An excellent way to crash Britain's financial system. EXTRACT:-
First, Article 50 cannot be ignored, as some Brexiteers advise. It was included in the Lisbon Treaty to establish a legal pathway to leave the EU. Yes, Britain could in theory simply repeal the European Communities Act (1972), which establishes the supremacy of EU law over British legislation. But at what cost? To give just one example, if the European Market Infrastructure Regulation (EMIR) were no longer in effect in the UK, financiers trading derivatives in London for banks headquartered elsewhere in the EU would be doing so illegally. London is the largest financial centre for derivatives trading in the EU, so repealing the 1972 act and thereby annulling EU regulations would create enormous risks for Britain’s financial system, as well as that of the EU as a whole.
My daughter bought a second home about 10 yrs. ago, for income and as a pension pot. Unlike you, she is nursing heavy losses. It's a semi 3 bed house in the NE.....somewhere near Middlesborough. No jobs No migrants No redevelopment anywhere and NO hope for the many on benefits.
The UK has had many housing recessions...the last two being in the 1990's and in 2008....you must remember them. So they DO happen and WILL happen again. Joblessness/credit crunches/recessions/affordablity seem to be the common factors. Unlike shares, second homes cannot be sold quickly. In a rapidly falling market they become almost illiquid.
Just a more balanced view to the potential perils that can & do occur.
As always with contrarian things they are just that...Lloyds may be the biggest morgage lender but (and I am probably not right here) I seem to remember an article claiming LTV of around 60ish% .. so although a serious housing correction would be painful, its hard to see how that takes the bank down. And as for Brexit and all the huffing in Europe, was it not a couple of days ago some quiet statement was made about the assessment (legality ways) of just unilaterally quiting the EU .... far from holding the aces, the EU does not in my view. The cost top their economies of a global tariff bases subsidy arrangement far outweighs the UK's (so government could afford to simply pay it for all exporters). And the issue of people is a red herring to as nearly 4 times the number of EU nationals are in the UK and will hardly want vast armies being booted out in retaliation for the mistreatment (or theft of property) done to our citizens.
I see it all a bull and bluster... economic self interest is what will rule the day for all. As for opening the floodgates to other EU countries doing the same there is only one solution... reform !! (the UK would not have quit if you had)
I have owned rode a scooter for some 30 years never been a Mod never had a fox tail and never entered the camping scene, just a nice quality hotel I own 63500 shares in LLOY if I had really been switched on to investing many years ago I should have purchased all the £20 Lambretta 's I could have got my hands on and sold for 5k profit per purchase Hindsight a great thing and the annual scooter rally to IOW a great thing for local tourism
I used to think the UK housing market was in a bubble and was a regular visitor to the website housepricecrash.co.uk I had money in the bank, waiting for the inevitable crash that never materialised. I've since bought into property and sitting on a paper gain of 30% in the last 5 years. It should be obvious, to anyone, that the BOE will do everything it can to support the housing market. I've come to realise that they'll do anything, from dropping interest rates to zero, to helicopter money drops. I've heard the views that the property market will crash for the last ten years and where are house prices now? I bet we all know someone, who sat on savings, living in rented accommodation awaiting this mythical event.
Newchurch, Trying to cover your various points. I didn't vote as at my age any final outcome will be past my sell by date. But financial loss was a concern. Voting for my children's future, who will be well provided for, didn't concern me. Many of your valid issues for leaving are far less important or relevant here....just outside London. Selfish I agree...but most voted according to they own personal and local circumstances. This was shown by the massive voting divide between London and the rest of the country.
Migration is now a massive Global issue, with at least 60m on the move ....that is almost impossible to avoid. Unless draconian measures are enforced. Australia remove all boat migrants and pay Papua New Guinea for their resettlement.....in vast open prison like encampments. Under world pressure these arrangements are unlikely to continue. Basically there is no satisfactory solution for both migrants and the indigenous population. Other than the improvement of conditions within the many countries they depart from. Depressingly unachievable unless the worlds population explosion ceases...10B in your lifetime....what THEN...
I fear a populous uprising as the many promises made, fail to deliver. Expectations of all kinds cannot possibly ALL be deliverable. Cheers
Newie... you also appear reasonably articulate (by the way... its 'their' children... not 'there') But you definitely come across as unbalanced. Your 'rape, stabbings, shootings, violence, overbreeding' comments are frankly the product of a fertile, but unbalanced and small mind. Someone hinted you live on the IOW? Prey tell me... to what extent has the IOW got a non European population?
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