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#275135 - 11th Dec 2008 3:01pm Sterling Hits Another Record Low
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
The British pound has continued its sharp decline against the euro, reaching a new record low of 1.1238 euros on Thursday.

It is at the lowest level since the euro was launched in 1999.

Meanwhile, the pound gained one cent against the US dollar, reaching $1.4924 in afternoon trading.

The dollar also fell against other currencies, hitting the lowest level against the euro and the Japanese yen for the past six weeks.

Sterling was pushed lower after figures from the Confederation of British Industry confirmed a sharp downward trend in manufacturing.

The UK currency is expected to remain under broad selling pressure amid a grim outlook for the British economy.

It's official, my scratches are now officially bleeding lol. When will it end? It is dropping every single day for the past 2 weeks. Thank you Labour, thank you very much. You have devalued Sterling with your attempts to fight a recession, and such attempts are futile, as they are doing more damage than good (increasing the cost of goods thanks to the exchange rate means now realy VAT savings anyway).

Prevention is the best line of defence, I think someone needs to remind them of that fact.

BBC News Report

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#275137 - 11th Dec 2008 3:04pm Re: Sterling Hits Another Record Low [Re: MattLFC]
StuyMac Offline

Wiki Master

Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
Been watching this myself as Im wanting to buy some stuff from the states....

I hope it picks up again after Christmas - things from the US used to be 25% cheaper 6 months ago frown
_________________________


What If There Were No Hypothetical Questions?

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#275139 - 11th Dec 2008 3:10pm Re: Sterling Hits Another Record Low [Re: StuyMac]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Ahhhh but do you see what the government has done Stuy? They have increased the tax-free level on imported goods from £17 to £100; but they have done it at a time when it becomes uneconomical to import goods anyway.

Just the same as they introduce the best jobless policies in the History of this Labour government, at the same time as they see job numbers reducing by hundreds each days.

And now they reduce VAT on goods, which in turn weakens our currency and in turn causes goods in general to increase in price anyway.

Funny isnt it, with all this spin, anyone would think these decisions by Labour are great News. Dig a bit though, and you realise they are of no benefit to anyone...

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#275142 - 11th Dec 2008 3:14pm Re: Sterling Hits Another Record Low [Re: MattLFC]
StuyMac Offline

Wiki Master

Registered: 24th Nov 2003
Posts: 12002
Loc: Wirralshire
...too little too late frown
_________________________


What If There Were No Hypothetical Questions?

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#275147 - 11th Dec 2008 3:49pm Re: Sterling Hits Another Record Low [Re: StuyMac]
SoundLad Offline

Are you SoNutz?
Forum Master

Registered: 22nd Aug 2007
Posts: 2987
Loc: Birkenhead, United Kingdom
UK =































exactly nothing.
_________________________
Lee Mills


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#275161 - 11th Dec 2008 4:48pm Re: Sterling Hits Another Record Low [Re: SoundLad]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Lmao Lee, its so true!!

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#275205 - 11th Dec 2008 6:08pm Re: Sterling Hits Another Record Low [Re: MattLFC]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
It will always be low, and get lower, as soon as money gets pumped in to the system (new money that is) it lowers the origional value of any real money, oh and even if your out of dept, your still in dept and all money is owed back to the bank btw.
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#275206 - 11th Dec 2008 6:12pm Re: Sterling Hits Another Record Low [Re: Sanchez]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
It won't always be low mate, it depends on the economical wellbeing of each economy.

If for instance, Germany took a hammering, and the UK started to rebuild itself, it would weaken the EURO and stregnthen the GBP, which would, in turn increase the exchange rate favourably. The problem in the UK atm, is deflation, th government is trying to fight it by increasing inflation, but all it is doing, is leading to an unstable economy.

Atm, the Labour government have totally screwed our economy. It may be year's before we recover however.

frown

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#275209 - 11th Dec 2008 6:48pm Re: Sterling Hits Another Record Low [Re: MattLFC]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
its the banks that have screwed our ecomomy matt, dont be so quick to blame the goverment, well when i say the banks, I mean the bank of england, its calling in all of its depts from other banks it has lent money too. thus why there is a shit trail on its way,

When a bank lends money, which is how any one gets it, as it belongs to the bank in the first place it will always want it back with interest. If this is the case more money is owed in than there is out there, so new money must be made thus lowering the value of any real money out there in the first place.

Were does money come from ?????

the goverment sell the bank of england bonds, and in return the bank give's the government money. the goverment put that money in their own banks for us to lend.

the world bank, federal bank (not that its very federal) etc etc etc they all do it this way.
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#275212 - 11th Dec 2008 7:18pm Re: Sterling Hits Another Record Low [Re: Sanchez]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Remind me, who de-regulated the banking system, and more importantly, the bank of England?

The government.

And I HATE people who solely blame the banks, the consumers are as much to blame (they were the muppets who spent spent spent on credit, and could not control their own finances, believing tomorrow would never come), and at the end of the day, the government is responsible for controlling the whole economy.

Anyone who tells me that our "amazing and greatest" chancellor, is innocent in all this, that he never had a clue this was going to happen, when even myself and BMW Joe, with little/no financial background or training, were warning of a financial crash/recession on here, over 2 years ago, is quite frankly, either a gullable git, or chatting shit.

