Post-Brexit Thread

https://youtu.be/9cQgQIMlwWw

[Ignitionnet]

Originally Posted by heero_yuy

Indeed. At the moment short termism and speculators are driving the markets and sterling. Once the dust settles and saner minds prevail then we can judge.

We kept AAA from Standard and Poors in 2008. Our national debt went from 37% of our economy to 72% in 3 years and we kept AAA.

Worth reading their explanation for why this happened.

Originally Posted by Standard and Poors

OVERVIEW

In the nationwide referendum on the U.K.’s membership of the European
Union (EU), the majority of the electorate voted to leave the EU. In our
opinion, this outcome is a seminal event, and will lead to a less
predictable, stable, and effective policy framework in the U.K. We have
reassessed our view of the U.K.'s institutional assessment and now no
longer consider it a strength in our assessment of the rating.

The downgrade also reflects the risks of a marked deterioration of
external financing conditions in light of the U.K.’s extremely elevated
level of gross external financing requirements.

The vote for “remain” in Scotland and Northern Ireland also creates wider
constitutional issues for the country as a whole.

Consequently, we are lowering our long-term sovereign credit ratings on
the U.K. by two notches to 'AA' from 'AAA'.

The negative outlook reflects the risk to economic prospects, fiscal and
external performance, and the role of sterling as a reserve currency, as
well as risks to the constitutional and economic integrity of the U.K. if
there is another referendum on Scottish independence.

As far as this being short-term you are right - we're on notice that if we don't get our excrement together it's going lower.

Originally Posted by Standard and Poors

On June 27, 2016, S&P Global Ratings lowered its unsolicited long-term foreign and local currency sovereign credit ratings on the United Kingdom to 'AA' from 'AAA'. The outlook on the long-term rating is negative.

Losing AAA means it's no longer considered a prime asset so some funds cannot invest in it.

This is balanced by that the market is currently in a blind panic so is buying UK gilts to seek safety.

Moodys are also threatening us with downgrade.

Moody's expects a negative impact on the economy unless the UK government manages to negotiate a trade deal that largely replicates its current access to the Single Market.

So that'd be the EEA. There is no other deal that provides such access.

[ianch99]

Originally Posted by Ignitionnet

So that'd be the EEA. There is no other deal that provides such access.

How can the EEA be an option given the central promise of the Leave campaign?

https://en.wikipedia.org/wiki/Europe...nd_obligations

Rights and obligations
The EEA is based on the same "four freedoms" as the European Community: the free movement of goods, persons, services, and capital among the EEA countries. Thus, the EEA countries that are not part of the EU enjoy free trade with the European Union. Also, '[t]he free movement of persons is one of the core rights guaranteed in the European Economic Area (EEA) ... [i]t is perhaps the most important right for individuals, as it gives citizens of the 30 EEA countries the opportunity to live, work, establish business and study in any of these countries

What am I missing here?

[ntluser]

I'm thinking that we just have to accept freedom of movement but we need to manage it better for the people in the UK to make it tolerable.

[Mr K]

Originally Posted by ntluser

I'm thinking that we just have to accept freedom of movement but we need to manage it better for the people in the UK to make it tolerable.

How?

[Gavin78]

I'm absolutely disgusted at the way Cameron and his IN cronies are handling this. he was elected by the British people to lead this country he asked us to chose and we did.

But things didn't go his way he has an obligation along with every MP to make sure this country is on the right track instead of comments like *bleep* let them sort it out why should I sort this mess out.

I mean that is your job. should we never have another GE because the next PM wont want to sort the country out to only have to hand it over to another PM how ridiculous. same with Osbourne I'll just do enough but I wont really try because it didn't go my way.

This is peoples lives they are messing with and the country as a whole. they even need to sort out the MP's on the Con side they are also making snide abusive comments towards the leave side. it's pathetic the new leader needs to sack the mouthy ones.

As for being Racist well a lot of people now think 50% of the country is regardless of whether you are or not simply because you voted out of the EU makes you a Racist.

They need to look at their own countries they are more Racist than we are and they are playing on it. Its the whole "is it because I is black syndrome"

Originally Posted by Gavin78

I'm absolutely disgusted at the way Cameron and his IN cronies are handling this. he was elected by the British people to lead this country he asked us to chose and we did.

But things didn't go his way he has an obligation along with every MP to make sure this country is on the right track instead of comments like *bleep* let them sort it out why should I sort this mess out.

Well it's not like he didn't spend most of his time warning of this is it?

Gotta love how the man responsible for so much of this is getting off Scot free hell even being praised by some as a great statesman lmao, David Cameron is a damn coward. He went off to the EU in February talking tough got nothing of real substance but came back pretending he had obtained a good deal, he campaigns all through the referendum saying whatever the vote he'll carry on and saying if leave won he'd implement article 50 and completely goes back on both. Then to top it off he quits but doesn't actually quit stalling the whole nation and we the public tear into each other over how we voted, a vote that only happened because once again Cameron was a coward and took the easy way out on dealing with ukip and his own party. Great statesman he is anything but and he should either start sorting out the mess he created or get out of the way now and let someone take over as fast as possible to sort things out.

