The £

Just over ten years ago (under a Labour government), the pound was worth even less against the Euro than it is now. Funny, I don't remember the outpouring of grief then about the horrors of a devalued pound.

Might have had something to do with a global financial crisis.

Gold up 25% in 3 months

Maybe, it's just people like Owen Jones who in his book three years ago ("The demonisation of the working class"), blamed the high value of the pound for the loss of manufacturing in the UK but now spends his time tweeting about the horrors of a devalued pound caused by (non) Brexit.

Mr Eboue 08 Aug 19 15:39 Joined: 15 Sep 09 | Topic/replies: 26,465 | Blogger: Mr Eboue's blog
Might have had something to do with a global financial crisis.

Correct, and this devaluation is to do with uncertainty surrounding Brexit. Once that uncertainty is resolved (whichever way), then the pound will recover.

Post Brexit, I fully expect the pound to recover and within 5-10 years be at an all time high against the Euro.

if you listened to the MSM; it's 1348 all over again

Might have something to with anyways been artificially over valued so meet the needs of those tax dodgers that love expensive German cars

bit late to buy coal!

And gold

Harold Wilson.

''From now on, the pound abroad is worth 14 per cent or so less in terms of other currencies. That doesn't mean of course, that the Pound here in Britain, in your pocket or purse or in your bank, has been devalued.''

    Broadcast (19 November 1967), following the devaluation of the Pound Sterling. Usually remembered as "the Pound in your pocket".

Okay Harold,(God rest his soul) if that's good enough for you its good enough for me.

something is coming and its not going to be pretty,bloomberg said there is $15 trillion in negative interest bonds and somebody else said investors have worked out were to invest money so they lose less,how can that be good

Brexit has cost me nearly a third of my money to a tin pot economy...where is it going from here..I could have ridden a year or 2 but this is outrageous

it hasnt started yet,the central banks have no idea how to normalize things,there only idea seems to be create more money and that has never ended well

Invest in real tangible  stocks not currency fluctuations, you basically serve no positive purpose

I'm not into financial plop at all just buying a property abroad...every week the mortgage goes up coz we don't know what we are doing

Should have paid cash black shuck, you'd be laughing now.

THE LEOPARD is a very clever man.Anyone want a real scare read "hyperinflation in Zimbabwe "could Britain have a carbon copy?
don't read it if you want to sleep tonight.

There’s a lot of Africans in Britain ( some in Parliament ) , so anythings possible

Why not sell it now or in a few years time and make a large profit ?

I have got 36 euros in my draw from a holiday lasy year.
at the current rate of demise for the £ I will soon be able to buy te whole of Liverpool.

The  £ is worth 33% less than it was before this debacle  in anyone's books that's ridiculous and we've still got more to come

But you will sell the house sometime and make that back , and more ?

you should have known that currency rates are like interest rates in that they can go up and down,going to be much worse when your property halves in value

very good investment , imo

Of course Gaza is correct in that we don’t know what will happen to house prices
nevertheless that’s always the case so you can’t very well blame Brexit if your house in Europe loses value

It would be more worrying if the euro was losing value , who knows what the value of your house might end up at

It’s certainly a possibility that the euro will go into decline or even crash after Britain leaves

I don't want to sell the house  i want to retire there with hopefully no mortgage

Oh I see I thought you were a Brexiteer and worried about that , well that’s life , you can hardly blame Brexit if you’re leaving the country now can you ?

Any political views are immaterial the £ isn't doing well at the moment is it .I like to read the comments on what people think will happen in the future ..surely I'm not tied to a country am I lfc? If so I must be  the first

Of course you’re not tied to the country black shuck , I intend to get out of Britain myself at some point
I wish you all the best also ,
But the exchange rate in reality doesn’t affect you simply because you are buying a house in Europe , therefore the value of that house is in euros

because the value of the house is in euros *

GDP figures for Q2 just announced: the UK economy contracted by 0.2%, the first quarter of negative growth since 2012.

its not in Europe  lfc.sorry i thought you were saying I was hypocritical moaning about the £ and hoping to leave..i am just angry at how long this has gone on with no real evidence of anything changing in the near future and the change in the value of the £ in the last 2 months is shocking...all being well I hope to ride it out ok

It doesn’t matter where your house is the same applies

in the near term if we leave with no deal it will get worse for you,if we go with a deal it will be better for you,currency wise

not really....im earning in £s and buying in another currency

yeah I am expecting it to get worse....just how much though?

People need to be careful commenting on markets, they don't telegraph which way they're going. If they did no one could make any money because they'd be too predictable.

Despite all the gloom about the pound, it's no lower now than it was in early 2017.
And why did it go from $1.20 in Jan 2017 up to $1.42 in April 2018, only to fall back, then start rising in the run up to the Brexit date when you'd expect it to go the other way after listening to all the predictions?
Then when May called it off and got an extension it started to fall again.

