Brexit - Post Match Reaction

[buctootim]

Many of Unilever's products are manufactured in the UK. They are trying to instill a 10% hike, when the actual impact is less.

 

Anyway marmite was a bad example, as most leftie remainers will be more concerned about the price of balsamic vinegar, avacado and bitter melon (quite apt don't you think?? ;-) )

 

They might be trying it on - and Tescos might be trying to fake a confrontation. Neither you or I really know if there is a 10% increase, if there is whether it applies across the board or just to a few products and whether those products are made in Britain or in some country where there has been a strong appreciation against sterling.

 

The reality is that regardless of the merits of this particular case, sterling has depreciated. That will in general lead to imports becoming more expensive and since we import more goods than we used to decades ago then the problem is bigger than it used to be.

There will be other adverse effects too. A weaker pound creates inflation which leads to the Bank of England raising interest rates which leads to more expensive mortgages and loans. Sure exporters and savers (generally the older age group) will benefit whilst working age people and expanding smaller companies will lose. But exporters of goods are a much smaller part of the economy than the nett losers.

[TwoPints]

OK, let me break this down for you in terms you can understand.

 

Let’s take a jar of marmite (you either love it or hate, much like brexit). The average price of a jar is around £2.50. This is what we pay at the tills. So assuming an average retailers margin is 40%, the actual cost paid by Tesco to Unilever is around £1.50 per jar.

 

Now let’s assume that from this £1.50, unilever make a 5% net profit, which goes back to the Netherlands (presumably to avoid corporation tax). This 7.5p net profit has taken a bit of a hit due to sterling devaluation.

 

OK, so we’re left with £1.40 per jar. 50% of this will be attributable to the UK overhead in running the factory, sales, marketing, admin etc. So we’re looking at a production cost of £0.70 per jar. We don’t know how much labour is involved on the shop floor, so for the sake of argument, say it is 20%. But, as the product is made here, the devaluation is irrelevant in terms of labour anyway.

 

We can safely estimate that the potential exchange rate exposure from raw materials is down to £0.56 per jar. Now after researching, the ingredients are all UK sourced, so there is in fact no / very little exposure to exchange rates in terms of raw materials.

 

So by my calculations, Unilever have taken a 17% hit on the 7.5p net profit, which equates to 1.5p.

 

We know Unilever are taking a hit of 1.5p on a jar of marmite (forgetting that exports of marmite are now 17% cheaper), so here is a question for you. Can you explain how a 10% hike in prices (equivalent to 25p on the retail price) is down to the fall in the pound and/or brexit, when the net effect is 1.5p per jar sold in the UK????

 

Seems like remainers are buying the lies of big business who are seeking to profit from their gullibility.

You need to get out more.

Edited 13 October, 2016 by TwoPints

[TwoPints]

Don't know where you got that from...

António Horta-Osório, Lloyds’s chief executive, said the decision to cut jobs – which will save £400m – had been tough. But he said the use of branches had fallen by 15% year on year, faster than had been the case when he announced a £1bn cost-saving programme of 200 branch closures and 9,000 job cuts in October 2014.

 

This is to do with the changes in the way we do banking.... but hey, blame it on brexit if it makes you feel better

It's unfortunate that your research doesn't cover up to date news. The 3000 jobs referred to in my post, from today's news, is in addition to the 9000 mentioned in 2014 and is specifically referred to as being as a result of Brexit. When I get a chance, I'll post a link to save you looking stuff up yourself and to give you more time to make up numbers about marmite.

[buctootim]

I'll post a link to save you looking stuff up yourself and to give you more time to make up numbers about marmite.

...

[TwoPints]

HSBC closed their Hedge End Branch because of structural damage caused by an attempted robbery. They then decided not to reopen it, so in the rare occasions when my business invoices were settled by cheque, I went to the Bitterne branch as the next nearest. This month, that branch is also closing. What a damned nuisance Brexit is!

 

Most of my banking is via the internet and I suspect yours is too, JB. How about you, Two Pints? Do you often find yourself visiting your local Bank in person, or do you bank online too?

See my post to Johnny. Same applies here. If the job loses had been attributed to branch closures as a result of efficiencies brought about by online banking, then I wouldn't have posted it on an EU thread... and as it happens, I was in a local HSBC branch just yesterday where a very helpful young lady managed to satisfy my needs!

