# Pound breaks through 1.30 barrier



## Lynn R (Feb 21, 2014)

Happy days, just checked the FE rate and showing 1.3017E against the pound.


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## Chopera (Apr 22, 2013)

Lynn R said:


> Happy days, just checked the FE rate and showing 1.3017E against the pound.


Good for all concerned (British, Spanish, rest of eurozone, etc). I'd usually think the UK would simply do something to drive down the pound in return, but this time the falling oil price is pushing down inflation in the UK so maybe they'll let the pound strengthen a bit more?


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## Pesky Wesky (May 10, 2009)

Chopera said:


> Good for all concerned (British, Spanish, rest of eurozone, etc). I'd usually think the UK would simply do something to drive down the pound in return, but this time the falling oil price is pushing down inflation in the UK so maybe they'll let the pound strengthen a bit more?


Is it good for me, earning euros in Spain, visiting Britain @ twice a year?


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## Chopera (Apr 22, 2013)

Pesky Wesky said:


> Is it good for me, earning euros in Spain, visiting Britain @ twice a year?


It should help the Spanish economy in general - cheaper exports to the UK, etc.

If you are worried about a rising pound you can always hedge by buying them now.


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## alborino (Dec 13, 2014)

Chopera said:


> Good for all concerned (British, Spanish, rest of eurozone, etc). I'd usually think the UK would simply do something to drive down the pound in return, but this time the falling oil price is pushing down inflation in the UK so maybe they'll let the pound strengthen a bit more?


Chopera I believe this has little to do with the pound . Sterling is down on the dollar and most currencies around the world. What we are seeing is the fall of the Euro. Can't see the UK buying enough Euros to support it and not sure what Nige Farage would make of that 

Interesting to see the Swiss decouple the Franc (thus the currency market spike this morning). I assume they see the previous level of 1.20 unsustainable long term.

But as you say good news for exporters and hopefully it will attract more people to invest in Spanish property 

ps Anyone notice the pub landlord is standing against Nigel Farage. I liked his quote ""Let it be known that like many of the parliamentary hopefuls in the forthcoming election, I have no idea where South Thanet is.

"But did that stop Margaret Thatcher from saving the Falkland Islands? No."


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## Alcalaina (Aug 6, 2010)

Isn't the European Central Bank about to start some form of quantitative easing? Some economist was saying yesterday that this would produce a fall in the value of the euro against the pound and the dollar.

It's good for me as my pension is paid in sterling but bad for my Spanish friends saving up to go to the UK to look for work.


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## alborino (Dec 13, 2014)

Alcalaina said:


> Isn't the European Central Bank about to start some form of quantitative easing?


This week the final big hurdle was removed when such action was declared legal. But the big problem I think is who's debt will they buy? As some one in the ECB said "It won't be Greek debt". And there is also a thought that the ECB would be in breach of rules if it bought any debt from a bailed out country.

Are we about to see the buying of German debt I wonder 

The other issue is that QE might strengthen the Euro if anyone actually thought it would work long term. But many think it will not


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## Chopera (Apr 22, 2013)

alborino said:


> Chopera I believe this has little to do with the pound . Sterling is down on the dollar and most currencies around the world. What we are seeing is the fall of the Euro. Can't see the UK buying enough Euros to support it and not sure what Nige Farage would make of that
> 
> ...


I didn't suggest the pound was strengthening in general, just against the euro, and that it was good for both the UK and the eurozone. I suspect that when it comes to setting monetary policy, the BoE looks at the value of the pound against the euro more closely than the dollar.


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## 90199 (Mar 21, 2010)

Time to move some dosh


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## Expatliving (Oct 21, 2013)

This is good news for me, but probably several months too early to actually benefit my upcoming Spanish purchase.

As mentioned above, the final QE hurdle was removed yesterday, expect ECB to start using this facility within the next month. This will deflate the Euro further, however, the UK also has some hiccups on the horizon? That being the election and a slowdown in the economy due to the knock on effect of the flat lining EU.

The real possibility of another required coalition government will do nothing to strengthen confidence. Also, add the slowing down of the property market, due to unaffordable mortgages and house inflation, you have another negative for the UK economy.

The main positives coming into play are the recent 'Stamp duty' banding changes, which can help the vast majority of buyers and all persons of pensionable age being able to go bananas (at a cost) with their pension funds come April this year? 

Whilst the pension freedom may seem dangerous? You could ask what extra benefit spending your fund on say property would have been compared with annual pension fund increases. 

I think the £ will flirt around the 1.25-30 level for some months to come, but the election could prove to knock the £ back further down against the Euro?


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## Lynn R (Feb 21, 2014)

alborino said:


> But as you say good news for exporters and hopefully it will attract more people to invest in Spanish property
> 
> ps Anyone notice the pub landlord is standing against Nigel Farage. I liked his quote ""Let it be known that like many of the parliamentary hopefuls in the forthcoming election, I have no idea where South Thanet is.
> 
> "But did that stop Margaret Thatcher from saving the Falkland Islands? No."


