Sunday, January 6, 2008

Totally out of tune with the Times’ economy cheerleaderes, Merryn is not afraid to speak the truth… 2008 is going to be a doo doo year for the UK

Your pound in a pickle

"Even as our currency was rising against the dollar it was falling against pretty much every other currency. And the UK economy, just like the US economy, is in a pickle." "The commercial property market is in mid-collapse with prices down 9% last year and deals falling apart all over the place, and the residential-property market is close to finding itself in a similar condition – according to estate agent Savills, even prime London prices fell 2% in the last three months of 2007." what a contrast with DavidSmith's prose...stop please stop, my sides are aching...

Posted by confused76 @ 03:33 PM (970 views)
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4 thoughts on “Totally out of tune with the Times’ economy cheerleaderes, Merryn is not afraid to speak the truth… 2008 is going to be a doo doo year for the UK

  • “As rates fall so will sterling, given that it cuts the yields available on investments made in Britain – why hold pounds paying you 4.5% interest when you can get 6.75% in Australia? The outlook for the pound looks all the worse given our current-account deficit (we are importing goods and services worth more than those we are exporting and in effect having to borrow money from other nations to pay the difference). Latest figures for the third quarter showed that the deficit amounted to 5.7% of GDP, the highest since records began, and as deep in the red as America in percentage terms This is not a sustainable situation in the long term and is one that is usually resolved by a currency falling in price. This makes imports more expensive so we buy less of them and exports cheaper so other people buy more of them and so evens things out”.

    I think we all need a pay rise to cover the cost of the inflation….don’t you? Let’s strike!

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  • STRIKE! STRIKE!!

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  • “why hold pounds paying you 4.5% interest when you can get 6.75% in Australia? ”

    Soon to be 7%, my Aussie dollars are doing just nicely thank you.

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  • I have all of my money in Aussie dollars, although it only earns 6% but the exchange rate is getting better by the day.

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