The Economy is in for a rough ride

[jeremyp]

No, it's about what is done correctly and what is done to cook the books.

Nope. There's no reason to believe that the BofE is doing anything different with its forecasts now as compared to before the referendum. Either they are still "cooking the books" or they weren't "cooking the books" before. Which is it?

[jeremyp]

But the problem is that the 'Hard Brexitors' are are likely to be up in arms if any deal allows free movement of workers - so a Norway type deal would create tremendous conflict, especially when the public finally cotton-on that they have lost more than they have gained.

Ah yes, but, we already know that the Norway deal has substantial support. Most of the Remainers would go with that as a poor second to staying in the EU. Then you only need a small percentage of the Leavers to  go with Norway and we have an absolute majority. If there's more than one other option , it will split the vote of the left over Leavers.

[Jack Knave]

Nope. There's no reason to believe that the BofE is doing anything different with its forecasts now as compared to before the referendum. Either they are still "cooking the books" or they weren't "cooking the books" before. Which is it?

You have this stupid black and white naïve binary attitude which shows up your immaturity. Life is more nuanced than that!

[jeremyp]

You have this stupid black and white naïve binary attitude which shows up your immaturity. Life is more nuanced than that!

Nobody on this board is more immature than you.

This is exemplified in you r complete inability to understand what is going on, your complete inability to understand what other people are saying and your complete inability to respond to posts without insulting people.

You have no idea about anything and you demonstrate it in spades every time you click  the post button.

[jeremyp]

Nobody on this board is more immature than you.

I apologise, maybe Sassy is more immature than you.

[L.A.]

Ah yes, but, we already know that the Norway deal has substantial support. Most of the Remainers would go with that as a poor second to staying in the EU. Then you only need a small percentage of the Leavers to  go with Norway and we have an absolute majority. If there's more than one other option , it will split the vote of the left over Leavers.

My own view is that a Norway deal is the only practical route out of this mess, but it will bring it's own problems.

[floo]

I have just seen an news item stating the economy has started to slow down, post Brexit.

[jeremyp]

Lloyds axing 3,000 jobs.

http://www.bbc.co.uk/news/business-36911896

Brexit is amongst the reasons cited for having to do this.

Note they are not axing jobs because Brexit has dented their profits, they are axing jobs because they think it will dent their profits. If enough companies use the same thinking, it will become a self fulfilling prophecy.

We could have avoided all this quite easily, but Little England was considered to be better.

[Hope]

I have just seen an news item stating the economy has started to slow down, post Brexit.

Could you give us a link?  Since the report on the last quarter is still only draft and awaits several futher bits of information, I'd be surprised if any report based on perhaps 3 weeks' information is really trustworthy.

[wigginhall]

https://www.theguardian.com/business/2016/jul/28/health-check-of-key-sectors-post-brexit-vote-counter-growth-figure

I had to laugh when I saw the Express front page - Britain is booming.   Of course, if you read further on, these are figures from before the Brexit vote.   I wonder how they will deal with signs of slowdown after Brexit - put them on page 35 I suppose, or just lie.

NB. 'Hammond indicated a slowdown was imminent', from the above article.

[Walt Zingmatilder]

https://www.theguardian.com/business/2016/jul/28/health-check-of-key-sectors-post-brexit-vote-counter-growth-figure

I had to laugh when I saw the Express front page - Britain is booming.   Of course, if you read further on, these are figures from before the Brexit vote.   I wonder how they will deal with signs of slowdown after Brexit - put them on page 35 I suppose, or just lie.

NB. 'Hammond indicated a slowdown was imminent', from the above article.

Just lie I suppose. total wank has proved popular with 52% of people who voted for Brexit.

[Jack Knave]

Nobody on this board is more immature than you.

This is exemplified in you r complete inability to understand what is going on, your complete inability to understand what other people are saying and your complete inability to respond to posts without insulting people.

You have no idea about anything and you demonstrate it in spades every time you click  the post button.

Evidence for this. Nice little tantrum Jeremy!

[jeremyp]

Evidence for this. Nice little tantrum Jeremy!

Exhibit A.

[Walt Zingmatilder]

Nobody on this board is more immature than you.

This is exemplified in you r complete inability to understand what is going on, your complete inability to understand what other people are saying and your complete inability to respond to posts without insulting people.

You have no idea about anything and you demonstrate it in spades every time you click  the post button.

Brexitters vote for Brexit then lose consumer confidence....and then wonder why people aren't highly impressed with them.

Will Jeremy Kyle do a special on Brexitters in denial I wonder.

