[Merged]Brexit stuff

[jamesbrown]

Not unusual the Brexit bunch knew this would happen.

Um, yes, very unusual indeed - a historically massive move.

[sirja]

But if she did we would get all the bleating about us not being ready etc

All that talk about 'Not being ready' is being made by those who are still under the delusion that there's a 'deal' somewhere to be made. Look I voted remain, I strongly believe that was the right choice, but I accept the country voted a different way. What we have to do now is be as realistic as possible. I firmly believe the EU will NOT budge on single market MEMBERSHIP, without free movement. They can't. Even if the EU council somehow fudge it, you can be sure the EU Parliament will never approve it. That's just the reality. So I don't see the point of wasting precious time trying to get such a deal in the first place. We should just accept we'll be trading with the EU like every nation and get on with putting the necessary structures and polices in place to support that. Such polices may well have to include 'inducements' to the banks and auto industries to remain here. Over time we can then look to negotiate a comprehensive FTA with the EU, but there is no way that can be done in 2 years. Will the economy take a hit in the short-medium term? Maybe, but there's really no other realistic way forward.

[scooterscot]

Currency crash here we come! Will force a lot of coming decisions;/)

[jamesbrown]

Nah, this was an algo misfire in an illiquid trading period. IIRC, that's the third largest move in Cable ever.

Scratch that, it sounds as though it was even bigger than the move overnight on 23 June, falling 10%+ momentarily (before a trade was cancelled).

[GB9]

All that talk about 'Not being ready' is being made by those who are still under the delusion that there's a 'deal' somewhere to be made. Look I voted remain, I strongly believe that was the right choice, but I accept the country voted a different way. What we have to do now is be as realistic as possible. I firmly believe the EU will NOT budge on single market MEMBERSHIP, without free movement. They can't. Even if the EU council somehow fudge it, you can be sure the EU Parliament will never approve it. That's just the reality. So I don't see the point of wasting precious time trying to get such a deal in the first place. We should just accept we'll be trading with the EU like every nation and get on with putting the necessary structures and polices in place to support that. Such polices may well have to include 'inducements' to the banks and auto industries to remain here. Over time we can then look to negotiate a comprehensive FTA with the EU, but there is no way that can be done in 2 years. Will the economy take a hit in the short-medium term? Maybe, but there's really no other realistic way forward.

And I agree with pretty much all of what you say, however we need a full team in place before we pull the trigger. Not just for the EU but for all the other countries we need to approach.

[GB9]

Scratch that, it sounds as though it was even bigger than the move overnight on 23 June, falling 10%+ momentarily (before a trade was cancelled).

I heard the bid hit 1.14 but not sure if it actually traded at that.

[NotAllThere]

An excellent article...

Forget for a moment that the only piece of directly discriminatory legislation – designed to discriminate on grounds of residency and in effect birth – in these islands is the SNP policy on student tuition fees. Scots and students from the EU do not pay, but English students from over the border must.

Small correction. While of course it affects English students most, it's any British student who is not resident in Scotland who has to pay. Therefore my Scottish neighbour's children are also caught, as they're resident in Switzerland (which is part of the University free-movement as well). But I agree that it is really not terribly fair.

[The_Equalizer]

Small correction. While of course it affects English students most, it's any British student who is not resident in Scotland who has to pay. Therefore my Scottish neighbour's children are also caught, as they're resident in Switzerland (which is part of the University free-movement as well). But I agree that it is really not terribly fair.

It's the same with other parts of the UK. In Nothern Ireland EU and Northern Irish students pay about £3600/year where as GB students the full £9K/year.

[BlasterBates]

Looking less like a fat-fingered "algo error" a more a sign of nervousness on the pound triggered by Hollande's statement

https://finance.yahoo.com/news/briti...003000996.html

Recognizing the aggressive negotiating position the UK intended to take – what is being coined as a ‘hard Brexit’ – Hollande said the EU would have to meet the effort with “firmness”.

The pound now down 2.7% at $ 1.23

Brace yourselves

[GB9]

Looking less like an "algo error" a more a sign of nervousness on the pound.

The pound now down 2.7%.

Brace yourselves

It was definitely an error. They will identify where at some point.

What is interesting was support at 1.18. It may reach that at some point.