Follow the money. WHO made massive profits shorting the pound?!?!
this post was submitted on 06 Oct 2023
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Please leave WHO out of this
He's being done for multiple sexual assaults now, his hedge fund is toast
In June 2023, the Financial Times published an investigative report on Odey which alleged that he had sexually harassed or assaulted 13 women over the course of 25 years.[5][6] Odey Asset Management announced shortly afterwards that Odey would be leaving the firm.[7] Investors soon started pulling their money from the firm following the report, prompting it to suspend withdrawals.[8] In late June 2023 the company suspended flagship hedge funds, and it was speculated that it might break up.[9]
This is the best summary I could come up with:
UK businesses are reluctant to make large investments in machinery and new technology while barriers to trade with the EU remain in place and interest rates are high, according to a survey by the British Chambers of Commerce.
The business lobby group said the vast majority of respondents to its quarterly economic survey had frozen or cut investment plans while only 23% said they were considering fresh injections of cash to improve the way they operated.
In a signal that pause in business investment dating back to the Brexit vote in 2016 was still in place, 59% of the 5,000 respondents reported no change and 18% saw a decrease.
He said uncertainty about the government’s plans for infrastructure developments and the threat of further customs checks at the EU border were also holding back investment.
This is in part a reflection of broader uncertainty, with little clarity on major long-term projects and yet more trade barriers to come with the EU,” he said.
The expectation among businesses that inflation will be lower than forecast earlier in the year is likely to further ease pressure on the central bank to raise rates at its next meeting in November.
The original article contains 421 words, the summary contains 197 words. Saved 53%. I'm a bot and I'm open source!
Lol, the guardian have to crowbar brexit into everything, even making the image brexit related
They never make any comparison, as if the UK is the only country with any issues
If you look at PMI manufacturing survey data, the UK is doing better than the EU, France and Germany, and they also don't mention the good news on services...
But that probably doesn't get any clicks
https://tradingeconomics.com/country-list/manufacturing-pmi?continent=europe
Funny how the report they are reporting on doesn't mention brexit once... inflation being the number one concern, closely followed by interest rates, which affect investment obviously, but the guardian doesn't mention that
Inflationary pressures continue to ease but remain the top concern.
The percentage of firms expecting their prices to rise fell for the fifth consecutive quarter. Two-fifths of firms (41%) now expect to put up prices in the next three months. This is down from an historic high of 65% in Q2 of 2022, indicating inflationary pressures are continuing to ease.
While inflation remains firms’ biggest concern, the level has dropped for the third quarter running, with 65% of firms now worried compared to 69% in Q2. However there has been a corresponding 4 percentage point rise in businesses worried about interest rates, increasing from 41% in Q2 to 45% in Q3.
You cannot use PMI to make comparisons between countries. PMI is a comparison to yourself and how your economy is doing. Anything below 50 on PMI shows that there is a contraction in the economy. The UK's PMI is 44, so it proves the point that the economy is shrinking.
As for using Germany and France for comparisons that is just bloody stupid. Brexit did not just affect the UK, it was damaging to countries in the EU also.
Of course you can compare PMI results, it's a survey of purchasing managers, why do they publish them then?
How did brexit affect France and Germany? There are no import controls from the EU to the UK
why do they publish them then?
To show how you are doing compared to the previous month. It does not show you how you are doing in comparison to everyone else; it is a comparison to your own market.
How did brexit affect France and Germany? There are no import controls from the EU to the UK
OFC there is, have you seen the massive lorry park at Dover? They also have extra costs with paperwork. This is as well as the economy being shrunk by the loss in UK trade.
No it is not. You are talking nonsense. It's used for both, it's an easy way to compare differences in confidence across regions
Why are they all published by country then? For fun?
https://www.google.com/search?q=pmi%20index%20by%20country
I suppose Bloomberg just do this for no reason as well then?
https://www.bloomberg.com/graphics/global-pmi-tracker/
Show me some stats about trade rather than some hysterical nonsense about a lorry park
Suggesting that Germany and France have been affected by brexit is nonsense. Covid supply shock and the Russian invasion and resulting sanctions on Russian energy dwarfs any brexit disruption from 2021
PMI is a relative measurement. You can't use it to do absolute comparisons.