Much the same story against the Euro.
Look at the chart to see the true picture, we'd have probably got to $1.20, Brexit or no Brexit.

You’re buying ( just as an example) euros
The house is valued in euros

You can’t be losing money if the value of the euro is rising

yeah but that's pretty irrelevant if youre not selling...just the cost of buying is rising

dont buy yet,wait till the currency rate changes in your favour

too late for that

no it’s not , if the euro was to fall , and it might then you would be losing money
It’s not falling , that’s the same as putting money in the bank and earning interest

Plus you have a house

well if you have already got a property you must have taken into account rising interest and currency rates or are you young and dont realise they do go up and down

no I am old …... the £ has dropped ..surely I am not the only person affected to some degree by it..i just fancied a rant when I saw how much it is devaluing and for what??? obviously its Brexit mainly...I took an interest in Brexit to begin with but now......

very selfish :(

Don’t worry black shuck , things are going very well just now , the euro is doing well and you are buying a house in Europe ( or wherever )
Alls good

1.44 in 2015.
1.24 a year later and before the ref.

If you'd bought then, what would you be blaming on the fall of the pound?

The British pound is a very old and valued currency , that I presume will continue to be pretty much the case for the next 100 years at least
I don’t see how that changes too much

nothing is good in europe,negative interest rates and QE and now looks like the rest of the world is trying to catch them up,whatever can go wrong

Yes all will be well as long as we don't do a venezuala or Zimbabwe..

It’s a beautiful thing to have a house abroad , and maybe one in England also ?
well done black shuck

Market traders are the last people to tell the public the reason for the moves.

''Let them believe anything they choose to believe'' is the market motto.

''How can we make any money if everybody knows what's going on'' is another.

we are heading more towards what zimbabwe and venezuala did rather than the other way,who really can be buying negative rate bonds unless it central banks basically printing money and buying them themselves

No home over here..just the dream of a quiet retirement..people must notice how bad the £ has got when they holiday..30 odd % is a lot..

don’t blame you for leaving , will do the same myself come the time

If the pound had been on equal terms to the euro I would have voted to remain in the EU but because we were always at a distinct disadvantage I voted to leave

Maybe keep my house in Eastbourne , that’s as beautiful in it’s way as anywhere in the world

England is definitely one of the best places to live as long as you have a few Bob.. I just don't like car parks for roads and over crowding

come back if I need nhs treatment lol
If foreigners can do so   , so can I

If you survive the waiting list

Good point most people don't know just how far behind the rest of Europe the NHS is,the NHS free at the point of abuse

The grass is always greener.

"Get all your money out of the UK"  © unitedbiscuits 2016

The average British family is - because of the Brexit vote - already £50,000 poorer on a world-wide scale.

yer put it in the euro the euro thats worth 87p

Thanks for the masterclass, macarony.

"Get all your money out of the UK"  © unitedbiscuits 2016

Jacob Rees-Mogg took your advice

your welcome UB any time

He sure did A_T , and now he's in Govt.

You know who supports and sponsors Rees-Mogg? Peter Hargreaves and Crispen Odey.
Both are shorting you.

''1.44 in 2015.
1.24 a year later and before the ref.''

Too late UB, should have got your money out of the UK in 2015 well before the referendum.
Although it's never too late to take advantage of a trend.

You don't seem much good at predicting the rises either.

Pound against the Dollar after the ref. in Jan 2017 - 1.20.
Pound against the Dollar April 2018  1.43.

A 19% rise there, how can the pound rise 19% with Brexit such a factor?

the dollar fell against every major currency during that period

Well A_T if you can't compare the Pound to the Dollar then what can you compare it to?
The Dollar is the World's standard unit of currency.

Okay try the pound against the Euro.

Dec 2017 1.08
March 2019 1.17.
That's a gain of over 8%
How could the pound rise against the Euro and the Dollar at the same time if Brexit is making the pound weaker?

Most respondents on this thread have been on betfair long enough to familiarise themselves with graphs.

It is not for Dr Crippen to pick a point on a graph and start counting from there; it is for him, as a Leave supporter, to sink to his knees and humbly apologise for making your family poorer in the world.

I've bought some Zimbabwe dollars as a hedge

I've shown many times here how Quantitative Easing devalued the Pound since it was implemented. And explained in detail, so that even a woodenhead like UB might understand.
For what else was QE implemented to do?

Yet UB stubbornly refuses to acknowledge the effect of QE on the Pound, when it's been falling since 2015.
Which shows how far he's out of his depth.

Remember when he said he hoped for the very worst outcome for the UK over leaving?

That explains a lot about UB and his anti-Brexit stance.

I still want to know where all the money has come from to pay for all these immigrants .when we've been told for the last 30years at least that there's no money for public service increases and the countries upto its neck in debt

I still want to know where all the money has come from to pay for all these immigrants .when we've been told for the last 30years at least that there's no money for public service increases and the countries upto its neck in debt

When a country is in debt, one thing it can do is devalue its currency.
Firstly it reduces debt in real terms.
Secondly it stimulates exports.
Which is why our government started QE - usually called printing money.