[TwoPints]

Here it is:

 

https://www.moneymarketing.co.uk/lloyds-axes-another-1300-jobs/

 

5th paragraph.

[Johnny Bognor]

It's unfortunate that your research doesn't cover up to date news. The 3000 jobs referred to in my post, from today's news, is in addition to the 9000 mentioned in 2014 and is specifically referred to as being as a result of Brexit. When I get a chance, I'll post a link to save you looking stuff up yourself and to give you more time to make up numbers about marmite.

 

It's unfortunate that you don't actually "read" the news articles, as opposed to scanning the headlines and making things up about brexit. The 3000 job losses, attributable to the changes in the way we bank, were announced back in July...

https://www.theguardian.com/business/2016/jul/28/lloyds-bank-to-axe-3000-jobs-and-close-200-branches

 

If you're refering to the 1300 announced yesterday, these are part of the previously announced 9,000 head count reduction...

https://www.theguardian.com/business/2016/oct/12/lloyds-banking-group-accused-of-death-by-a-thousand-cuts-as-it-axes-1340-jobs

 

Remainers making things up???? No siree, no way....

[Johnny Bognor]

Here it is:

 

https://www.moneymarketing.co.uk/lloyds-axes-another-1300-jobs/

 

5th paragraph.

 

 

is in addition to the 9000 mentioned in 2014 and is specifically referred to as being as a result of Brexit. .

 

Errrr, no it's not. Let me help you out a little bit...

 

2nd Paragraph:

The 1,340 job losses are part of a three-year restructuring plan first announced in 2014,

 

5th Paragraph:

Though the latest round of cuts is NOT RELATED to the Brexit vote

 

 

As for the further 3000 cuts mentioned in paragraph 5, these were announced in July. Please see my previous post. No, actually, don't. Please go back and click-on the link and actually READ the article.

 

You never know, you might learn something you donut.

Edited 13 October, 2016 by Johnny Bognor

[moonraker]

It is becoming very apparent that our resident Brexiters did not do join the dots puzzles as children. They spout random "facts & figures" without any acknowledgement of the interconnectivity and interdependency of reality. The Tescos story is a simple example, unbelievably one of their claims is it will be a benefit as it will mean buying British and reducing our reliance on imports. A number of problems there; for manufactured goods we can’t produce many of the inputs required, for food British farmers rely on ‘un-skilled’ low wage foreign labour to produce food at the prices we have be come accustomed too, British ‘un-skilled’ labour will not do seasonal agricultural work at current wage levels. So joining 3 dots (an easy one this) prices will rise due to a weak pound, wages will be suppressed as producers come under pressure to keep prices down, spending on manufactured goods will reduce as the price of essentials rises. In addition our farmers and horticulturists will be unable to harvest a whole range of crops and will either stop growing or have to raise wages to attract “un-skilled” Brits an hence prices rise and imports grow.

[solentstars]

It is becoming very apparent that our resident Brexiters did not do join the dots puzzles as children. They spout random "facts & figures" without any acknowledgement of the interconnectivity and interdependency of reality. The Tescos story is a simple example, unbelievably one of their claims is it will be a benefit as it will mean buying British and reducing our reliance on imports. A number of problems there; for manufactured goods we can’t produce many of the inputs required, for food British farmers rely on ‘un-skilled’ low wage foreign labour to produce food at the prices we have be come accustomed too, British ‘un-skilled’ labour will not do seasonal agricultural work at current wage levels. So joining 3 dots (an easy one this) prices will rise due to a weak pound, wages will be suppressed as producers come under pressure to keep prices down, spending on manufactured goods will reduce as the price of essentials rises. In addition our farmers and horticulturists will be unable to harvest a whole range of crops and will either stop growing or have to raise wages to attract “un-skilled” Brits an hence prices rise and imports grow.

Agree sooner or later the light might switch on in there head but it still looks like they are in denial and prefer the fantasy rather than the real world as it is.

 

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[buctootim]

"Lloyds has said it intends to axe a further 3000 jobs on top of its 2014 redundancy plan in light of the EU referendum result".

