UK and the Euro

[BONNACON]

How far up the creek would we be if we had joined the Euro, and is anybody willing to say they were in favour (or grass someone up who was).

 

[viceroy]

at about the same position up the creek as you are with the pound sterling...

 

[sunnoficarus]

How far up the creek would we be if we had joined the Euro, and is anybody willing to say they were in favour (or grass someone up who was).

We'd have joined the Titanic.

 

[Pillager]

The values on that graph arent Euro and Sterling Value though, that graph shows the exchange rate, which is an inadmissable value in the context.

 

[bobthedog]

Didn't that brilliant economist, mathematician and saviour of the planet, Gordon Brown MP sell our gold reserves to invest in euros? Therefore we are also in the crapcart with all the other Euro countries.

 

[lsquared]

How far up the creek would we be if we had joined the Euro, and is anybody willing to say they were in favour (or grass someone up who was).

The grinning spiv Blair was hugely in favour. It was only the venomous spite and unbridled malice of the economically inept and socially challenged oaf Brown that kept us out. Had the monstrous Brown thought that there 'glory' to be had, he would have crept off in the middle of a night and signed us up.

The whole idea of the Eurine was laughable from the day it was first announced - just think about it for a few moments.

 

[BaldBleep]

We would be unable to take any independant action to stabilise our currency.

 

[sunnoficarus]

The current value of the Pound vs the Euro shows exactly what is wrong with the whole 'one size fits all' Euro project.

Devalue and inflate your way out of your debt is no longer an option for any Euro country, and the strength of the Pound vs the Euro encourages trade with grown up currencies rather tan ending up with more Euros in the bank.

 

[BONNACON]

Would we have borrowed even more. Would Tony declared himself Emperor? And would we be on the verge of defaulting now. I suspect Tony Brown would have done a Viv Nicholson "spend spend spend". Just interested as My gut said it was going this way, frankly I think we have got off lightly and not by design.

 

[sunnoficarus]

Would we have borrowed even more. Would Tony declared himself Emperor? And would we be on the verge of defaulting now. I suspect Tony Brown would have done a Viv Nicholson "spend spend spend". Just interested as My gut said it was going this way, frankly I think we have got off lightly and not by design.

10 years of strict fiscal policy and some proper statesmanship could get UK PLC back into the black.

All Van Rumpeys hEurocrats and Baroness Ashtons MEP's will never get the EU solvent again.

 

[llech]

This Island mentality is getting tedious, there is a GLOBAL recession on, everyone is in the poo, and heading there again as the US is spiraling for the shitter. ANY government was just playing musical chairs when the music stopped regardless of what flavour it was.

Gordon Brown was/is a knob but I think you flatter him by saying he could've done anything to avoid it, there was an old adage about those with the most power have the biggest buildings, the Houses of Parliment aren't the biggest in London are they?

 

[Garhwal]

Didn't that brilliant economist, mathematician and saviour of the planet, Gordon Brown MP sell our gold reserves to invest in euros? Therefore we are also in the crapcart with all the other Euro countries.

The one eyed mong cost us around £10 billion with that bit of genius (at current price of gold). Funny that a trader is up shit creek for dodgy trading amounting to around £1.3 billion. Ho hum. Anyway the main reason for us being a little better off is our ability to set an interest rate suitable for ourselves rather than the Germans doing it for us, erm I mean themselves. The issue is how exposed our banks are to the eurozone fallout.

 

[bobthedog]

The one eyed mong cost us around £10 billion with that bit of genius (at current price of gold). Funny that a trader is up shit creek for dodgy trading amounting to around £1.3 billion. Ho hum. Anyway the main reason for us being a little better off is our ability to set an interest rate suitable for ourselves rather than the Germans doing it for us, erm I mean themselves. The issue is how exposed our banks are to the eurozone fallout.

Sad to say that when the one eyed mong sold off our gold £1Bn was a lot of dosh, a real lot of dosh..... Now we talk in Billions for relatively minor infrastructure projects £12Bn for the Olympic park, £25Bn for the HS2 line to Birmingham, £5Bn for a couple of ships with flat tops etc. Funny how in 10 years a term that seemed to be an unimaginable amount of cash seems to have been an amount we now use every day.

 

[All_I_Want]

Gordon Brown was/is a knob but I think you flatter him by saying he could've done anything to avoid it,

No but he/they made it hurt a lot more than it had to.

 

[Siddar]

UK would be more broke then it already is and would be looking at 500 billion euros of increased debt to bailout southern Europe.

 

[Wordsmith]

1) Were we in the Euro, we would not be able to set our interest rates. They would therefore be at 1.5% (ECB rate) rather than 0.5% (Bank of England rate).

2) Our sovereign debt rate burrowing costs would be higher because the markets think the Euro zone is at significant risk of breaking up - we are to some effect insulated from that fear. Look at what's happening to Italy.

3) Because we are not in the Euro, we are not directly liable for Euro zone debt - although we're going to be caught by the knock on effects.

4) We can control (to a degree) our exchange rate. Cameron/Osbourne have encouraged it to fall. This should have made our exports more competitive and helped manufacturing recover. In the Euro our exchange rate would be fixed and we could not do this.

5) Brown fucked over our economy.This is a pretty fair statement of the scale of the problems we face.

10 years of strict fiscal policy and some proper statesmanship could get UK PLC back into the black.

Were we in the Euro, we would have far less freedom to sort our problems out. In fact, were we in the Euro, I think UK PLC would be fcuked.

Wordsmith

 

[DeltaDog]

at about the same position up the creek as you are with the pound sterling...

I'm relatively clueless when it comes to this topic, but I can't see the relevance of that graph?

 

[BONNACON]

So if the Tories had been in power during the glorious Labour years we;

1) probobly would not have the level of debt to service

2) Banks would not have lent to anyone who could scratch an X

3) we would not have joined the Euro and had a vote eu constitution

Actually I cannot see that much would have been different with the tories in the driving seat but thank god we didn't join the Euro as whoever was in power would have behaved like a kid in a sweet shop

 

[bobthedog]

1) Were we in the Euro, we would not be able to set our interest rates. They would therefore be at 1.5% (ECB rate) rather than 0.5% (Bank of England rate).

2) Our sovereign debt rate burrowing costs would be higher because the markets think the Euro zone is at significant risk of breaking up - we are to some effect insulated from that fear. Look at what's happening to Italy.

3) Because we are not in the Euro, we are not directly liable for Euro zone debt - although we're going to be caught by the knock on effects.

4) We can control (to a degree) our exchange rate. Cameron/Osbourne have encouraged it to fall. This should have made our exports more competitive and helped manufacturing recover. In the Euro our exchange rate would be fixed and we could not do this.

5) Brown fucked over our economy.This is a pretty fair statement of the scale of the problems we face.



Were we in the Euro, we would have far less freedom to sort our problems out. In fact, were we in the Euro, I think UK PLC would be fcuked.

Wordsmith

Apart from the commitments made over "rescue packages" made by Alistair Darling 2 days after the election, which made UK liable to assist in the rescue of any country that went into default.

 

[crimsonhussar]

I wonder how many of the eurozone countries are hurriedly printing off and storing up notes for their original currencies even as we speak?