As the hysterical left weep into their lattes...

Sorry obione- I don't understand what you mean in your post- could you explain please- thanks.

granjura what you didn't mention was that the majority of comments on the article thought it was a load of bunkum, as did I. Still, you've got to hand it to him as a good excuse for drumming up business.

I really can't believe that things would change so rapidly. We haven't even applied to exit yet. And in fact our personal shares are booming. There was a good article by John Trescoe - in the Times about what was actually going on. I didn't save it stupidly but I found it very encouraging.

Well it hasn't changed immediately for everyone "Stansgran". But in our family, we have lost income because of the exchange rate, our son has to apply for Spanish nationality and our daughter has had a major job upheaval. All directly caused by Brexit.

Same here Stansgra Re shares. I can only assume that people who are loosing money made some bad decisions.

@stansgran and petra

Yes, of course your shares are booming. Why do you think hedge fund managers were in favour of BREXIT? They love turbulence in the markets, because it provides opportunities for profit.

Just because YOUR shares are booming doesn't mean that the country is doing well.

No, petra, people who are losing money didn't make bad decisions. They've had decisions made for them, often against their will. It's only a couple of weeks since the referendum and, apart from the immediate effects on money markets, we haven't even begun to see the long-term effects.

I personally know people working in science/IT R & D, who have had research funding put on hold. Do you think they made bad decisions to work and study hard to become scientists? I know of one small/medium company, which is having a serious rethink about its future. I know they've worked damned hard to build up that company. Do you think they made a bad decision? Food and fuel prices are almost certain to rise. Have food and fuel consumers made bad decisions?

I've noticed before that you are keen to flaunt your wealth, when others are down. Maybe it would only be fair if you paid more taxes to support those who 'have made bad decisions'.

petra- how do you know how deeply some people are affected and feel about it? Yes, some here mocked and derided what I said about feeling 'bereaved', sick and losing sleep over Brexit- but this is how I feel, and it seems I am not the only one- confirmed by the article and by many friends and family. Sorry to say this, but who are you to say it's 'bunkum' (a new word for me,thanks).

The 55% of income lost since we arrived here is not due to share values, or Brexit for the most part, but other factors linked to exchange rates. The Swiss Franc shot up about 40% a couple of years back, at the time the Pound was already on the slide. It did recover for a while- but since Brexit has fallen again an extra 15%. The Pound £ was 2.50 when we arrived here 7 years ago. It was 1.42 before Brexit- but 3 month pension transfer was done at 1.18.

Not good at maths- but can someone work percentage of 2.50 to 1.18 - thanks (from top of head I estimate at around 55%).

@obieone

Where is the IMF saying 'Boom Britain'?

The articles I've read have suggested the exact opposite.

www.bbc.co.uk/news/business-36834977

And there is absolutely nought we can do about it- sod all- and nothing to do with 'bad decisions' and high risk investments- but purely exchange rates! How insulting to be told we must have made 'bad decisions' - bl**dy cheek!

The International Monetary Fund (IMF) has said the UK's decision to leave the European Union has "thrown a spanner in the works" of its global growth forecast.

Instead of predicting 3.2% growth in 2016, the IMF's World Economic Outlook (WEO) now expects only 3.1%.

It says the UK will be the worst affected of all the advanced economies.

Its 2017 UK growth forecast has been slashed from 2.2% to 1.3% and this year's has been cut from 1.9% to 1.7%.

The IMF's global growth forecast for 2017 has also been revised down from 3.5% to 3.4%.

Before the referendum vote on 23 June, the IMF says that the global economy had been showing promising signs of growth.

From daphne's link for those who do not like links.
Thanks, daphne.

I think it was the Daily Excess that had a headline of "Boom Britain", picking out a couple of companies selling abroad, that are doing well because of the exchange rate, no mention of the science, pharmaceutical and other sectors which are being hit. Oh, and I think the betting industry is doing well.

So if we are doing so well why is the Bof E talking of negative interest?!!!

Heard today that Easyjet is having problems.

