UK - in or out of the EU? Travel Issues?

[OATEK]

Re: UK - in or out of the EU?

Corbyn might be safe because he's only been leader of the opposition for a short time.

Commendable post result speech from David Cameron too, I thought, which is a bit unusual for leaders who have just suffered a loss.

Now a motion of No-confidence in Corbyn.

 

[TomVexille]

Re: UK - in or out of the EU?

CBA has suspended all AUD-GBP trading until Monday morning, effectively stranding any of their Aussie customers in the UK at the moment.

And after the Twitter backlash they have unblocked FX transactions

 

[OATEK]

Re: UK - in or out of the EU?

I was in the UK during some of the campaigning, and am now sitting across the channel taking in the results. I have spoken in detail to our UK relatives in recent times and their disaffection was clear. The north of England and midlands have voted to exit, and the constant erosion of their work, seen as being largely in favour of Germany, has been a constant theme. As an example, the UK who pioneered railways have seen many of their workshops being sidelined and shut down as EU regulations have given an edge to European manufacturers, with the UK government showing no sign of "sovereignty" in bowing to the EU.

Anyone saying they have made a mistake is not only being undemocratic, they are being unrealistic. The people have spoken, and as our leaders from Gough to Kevin have all said, the people are never wrong (in a democracy). No big democratic decisions are made with perfect information, and they are always argued by politicians, but they are final (although the less coherent nature of the UK constitution could allow for a government to legally ignore this result).

Will the UK be better off in 10 years, who knows. It will likely be different. And perhaps the UK will resume the favoured treatment of Commonwealth members (like Australia) that were in large part abandoned after the original EU vote. Should the UK be attacked over a democratic decision, of course not. Will Scotland get another referendum - can they call one their own account? Don't they need a "Section 30" notice from the UK Parliament?

There is a lot to play out over time.

 

[whatmeworry]

Re: UK - in or out of the EU?

Couldn't happen to notice that a number of websites have a message up at present " with are experiencing higher traffic than normal" , such as Qantas Cash and XE. I wonder why ?

Got a cheeky email from QF just after Brexit spruiking QF cash.

I guess the doom and gloom on the financial markets is because the UK will now become like other well known European economic baskets cases that are not in the EU ... like Switzerland and Norway.

Norway has massive amounts of fossil fuels.

The Swiss are good at money laundering.

 

[cove]

Re: UK - in or out of the EU?

The first day after the vote was a beauty. I wonder if the turmoil will go for a week or a month worldwide. Back in the UK there will probably be some pretty big layoffs in banking quite soon. The rest of the economy will need some quick help to stop a recession.

 

[marki]

Re: UK - in or out of the EU?

The first day after the vote was a beauty. I wonder if the turmoil will go for a week or a month worldwide. Back in the UK there will probably be some pretty big layoffs in banking quite soon. The rest of the economy will need some quick help to stop a recession.

She will be right mate, probably better off than with alternatives they had before!

 

[amaroo]

Re: UK - in or out of the EU?

Small section from an update received from the bank this morning.... interesting reading!

• BREXIT; It is done, they’ve left after 43 years, and David Cameron has announced he will step down as Prime Minister
• The Pound is down by almost 10% versus the US dollar, and the FTSE has opened down 7%. Eurozone banking stocks are down by over 20%
• The voting demographics were highly correlated with income, assets and education. It was, in effect, a referendum on opportunity, perceived or otherwise
• We have a 2% allocation to the UK in our diversified portfolios, thus the direct impact of BREXIT is minimal
• The broader impact is mitigated by our defensive positioning across our diversified investment portfolios
• Earlier this year we reduced our European equity exposures, and added materially to our fixed income holdings
• Additionally, we are underweight Australian equities, and underweight Global property (REITs) with our predominantly unhedged international exposures serving us well against the backdrop of a falling AUD
• Overall, we are well positioned to weather the current volatility, and re-emphasise how critical diversification is in achieving that outcome

Looks like lawyers should buy one way tickets to the Old Blighty Lol

 

[Hvr]

Re: UK - in or out of the EU?

Regarding the banking industry the Alex cartoon is quite funny. Here's yesterday's cartoon (before the result was known):

Well worth reading as the Brexit unfolds Alex - Peattie & Taylor

 

[vetrade]

Re: UK - in or out of the EU?

Now a motion of No-confidence in Corbyn.

Good. The UK would be better off without his extreme socialist beliefs.

 

[UP4014]

Re: UK - in or out of the EU?

The first day after the vote was a beauty. I wonder if the turmoil will go for a week or a month worldwide. Back in the UK there will probably be some pretty big layoffs in banking quite soon. The rest of the economy will need some quick help to stop a recession.

I don't think doomsday is coming. Banking will use this as an excuse to lay off people they didn't need to employ anyway.

They don't leave immediately so why would anything change quite soon?

The Uk is a big economy anyway, I would say the panic is unwarranted and breeds on itself helped along by the media looking for the next click bait story.

Matt

 

[RooFlyer]

Re: UK - in or out of the EU?

Small section from an update received from the bank this morning.... interesting reading!

• BREXIT; It is done, they’ve left after 43 years, and David Cameron has announced he will step down as Prime Minister
• The Pound is down by almost 10% versus the US dollar, and the FTSE has opened down 7%. Eurozone banking stocks are down by over 20%
• The voting demographics were highly correlated with income, assets and education. It was, in effect, a referendum on opportunity, perceived or otherwise
• We have a 2% allocation to the UK in our diversified portfolios, thus the direct impact of BREXIT is minimal
• The broader impact is mitigated by our defensive positioning across our diversified investment portfolios
• Earlier this year we reduced our European equity exposures, and added materially to our fixed income holdings
• Additionally, we are underweight Australian equities, and underweight Global property (REITs) with our predominantly unhedged international exposures serving us well against the backdrop of a falling AUD
• Overall, we are well positioned to weather the current volatility, and re-emphasise how critical diversification is in achieving that outcome

View attachment 73804

Looks like lawyers should buy one way tickets to the Old Blighty Lol

What an absurd, self serving bit of tosh that is, amaroo!

