[davep]

The end of the Petropound

Since it's peak in 1999, an important additional pressure on the Pound has come from the decline in North Sea oil production. Its decline has been forecast for some years (C.J.Campbell, "Peak Oil"). Despite the discovery of new oil fields and the application of new extraction technology, North Sea oil production has been steadily declining from its peak in 1999 and is forecast to decline considerably more at a rate of between 7% and 13% per year, depending on assumptions about new discoveries)(Euan Mearns, Oil Drum Europe).

So even people calling themselves an "independent market planning consultancy, with a strong customer focus and a data based yet creative approach to solving marketing problems" are getting it.

See here

[IslandCrow]

Thanks I found that report [s]interesting[/s] useful. I need to convert some Euros to Pounds, but it looks as if I should wait a bit longer before doing that.

[Tyler_JC]

With a balance of payments like that, it was only a matter of time before the pound declined in value.

[Nickel]

Hate to burst your bubble, but have you seen what the pound is worth currently? About €1.26, pretty much exactly where it was last May when the article was written. By their estimation, it should be down to €1.15 about now. Did it never occur to you to check that before posting the link?

Might have been interesting otherwise but the numbers this year don't support the trend.

[davep]

Hate to burst your bubble, but have you seen what the pound is worth currently? About €1.26, pretty much exactly where it was last May when the article was written. By their estimation, it should be down to €1.15 about now. Did it never occur to you to check that before posting the link?

Might have been interesting otherwise but the numbers this year don't support the trend.

It was somebody else's link posted this morning. I was half asleep and copied it. So, no, it didn't occur to me. Sorry to have wasted your precious f*cking time.

[CarlosFerreira]

Having moved to the UK last week for a year's study, can't say it wouldn't help me. Do you think that, if that happens, the UK will jump into the Euro to hedge against inflation and seek stability? Or will the upcoming Torie government just try to inflate it somehow?

[Nickel]

Sorry to have wasted your precious f*cking time.

I accept remuneration in either pounds or euros... at least for now.

[Nickel]

Having moved to the UK last week for a year's study, can't say it wouldn't help me. Do you think that, if that happens, the UK will jump into the Euro to hedge against inflation and seek stability? Or will the upcoming Torie government just try to inflate it somehow?

Oh, the Brits have played up the whole euro thing to the point that it'll be generations before they swallow their pride and come crawling, if ever. They carried on like they were giving up God's testicles or something... the pound. The Germans gave up the mark, for God's sake, but the pound was just too sterling to be offered up without grinding down everyone else's ego first. "Five tests" indeed. It's like Puerto Rico demanding the US prove itself before agreeing to be a state. The damage done to the project in the past ten years and to Europe moving forward is incalculable.

With what I've read this morning about the banking exposure in the UK relative to the rest of Europe, the eurozone would be better served if the ECB answers any such call with "we'll let you know" and quietly hangs up. The UK's in that mess because it can't stop pretending it's an unincorporated part of the United States, so let the Anglosphere and its vaunted "laissez-faire" economic frivolity dig them out, not the eurozone.

Maybe they can borrow from their Uncle Sam to shore up the quid...

[davep]

Sorry to have wasted your precious f*cking time.

I accept remuneration in either pounds or euros... at least for now.

Ahem, sorry for that. I was tired and grumpy yesterday