I agree, it should be good for Spanish exports, also help to make 2015 another good year for Spanish tourism and there may be more buyers around for those who are trying to sell their Spanish properties, although not good for those who want to relocate back to the UK and need to convert their funds back to sterling.

I laughed like hell yesterday when I saw the report about Al Murray standing against Farage in South Thanet, as the FUKP. The quote I liked best was about his policy of bricking up the Channel Tunnel, but "probably have to get a few Poles in to do it". I bet more than a few UKIP supporters will vote for him having taken it all literally.


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## extranjero (Nov 16, 2012)

Bad news if you are selling a property in Spain!


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## Lynn R (Feb 21, 2014)

extranjero said:


> Bad news if you are selling a property in Spain!


Won't make any difference unless you find a buyer - and it's just possible there may be a few more of those around if the exchange rate stays in their favour.


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## Horlics (Sep 27, 2011)

You said it was good for all concerned, which is not the case.



Chopera said:


> I didn't suggest the pound was strengthening in general, just against the euro, and that it was good for both the UK and the eurozone. I suspect that when it comes to setting monetary policy, the BoE looks at the value of the pound against the euro more closely than the dollar.


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## Chopera (Apr 22, 2013)

Horlics said:


> You said it was good for all concerned, which is not the case.


I wrote:



> Good for all concerned *(British, Spanish, rest of eurozone, etc)*


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## extranjero (Nov 16, 2012)

Lynn R said:


> Won't make any difference unless you find a buyer - and it's just possible there may be a few more of those around if the exchange rate stays in their favour.


The difference is a few thousand euros actually!


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## Chopera (Apr 22, 2013)

extranjero said:


> The difference is a few thousand euros actually!


The difference between finding a buyer and not finding a buyer is a lot more than that


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## Lynn R (Feb 21, 2014)

extranjero said:


> The difference is a few thousand euros actually!


Please note the operative words "unless you find a buyer". Unless somebody comes along who likes your house and is prepared to pay what you want for it, it doesn't matter a jot what the exchange rate is.

You can't exchange money you don't yet have.


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## alborino (Dec 13, 2014)

Just an example (ok we may be a little odd ) but we will move sterling to Euros in April if the rate is above 1.20. Below that Spain is off.

For each 0.1 rise we add 2500 Es to our buying price (not including exps/tax/etc. so it is more than that)

So in a year we have added 25000 Es to our budget price.

And of course we will live in Spain 80% of the time as opposed to now when we live 80% of the time outside Spain (we have a small flat in Spain). And we will pay tax in Spain and spend more money in Spain.

I'm hoping there are others like us and that the devaluation will be sufficient to kick start a slight minute rise in property prices and all that goes with that. But I'm an optimist


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## mrypg9 (Apr 26, 2008)

I bought today and got 1.2968 euros to the £. 
I'll wait until the ECB starts printing money before buying more.


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## Lynn R (Feb 21, 2014)

mrypg9 said:


> I bought today and got 1.2968 euros to the £.
> I'll wait until the ECB starts printing money before buying more.


I got €1.3018 via Currency Fair this afternoon.

I'm thinking of transferring my pension lump sum over to Spain as we'll need it over here sooner or later to help us move to a new place when we (try to) sell, and if I do it this year it means I won't have to bother with a 720 declaration for a while longer, but like you I'm waiting to see if the rate improves further.


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## Isobella (Oct 16, 2014)

alborino said:


> ps Anyone notice the pub landlord is standing against Nigel Farage. I liked his quote ""Let it be known that like many of the parliamentary hopefuls in the forthcoming election, I have no idea where South Thanet is.


According to BBC news this bloke just happens to be starting a tour and he is using this for a publicity tool. He won't be the first. It works, I had never heard of him before, not that I would be tempted to buy a ticket.


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## alborino (Dec 13, 2014)

Isobella said:


> According to BBC news this bloke just happens to be starting a tour and he is using this for a publicity tool. He won't be the first. It works, I had never heard of him before, not that I would be tempted to buy a ticket.


 Isobella I get the feeling you don't like this guy 

But to be fair he is and has been very successful for many years. And his tour is an extension of last years sell out shows in response to such high demand.

He is highly educated. And as far as I know he pays all his taxes and doesn't fiddle his expenses. And he is very generous with his time for various charities. I can think of worse candidates. In fact now I hope he wins 

Bit concerned some people might confuse his comic character with the views of our Nige


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## Isobella (Oct 16, 2014)

I don't know him not to like him although I wasn't impressed by the BBC profile. They seem to think it is all a joke by a self-publicist. We shall see. What do i know


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## Chopera (Apr 22, 2013)

Lynn R said:


> I got €1.3018 via Currency Fair this afternoon.
> 
> I'm thinking of transferring my pension lump sum over to Spain as we'll need it over here sooner or later to help us move to a new place when we (try to) sell, and if I do it this year it means I won't have to bother with a 720 declaration for a while longer, but like you I'm waiting to see if the rate improves further.


