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More of the same really. Another terrible day at the office for the Pound. Teetering around 1.23 (USD) and 1.1050 (EUR) it seems there is simply no let up.
Ex-Governor of the BoE commented yesterday that the fall in the GBP was a good thing. Really? That’s news to me. The simple reason for his comments is the fall in the GBP is likely to send inflation spiralling towards 3% which is what the BoE have been trying to do for years. Basically we have already been warned that petrol prices, food and clothing prices are likely to rise between 10-15% over the coming months as retailers pass on the higher cost of goods (to import) onto the public at large. Best you go and stock up your fridge and but some jerry cans to horde fuel. Welcome to higher prices and even more rip of Britain. What makes me laugh out loud is the so called scaremongering was passed off as hearsay and a storm in a tea cup. I am afraid this was not scaremongering this was fact. The BoE, IMF, FED, ECB and World Bank all came out pre referendum and said a Brexit vote would be catastrophic for the UK. And so it came (coming) to pass. All those people that voted leave are now responsible for what is about to happen in this country. We are slowly but surely becoming a pariah state. I have no doubt in my mind that the EU are going to deal a terrible hand and heavy hand when negotiations actually start. You see you simply can’t beat the EU. They are absolutely right in there comments that if the UK want a hard Brexit – they will get one and then some. After all the EU want to scare other EU states in thinking that leaving the EU is a good thing. No wonder Greece stayed!!
The coming months are going to continue bringing extra strain on the UK economy and what worries me is the hard Brexit will cost the Treasury 10’s of billions of pounds in loss revenue from taxes. What I fail to understand is why Brexit Secretary Davies and the PM are categorically saying that MP’s will have no say in the negotiations are even ratifying the decision to leave the EU. I bet they are worried the vote will turn out quite different to the electorate. For once I totally back Ed Miliband and his call to have MP’s involved. He and his backers are absolutely right.
Wishing you a good day ahead
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