 

Don't know where you got that from...This is to do with the changes in the way we do banking.... but hey, blame it on brexit if it makes you feel better

 

 

As for the further 3000 cuts mentioned in paragraph 5, these were announced in July. Please see my previous post. No, actually, don't. Please go back and click-on the link and actually READ the article.

 

You never know, you might learn something you donut.

 

Lloyds has said it intends to axe a further 3,000 jobs on top of its 2014 redundancy plan in light of the EU referendum result. Its a word for word quote.

 

 

You're clearly wrong again Johnny. Why don't you have the decency to admit it?

Edited 13 October, 2016 by buctootim

[Johnny Bognor]

Lloyds has said it intends to axe a further 3,000 jobs on top of its 2014 redundancy plan in light of the EU referendum result. Its a word for word quote.

 

 

You're clearly wrong again Johnny. Why don't you have the decency to admit it?

 

 

Perhaps you need to read this too... before I call you a donut...

https://www.theguardian.com/business/2016/jul/28/lloyds-bank-to-axe-3000-jobs-and-close-200-branches

 

The additional 3000, over and above the 9000 in the original 2014 plan, is down to the accelarating decline in branch use.... and it was announced back in July.

 

Edited 13 October, 2016 by Johnny Bognor

[TwoPints]

ooh! Double post! Let's see if I can help you out.

 

It's unfortunate that you don't actually "read" the news articles, as opposed to scanning the headlines and making things up about brexit.

 

The headline refers to 1300 job losses not 3000 and I specifically referred you to paragraph 5 so this suggests that maybe I had read the whole article?

 

The 3000 job losses, attributable to the changes in the way we bank, were announced back in July...

 

The article doesn't make any reference to these 3,000 job losses being attributable to changes in the way we bank ... I even quoted the paragraph to you which clearly stated "it intends to axe a further 3,000 jobs on top of its 2014 redundancy plan in light of the EU referendum result".

 

If you're refering to the 1300 announced yesterday

 

I'm clearly not referring to those as I referred to 3000 jobs not 1300.

 

Remainers making things up???? No siree, no way....

 

Not sure how posting a quote from a news article can be referred to as making things up .. but keep your head in the sand.

 

2nd Paragraph:

The 1,340 job losses are part of a three-year restructuring plan first announced in 2014,

 

5th Paragraph:

Though the latest round of cuts is NOT RELATED to the Brexit vote

 

 

As for the further 3000 cuts mentioned in paragraph 5, these were announced in July. Please see my previous post. No, actually, don't. Please go back and click-on the link and actually READ the article.

 

You never know, you might learn something you donut.

 

Let me talk you through the specific quote I was referring to again as you seem to have missed off the rest of that paragraph from your quote:

 

"Though the latest round of cuts is not related to the Brexit vote, Lloyds has said it intends to axe a further 3,000 jobs on top of its 2014 redundancy plan in light of the EU referendum result, taking the total number of jobs set to go by the end of 2017 to 12,000."

 

Nothing there about these jobs having been previously announced in July ... making things up again Johnny? Nothing there about the jobs being lost as a result of the way we bank. Lloyds have said that the 3000 jobs are being lost in light of the EU referendum result .

 

It's not difficult to read and easy to understand. Donut.

[shurlock]

Many of Unilever's products are manufactured in the UK. They are trying to instill a 10% hike, when the actual impact is less. Quite simple really. They are trying it on with Sainsbury's and Co as well.

With the fall in the pound, rises are to be expected, but IMO Unilever are taking the ****, especially when you consider how Unilever didn't lower their prices when the currency went in the opposite direction a few years ago.

 

Anyway marmite was a bad example, as most leftie remainers will be more concerned about the price of balsamic vinegar, avacado and bitter melon (quite apt don't you think?? ;-) )

 

What's the price of rat-au-van?

[buctootim]

Perhaps you need to read this too... before I call you a donut...

https://www.theguardian.com/business/2016/jul/28/lloyds-bank-to-axe-3000-jobs-and-close-200-branches

 

The additional 3000, over and above the 9000 in the original 2014 plan, is down to the accelarating decline in branch use.... and it was announced back in July.

 

TwoPints correctly and accurately quoted an article Money Marketing. Instead of disputing what Money Marketing had written and citing some other source you told him he was wrong, didn't read the article properly and was a donut. When that was pointed out you continued to insist you were right. You weren't.

