Steve is the Real Deal, should be PM for me,👍Originally Posted by MOZZER2
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Steve is the Real Deal, should be PM for me,👍
Some very recent analysis from Bloomberg Markets UK paints a worrying picture. It's fine saying exports unadjusted for inflation are at record highs for instance until you compare them with performance against our major competitors within and without the EU. The investment trend is equally troubling though that gap can't be solely placed at Brexit's door.
https://www.bloomberg.com/news/artic...breaking-point
What have we done?
UK trade figures drop to worst level on record. Imports leap and exports fall. Caused by leaving the EU Single Market.
https://twitter.com/grahambsi/status...y9CkjkusVeQlYM
Who could have forseen this..
UK trade performance falls to worst level on record in first quarter - https://www.ft.com/content/a31b4b8e-...retype=blocked
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https://www.ft.com/content/a31b4b8e-...retype=blocked
The UK’s trade performance this year fell to its worst level since records began, heaping more pressure on sterling in international currency markets.
The country’s current account deficit was calculated at 8.3 per cent of gross domestic product in the first quarter of 2022, a deterioration from an average of 2.6 per cent across all of 2021.
It was the worst figure on record since quarterly balance of payments data was first published in 1955.
The weak performance of UK exports and a surge in imports highlight the economic effects of Brexit. The figures tally with academic studies that show a decline in exports since 2021, when the UK left the EU single market and new border controls were introduced.
The Office for National Statistics warned that the figures for the first quarter of 2022 were “subject to higher levels of uncertainty than normal”. It added that it had developed a new system based on customs records to increase accuracy.
Even when relatively volatile goods such as gold and other precious metals were excluded, the current account deficit still rose from an average of 2.4 per cent of GDP in 2021 to 7.1 per cent in the first quarter of this year.
The gaping current account deficit largely reflects a record imbalance of imports and exports. However, there were also deficits in investment income and transfers of money between countries.
The ONS said it was investigating a big rise in imports that it had recorded along with foreign direct investment and advised caution on interpreting the quality of the data.
Paul Dales, chief economist at Capital Economics, said the most noteworthy element in the figures was a 4.4 per cent fall in real exports and a 10.4 per cent leap in real imports.
“At the start of this year, the ONS started to measure imports between the UK and the EU in a slightly different way.” This resulted in a “large step change upwards”, he said, adding that the figures were “really hard to interpret”.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said a surge in energy prices was the main cause of the country’s difficulties.
He echoed former Bank of England governor Mark Carney, who warned repeatedly after the Brexit referendum that the value of the pound depended on the “kindness of strangers”.
“The adverse consequences of the UK dependence on external finance that stems from the large current account deficit have been clear over the past month, with sterling depreciating sharply as global investors have collectively shunned risky assets,” said Tombs.
The pound, which was stable in currency markets on Thursday morning, has lost more than 10 per cent of its value against the US dollar over the past year, while remaining broadly stable against the euro.
Did you just breach Copyright and flag up that you did
Did you just breach Copyright and flag up that you did
UK signed a trade deal with New Zealand in 4 months ago the EU’s negotiations took years of talks, how is that progression and helping European citizens..
I see inflation is spiralling in Europe , they can't fill HGV airport jobs they have a fuel crisis , is that because we left the EU ?? , only ask as some are so desperate to hang all issue onto Brexit , where it seems the whole world is in the same boat , they are also seeing the same pressures in the job market ,food shortages , inflationary pressures and fuel prices going up...
Big Brexit beneft :
Germany plunging into debt .
Southern European countries approaching a Greece like recession moment and will want a bale out , sadly the EU or Germany wont be able to service it ...
Are we better out , I hear you shout , even some Labour Remainers are saying the same , or is that just Northern vote grabbing ???????
https://www.statista.com/statistics/...c-product-gdp/
I mean, they're smashing us on basically every single metric.
Look,
LoM read that Germany had its first trade deficit for 30 years. He thinks that means it is plunging into debt.
In the first quarter of this year the UK had the biggest trade deficit since records began. He thinks this is a sign of a robust economy.
Are there any brexiteers on here that still think they were right to vote leave?
Yep.
It's too early for many people to make a fair judgement, methinks. The long term advantages and disadvantages are yet to be played out.
We’ll both be around 110 when we start experiencing the full benefits of Brexit according to Jacob Rees Mogg.
Interesting from Keir Starmer. There's a few things that have prevented from voting Labour in recent national elections, but this would certainly put one of them to bed.
Brexit: No case for UK returning to EU, Labour leader Starmer says
https://www.bbc.co.uk/news/uk-politics-62034754
Just any benefit would be nice. Im massively worse off at the moment. I dont count the blue passports my kids have.
https://www.theguardian.com/politics...ics-brexit-row
British scientists and academic researchers have been dealt a blow after 115 grants from a flagship EU research programme were terminated because of the continuing Brexit row over Northern Ireland.
One academic said he was “relieved” to be exiting the country and feared the UK was going down a “dark path” like Germany in the 1930s.
One hundred and fifty grants were approved for British applicants after the then Brexit minister, David Frost, successfully negotiated associate membership of the £80bn Horizon Europe programme but most will now be cancelled.
You can always rely on the guardian to find someone, anyone, who will compare it to 1930's Germany.
‘What have we done?’: Brexit costing UK £100 billion a year
https://www.thelondoneconomic.com/po...a-year-328442/
I mean this is a disaster, the leader of brexit is about to go for his lying and incompetency and we have a population too stubborn to admit they've been duped.
It's nonsense though. £100bn a year is 5% of our GDP, which is about £2000bn (or £2trillion) a year.
If it is saying that we should be adding 5% more to our GDP each year, then that means our growth would be massively outperforming our peers, which simply doesn't, and has never happened. There is no way our economy would be that much larger per year and we know that by comparing it to other countries still in the EU.
Otto English goes on to say this, which is ridiculous, but then he is utterly ridiculous:
[I]"While Starmer dodges the issue and the UK's economy slumps the country is doing worse in every single way. There's no other way of putting it. Brexit is a self inflicted machine gun wound to the groin. A complete and utter disaster."[I]
I'm really surprised more people on here aren't concerned about this!
Post-Brexit red tape poses threat to cross-Channel pigeon racing
There's nothing more thrilling than seeing hundreds of pigeons being let out of their cages and heading off to France. It's like Dunkirk but more....pigeony. Brings a tear to my eye.
And isn't Farage from Kent? It would be lovely to see those pigeons offloading on him before their flight across the Channel.
oil prices drop eh
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