Originally Posted by RizzyKing

Gotta love how the man responsible for so much of this is getting off Scot free hell even being praised by some as a great statesman lmao, David Cameron is a damn coward. He went off to the EU in February talking tough got nothing of real substance but came back pretending he had obtained a good deal, he campaigns all through the referendum saying whatever the vote he'll carry on and saying if leave won he'd implement article 50 and completely goes back on both. Then to top it off he quits but doesn't actually quit stalling the whole nation and we the public tear into each other over how we voted, a vote that only happened because once again Cameron was a coward and took the easy way out on dealing with ukip and his own party. Great statesman he is anything but and he should either start sorting out the mess he created or get out of the way now and let someone take over as fast as possible to sort things out.

So it's Cameron to blame for giving the referendum people wanted?

Well he isn't 'getting off scot free'. He has resigned his job. The Chancellor's political career is either finished or paused for a long time.

Where were Boris and Gove today?

[Mr K]

Originally Posted by RizzyKing

Gotta love how the man responsible for so much of this is getting off Scot free hell even being praised by some as a great statesman lmao, David Cameron is a damn coward. He went off to the EU in February talking tough got nothing of real substance but came back pretending he had obtained a good deal, he campaigns all through the referendum saying whatever the vote he'll carry on and saying if leave won he'd implement article 50 and completely goes back on both. Then to top it off he quits but doesn't actually quit stalling the whole nation and we the public tear into each other over how we voted, a vote that only happened because once again Cameron was a coward and took the easy way out on dealing with ukip and his own party. Great statesman he is anything but and he should either start sorting out the mess he created or get out of the way now and let someone take over as fast as possible to sort things out.

I don't know, I'm beginning to like him. History will find he made the right call on the referendum. He certainly seems preferable to the potential successors.

[Gavin78]

Originally Posted by Damien

Well it's not like he didn't spend most of his time warning of this is it?

It doesn't matter he gave the UK an option we chose he has to abide by that. he's the leader of this country until otherwise and has to make sure that everything he does is in the best interests of the country and it's people.

Even if he has to start the process off then hand it over we have to do what is best and to protect our country

I fail to see the funny side of the Remain peoples view on this matter it is not about well we told you. there is a way out but DC and his half wits aren't acting on it or move out of the way.

---------- Post added at 21:14 ---------- Previous post was at 21:12 ----------

Originally Posted by Damien

So it's Cameron to blame for giving the referendum people wanted?

Well he isn't 'getting off scot free'. He has resigned his job. The Chancellor's political career is either finished or paused for a long time.

Where were Boris and Gove today?

They aren't running the country ATM DC head is so what do you suggest?

Originally Posted by Gavin78

Even if he has to start the process off then hand it over we have to do what is best and to protect our country

That is what is happening. But the Tories have to select a leader before they can decide what to do.

I fail to see the funny side of the Remain peoples view on this matter it is not about well we told you. there is a way out but DC and his half wits aren't acting on it or move out of the way.

That's because this isn't funny.

---------- Post added at 21:18 ---------- Previous post was at 21:16 ----------

Originally Posted by Gavin78

They aren't running the country ATM DC head is so what do you suggest?

I don't know. I don't think there is a safe way to extract yourself from an institution and market that is so important to the economy.

He wasn't going to be pm after the next election anyway this way he keeps getting the pay of a pm without having to do any of the work in sorting out the mess he created and don't tell me he promised a referendum for the good of the people because he is doing anything but acting in the good of nation or people now. He gave a referendum to stop ukip at the last GE and to keep elements in his party quiet and he never thought a leave vote would win. He is still the prime minister in title and doing bugger all to help except staying in the position stopping anyone coming in and sorting things out.

Originally Posted by RizzyKing

He wasn't going to be pm after the next election anyway this way he keeps getting the pay of a pm without having to do any of the work in sorting out the mess he created and don't tell me he promised a referendum for the good of the people because he is doing anything but acting in the good of nation or people now. He gave a referendum to stop ukip at the last GE and to keep elements in his party quiet and he never thought a leave vote would win. He is still the prime minister in title and doing bugger all to help except staying in the position stopping anyone coming in and sorting things out.

He promised a referendum because his party forced him into it. Maybe he shouldn't have called it but we would likely have had a referendum on the EU at some point because the discussion went on for years before that.

Cameron is only staying in the position until a new leader is found. He can't just resign and hand over to no-one. He is also right not to invoke article 50 until we have an idea of what we want Brexit to look like, something Leave don't seem to have an idea on, so the new leader will have a range of options presented to them by the task force Cameron has set up today and then it's up to them to choose and negotiate it.

It wouldn't make sense for the PM to be in charge of implementing a process he was strongly against. He can only do the prep work. They're also talking with Ireland in the coming weeks to ensure freedom of movement between Ireland and the UK.

Cameron has certainly messed up but it's cost him his position as Prime Minster.

Where is the anger at Boris who has campaigning for all of this and didn't even turn up to the common today? Boris and Gove who are doing nothing other than preparing for a leadership run.

[ianch99]

More credit downgrades:

UK loses top credit rating from S&P