 

'The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is'. Winston Churchill

[Sergei Gotsmanov]

Oddly enough it isnt 1950 any more. For many products there is one factory supplying Europe, and possibly globally. I cant see people going back to eating only seasonal fruit and veg either. The 'Buy British' mantra gets less and less relevant every year because there isnt a UK manfucturer.

 

It is quite straight forward for if the £ is drops then Mr Tesco sources his Bacon from the UK not Holland or Denmark, his beef from the UK not Ireland etc etc and

 

I would still think that most food is not manufactured it is reared or grown and if it is processed then factories around Europe will be sourcing from us now because of the favourable exchange rate.

 

It is not a question of people reverting back to eating seasonal fruit and veg, more a question of more people eating seasonal fruit and veg because it is cheaper.

[Johnny Bognor]

TwoPints correctly and accurately quoted an article Money Marketing. Instead of disputing what Money Marketing had written and citing some other source you told him he was wrong, didn't read the article properly and was a donut. When that was pointed out you continued to insist you were right. You weren't.

 

'The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is'. Winston Churchill

 

 

Errrr...... original plan to cut 9000 jobs in 2014. In July, announcement to cut a further 3000. Total to be cut 12,000.

 

"the 3000 jobs referred to in my post, from today's news, is in addition to the 9000 mentioned in 2014" is a re-hash of the july announcement to cut 3000 jobs in addition to those 9,000 announced in 2014.

 

Quite simple really.

 

I guess two pint's error was to rely on a poorly written and poorly researched article, whilst your error was to blindly follow because it suits your agenda. Donut! (Sorry, but I did warn you)

Edited 13 October, 2016 by Johnny Bognor

[Verbal]

More official evidence on the rise of Brexiter violence:

 

https://www.theguardian.com/politics/2016/oct/13/hate-crimes-eu-referendum-home-office-figures-confirm

[buctootim]

Errrr...... original plan to cut 9000 jobs in 2014. In July, announcement to cut a further 3000. Total to be cut 12,000.

 

"the 3000 jobs referred to in my post, from today's news, is in addition to the 9000 mentioned in 2014" is a re-hash of the july announcement to cut 3000 jobs in addition to those 9,000 announced in 2014.

 

Quite simple really.

 

 

I guess two pint's error was to rely on a poorly written and poorly researched article, whilst your error was to blindly follow because it suits your agenda. Donut! (Sorry, but I did warn you)

 

Either you are a graceless small man, or you are unable to read and follow posts on a football forum. Neither puts you in a good light.

[Guided Missile]

More official evidence on the rise of Brexiter violence:

 

https://www.theguardian.com/politics/2016/oct/13/hate-crimes-eu-referendum-home-office-figures-confirm

Brexiter violence??? You are a total w@nker for linking hate crimes/violence to people that voted to leave the EU. The Home Office stated in a press briefing, that "the increase was largely a result of more people reporting hate crime and better police recording. "

 

Like I said, a total w@nker....

[Plastic]

 

The cost of oil went up by 700% between 2000 and 2005 and you still went to work. Pump prices hit £1.40 per litre three years ago, so let me go and dig up your post moaning about how you were not going to go to work in protest... LOL

 

Congratulations on altering the question to suit your argument. You said people were gullible because they believe brexit is the source of price hikes, rather than capitalist opportunism.

So does paying 3p more a litre make me gullible, and if so, what should I do about it?

[Johnny Bognor]

Congratulations on altering the question to suit your argument. You said people were gullible because they believe brexit is the source of price hikes, rather than capitalist opportunism.

So does paying 3p more a litre make me gullible, and if so, what should I do about it?

 

What did you do when pump prices hit £1.40 two years ago??? Therein lies your answer

[Johnny Bognor]

Either you are a graceless small man, or you are unable to read and follow posts on a football forum. Neither puts you in a good light.

 

So you're now saying that the additional 3000 announced in July is different to the 3000 reported yesterday (note: reported, not announced)??

[buctootim]

It is quite straight forward for if the £ is drops then Mr Tesco sources his Bacon from the UK not Holland or Denmark, his beef from the UK not Ireland etc etc and

 

I would still think that most food is not manufactured it is reared or grown and if it is processed then factories around Europe will be sourcing from us now because of the favourable exchange rate.