That's why the pound has gone down since 2015, if QE hadn't done the trick, they'd simply do it until it did.

The value of £ any given day depends almost entirely on Brexit.

It goes up when the Brexit-headbangers are quiet.

But that never lasts long, a brexit-screamer opens his mouth and sterling falls.


The EU have been using QE too, that has been a common factor since the referendum while £ has declined 17%; making your family poorer and blowing Dr Crippen's bogus dummy out of the water.

The value of £ any given day depends almost entirely on Brexit.

So why is the pound higher against the Dollar this week than it was at the end of last week?

Even more so against the Euro.

The Pound goes up and the Pound comes down.

UB pops up when it's falling and spouts his anti-Brexit tripe.

But disapears when it's rising.
Until it starts to fall, and then he's off again.

Check it out, he's been doing the same ever since the Pound bottomed a few years ago.

Of course it goes up and down daily but the trend is one way.

In twenty years the £ has lost around 30% (!!!) against the "failing Euro" (that's our tabloid-speak). The euro is the world's second most important currency and when launched one pound was worth about 1.48 euro (or something like that) its now in and around 1.07.  Despite the problems with Greece

It clear its sterling that is "failing", not the euro. We should have joined it which would have strengthened both us and the euro - if we had joined there is an argument the euro would now be the world's leading reserve currency.

If Brexit has a silver lining it will be that when England re-joins the EU in about 10-15 years time it will adopt the euro - which will be handy as that will be the currency used in Scotland and N.Ireland anyway

When the euro was worth  60p against the pound our producers and manufactures add no chance and many either went bankrupt or moved production out of the UK.
The UK is isolated in believing that an over expensive currency is good for the economy.
The rest of the world take a different view, so unless they wrong and we are right? Then a pound that we can trade with on equal terms is essential

I said earlier if QE hadn't weakened the Pound then we would have implemented more QE until it did weaken sufficiently.

You can blame a weakening Pound on anything you find convenient to blame it on, but when the government sets out with very good reasons to weaken the Pound like they did with QE,
well that's good enough for me.

To propose any other reason is simply politics or failure to look at the facts.

Of course it goes up and down daily but the trend is one way.

The Pound is no lower now than it was nearly three years ago.

So the trend for almost three years is sideways.

I am looking at the 1-minute chart and everytime you make a post Crippen, the pound goes down.

I am still trying to work out what that means though but I have a trend and i'm trying to find a way to pin it on the malaysian plane crash.

qe has happened all around the world, i looked at the dates qe happened in the uk and even allowing for lags it doesnt explain the movements in sterling at all. i think i found a grand total of one paper making the claim it did and that was from one of qe's proponents.

To propose any other reason is simply politics or failure to look at the facts.

Crippen is having a nightmare here.

UK and EU both have QE, therefore QE cannot be the reason for the relative decline of sterling vs EUR

QE..D Dr.

Depends on how much QE you intend doing, and how much you want to weaken your currency.

UB is dreaming as usual.

He writes what he wants people to believe, because he's never recovered from losing the referendum vote.

274 anti-Brexit threads on Politics is proof of that.

Brexit has driven him round the bend.

Dr Crippen,if the UK treasuary was so confident in the £ why did they buy so many Euros since brexit was announced?

Ok,i'll answer it for you,your politicians view the euro as being a "success" after brexit,you really cannot make this up

Dr Crippen    14 Aug 19 15:47 
Of course it goes up and down daily but the trend is one way.

The Pound is no lower now than it was nearly three years ago.

So the trend for almost three years is sideways.
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This is just plain wrong - sideways my ar3e. Look it up yourself, least you can do.  Highest was 90, was down at 79 in 2016.

There are advantages / disadvantages for a weaker currency (but predominantly disadvantages for an open economy like UK). But don't come on here, or any forum and say sterling has performed well against the euro since its inception - because it hasn't. You lose credibility. This is not a pro- or anti- Brexit point.

In fact over the period of euro's inception the pound has taking a kicking against it historically. Its just a fact. The perception in this country thanks to our deluded press is that the euro is "failing" is laughable. The tragedy is people believe it - and it actually costs them a lot of money but they dont see it.

Ten years ago the £ was even weaker against the Euro than it is today (under 1.05 Eur/£). So you could say that it has gone sideways for the last ten years – long before Brexit was a gleam in “call me Dave”’s eye………

[   This image is no longer available.   ]

The £ weakness is due to Brexit uncertainty not Brexit itself. Once Brexit has been resolved, (whatever happens) the £ will strengthen again.

Thank you Gin - a picture's worth a thousand words.

Or in the case of unitedbiscuits - 274 threads on the Politics forum.