Has the penny dropped (as fast as the Pound)- Brexit is a disaster

nanna8

The exchange rate between Australia and the UK has been pretty much the same for years and years. In fact the pound is probably a bit stronger now than it was pre Brexit. Just saying.

It was $2.4 to GBP1 when we first went, then went right down at one point several years ago but recovered and has remained fairly steady for some time.

I think that the foundations for all that has happened to the U.K. during the past 7 years or so were laid from the very beginning of the Tory rule in 2010.

Cameron’s disastrous austerity, which did so much damage to the whole of society, particularly the NHS, housing, social care and so forth, meant that the effects were felt throughout society, and people looked for someone or something to blame. It laid the path wide open for opportunistic ideologues like the anti- Europeans to argue and represent the EU as the bogey man or scapegoat for the whole of the UKs ills.

It only took then, the right wing media and groups like the ERG to capitalise on this you have a society who desperate for change, willing to accept the arguments.

Cameron of course showing very little spine, caved into what in effect was a small minority and gave way to a referendum, but in doing so failed to set necessary parameters for such what would be a fundamental change to our economy.

He failed the country at every level.

It is nowhere near €1.25 Katie59. We lose a couple of cents in transfer, but have had around 1.14 recently, which is the current rate on XE.
We considered our finances in depth before we moved. We took into account fluctuations. The spreadsheets allow us to continually model our finances and make adjustments.
I don't think we considered a situation where a string of ill-considered political decisions would cause a long-term decline in the country's financial position.
As I have said many times, I am far more concerned about the impact of Brexit on the future of our grandchildren than on us.

Of course, fluctuations occur, up and down. For the Pound recently the trend has been down, and down.

Katie, many have planned and calculated very carefully for decades, using all savings to do up a little place they'd bought at a good price- to retire to. Some have been able to cope with the low sterling values, but so so many have had to pack up and return- unable to sell even at a very low price.

But this is not the topic of this thread, which was to find out if anyone here still did not realise that Brexit is an unmitigated disaster- or let's put it another way, that Brexit was and still is a good idea with no or few negative consequences for the UK.

The exchange rate between Australia and the UK has been pretty much the same for years and years. In fact the pound is probably a bit stronger now than it was pre Brexit. Just saying.

Callistemon21

Exchange rate fluctuations happen constantly due to all kinds of factors and world events.

Dont they just.

Back in the day, decades before Brexit, I used to have to change the foreign exchange boards to the public, as part of my job.
Some days I used to go in, and things had barely moved. Other days I was out there ages, as something had happened or other, sometimes overnight, to make most of the rates alter a lot. I would have to change most of the numbers. And that was just a one day change.

Same old. Same old.

OP, I’d assumed the 60% drop in your income you complained about earlier and said you couldn’t have planned for was somehow due to Brexit, which is why I questioned it earlier in the thread (the only reply I got was that the thread wasn’t about you).

But it’s since you left the UK decades ago? Most of the decline in the value of the £ against the Swiss Franc occurred during our EU membership. A month previous to the vote the exchange rate was 1.35.

I’d guess that many (most?) other currencies have done badly against the Swiss franc since 1930. However, I’m not going to waste time googling while the sun’s shining outside!

Just looked at exchange rates

€1 buys $1.08

£1 buys $1.27

It’s not all sunny uplands in the eurozone despite what is being implied on this thread.

The spreadsheets show the picture of decline in the pound against the euro since Brexit very clearly.

Yes if sterling is converted to Euros there was a 30% fall due to Brexit, from around €1.40 to 1.10, it’s now recovered nearly half that at around €1.25. Nothing you can do about the state pension, if you are living overseas you are probably not on the breadline anyway.

Calli 'I know that their cattle are far more free-range than any cattle in Europe.'

oh this made me laugh out loud - come and have a look, I say. LOL!

Yes, and a lot more so against other currencies, whih have gone up whilst the pound has gone steadily down.

Joseann

Thanks for the explanations. So as I understand it, everyone is paid the same amount of pension regardless of currency and where they are living in retirement. I guess the computers at Newcastle have it all stitched up fairly.

Well no, obviously it depends on your contributions. We have OAP and work pensions. All goes into UK account then a fixed monthly transfer to France. We have spreadsheets going back years and you can see fluctuations like 2008 before Brexit and a consistent fall post Brexit; you can model the impact on income based on previous years and months.
My work pension is taxed in UK and everything else in France, but you need the monthly and annual exchange rate for the French tax form (some people just use annual).
The spreadsheets show the picture of decline in the pound against the euro since Brexit very clearly.

Thanks for the explanations. So as I understand it, everyone is paid the same amount of pension regardless of currency and where they are living in retirement. I guess the computers at Newcastle have it all stitched up fairly.

Pensions, what ever currency your pension is paid is subject to exchange rate fluctuations, so if you live overseas you may win or loose accordingly.