 

It is not a question of people reverting back to eating seasonal fruit and veg, more a question of more people eating seasonal fruit and veg because it is cheaper.

 

There would be some substituition, but limited. You can't quickly ramp up production of most agricultural produce even if there were demand for it and even if you could find spare suitable land. Apples, pears, cherries etc will take five years to produce. Beef three years. It takes a lot of investment and for a lot of investment you want a lot of certainty, something that is distinctly lacking atm. In any event most people want year round availability and dont want to choose between kale and leathery swedes between October and June.

 

Also most supermarket spend is not on fresh food. Its either factory processed food or other groceries like detergents, coffee and tea, toiletries etc

[Verbal]

Brexiter violence??? You are a total w@nker for linking hate crimes/violence to people that voted to leave the EU. The Home Office stated in a press briefing, that "the increase was largely a result of more people reporting hate crime and better police recording. "

 

Like I said, a total w@nker....

 

Nope.

 

More Brexiter violence evidence - again clearly linked to the vote.

 

https://www.theguardian.com/society/2016/sep/28/hate-crime-horrible-spike-brexit-vote-metropolitan-police

[Guided Missile]

Nope.

 

More Brexiter violence evidence - again clearly linked to the vote.

 

https://www.theguardian.com/society/2016/sep/28/hate-crime-horrible-spike-brexit-vote-metropolitan-police

 

Like I said, you are a total w@nker. It's racist hatred, not "Brexiter violence" and down to more people reporting instances. To quote your original Guardian article:

 

Despite the increases, the report confirmed that police chiefs will no longer collate weekly figures, because by August this year the levels of hate crime returned to those seen earlier in 2016. The report says: “This analysis shows a clear increase following the referendum result. The number of racially or religiously aggravated offences then falls during August, with the number of offences at the end of August at a similar level seen prior to the referendum.”

 

The figures are the most detailed confirmation of a post-referendum spike in hate crime. The home secretary, Amber Rudd, said: “Hatred has no place in a Britain that works for everyone and we are determined to stamp it out.” In a press briefing, the Home Office claimed the increase was largely a result of more people reporting hate crime and better police recording.

 

To repeat, you are a total w@nker to suggest that those that voted out are responsible for an increase in hate crimes.

[Plastic]

What did you do when pump prices hit £1.40 two years ago??? Therein lies your answer

 

Answer to a different question but hey, 2 years ago the price hike was not of our own making through currency devaluation. Oh, and i drove a diesel.

 

I think what I will actually do is hope that the High Court force a commons vote on Brexit. Interesting times.

[Sergei Gotsmanov]

There would be some substituition, but limited. You can't quickly ramp up production of most agricultural produce even if there were demand for it and even if you could find spare suitable land. Apples, pears, cherries etc will take five years to produce. Beef three years. It takes a lot of investment and for a lot of investment you want a lot of certainty, something that is distinctly lacking atm. In any event most people want year round availability and dont want to choose between kale and leathery swedes between October and June.

 

Also most supermarket spend is not on fresh food. Its either factory processed food or other groceries like detergents, coffee and tea, toiletries etc

 

There will and already has been lots of 'substitution'. UK agricultural is more competitive than it has been for a few years and the supermarkets make decisions ruthlessly based on price - even more so now that Lidl and Aldi have taken share from them.

 

Farmers rotate their crops every year and it takes no real extra investment.

 

Most people want cheap food and that is why Lidl and Aldi have taken share. Consumption habits will shift.

 

I apologise but I cannot resist pointing out that EU imported beer brands like Heineken will be more expensive and will lose out to British brewed beers.

[Johnny Bognor]

Answer to a different question but hey, 2 years ago the price hike was not of our own making through currency devaluation. Oh, and i drove a diesel.

 

I think what I will actually do is hope that the High Court force a commons vote on Brexit. Interesting times.

OK what did you do when we illegally invaded Iraq on false pretences?

 

That significantly increased the price at the pumps...

Edited 13 October, 2016 by Johnny Bognor

[Johnny Bognor]

So Unilever trying to push through 10-19% price hike in Ireland, which if I remember correctly is in the Eurozone...

