Why is the pound in a state of collapse ?

[benimar_col]

all the doom and gloom, job and home losses on the horizon, those guys who prayed for the return of the thatcher years,
your wish has come true.
sorry just couldnt resist,
kev

god forbid anybody asking for a return to the period when that HAGG was in charge of the country


its not just doom and gloom over there in sunny Spain folks, we are currently getting price wars over here in UK just before Xmas, many pubs,shops,buisnesses are going to the wall, the fall out will come when the prices increase and wages / salarys are stagnant and cant cope up

the price of a barrel of oil was $50 last week, i cant recall it ever being so low, only a few months ago it was $110, the whole world nearly in meltdown

[Warrior]

[QUOTE=benimar_col;21223]god forbid anybody asking for a return to the period when that HAGG was in charge of the country


At least when that HAG was in charge she didn´t want to borrow 100 billion to sort things out - we´ll be paying it back forever!

Can someone please explain the intricasies of the "Great Leader´s" master plan to me so that I may also: Borrow My Way Out Of Debt.

Financial Genius - Bloody Idiot more like.

[Drewth]

Opening today:

Euro - 84.5p
Pound - 1.183 Euro

[Armin Tamzarian]

[QUOTE=Warrior;21234]

god forbid anybody asking for a return to the period when that HAGG was in charge of the country


At least when that HAG was in charge she didn´t want to borrow 100 billion to sort things out - we´ll be paying it back forever!

Can someone please explain the intricasies of the "Great Leader´s" master plan to me so that I may also: Borrow My Way Out Of Debt.

Financial Genius - Bloody Idiot more like.

I agree. People seem to have forgotten what gave rise to the Thatcher years in the first place.

Back then it was Wilson's government who were forced to borrow from the IMF to avoid economic catastrophe as a result of their wholesale mismanagement. But then the country only required a £2 billion bail-out!

[John50]

The number of Brits enjoying a holiday in Spain dropped by 5% during the second quarter of 2008 compared with the same period last year, a new report from the Spanish tourist board has revealed.

Latest numbers indicated that the overall number of international visitors to Spain was also down, by 0.7%.

However, the figures suggested that Spain is still the favoured international holiday destination for Brits, some 12m heading to the Iberian Peninsula in the last 12 months.

The tourist board suggested that the drop in British visitors was due primarily to the current European economic conditions coupled with the strength of the euro against the pound.

Meanwhile, Mallorca-based Sol Melia, Spain's biggest hotel group, has warned that Spanish travel companies might struggle for profitability in 2009, as a result of economic slowdown brought on by the credit crunch.

Spain's INE (National Statistics Institute) warned that hotel stays dropped 2.3% year-on-year in June, despite posting 6.6% growth in May.

[Warrior]

[QUOTE=Armin Tamzarian;21252]

I agree. People seem to have forgotten what gave rise to the Thatcher years in the first place.

Back then it was Wilson's government who were forced to borrow from the IMF to avoid economic catastrophe as a result of their wholesale mismanagement. But then the country only required a £2 billion bail-out!

Quite right Armin and after that the IMF put the shutters up and wouldn´t lend us any more. I haven´t a clue where we´ll get a 100 billion from.
It´s always the same when the Socialists are in power: they know very well how to spend other peoples money, but they don´t have the first bloody idea how to make it.
Why do we have to be governed by a bunch of ignorant jocks anyway, I know nobody voted for the buffoon, but he and his sweaty sock cronies are still there aren´t they?

[Drewth]

[QUOTE=Warrior;21254]

Quite right Armin and after that the IMF put the shutters up and wouldn´t lend us any more. I haven´t a clue where we´ll get a 100 billion from.
It´s always the same when the Socialists are in power: they know very well how to spend other peoples money, but they don´t have the first bloody idea how to make it.
Why do we have to be governed by a bunch of ignorant jocks anyway, I know nobody voted for the buffoon, but he and his sweaty sock cronies are still there aren´t they?