* Oh, we are OK, we figured it all out beforehand - no worries. Well, they would say that, wouldn't they?
* That graph; WT? 'Sourced from the Groidian' - tells you all you need to know.
* The rest - just fear mongering, business as usual.

The more I look at the stock market 'volatility' since the result was known, the more I am convinced it was because the stock market / asset allocation geniuses got their prediction wrong. The sell-off wasn't so much because of the referendum result per se, but because the cretins in The City (and their equivalent elsewhere) had to unwind their 'Stay' bets, and when the herd is desperately trying to do the same thing, the result is magnified. D-heads.

The 'Stay' campaign ran the same type of campaign as the republican side did in our referendum. 'To vote for [Leave] means you are ignorant etc.' I see words like xenophobic used in today's commentary; quelle surpise.

I'm expecting a similar campaign and similar 'unexpected' result in a certain up-coming plebiscite in Australia!

And as for the lawyers, can we pick and choose the ones amongst us that we want exported?

 

[RooFlyer]

Re: UK - in or out of the EU?

CBA has suspended all AUD-GBP trading until Monday morning, effectively stranding any of their Aussie customers in the UK at the moment.

Guess whose currency group bet the wrong way on the result and were losing their shirt as the GPB plunged?

 

[vetrade]

Re: UK - in or out of the EU?

Will the UK be better off in 10 years, who knows. It will likely be different. And perhaps the UK will resume the favoured treatment of Commonwealth members (like Australia) that were in large part abandoned after the original EU vote. Should the UK be attacked over a democratic decision, of course not. Will Scotland get another referendum - can they call one their own account? Don't they need a "Section 30" notice from the UK Parliament?

Hard to believe that the UK, as an EU member, has not been able to have trade agreements with Canada and Australia, the two Commonwealth members closest to it ideologically.

 

[cove]

Re: UK - in or out of the EU?

They are looking slightly buggered at the moment with their central bank trying to hold off a full on crash. I hope they can.

 

[drron]

Re: UK - in or out of the EU?

On the other hand central banks around the world have been trying very hard to cheapen their currencies to stimulate their economies.The UK has pulled off a brilliant move.
So are all the others just wrong and getting a lower currency to stimulate your economy is just balderdash?

 

[pauly7]

Re: UK - in or out of the EU?

What a short sighted emotional decision. I'm not sure it should have been decided this way, Cameron's legacy really now is Brexit - he opened the door, let it happen and now it's happened.... 'Oh yeah I'm not going to be the one steering a sinking shop through uncharted waters, see ya'.
I feel sorry for the UK actually, I think the arguments to stay were so blindingly clear and obvious no one around the world thought they would vote otherwise but their flawed 'referendum' mechanic has delivered something that will now most probably make the whole population poorer, the country marginalised and probably even smaller if the rumblings in Ireland and Scotland manifest, and they will be living in a state of uncertainty for years to come.
My British mates are already messaging, asking about the job market here. Could be great for Aussie businesses, attract some bright minds over, pinch some business.
I'm a dual citizen and today my maroon passport looks very different.

 

[Pushka]

Re: UK - in or out of the EU?

My son's partner who is a Brit medico and who received permanent residency in Australia last year is devastated.

 

[amaroo]

Re: UK - in or out of the EU?

* That graph; WT? 'Sourced from the Groidian' - tells you all you need to know.

Lol the editor at the Guardian must have felt terrible issuing a graph that showed so many true believers voted - leave :mrgreen:

 

[Princess Fiona]

Re: UK - in or out of the EU?

What a short sighted emotional decision. I'm not sure it should have been decided this way, Cameron's legacy really now is Brexit - he opened the door, let it happen and now it's happened.... 'Oh yeah I'm not going to be the one steering a sinking shop through uncharted waters, see ya'.
I feel sorry for the UK actually, I think the arguments to stay were so blindingly clear and obvious no one around the world thought they would vote otherwise but their flawed 'referendum' mechanic has delivered something that will now most probably make the whole population poorer, the country marginalised and probably even smaller if the rumblings in Ireland and Scotland manifest, and they will be living in a state of uncertainty for years to come.
My British mates are already messaging, asking about the job market here. Could be great for Aussie businesses, attract some bright minds over, pinch some business.
I'm a dual citizen and today my maroon passport looks very different.

I feel exactly the same way. My Facebook feed is filled with friends wanting to move elsewhere.
They are very, very afraid of UKIP and what a Boris led Govt will do now.

Shrek and the kids can get Irish passports and I suspect they will now.

View attachment 73805

I wonder how many "Adams" there are today ?
Adam didn't think it would actually happen... Don't be like Adam

 

[Mal]

Re: UK - in or out of the EU?

This type of statement is pathetic:

The voting demographics were highly correlated with income, assets and education. It was, in effect, a referendum on opportunity, perceived or otherwise

I live in London. I have a high paying job in a specialist field and significant assets. I am well educated (University degree plus post graduate study plus well regarded industry certifications relevant to my field of work).

Yet, I voted out.

I'm sick of idiots who can't understand the whole EU debate bundling me up as a low educated, school dropout xenephobic chav who lives on welfare. I voted out for specific reasons that are already discussed in this thread, plus others that I haven't discussed.