 

http://www.maxkeiser.com/2016/10/unilever-seeking-seeking-10-19-price-hikes-from-irish-retailers/

 

http://www.irishexaminer.com/breakingnews/business/unilever-price-dispute-affecting-supervalu-tesco-ireland-refuses-to-comment-759200.html

 

 

So how can a 10% rise in the UK be blamed on the fall in the value of the pound, when they are pushing through greater increases in the Eurozone where unilevers products are now cheaper and there is no mention of currency changes?

 

#talkaboutprofiteering

#nothingtodowithbrexit

# scapegoating

Edited 13 October, 2016 by Johnny Bognor

[Batman]

I see it is all over. Marmite is SAVED!!!!

[TwoPints]

Either you are a graceless small man, or you are unable to read and follow posts on a football forum. Neither puts you in a good light.

Or both!

 

Sent from my SM-T810 using Tapatalk

[Johnny Bognor]

Or both!

 

Sent from my SM-T810 using Tapatalk

So your are standing by your assertion that the 3000 job cuts at lloyds are a result of brexit????

 

 

Sent from my SM-G920F using Tapatalk

[CB Fry]

So Unilever trying to push through 10-19% price hike in Ireland, which if I remember correctly is in the Eurozone...

 

http://www.maxkeiser.com/2016/10/unilever-seeking-seeking-10-19-price-hikes-from-irish-retailers/

 

http://www.irishexaminer.com/breakingnews/business/unilever-price-dispute-affecting-supervalu-tesco-ireland-refuses-to-comment-759200.html

 

 

So how can a 10% rise in the UK be blamed on the fall in the value of the pound, when they are pushing through greater increases in the Eurozone where unilevers products are now cheaper and there is no mention of currency changes?

 

#talkaboutprofiteering

#nothingtodowithbrexit

# scapegoating

I think you're out of your depth here on this topic.

 

Let's all assume you really don't know what you're on about and leave it at that.

[Johnny Bognor]

Either you are a graceless small man, or you are unable to read and follow posts on a football forum. Neither puts you in a good light.

Either you are unable to understand bank announcements about job cuts or you are unable to see that money week are regurgitating old news and linking it tenuously to brexit.

 

Just to repeat, in language you might understand.... lloyds announced an additional 3000 job cuts to the 9000 already planned, back in July. The bank cited an accelerated decline in branch use as the reason.

 

The 3000 mentioned by donut, are the same 3000. Don't you think the media would have been all over another 3000 job cuts? Especially after announcing an additional 3000 job cuts in July? ??

 

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[Johnny Bognor]

I think you're out of your depth here on this topic.

 

Let's all assume you really don't know what you're on about and leave it at that.

I guess if tesco cough up 10%, you might be right.

 

The dispute is settled now. Would love to know what they settled on. Anything less than 10% and it shows the hike wasn't justified.

 

If they are pushing for a hike on currency grounds, I can't see the irish taking 19% when they should be going down

 

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[Jonnyboy]

Like I said, you are a total w@nker. It's racist hatred, not "Brexiter violence" and down to more people reporting instances. To quote your original Guardian article:

 

 

 

To repeat, you are a total w@nker to suggest that those that voted out are responsible for an increase in hate crimes.

 

And what on earth could possibly lead to an increase in reporting of hate crimes? Perhaps an actual increase in hate crimes. Not every Brexiter is a racist, but every racist is a Brexiter.

[aintforever]

And what on earth could possibly lead to an increase in reporting of hate crimes? Perhaps an actual increase in hate crimes. Not every Brexiter is a racist, but every racist is a Brexiter.

 

What a load of ******s. For starters according to Verbal The Labour Party is full of racists and they are mainly remainers.

 

Why can't you just accept the fact that you lost the refurendum, most people in your country want out of The EU, call them racist, stupid or whatever but that's what's going to happen.

[TwoPints]

So your are standing by your assertion that the 3000 job cuts at lloyds are a result of brexit????

 

 

As buctootim has already told you. All I have done on here is quote an article from a financial news source. I haven't asserted anything but why would I doubt it?

Edited 13 October, 2016 by TwoPints

[Jonnyboy]

What a load of ******s. For starters according to Verbal The Labour Party is full of racists and they are mainly remainers.

 

Why can't you just accept the fact that you lost the refurendum, most people in your country want out of The EU, call them racist, stupid or whatever but that's what's going to happen.