I vowed not to do this but.....

I don't think the UK Government are to blame for what is, after all, a world crisis

Why is it necessary to call the Scottish people 'ignorant jocks' ? They are not of course, no more than people from elsewhere. In fact, the Scottish education system is widely recognised as being of a much higher standard than the English. They have done much to add to the history and culture of Britain as well as producing the best doctors and by far, the greatest number of inventors. Scotland has also produced the likes of the Carnegies' the worlds richest people and greatest philanthopists. It is the same as calling the English 'arrogant sassenachs'.

Millions of people must have voted Labour and certainly thousands for the current PM as a constituency MP

I am not from Scotland but I have a good many friends who are. Nor am I a voter or supporter of the Labour Party.

I neither agree or disagree with the current policies but I feel it is silly to blame the whole world economic crisis on Gordon Brown. The question is, what would you, operating within the constraints he does, do ? Britain 56 million people, USA 250 million people, Euro Zone around 250 million plus people, China off the scale in terms of population and placing Blighty in the economic shade.

[Armin Tamzarian]

I agree Drewth that the UK government is not to blame for the global economic recession, but they most certainly ARE to blame for the fact that they have put the UK in the worst position of all major nations to recover from it, according to the IMF (them again!).

The main effect of this mismanagement as far as we are concerned here, has been to destroy the value of the pound, which is exactly why you have made so many posts bitterly complaining about its value against the Euro.

In addition to his nuclear attack on private pensions in 1997 (which has cost everyone who contributed £17,000 on average) he's now managed to substantially reduce the value of those pensions that are left by facilitating the collapse of the Pound.

So, I don't blame Gordon Brown for the world sinking into a fnancial pit. But I do blame him fairly and squarely for digging the UK the biggest hole of all.

[Drewth]

I agree Drewth that the UK government is not to blame for the global economic recession, but they most certainly ARE to blame for the fact that they have put the UK in the worst position of all major nations to recover from it, according to the IMF (them again!).

The main effect of this mismanagement as far as we are concerned here, has been to destroy the value of the pound, which is exactly why you have made so many posts bitterly complaining about its value against the Euro.

In addition to his nuclear attack on private pensions in 1997 (which has cost everyone who contributed £17,000 on average) he's now managed to substantially reduce the value of those pensions that are left by facilitating the collapse of the Pound.

So, I don't blame Gordon Brown for the world sinking into a fnancial pit. But I do blame him fairly and squarely for digging the UK the biggest hole of all.

Fair point but reading the Irish press, I don't think we are alone in criticising our government. Things don't look so good there even though they do possess a strong currency - lucky old them !

Pound had a bad day thus far:
£1 = 1.176 Euro
Euro = 85.1 pence

[John50]

Weak pound hits tourism

Exchange rate increases holiday budget by 20 per cent

By James Parkes for the Costa Blanca News

THE COSTA Blanca tourism sector fears the worst after major tour operators warned this week that the weak pound has seen holiday prices rise by up to 20 per cent for British tourists.

The euro to pound exchange rate in June was 1.26, but this week it has reached 1.18, and further drops are expected.

Great Britain is still the Costa's main market with 2.5 million British holidaymakers visiting each year, of which 90% book hotel accommodation.

For this reason, Costa hoteliers association Hosbec has warned its members that bookings for summer 2009 could be hit by the exchange rate and the worldwide economic crisis, forcing holidaymakers to choose other resorts along the Mediterranean that operate with US dollars on the international market - namely Egypt and Turkey.

Tour operator TUI Travel, owner of Thomson and First Choice, has announced a 27% cutback in its summer holiday bookings due to the weak pound, holidaymakers' lower budget and the increase in unemployment in the UK.

Low-fares airline easyJet, which flies from Alicante to 12 British airports plus Basel and Dortmund, has seen its profits plummet by 45%.

Thomas Cook also announced a 15% cut in its holiday package offer for next year.