Your contributions to your pension fund are invested internationally so your pension pot is not likely to be greatly affected by Brexit. When you decide to take the pension there is nothing to stop you converting it to another currency, if you live in the US or EU maybe that’s a good idea, maybe not. That’s all part of living overseas you take the risk of currency fluctuations

“^If Britain wanted to require those standards to be met before products could go there, then there would be plenty of producers in Australia who could meet the highest standards that Britain has.^"

Not in export quantities, I’m sure there are some producers in Australia that do produce to high standards. The large scale producers are ranching and feedlots just like the US or South America. We get hang ups about livestock travelling for half a day, there it’s many days because of the distances involved.

Exchange rate fluctuations happen constantly due to all kinds of factors and world events.

Just for historical info- when my mother came to study in London in 1930- it was 20 Francs to one Pound. When I came to live in London in 1970- it was exactly 10. When we moved here to look after my very elderly parents it was 2.50. And as said, it is now 1.13/14
Talk about comparing apples and oranges! One or two tiny things happened between 1930 and 1970 - inflation and Depression in the 30’s, then WWII, the “£ in your pocket” and in 1971 Decimalisation.
Oh, were we somehow meant to commenting on Brexit and the soi-disant “demise” of the U.K. ?

Joseann

^Are you saying that British people's pensions have been affected adversely by Brexit?^
Or that the exchange rate fluctuations are affecting pensions of those with British pensions who live outside of the UK?
Do all the people receiving a UK pension abroad get paid the same amount? I mean is it worth shopping around banks to get better exchange rates, or is the amount always set in stone?

Not set in stone- our pensions get paid via a specific company every 3 months, at a good rate, comparatively.

But when you used to get x 2.5 and now you get x 1.14 - that is a MASSIVE difference. No one can plan for this 60% loss.

Not all due to Brexit, of course. And it is a two way thing- one currency falling sharply, and the other one going up

Just for historical info- when my mother came to study in London in 1930- it was 20 Francs to one Pound. When I came to live in London in 1970- it was exactly 10. When we moved here to look after my very elderly parents it was 2.50. And as said, it is now 1.13/14.

Irrelevant to the above discussion though. British citizens are affected in different ways and for different reasons. Some negative effects apply more to some than to others, depending on circumstances.

Callistamon21 Are you saying that British people's pensions have been affected adversely by Brexit?

Or that the exchange rate fluctuations are affecting pensions of those with British pensions who live outside of the UK?

Different but similar, no Brexit, employed out of UK. My brother receives $3600/ monthly USA pension - Social Security (as well as normal job based pensions savings plans). He suffers Sterling fluctuations

Joseann

^Are you saying that British people's pensions have been affected adversely by Brexit?^
Or that the exchange rate fluctuations are affecting pensions of those with British pensions who live outside of the UK?
Do all the people receiving a UK pension abroad get paid the same amount? I mean is it worth shopping around banks to get better exchange rates, or is the amount always set in stone?

We've found Nationwide to be very good when staying for long periods overseas.

Are you saying that British people's pensions have been affected adversely by Brexit?
Or that the exchange rate fluctuations are affecting pensions of those with British pensions who live outside of the UK?
Do all the people receiving a UK pension abroad get paid the same amount? I mean is it worth shopping around banks to get better exchange rates, or is the amount always set in stone?

Callistemon
There you go, sorted. Next problem ?

Fleurpepper

Differences in UK and OZ meat production

www.abc.net.au/news/2021-06-11/british-australian-food-standard-differences-causing-angst/100205024

Thank you

From that ABC report:

Professor Parker said there were plenty of producers in Australia who did things to a higher standard

"^If Britain wanted to require those standards to be met before products could go there, then there would be plenty of producers in Australia who could meet the highest standards that Britain has.^"

Why not ethically raised, organically/sustainably farmed UK beef?

Fleurpepper

Foxygloves

GSM, yes, we in the UK

Not to put too fine a point on it, but I don’t think you can say “We in XYZ ..” unless you are “in XYZ”
It’s misleading and before you off on one about having UK citizenship, I think we got the message.

Totally irrelevant. We are talking about the effects of Brexit on us the British people who are hugely affected by it. We only have UK pensions in Sterling, and no other income- so we are very directly impacted. Was it not for Brexit, our move would have been temporary and we would be back in UK by now that we are no longer required to look after my very elderly parents, now both deceased.

Irrelevant.

I'm being a bit slow here.

We are talking about the effects of Brexit on us the British people who are hugely affected by it. We only have UK pensions in Sterling, and no other income- so we are very directly impacted

Are you saying that British people's pensions have been affected adversely by Brexit?

Or that the exchange rate fluctuations are affecting pensions of those with British pensions who live outside of the UK?
I'll ask our relatives who live in France when they come over.

I feel sorry for those in Australia whose UK state pensions have remained the same since they departed these shores.