[Politics] Brexit

[CHAPPERS]

http://uk.reuters.com/article/us-britain-eu-economy-idUKKCN1020UX

Britain's economy appears to be shrinking at the fastest rate since the financial crisis in the wake of last month's Brexit vote, according to a business activity index that posted the biggest drop in its 20-year history.

An early edition of Markit's purchasing managers' indices showed the services sector - one of the few drivers of British economic growth - has been hit especially hard by the vote to leave the European Union, with orders plunging and confidence crumbling.

The PMI for the services sector fell to 47.4 in July from 52.3 in June, the steepest drop since records began in 1996 and the worst reading since March 2009, around the low point of the global economic recession. Economists polled by Reuters had expected a much smaller fall to 49.2.

The evidence of a sharp drop in business activity across a broad swathe of Britain's economy may alarm the Bank of England, which is trying to decide how aggressively it needs to act to cushion the shock of the referendum vote.

Following the report, sterling fell by a cent against the dollar to the day's low and British government bond prices rose.

"This is the first major survey showing the pace of activity through the economy and it is soft. Taken literally it would imply a period of contraction in the economy," Investec analyst Philip Shaw said.

"It might be a little bit early to draw firm conclusions but it certainly looks as though the second half of the year will be weaker than the first."

The BoE's own research, published on Wednesday along with some other surveys, had pointed to a big rise in uncertainty but a relatively limited initial drop in activity.

Markit's figures are one-off 'flash' versions of its monthly surveys. They are based on 85 percent of the normal number of responses, collected from July 12 to 21 to capture sentiment after the Brexit vote. Markit will update the figures early next month.

'DRAMATIC DETERIORATION'

Markit said that if the PMIs stayed at these levels, they would be consistent with the economy shrinking at a quarterly pace of 0.4 percent, a rate of decline not seen since the 2008-09 recession.

"July saw a dramatic deterioration in the economy," said Chris Williamson, Markit's chief economist.

"The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to Brexit."

The manufacturing PMI fell to 49.1 from 52.1 in June, the lowest since February 2013.

The composite index, which combines services and manufacturing, slumped to 47.7 from 52.4, the weakest reading since April 2009.

There were few bright spots. Sterling's plunge to its lowest level against the dollar since the mid-1980s after the referendum helped manufacturing exports expand at the fastest pace in almost two years.

But the pound's fall also pushed up the costs faced by British manufacturers for energy and raw material at the fastest pace in five years.

BoE Governor Mark Carney has warned that the central bank would probably face a trade-off between slower economic growth and higher inflation if Britain voted to leave the EU.

Business expectations for the next year among services companies cratered to the lowest level since January 2009.

The new orders index for services firms fell by the largest amount on record, and there was the first decline, albeit slight, in services employment since December 2012.

Williamson said there was some improvement in the data after the appointment of Theresa May as prime minister last week, but whether the PMIs will improve next month remains to be seen.

"With policymakers waiting to see hard data on the state of the economy before considering more stimulus, the slump in the PMI will provide a powerful argument for swift action," Williamson said.

A Reuters poll earlier this week predicted Britain's economy would slide into recession in the coming year, forcing the BoE to cut interest rates next month and start purchasing bonds

 

[The Clamp]

http://uk.reuters.com/article/us-britain-eu-economy-idUKKCN1020UX

Nuffink to do with yer Brexit that mate, that's cos people are all upset and ave fallen for project fear innit.

 

[Baldseagull]

if leavers came out with junk like people are not going to want to come to this country anymore,leavers just want to get rid of brown people, leavers think Polish people caused the financial crisis and leavers think home grown terrorists will leave if we have stronger borders.... then i would comment

There will be people that want to come, but more will be leaving, we will have net emigration.

 

[The Clamp]

There will be people that want to come, but more will be leaving, we will have net emigration.

Quite. How anyone can believe the NHS is going to be an attractive proposition for a GP , junior doctor or a nurse within 5 years is just deluded. Let alone all the industry that is going to go don the pan with Brexit. Beggars belief. I don't think Pastafarian is anywhere near as optimistic as he makes out, I doubt any Brexiter is now it's dawning on them!