 

I didn't say I agree with Verbal, neither did I say I want to ignore the referendum result.

[Johnny Bognor]

As buctootim has already told you. All I have done on here is quote an article from a financial news source. I haven't asserted anything but why would I doubt it?

Errrr ...because it is wrong???

 

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[TwoPints]

Errrr ...because it is wrong???

 

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How do you know that? Why believe one article over another?

[Johnny Bognor]

How do you know that? Why believe one article over another?

 

Because one was an announcement covered by most mainstream outlets with quotes from the banks chief exec. ... the other is reporting something that was announced 3 months ago LOL

 

Look I know you want to believe everything bad is brexit related, which is why you and Tim were seduced by such a **** poor article.

 

Do you not think that another 3000 cuts would only be covered by money marketing??? Missed by the BBC, ft, times, guardian, independent, ecomomist, wall street journal, telegraph etc?

 

Not even the history graduate at the Guardian had anything to say about it.

 

Perhaps you should do your own research before lecturing others on their research? ??

 

As for the 10% rise from Unilever, most experts believe it was excessive. Prices will undoubtedly rise with the fall in the pound (retail analysts predict 3% over the next 12 months). Some businesses, however, will undoubtedly try to profit from it, blaming brexit... and remainers lap it up

Edited 13 October, 2016 by Johnny Bognor

[TwoPints]

Because one was an announcement covered by most mainstream outlets with quotes from the banks chief exec. ... the other is reporting something that was announced 3 months ago LOL

 

Look I know you want to believe everything bad is brexit related, which is why you and Tim were seduced by such a **** poor article.

 

You're right. I have done more research and it seems that these are the job loses announced in July. I don't bother trawling back through months of news to check details though so maybe that's where I went wrong.

 

I've done more research now to show that these were indeed the job loses announced July and I apologise that I assumed that these were to do with Brexit when clearly they're not:

 

"Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the European Union." - Reuters

 

"Lloyds said in July it would cut an extra 3,000 jobs in response to the Brexit vote." - Financial Times

 

"Lloyds Banking Group Plc will cut a further 3,000 jobs as it warned Britain’s vote to leave the European Union would hurt its ability to boost dividend payments." - Bloomberg

 

Oh... Hang on! Looks like I might have been right after all. Pick your sources and believe what you like. Personally, I'm inclined to take notice of the FT, Bloomberg and Reuters. Not such **** poor articles. You should consider changing your name to Mr Krispy Kreme. Might be more appropriate.

[shurlock]

You're right. I have done more research and it seems that these are the job loses announced in July. I don't bother trawling back through months of news to check details though so maybe that's where I went wrong.

 

I've done more research now to show that these were indeed the job loses announced July and I apologise that I assumed that these were to do with Brexit when clearly they're not:

 

"Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the European Union." - Reuters

 

"Lloyds said in July it would cut an extra 3,000 jobs in response to the Brexit vote." - Financial Times

 

"Lloyds Banking Group Plc will cut a further 3,000 jobs as it warned Britain’s vote to leave the European Union would hurt its ability to boost dividend payments." - Bloomberg

 

Oh... Hang on! Looks like I might have been right after all. Pick your sources and believe what you like. Personally, I'm inclined to take notice of the FT, Bloomberg and Reuters. Not such **** poor articles. You should consider changing your name to Mr Krispy Kreme. Might be more appropriate.

 

 

Act II of Baldrick's cunning plan -as is common practice for him- will be to claim those journos once took the Eurostar to Brussels and enjoyed a complimentary croissant upon arrival. By association that must mean they are fully paid up lackeys for the European superelite and so their work cannot be trusted. The jokes on you for not seeing this web of deceit and corruption and not doing due diligence on your sources. Game, set and match.

 

#followthemoney

[hutch]

It is becoming very apparent that our resident Brexiters did not do join the dots puzzles as children. They spout random "facts & figures" without any acknowledgement of the interconnectivity and interdependency of reality. The Tescos story is a simple example, unbelievably one of their claims is it will be a benefit as it will mean buying British and reducing our reliance on imports. A number of problems there; for manufactured goods we can’t produce many of the inputs required, for food British farmers rely on ‘un-skilled’ low wage foreign labour to produce food at the prices we have be come accustomed too, British ‘un-skilled’ labour will not do seasonal agricultural work at current wage levels. So joining 3 dots (an easy one this) prices will rise due to a weak pound, wages will be suppressed as producers come under pressure to keep prices down, spending on manufactured goods will reduce as the price of essentials rises. In addition our farmers and horticulturists will be unable to harvest a whole range of crops and will either stop growing or have to raise wages to attract “un-skilled” Brits an hence prices rise and imports grow.

