Paphos Life

http://www.telegraph.co.uk/business...l ... bn-poorer/

Britain's missing billions: Revised figures reveal UK is £490bn poorer than previously thought

Ambrose Evans-Pritchard

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15 October 2017 • 9:30pm
Global banks and international bond strategists have been left stunned by revised ONS figures showing that Britain is £490bn poorer than had been assumed and no longer has any reserve of net foreign assets, depriving the country of its safety margin as Brexit talks reach a crucial juncture.

A massive write-down in the UK balance of payments data shows that Britain’s stock of wealth – the net international investment position – has collapsed from a surplus of £469bn to a net deficit of £22bn. This transforms the outlook for sterling and the gilts markets.

“Half a trillion pounds has gone missing. This is equivalent to 25pc of GDP,” said Mark Capleton, UK rates strategist at Bank of America

I would question that article. The link to it no longer works, I can find no similar story on any other news site, even reuters, and to top it all, the pound hasn't plummeted overnight. Surely if the above were true then sterling would have taken a big hit?

Fake News.
Your remainers will do anything to get UK to stay in the EU, and will no doubt blame Brexit for what their (this) fake news claims to be in regard to the UK's balance of payments etc.
It is high time the UK got itself sorted out.
BTW I see that the British PM is visiting Bruxelles today to have dinner (how cosy!) with Mr Junkers and the EU's chief Brexit negotiator.
Later this week the leaders of the other 27 EU Member States meet to discuss Brexit Et Al.
As UK is still a full member of the EU and paying in top-notch financial contributions into it, why isn't Mr May attending THAT meeting?
They cannot stop her, she is an equal with them legally.
??
Crazy.
Amos.

Try here..............

http://www.express.co.uk/news/uk/866946 ... -uk-wealth

Apologies if this is fake news.... was picked up from Twitter, from a Daily Headlines site....

http://www.telegraph.co.uk/business/201 ... bn-poorer/

Proper link.....

Looking more likely.... the Telegraph being Pro-Brexit, I'd guess they'd be last to publish something like this, at this time...

The author has covered world politics and economics for 30 years for the same rag, so he may have some credibility.

exodus wrote: ↑Mon Oct 16, 2017 11:25 am Fake News.
Your remainers will do anything to get UK to stay in the EU, and will no doubt blame Brexit for what their (this) fake news claims to be in regard to the UK's balance of payments etc.
It is high time the UK got itself sorted out.
BTW I see that the British PM is visiting Bruxelles today to have dinner (how cosy!) with Mr Junkers and the EU's chief Brexit negotiator.
Later this week the leaders of the other 27 EU Member States meet to discuss Brexit Et Al.
As UK is still a full member of the EU and paying in top-notch financial contributions into it, why isn't Mr May attending THAT meeting?
They cannot stop her, she is an equal with them legally.
??
Crazy.
Amos.

You do realise that the Telegraph is pro Brexit?

Dominic wrote: ↑Mon Oct 16, 2017 12:20 pm

exodus wrote: ↑Mon Oct 16, 2017 11:25 am Fake News.
Your remainers will do anything to get UK to stay in the EU, and will no doubt blame Brexit for what their (this) fake news claims to be in regard to the UK's balance of payments etc.
It is high time the UK got itself sorted out.
BTW I see that the British PM is visiting Bruxelles today to have dinner (how cosy!) with Mr Junkers and the EU's chief Brexit negotiator.
Later this week the leaders of the other 27 EU Member States meet to discuss Brexit Et Al.
As UK is still a full member of the EU and paying in top-notch financial contributions into it, why isn't Mr May attending THAT meeting?
They cannot stop her, she is an equal with them legally.
??
Crazy.
Amos.

You do realise that the Telegraph is pro Brexit?

Indeed so, but separate issue.
Any comment on my question why Mrs May allows herself to be barred from meetings of the other 27 EU leaders?
Amos.

Just looked & the FTSE 100 is marginally up which is the last thing you would expect if the news were true!


Shane

It appears that the news is indeed printed in the Telegraph and Express - possibly more...

If true it's a nightmare for the economy and for Brexit. Can't see a single positive in the article and the lack of investment in the UK is a major worry.

It is perhaps only a view of some, why it hasn't affected the markets....

Amos

Like you I don't understand it either, are we in or out ! If in, then she is entitled to be there, if out, she isn't, that's as I see it, and God help us, we're still IN.

Jackie

exodus wrote: ↑Mon Oct 16, 2017 12:41 pm

Indeed so, but separate issue.
Any comment on my question why Mrs May allows herself to be barred from meetings of the other 27 EU leaders?
Amos.

Sure I'll comment. I think it would be daft of her to be there. It would achieve absolutely nothing and would make the UK look ridiculous if they tried.

For God's sake, we are leaving the EU. To expect to sit in on the meetings where the rest of the EU work out how best to manage the split is like one partner in a divorce expecting to sit in on the meeting the other partner has with their lawyer.

Dominic wrote: ↑Mon Oct 16, 2017 3:06 pm

exodus wrote: ↑Mon Oct 16, 2017 12:41 pm

Indeed so, but separate issue.
Any comment on my question why Mrs May allows herself to be barred from meetings of the other 27 EU leaders?
Amos.

Sure I'll comment. I think it would be daft of her to be there. It would achieve absolutely nothing and would make the UK look ridiculous if they tried.

For God's sake, we are leaving the EU. To expect to sit in on the meetings where the rest of the EU work out how best to manage the split is like one partner in a divorce expecting to sit in on the meeting the other partner has with their lawyer.

Thank you Dominic.
Well that is a valid viewpoint.
I take a different view. Firstly UK is paying to be there! Secondly if she were to attend then she could argue her/UK's case face to face with all 27 other leaders; from my experience it is always better to discuss difficult issues face to face, for a start you can read the body signals.
Amos.

I can see both points of view but I lean more towards what Amos is saying. We are in a very difficult position at the moment as we are still full members and still need a vote/say on anything that may affect us whilst we are still in surely?

If the UK wanted to have a say they shouldn't have invoked article 50.

Now that they have done so they should leave with dignity. They are far more likely to get a good working relationship with the EU if they do that.

Dominic wrote: ↑Mon Oct 16, 2017 4:41 pm If the UK wanted to have a say they shouldn't have invoked article 50.

Now that they have done so they should leave with dignity. They are far more likely to get a good working relationship with the EU if they do that.

Only full members of the EU have a say.
There are currently 28 full members, UK is one of them! Regardless of Article 50.
Amos.

OK Dominic - hypothetical question( or are you like Mrs May and don't answer them ?!) How about if the 27 members decided in our absence although we are still members until 2019, that the UK should contribute 50 million towards better road infrastructure in Italy. Do you think that would be right? Don't forget that just because we invoked article 50 we are still a fully paid up member of the club and have associated rights as such

Poppy

Good question !

Jackie