU vote & we lose it in two working days

https://twitter.com/bbcIaurak/status/747506438164062212

BREAKING: Understand Peter Mandelson is being suggested by MPs as a potential candidate to oppose Corbyns in a leadership contest.

And...

Plus a bonus:

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I swore I would not do this, was going to give my brain a rest :) Last time

If the £ does drop say another 10 or 15% and Carney does not raise rates with an aim to curbing inflation in the medium term, then we will learn what his game has been all along, little Mr Ponzi

One trick pony. Did it in Canada. Done it here.

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More like fools pulling them off (and I'm not talking about the Brexiters there).

Whoever was responsible for maintenance over the past ten years was bodging it.

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Mark Carney raises IRs tomorrow morning at 7AM by 5% to protect the Pounds. His head then explodes as he realises that he has betrayed EAs and BTLers everywhere.

That made me laugh, and very very very few things I read on the internet make me laugh.

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Yay!

Now we have no additional lending capacity and the cost of our servicing debts has gone up.

Surely that is a good use of the £350m, debt service, instead of the NHS?

Who would have ever thought there would be consequences to a Leave vote?

Oh yeah. And five years of austerity right down the drain. Good one lads.

Economists on George Osbourne 'calming' this morning:

You know what, your right, we'd all be much better off if we had just continued kicking the can down, knuckling down and accepting our place as serfs polishing the boots of our rentier masters and watching house prices get ever more out of reach. I dont know what we were thinking TBH.

Edited by goldbug9999

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You know what, your right, we'd all be much better off if we had just continued kicking the can down, knuckling down and accepting our place as serfs polishing the boots of our rentier masters and watching house prices get ever more out of reach. I dont know what we were thinking TBH.

Of course. If it comes home to roost on someone else's shoulders in the future then we won't be there to see it and it'll all be their fault, no downside!

Most crises we face these days are a result of people doing precisely that in the past.

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Mark Carney raises IRs tomorrow morning at 7AM by 5% to protect the Pounds. His head then explodes as he realises that he has betrayed EAs and BTLers everywhere.

...he has to cut back on BTlers to conform with BASEL111.....this would be just another nail ...... :rolleyes:

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Standard & Poors have followed suit now.

In reality does this have any discernible effect down at high street lending level? Mortgage availability etc.

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As a leave voter I was under no illusions that our almighty overlords were going to let us get away with this without dishing out some punishment.

Of course they`ll try and beat us into submission.

F@ck em

I`ve been sharpening my pitchfork

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FTSE up 2%, pound up 1 cent. Is it because Article 50 is the new can that will be kicked down the road? Will there be Carney-esque comments on Article 50 every 3 months by the UK gov? "We see no need to trigger Article 50 in the coming months, but we remain vigilant and the country must be prepared for Article 50. We will comment again in 3 months' time."

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FTSE up 2%, pound up 1 cent. Is it because Article 50 is the new can that will be kicked down the road? Will there be Carney-esque comments on Article 50 every 3 months by the UK gov? "We see no need to trigger Article 50 in the coming months, but we remain vigilant and the country must be prepared for Article 50. We will comment again in 3 months' time."

An Article 50 fan chart would be a thing of reverential beauty.

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FTSE up 2%, pound up 1 cent. Is it because Article 50 is the new can that will be kicked down the road? Will there be Carney-esque comments on Article 50 every 3 months by the UK gov? "We see no need to trigger Article 50 in the coming months, but we remain vigilant and the country must be prepared for Article 50. We will comment again in 3 months' time."

In the short-term , stocks like inflation. It makes debt cheaper and allows companies to borrow for capex. The pound got hammered, inflation expected , stocks now responding. Longer term inflation causes mal-investment, misallocation and rot.The weak pound is going to hammer foreign debt servicing and given our trade deficits and total debt(the highest in the developed world), much of which will be dollar denominated, that will harm our long term prospects.

Brexit was an own goal. It was a vote against economic scale, which banks don't like and they got decimated yesterday. Manufacturing exporters don't like it either. You get better input pricing when you can negotiate in scale, and you also get better trade deals when you can export in scale. Renegotiation of trade deals could take many years. The EU is a political monstrosity but a very good economic idea. A very rich trade bloc, the richest in the world, with huge economies of scale. With a sound currency that did not require a tax base for support, it would be even better.

Britain voted for political independence and that's fine, but it will come at a huge economic cost IMO. There may be no solutions left in this debt sodden world of central bank rigging, but for sure, economic isolation is the worst outcome.

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In the short-term , stocks like inflation. It makes debt cheaper and allows companies to borrow for capex. The pound got hammered, inflation expected , stocks now responding. Longer term inflation causes mal-investment, misallocation and rot.The weak pound is going to hammer foreign debt servicing and given our trade deficits and total debt(the highest in the developed world), much of which will be dollar denominated, that will harm our long term prospects.

Brexit was an own goal. It was a vote against economic scale, which banks don't like and they got decimated yesterday. Manufacturing exporters don't like it either. You get better input pricing when you can negotiate in scale, and you also get better trade deals when you can export in scale. Renegotiation of trade deals could take many years. The EU is a political monstrosity but a very good economic idea. A very rich trade bloc, the richest in the world, with huge economies of scale. With a sound currency that did not require a tax base for support, it would be even better.

Britain voted for political independence and that's fine, but it will come at a huge economic cost IMO. There may be no solutions left in this debt sodden world of central bank rigging, but for sure, economic isolation is the worst outcome.

++++1

Its a tragedy of our own making.

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  • The Prime Minister stated that there were three Brexit options available to the UK:   97 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


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