It's the same nonsense as Sunak saying we can take the foot of the peddle of NetZero because we have improved a load. We are not doing better than the others, we just improved the most, because we started so badly.
Sure, you're right and the experts are wrong.
PMI is a comparison to YOUR previous month.. When your data point is your own economy then that has no relation to anyone else's. The EU is in contraction because of the massive upheaval that has taken place in recent years. The EU was massively weakened by Brexit, and compounded with a pandemic. This was further exacerbated by the energy supply disruption, which in turn affect mainland EU countries more than the UK.
You are using one short term internal data point to prove an argument for something that happened in 2020 across many countries. It shows nothing but your ignorance on the subject.
Are you really this dense? Plus 50 is expansionary, below contractionary. It's a prediction of economic activity. Can you seriously not see a reason why this data would be factored into investment decisions?
It is based on the previous month. You can have 20 months at +50 and then contract. You are using a single stat from one month to justify something that happened 3 years ago. Typical Brexiteer gaslighting. Latching onto individual stats and bellowing the "see, see, see!". It is a fact people are much worse off since Brexit. Trying to say we are doing better than France or Germany is just ludicrous and very weak.
No shit, it's called a trend. I think you're just being obtuse or a troll
Whatever. How about looking at all the stories of when the UK was assumed to be the worst performer in the G7.
Now it isn't, so all that was wrong.
I don't expect you to get this, and I'm bored
Cya
You don't get a trend based on data point over 30 days to justify a 3 year period.
As for GDP which is an accepted way to give an indication on the economy.
In a tweet following the publication of new gross domestic product (GDP) figures by the Office for National Statistics (ONS), the Conservative Party claimed: “The UK economy recorded the fastest growth in the G7” in 2022.
This claim was also made by chancellor Jeremy Hunt, who tweeted: “The fact the UK was the fastest growing economy in the G7 last year - as well as avoiding recession - shows our economy is more resilient than many feared.”
GDP measures the value of goods and services produced in a country, with GDP growth a key measure of the strength of a country’s economy.
It is true that, when comparing annual GDP in 2022 with 2021, the UK economy grew by 4%—the fastest rate in the G7.
However, as others have pointed out, when making this comparison it’s worth bearing in mind that in 2021 the economy was still impacted by the Covid-19 pandemic so comparisons with this period are not necessarily the most useful way of assessing recent economic growth.
Looking at other periods not impacted by the pandemic, the UK’s growth does not compare as favourably to other G7 countries.
UK was second among the large euro countries for GDP per capita pre brexit and still is
And again typical Brexiteer cherry picking. I am bored with you and your gibberish. I doubt anyone is still reading your BS. BB
When invoking experts (thought you Brexiteers had enough of experts), you should reference you sources. But that map doesn't have Britain standing out from Europe. Brexit has damaged the EU and Britain. It hurt us worse, but has hurt them too.
Lexiter.
If everywhere is fucked, nowhere is fucked
Capiche?
It's just the degree of fuckedness. UK is not performing badly compared to its peers, ergo brexit is not affecting the UK on a macro scale.
Edit. The source is the Bloomberg article I linked above
There is no Lexit. It's part of the ill defined Brexit blob that was all things to all people, but really, was a play for deep deregulation and racism. Though even the racism, was really just part of the play for deregulation.
Your map shows some places are improving. Though I don't trust unlabeled sources. It is also a relative measurement not absolute. If your country is massively rich but is slightly contracting, you life will probably be better, than in a massively poor country that is strongly improving.
EU countries also struggling doesn't help us at all. Less demand for our goods. It's one of lies of Brexit, that economic gravity doesn't exist. Our neighbors' fate is always going to be part of our fate.
There is lexit. A third of left wing voters votes for it. Labour are about to get into power.
Only an idiot would expect the Tories to deliver it. It's a long term process. Undoing the environmental damage that the CAP has wrought will take decades.
The facts are facts, the economic effects are minimal. If you don't change your opinion based on facts, then you're left with beliefs. Good luck with that.
You might want Lexit to be a thing, but you, along with many other types of Brexit voter, have been baited and switched. Vote with nutty Tories, get nutty Tories.
Facts are facts. Brexit has hurt us. No serious economist is saying otherwise. Just nutty Tories.