 

[dazzer6666]

http://uk.reuters.com/article/us-britain-eu-economy-idUKKCN1020UX

But but but the Daily Express says we BRITAIN is BOOMING post Brexit vote.........

http://www.express.co.uk/news/uk/691589/Britain-BOOMS-EU-vote-economy-economic-news-Brexit

 

[Two Professors]

I get more optimistic every time one of you delusional clowns seizes on the slightest bit of BBC remain-slanted bull.I would be in absolute heaven if all the people leaving the 'sinking ship' were useless,non-productive people like pollsters and economists.How you miserable remoaners get through a day more of your defeatism astonishes me.Grow up,ffs

 

[The Clamp]

It's the same old story. FACTS are posted and published stating that Brexit is shredding the economy. These facts are backed up by financial entities, experts and independent advisors. And what vastly intellectual response do the brexiters give?

"Economic crisis is caused by people being bitter and people moaning. Wait ten years" (the dim post above being a prime example)

Cheers, I was just thinking what my pension could do with is a ten year hiatus. I'm sure my Son won't mind putting university off for a decade or so.

 

[TSB]

'Dramatic deterioration' in UK business activity

Posted at
09:32



Chris Williamson, chief economist at Markit, said:

July saw a dramatic deterioration in the economy, with business activity slumping at the fastest rate since the height of the global financial crisis in early-2009. The downturn, whether manifesting itself in order book cancellations, a lack of new orders or the postponement or halting of projects, was most commonly attributed in one way or another to ‘Brexit’.

UK July PMI at seven-year low

Posted at
09:31

Markit's purchasing managers' index for July has come in at 47.7, the lowest reading since April 2009.

That's down from the June figure of 52.1.

The report is based on a survey of purchasing executives at 600 manufacturing companies and more than 650 services firms.

 

[Two Professors]

It's the same old story. FACTS are posted and published stating that Brexit is shredding the economy. These facts are backed up by financial entities, experts and independent advisors. And what vastly intellectual response do the brexiters give?

"Economic crisis is caused by people being bitter and people moaning. Wait ten years" (the dim post above being a prime example)

Cheers, I was just thinking what my pension could do with is a ten year hiatus. I'm sure my Son won't mind putting university off for a decade or so.

So you're thinking of joining all us unemployed Brexiters for 10 years?I'd better tell my grandson he can't go to university as they are all closing cos we've left the EU

 

[The Clamp]

So you're thinking of joining all us unemployed Brexiters for 10 years?I'd better tell my grandson he can't go to university as they are all closing cos we've left the EU

Utterly clueless.

 

[Two Professors]

Utterly clueless.

Utterly depressing,utterly unemployable,utterly boring the pants off normal people,utterly a sock-puppet of the highest order-you certainly are!

 

[The Clamp]

Utterly depressing,utterly unemployable,utterly boring the pants off normal people,utterly a sock-puppet of the highest order-you certainly are!

View attachment 76706

Again in English?

 

[Kinky Gerbil]

Again in English?

Basically its another way of saying "we won deal with it"

normal response to facts

 

[The Clamp]

Basically its another way of saying "we won deal with it"

normal response to facts

Exactly.
He's quite the trolling bellend.

 

[Two Professors]

Exactly.
He's quite the trolling bellend.

Actually,I was on a fishing expedition to try and catch an idiot-never expected a monster result like you though.

 

[The Clamp]

Actually,I was on a fishing expedition to try and catch an idiot-never expected a monster result like you though.

Like I say. Trolling bellend.

 

[studio150]

if leavers came out with junk like people are not going to want to come to this country anymore,leavers just want to get rid of brown people, leavers think Polish people caused the financial crisis and leavers think home grown terrorists will leave if we have stronger borders.... then i would comment

But leavers post an annual explosion figure as a monthly figure for Norway and you stay silent. Excellent double standards.

 

[The Clamp]

http://uk.businessinsider.com/brexi...l&utm_source=facebook.com&utm_campaign=buffer


There we go. Enjoy.

 

[pastafarian]

But leavers post an annual explosion figure as a monthly figure for Norway and you stay silent. Excellent double standards.

i havnt got a clue what you are talking about re Norway explosion figures

You are just another one that thinks people are not going to want to come to this country anymore,leavers just want to get rid of brown people, leavers think Polish people caused the financial crisis and leavers think home grown terrorists will leave if we have stronger borders. im not really bothered about being accused of double standards from people that support this moronic group think.

 

[The Clamp]

i havnt got a clue what you are talking about re Norway explosion figures

You are just another one that thinks people are not going to want to come to this country anymore,leavers just want to get rid of brown people, leavers think Polish people caused the financial crisis and leavers think home grown terrorists will leave if we have stronger borders. im not really bothered about being accused of double standards from people that support this moronic group think.

You should not take things so literally. But I know it's your particular brand of pomposity and trolling without actually having to ever contribute anything meaningful to the thread so we'll forgive you