Don't be so fast to blame the banks mate, as much as we hate them, they arnt the only ones who are in the wrong, its EVERYONE involved, who is to blame.

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#275214 - 11th Dec 2008 7:22pm Re: Sterling Hits Another Record Low [Re: MattLFC]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Oh, and its the governments current wreckless VAT drop, alongside other stupid recession-prevention measures, trying to fight deflation that is already on full steam ahead, that is devaluing the pound against all other world economies.

As Stuy said, its too little, too late, prevention is the best form of defence, and our government did'nt have the balls to admit that the boom was always going to turn to bust, and now we have hit that bust, and its simply too late to avoid a brick wall, when you have alreadt smashed into it.

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#275229 - 11th Dec 2008 8:42pm Re: Sterling Hits Another Record Low [Re: MattLFC]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
mathew my chum of many years, the banks control every thing, goverments are but the puppets on the end of their strings, they are corrupted and bribed tin to running the contry the wat it is, here.... check this link bud, wirht a watch....

http://video.google.com/videoplay?docid=7065205277695921912
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#275231 - 11th Dec 2008 8:45pm Re: Sterling Hits Another Record Low [Re: MattLFC]
hoseman Offline
Forum Master

Registered: 30th Sep 2007
Posts: 2346
Loc: Bromborough
The girlfriends uncle is over at Chrimbo from Canada, hes in for a shock when he changes his currency!!! thumbsdown
No wonder half my family n friends have fooked off to Oz!!
If i didnt have the business i would too!!! thumbsup
_________________________
IF IT HAS A HOSE THEN IM YOUR MAN

BETTER TO BURN OUT THAN FADE AWAY!

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#275234 - 11th Dec 2008 9:00pm Re: Sterling Hits Another Record Low [Re: Sanchez]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
I tend not to take much notice of video's on Google and Youtube im afraid, because if we did, we would all blame AIDS on the American's trying to kill off blacks in Africa, and 911 on the US government bombing the twin-towers etc...

Im afraid, as much as you, and everyone else, likes to make the banks out to be the criminal's, it is is utimately the consumer and the regulators. The governent de-regulated the BOE, not me, and certainly not the HSBC/Barclays/RBS etc... They did this to allow for a boom, but never considered the consequences.

The consumers went out and spent spent spent, living out the nice dream that New Labour portrayed, in which everyone, could have everything they wanted, without having to actually afford it.

It's true, that banks have made a LOT of mistakes in recent years, with regards policy and lack of ethics etc (sub-prime lending being the worst of the bunch), some more than others (hence NR and HBOS being is such shit, whilst HSBC and Chartered Standard are pretty much business as usual), and they are in the market to make a profit and have little care or consideration for how they do that.

But to blame the banks solely for the demise of our economy is quite stupid in all honesty. I have been watching things myself, with some interest, on television however. Whilst I still take these types of things with a pinch of salt, almost all the channels (BBC, unbiased, Channel 4, pretty much unbiased) admit that consumers spending on credit and not worrying for one second how they can afford to pay it, is a major factor in the credit crunch, as is the government's non-regulation of UK banks, alongside the bank's own failings.

And regardless of all this shite, the decisions made by the government in the past few weeks, are the reason Sterling is being devalued today, and yesterday, its artificial inflation and it only ever ends up one way. To say the banks have caused that mate, is nonsense, and this is the issue in the thread.

The UK is on its way down, and everyone is paying for it, INCLUDING the banks and their shareholders (try telling a shareholder of a bank, who's share price was 700p last year, and is worth 40p atm that they are still rolling in it), the only major UK bank that is seen as "safe" right now due to their very correct more assets-than loans policy, and this includes Barclays, is the HSBC, and even their share price is being hit by the Household sub-prime fiasco that is taking place in the US.

I am not immune, as my business is being hit hard by the demise of Sterling, because I deal in EUR and USD primarly, and I am also not innocent, because I quite happily took a credit card off my bank and bought some nice things on it. The difference being, I can afford the repayments very easily, even with my business dwindling, and am prepared to make cutbacks as and when I need to. Anyone, who has ever bought anything on credit, is not innocent, because it all adds up. However, those who will not touch credit, I really feel sorry for, because they have played no part in all of this, but have to suffer the consequences of the credit crunch as much as the rest of us when it comes to everyday things like the cost of shopping and commodities etc...

I think we are going to have to agree to disagree on it:

Myself - the government, banks and consumers are responsible for the credit crunch/recession.

You - the banks are responsible for the credit crunch/recession, the consumers never spent the credit, and the government regulated just fine, so must shoulder no blame.

smile

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#275235 - 11th Dec 2008 9:02pm Re: Sterling Hits Another Record Low [Re: hoseman]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: hoseman
The girlfriends uncle is over at Chrimbo from Canada, hes in for a shock when he changes his currency!!! thumbsdown
No wonder half my family n friends have fooked off to Oz!!
If i didnt have the business i would too!!! thumbsup

My mum and her mate went to California the other day, and her mate was gutted to find that the exchange rate meant that Xmas shopping wasnt up to much over there. They have been practically every year for the past 10 years and she always buys her Xmas shopping out there haha!

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