Not surprised - I think a lot of people have put on hold holiday plans, as they do not know how they are going to fare financially, and how they will be 'welcome' (or not) if article 50 is invoked and the whole of the EU is thrown into disarray.

We had plans to go to OZ and Tasmania next year- but will not go ahead as we don't know if the drop in £ value is going to get even worse.

A number of futures traders made millions of pounds from the referendum. They guessed that share prices would plummet in the immediate aftermath, so went searching round the bargain basement. Within a few days, the situation stabilised and FTSE100 companies, which mainly trade in dollars, saw a recovery, making the traders millions. For them, those few days certainly were 'Boom Britain'.

@whitewave

Exactly! Zero or negative interest is the last resort and is intended to boost bank lending and consumer spending in a effort to avert a depression.

It means that the government can borrow money at the lowest rates ever. If it did, it could fund infrastructure projects and provide jobs. I'm not sure it will. May started off by saying the right things, but at PMQs repeated the same old myth about not living beyond our means.

daphnidill perhaps I'll call my accountant and ask how that works Re paying more tax.

whitewave I personally believe there's far more to very low interest rates than brexit. If the economy were truly thriving, interest rates would not still be held down so low.

My belief is that low rates are at least partially accounted for by low wages. Low wages, together with the disgrace of zero hours, has meant that in many areas of the country people are simply not able to pay enough in taxes to get the economy going again. Yes, more people are in employment but growth is still lagging behind the expectation.

Brexit has led to panic. People are bound to put big plans on hold.

You should know petra as you are responsible and not your accountant.

Low interest rates set by the Bof E is a moniterist policy. As a rule interest rates are reduced when the bank tries to stimulate the economy because of low growth. Interest rates have been at record lows for a few years now but with little or no success in stimulating the economy. Brexit has ensured that people including businesses are hanging on to their equity an not spending, which is why the bank is talking about negative equity.

@gettingonabit

You are correct that the economy wasn't in great shape before BREXIT, despite what Osborne claimed.

Tax receipts have not risen as much as was expected, because (as you say) wages have remained low. Additionally, some of the wealthiest aren't paying their fair share.

However, the biggest problem is lack of demand in certain areas. People paying high rents in insecure jobs will put off buying a new car, getting their bathroom refurbished or whatever. They might even put off having their hair done quite so regularly or employing a cleaner/gardener.

Meanwhile, people with shares or buy-to-let properties are making even more money. Asset strippers can buy up struggling companies and increase their own empires, often losing jobs on the way. These people have too much money to spend on the high street, so they buy foreign shares or more property, etc. Their money isn't finding its way into the economy to pay for real jobs. The BoE aims for an inflation rate of 2%.

Past forms of quantitative easing and low interest rates didn't get much further than the banks, so what the Bank of England is trying to do with negative interest rates is to stop people hoarding their money and get it into circulation. It's a risky strategy, because interest rates are already so low.

If you want to find out what's happening (and don't mind a long read) read Thoas Piketty's 'Capital in the Twenty-First Century'. People are making more money from having money and sitting on their bums watching it grow than they can ever possibly make from going out to work.

gettingonabit: ' People are bound to put big plans on hold.' - and that will affect the economy on all sort of levels- not just holidays, but renovations and repairs to houses, new cars or other household equipment, clothes and shoes even, etc, etc.
Incertainty is really bad for business - and business apart from those selling and buying shares, etc- who can play the system and profit massively from it.

Just phoned the kitchen people who were going to visit to plan new kitchen to say there is no point in even thinking about it.

I suppose I am suffering from Deprexit because for the first time in 20 years I don't want to go the UK. I always visited but my sister is well and planning a trip to NZ so I am not going this year.

I just can't face the questions etc or listen to any more arguements.Like granjura my pension is depleted so at least I'll save the airfare.

What a shame Margaret, and oh I know how you feel. We will still go in October, as visiting the grandchildren (we are seeing them in France soon) just overrides all other considerations. But there are several relatives we won't visit this time, as their unpleassant anti EU stance would be too much to bear. Sad but true.