Brexit has been disruptive, nothing like covid or war though.
It's destroyed cruel live export businesses. It's destroyed farmers' business models of having to do stupid farming otherwise they lose 65% of their income.
I don't give a shit about the tiny minority of companies that export to the EU.
I care about the impact of agriculture and the marine environment. The common policies are a fucking disaster. Incapable of being reformed.
The UK agriculture policy is already better, and that's a weak Tory effort. I believe that Labour will implement it more effectively over the next decade.
Here are the economic facts, the UK has recovered faster than Germany or France since covid and brexit. The brexit effect is fuck all. Since the ONS revised the data, that narrative of the worst G7 performer is dead. If you actually understood the economics, you wouldn't be spouting this bullshit
Do you know any farmers? Brexit has not been good to them and they are watching the deregulations of imports with great fear. They can not compete with the lower standards and much larger scale farming of outside Europe.
If you claim to care about animal welfare, you should be supporting British livestock farming, because in most places, animal welfare is much worse. Meat demand is not going away so you want to serve that demand with high standards.
The deregulation following Brexit has meant we are using pesticides now band in the EU. Just yesterday I was talking to someone who told me in their village, many of the bee hives died straight after a near by farm sprayed their fields. Our environmental records has got worse since Brexit. Sure Labour might up the standards, but when the Conservatives are back in, they will cut them again.
It is now not only harder and more expensive to export to the EU, but also import. And that's before we acturally implement checks outside.
Please reference your sources when you link in graphs are claim to be referencing experts. Soures matter, for example, if it's the Daily Mail, it's almost certainly unreliable. If it's The Guardian or Independent, it's probably well researched.
No serious economist think Brexit has gone well. It has been worse for the UK than Covid and Russia's war. I don't where you are getting your economics.
I follow economics a bit as a long time listener of Tim Harper, Planet Money and Freakonimics. Read a few books on it. I'm not a expert, but I'm not the average either.
Yes, I work in agtech. There have been no deregulations of imports... Lots of scare stories about beef from Australia, but no one with half a brain thinks they would export beef here when they can get better prices in Asia
Nope. I support cultured meat and other protein sources.
The checks will never be implemented as per the TCA, why would they? We didn't need checks before
I have provided sources on every link... they are either ons or world bank data dyor
No serious economist think Brexit has gone well. It has been worse for the UK than Covid and Russia's war. I don't where you are getting your economics.
😂😂 🤡
Show me some stats that prove your nonsense
Australia, or where ever, will export where export it is profitable to do so. The problem is not just the lower meat standard, but the unfairness on British farmers still at a higher standard and unable to operate at the same scale. We need food security so can't just let British farmers go to the wall.
I have high hopes of cultured meat, precision fermentation and vertical farms. I like to product most/all food outside of nature like this. Controlling input and outputs and return all that farm land to nature to fight climate change. But we aren't there yet.
Maybe this a Lemmy thing, but your sources come to me as just an image link. There is no context of the article or paper they are from. To source properly, you should do the page link as well or instead of just the graph you want.
As for my own sources, literally just today's Brexit import problem news : https://www.theguardian.com/business/2023/oct/01/uk-admits-extra-330m-a-year-charges-post-brexit-food-imports
First result of all the factors mentioned: https://inews.co.uk/news/uk-recession-wrong-economy-brexit-pandemic-russia-war-ukraine-1953142
To think Brexit is a success, you can't be reading / listening to any of the same podcasts or newpapers as me.
Those import charges are a non tariff barrier on food imports, it makes imports more expensive relative to UK produce. It makes things like controlled environment and regenerative agriculture more feasible. Net good. Lexit benefit
Your inews link is from 2022. The UK did not enter a recession, Germany did btw, so the entire premise is invalid.
You are not listening. The ONS revised the GDP numbers, you are living in the past, the facts have changed, change your mind. Or don't, your choice.
https://commonslibrary.parliament.uk/research-briefings/sn02784/
Yer, that "Lexit" (acturally Tory Brexit) has increased our product costs because some parts are from Germany without an equivalent. Trade barrier wasn't the Brexit sold to many, though, yes was sold to others. All things to all people.
The links was 2022, and yes, things have been revised since then to be less bad. Still not good.