Many of these figures were widely commented at the recent World Travel Market held in London, where Benidorm, the Costa Blanca and the Valencia Region had a large promotional space.

To encourage bookings despite the situation, the regional tourism board has launched a direct promotional campaign in Birmingham and Liverpool.

Led by tourism councillor Angelica Such, a delegation representing 50 Costa companies will be meeting tour operators and travel agents as well as holding special promotion events in high streets.

RESIDENTS CONTINUE TO STRUGGLE

While concern grows within the tourism sector, expats living on the Costa Blanca, especially pensioners, continue to suffer the weak pound syndrome.

[cherrybear]

The other trouble is that the wondeful Mr. Brown sold off all our gold reserves early on so we really are in the doo doo. Whatever government comes in after this is going to be up against it. Basically he has bankrupt the country and we will all have to pay for this long after he has locked the door.

[Armin Tamzarian]

Weak pound hits tourism

Exchange rate increases holiday budget by 20 per cent

By James Parkes for the Costa Blanca News

.... forcing holidaymakers to choose other resorts along the Mediterranean that operate with US dollars on the international market - namely Egypt and Turkey.

John50, an almost identical article was also posted at the weekend from the Round Town News, which I took umbrage with. I imagine you have just posted this to upset me?

However I thought I'd keep that one line in above to show how laughable these hack-written pieces are.

If a Briton with Pounds goes on holiday to a country that trades in US Dollars, he is getting even worse value for money than in the Euro zone.

[Drewth]

John50, an almost identical article was also posted at the weekend from the Round Town News, which I took umbrage with. I imagine you have just posted this to upset me?

However I thought I'd keep that one line in above to show how laughable these hack-written pieces are.

If a Briton with Pounds goes on holiday to a country that trades in US Dollars, he is getting even worse value for money than in the Euro zone.

They may well trade in USD Internationally, but last time I went to Turkey, the currency was the Lira although you could spend US Dollars, Euros or indeed Pounds there. I don't suppose the Pound would be so welcome anymore on the market stalls and in the shops, cafes there. The prices were well below here.

I would be interested to know if the La Manga Resort failure was due in any small part to the collapse of Sterling ? (as featured in yesterday's La Verdad ?)

Anyway, Pound opened down today again:

£1 = 1.174 Euro
Euro = 85.2 pence

[John50]

'Hacks' at Financial Times wrote this:

Spain

The falling pound is a further blow to Spain's long-held status as Britons' favourite holiday destination, Mark Mulligan reports from Madrid.

Joan Flaquer, tourism minister for the Balearics, this week cited the strong euro as the single most "distorting" influence on the flow of Britons to Spanish tourist traps.

According to some officials, summer reservations for the Canary Islands and Mediterranean coast are down slightly on last year.

But even before the sharp drop in sterling against the euro, Spain was losing its allure. Cheaper destinations such as Turkey and Morocco partly account for zero growth in British visitors to Spain in 2006-07, according to Exceltur, the main industry lobby. Belt-tightening by debt-laden households was also a factor.

Growth this year is also expected to be flat as the sector struggles to reverse the gradual decline in visitors to the Costa del Sol, and the Canary and Balearic islands, where the weak pound will be most keenly felt.

However, NH Hotels, the urban hotel chain, says the business and weekend break markets are unlikely to be seriously dented by currency swings.

[John50]

'Hacks' at Reuters wrote this for Foreign Exchange.com:

Spain Oct tourist arrivals down 5.4 pct

and the 'hacks' at Guradian business wrote this:

The surge to the turquoise coast may continue. Searches on Teletext Holidays between June and August for holidays to Turkey soared by 72% compared with last year. Ash Makkar, marketing director, said: "The credit crunch has affected our customers' priorities in terms of booking a summer break, as they now demand greater value than ever before. Customers are either staying in the UK, with one of our major clients seeing bookings up 55% year on year, or are going to non-Euro destinations where the pound is strong."

Okay Armin, only newspaper talk and I want to believe you, I really do, but................................