[Jack Knave]

Exhibit A.

What exhibit? Give us a link. You have to provide definitive evidence, not some deluded ideas that are festering in your mind.

[Bubbles]

Seems to me Lloyds have problems other than Brexit and its just a convenient excuse for something that would have happened anyway, regardless of Brexit.

[jeremyp]

What exhibit? Give us a link.

The post that I quoted was exhibit A.

[jeremyp]

Seems to me Lloyds have problems other than Brexit and its just a convenient excuse for something that would have happened anyway, regardless of Brexit.

I don't think so. Last year's profits were over two billion pounds. They are doing this because they perceive that Brexit will cause them problems in the future. The prophecy becomes self fulfilling if enough people shed jobs in preparation for the predicted down turn.

[Spud]

Hadn't Lloyds been planning this for months before the referendum?

[Bubbles]

I don't think so. Last year's profits were over two billion pounds. They are doing this because they perceive that Brexit will cause them problems in the future. The prophecy becomes self fulfilling if enough people shed jobs in preparation for the predicted down turn.

No Jeremy

The market has changed and more people bank online, all these branches are expensive to run.

They have made more profit than last year, their profits haven't dropped.

Lloyds has accelerated its job-cutting scheme, axing a further 3,000 roles, even as it reported a 101% increase in pre-tax profits.
It has also doubled its planned branch closures, with 200 more set to vanish from High Streets by the end of 2017.
The bank attributed the cuts to changes in people's banking habits, and the effects of interest rates remaining low for the foreseeable future.
Lloyds is already carrying out 9,000 redundancies and 200 branch closures.
It announced those cost-cutting measures in 2014.
The bank confirmed that the decision to make further cuts was taken before the EU referendum on 23 June.
The news of fresh job losses came as Lloyds reported a £2.5bn pre-tax profit for the half year to the end of June 2016.
In the same period last year, it made £1.2bn.
The profits rise was largely due to a sharp drop-off in payment protection insurance (PPI) compensation payouts, which dented previous profits.
PPI has cost the bank more than £16bn since 2011. Lenders are expecting the scheme to be wrapped up soon.

http://www.bbc.co.uk/news/business-36911896

Had remain won, this would still have happened.

The market changing and low interest rates are what is driving this, not Brexit.

They are not closing branches because they have made a loss or because they foresee Brexit having some effect.

It was planned back in 2014.

🌹

[JP]

Apparantly branch visits for Lloyds are down 15% and home banking especially by way of smartphone apps is the way most people deal with their day to day stuff. There is very little you cannot do on a smartphone these days and even if you have a deposit to make these can the done by way of a machine.

Lloyds have shareholders and shareholders require a return on their investement. As Rose says, more to do with capitalism and little, if anything, to do with Brexit.

[jeremyp]

The market has changed and more people bank online, all these branches are expensive to run.

The market changed years ago. Nothing has changed significantly in the last year, during which Lloyds made over two billion pounds.

Had remain won, this would still have happened.

Evidence please.

Lloyds have claimed that Brexit is a factor in the number of jobs lost. I see no reason to doubt them.

More worryingly, the attitude "Brexit is going to make things harder, let's put the brakes on investment" is prevalent in industry at the moment, so it becomes a self fulfilling prophecy.

[Bubbles]

The market changed years ago. Nothing has changed significantly in the last year, during which Lloyds made over two billion pounds.
Evidence please.

Lloyds have claimed that Brexit is a factor in the number of jobs lost. I see no reason to doubt them.

More worryingly, the attitude "Brexit is going to make things harder, let's put the brakes on investment" is prevalent in industry at the moment, so it becomes a self fulfilling prophecy.

Where have Lloyds claimed their decision had anything to do with Brexit?

It just you claiming this.

According to my link the decision was taken back in 2014 to cut back jobs and close branches.

You are making unsupported claims about what Lloyds have actually said.

They actually said it had nothing to do with Brexit but was planned back in 2014 and was a result of low interest rates and a change in the way people manage their accounts.

[jeremyp]

Where have Lloyds claimed their decision had anything to do with Brexit?

In the news article I posted.

According to my link the decision was taken back in 2014 to cut back jobs and close branches.

But they are now saying that the scale of the cuts is related to the Brexit vote.

[Bubbles]

In the news article I posted.
But they are now saying that the scale of the cuts is related to the Brexit vote.

The bank confirmed that the decision to make further cuts was taken before the EU referendum on 23 June.

It had nothing to do with Brexit if it was decided before the vote.


You are not reading the link you posted.