The reason I said to share links was exactly this. You didn't share the "GDP growth in recent years" graph. Only the ones of the last few quarters. Really we'd want graphs from 2016 pre-result to current day. But a lazy search didn't find one. Sure I've seen one, but can't find it, so may as well not exist. Point is it accumulates, so the longer you look, the better picture you get.
It's not just me and us Remoaners saying Brexit is bad. https://en.m.wikipedia.org/wiki/Economic_effects_of_Brexit
We're a laughing stock, only it's not fun when you live here.
Sigh
2nd in 2016, 2nd in 2022.
No change, no effect.
You don't accept facts.
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=GB-DE-FR-IT-ES&start=2016
And you realise you were the one voting with the Tories, as Dave and George were running, funding and backing the remain campaign yeah? Lol
Better look from 2000, so you can see 2008, which is why Brexit and Trump happened. Economic chaos causes political chaos.
You can see it hit the UK worse in 2008. Question is, would the UK have normalized to where it was relative to others if 2016 hadn't gone as it did.
People have looked at exactly that. https://www.newstatesman.com/politics/brexit/2023/09/john-springford-britain-remain-eu
I've never voted for a Conservative. Remain was not Conservative. It was a stupid gamble by Cameron to keep his party together. Instead it broke the country and the party, which is now full of crazies. On the morning of the result, my kids were watching Zootopia, about diversity and inclusion, and it was a gut punch the racist had won. I never thought the country would do this to itself. Since then Conservatives are literary calling themselves NatCs and endless upping the anti immigration popularist nonsense.
Stop quoting Springford, he's a fantasist. No one can predict shit.
Austerity did lead to it. As did the neoliberalisation and delusions of ever more political union would somehow fix it.
And your chart shows the exact same thing as I've been telling you, UK is and was the 2nd largest economy in Europe. No change.
Dude is an economist. It's not a hard science because ultimately, it's all down to how people react. Looking at what the UK would be like without Brexit is of course fantasy, but you can do best guest based on economic theory. There are very few economist who think Brexit was a good idea.
Austerity was the response to 2008. It was the wrong response and not what our most famous economist, Maynard Keynes, would have recommended. Austerity made 2008 direct effects, worse, but it's all still 2008.
The gap between Germany and UK went wrong for the UK in 2015. Germany clearly was less messed up by 2008, but the something else went wrong.... In 2015, UK $2.93B, Germany $3.36B. Now it's UK $3.07B and Germany $4.07B.
All these dismal economists are looking at brexit using boomernomics. Climate change demands a clean economy, disruption is necessary. Brexit affected carbon intensive agriculture the most. Being out of the CAP is the brexit benefit. Our entire existence is due to 6 inches of topsoil that has been destroyed by production subsidies, fossil fuel fertilisers, pesticides and herbicides.
And yes, Germany does very well by being in the EU, cheap currency and cheap labour for their manufacturing exports.
The UK, not so much, the single market for services is very weak in comparison to goods. And as the stats show, productivity has not been improved by being in the EU.
Yer deregulating fertilisers, pesticides and herbicides is going to be really positive for the top soil. https://inews.co.uk/news/environment/britain-brexit-freedoms-bee-killing-neonicotinoid-2104102
Being in EU was better for our services, especially our massive financial services. Losing passporting alone was bad.
https://www.politico.eu/article/brussels-says-glyphosate-safe-enough-for-full-re-approval/
https://www.vox.com/future-perfect/23895654/europe-cage-free-animal-welfare-farming
GG!
And all that happened to our financial services was some desks got beefed up in the EU. Trade still happens in London. All the clearing is still done by LSH SA, in the EU. Big deal.
Short term pain, long term gain, according to Bailey
"could" and "may" well as the known bee killer is here right now.
Carney was better, anyway, again, that is uncertain future gain (doubt it) for defiant current pain.
Yes, a decent government would have banned it. Hopefully that'll be in Labour's manifesto
Carney was not, he left rates too low for too long and printed too much money meaning we had less headroom when covid hit. His errors are being compounded.
To be honest, all I want from the next Labour government is to to get this country's voting system off FPTP. I want Mixed Member Proportional Representation like New Zealand and Germany.
Brexit is just one of the toxic falls out of our broken democracy.