Dead right. Why do they keep referring to facts and figures, when we can all fill our heads with wild speculation.

[Johnny Bognor]

You're right. I have done more research and it seems that these are the job loses announced in July. I don't bother trawling back through months of news to check details though so maybe that's where I went wrong.

 

I've done more research now to show that these were indeed the job loses announced July and I apologise that I assumed that these were to do with Brexit when clearly they're not:

 

"Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the European Union." - Reuters

 

"Lloyds said in July it would cut an extra 3,000 jobs in response to the Brexit vote." - Financial Times

 

"Lloyds Banking Group Plc will cut a further 3,000 jobs as it warned Britain’s vote to leave the European Union would hurt its ability to boost dividend payments." - Bloomberg

 

Oh... Hang on! Looks like I might have been right after all. Pick your sources and believe what you like. Personally, I'm inclined to take notice of the FT, Bloomberg and Reuters. Not such **** poor articles. You should consider changing your name to Mr Krispy Kreme. Might be more appropriate.

 

The devil is in the detail...

 

The FT actually says...

Lloyds Banking Group is to axe 3,000 jobs in a £1.4bn cost-cutting drive and has damped the outlook for dividends following the vote to leave the EU.

https://www.ft.com/content/a0c395f6-5491-11e6-9664-e0bdc13c3bef

 

Your Bloomberg quote does not attribute the cuts to Brexit. It, like the FT, states that Dividend payments would be affected.

So the outlook for dividends is dampened by Brexit. Job cuts are down to cost cutting initiatives, according to both the FT and Bloomberg.

 

Now, let's move on to the killer blow...

The decision to axe 3000 jobs was made BEFORE the referendum...

 

 

"However, the bank stressed that the decision to close the branches was taken before the referendum result, as the number of transactions carried out in branches has fallen by another 15pc compared with last year."

http://www.telegraph.co.uk/business/2016/07/28/lloyds-to-slash-3000-jobs-and-close-branches/

 

"The bank attributed the cuts to changes in people's banking habits, and the effects of interest rates remaining low for the foreseeable future.

"The bank confirmed that the decision to make further cuts was taken before the EU referendum on 23 June"

http://www.bbc.co.uk/news/business-36911896

 

 

Lloyds Bank ✔ @AskLloydsBank

 

@JoHaley6 The decision to close these branches was made before the Brexit vote and is not linked to the result.

 

The Lloyds bank half year results, state "Continued acceleration of strategy in line with customers’ evolving needs" in relation to the 3000 job cuts. It's on page 1 if you're interested...

http://www.lloydsbankinggroup.com/globalassets/documents/investors/2016/2016_lbg_hy_results.pdf

 

 

 

This is turning into a game of dunkin donuts... Consider yourself dunked

Edited 14 October, 2016 by Johnny Bognor

[Johnny Bognor]

 

Act II of Baldrick's cunning plan -as is common practice for him- will be to claim those journos once took the Eurostar to Brussels and enjoyed a complimentary croissant upon arrival. By association that must mean they are fully paid up lackeys for the European superelite and so their work cannot be trusted. The jokes on you for not seeing this web of deceit and corruption and not doing due diligence on your sources. Game, set and match.

 

#followthemoney

If it's not my old pedigree chum... I've missed you.

 

Anyway, not so fast...

 

The decision to axe 3000 jobs was taken before the referendum... as confirmed by the bank

 

Consider yourself dunked along with the rest of your fellow donuts!!!

Edited 14 October, 2016 by Johnny Bognor

[OldNick]

http://www.hl.co.uk/news/2016/10/14/eus-donald-tusk-says-britain-might-yet-back-out-of-brexit

[Lord Duckhunter]

Not every Brexiter is a racist, but every racist is a Brexiter.

 

Diane Abbott is a racist , she voted remain