We've got a pounds account with a Spanish bank, and I can transfer money to it from my UK bank just by writing cheques to myself. However I worry that when I do try to change them into euros I'll get a worse rate than if I did it via a currency specialist.


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## alborino (Dec 13, 2014)

Chopera said:


> We've got a pounds account with a Spanish bank, and I can transfer money to it from my UK bank just by writing cheques to myself. However I worry that when I do try to change them into euros I'll get a worse rate than if I did it via a currency specialist.


Chopera I'm interest in this as to date I've limited any money in Spanish banks to next to nothing but I'm going to have to handle balances in Spain very soon. Can you not just give the account details to the currency guys or will your Spanish Euro account prevent that?

I use Cajastur and am very wary so will probably get the currency guys to use a sterling and a Euro account from Lloyds. The problem is the Lloyds Euro is in the Isle of Man and thus protection is only 50000 (and the Isle of man fund is not that big so no great guarantee). That said I doubt the UK want Lloyds Isle of Man to go bust


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## Chopera (Apr 22, 2013)

alborino said:


> Chopera I'm interest in this as to date I've limited any money in Spanish banks to next to nothing but I'm going to have to handle balances in Spain very soon. Can you not just give the account details to the currency guys or will your Spanish Euro account prevent that?
> 
> I use Cajastur and am very wary so will probably get the currency guys to use a sterling and a Euro account from Lloyds. The problem is the Lloyds Euro is in the Isle of Man and thus protection is only 50000 (and the Isle of man fund is not that big so no great guarantee). That said I doubt the UK want Lloyds Isle of Man to go bust


Yes you can give the account details to the currency guys, along with other codes for the transfer, and they will both transfer the money and do the currency conversion. We have done that in the past, and that may be the best way to go for most people. However we also opened a sterling account with our bank in Spain about 5 years ago (Citibank) and that allowed me to get money into Spain without converting it to euros. This can be useful if you want to get money into Spain (e.g. to avoid having to fill out the 720) but don't fancy the exchange rate at the time. The downside is that sterling accounts don't pay interest - but what account does these days? And as I mentioned above, you might be better off using the currency specialists anyway if you want to convert to euros later on.

Citibank sold their Spanish operations to Banco Popular last year, and we were allowed to keep the sterling account - but I'm not sure if they'll let new customers open one. However there must be other Spanish banks who will let you open a sterling account.


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## mrypg9 (Apr 26, 2008)

Lynn R said:


> I got €1.3018 via Currency Fair this afternoon.
> 
> I'm thinking of transferring my pension lump sum over to Spain as we'll need it over here sooner or later to help us move to a new place when we (try to) sell, and if I do it this year it means I won't have to bother with a 720 declaration for a while longer, but like you I'm waiting to see if the rate improves further.


******!! I used Currency Fair late morning and changed several £ 000....a few hours later and I might have got €100 plus more...

Just goes to show how easily money can be made...or lost.


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## mrypg9 (Apr 26, 2008)

Chopera said:


> We've got a pounds account with a Spanish bank, and I can transfer money to it from my UK bank just by writing cheques to myself. However I worry that when I do try to change them into euros I'll get a worse rate than if I did it via a currency specialist.


I've got a sterling account with BS with about 1 p in it...yes, you do get a worse rate. I transfer £ direct from my offshore account into Currency Fair and keep it there until the rate seems good enough to buy.


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## mike kelly (Aug 12, 2009)

I'm looking to invest some money in Spain now, up to about 100,000 euro. What would you recommend? An apartment, some parking spaces? Any ideas?


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## mrypg9 (Apr 26, 2008)

mike kelly said:


> I'm looking to invest some money in Spain now, up to about 100,000 euro. What would you recommend? An apartment, some parking spaces? Any ideas?


Not sure what you mean by 'invest in Spain'.....but the last thing I'd do is buy an apartment.
You wouldn't get much of a decent apartment, nice grounds, pool, fair size rooms etc.for under 150 - to 200k euros round here, maybe further up or down the coast perhaps.
But two many two or three bed pisos are on the market here I'm sure most vendors would jump at the chance of a quick sale for a few thousand euros less.
But then what to do with it? Holiday rentals? I suspect that many of those now for sale were bought with that aim in mind but few takers were to be found. There are so many rentals of that kind on offer.
Maybe you'd be best consulting an accountant or reputable broker?

We sold all our properties on leaving the UK but did not buy . Instead we are renting a lovely villa in a nice neighbourhood and the money we got from the sales is invested and funding our living here.


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## alborino (Dec 13, 2014)

mike kelly said:


> I'm looking to invest some money in Spain now, up to about 100,000 euro. What would you recommend? An apartment, some parking spaces? Any ideas?


Mike first are you looking for capital growth, income, or both?

And if capital over what time scale?

I have friends investing in garage spaces in Madrid. You see them frequently up for grabs but you also see the streets crowded with cars. So plenty of demand. But they are of course living in Madrid and able to look after and manage their investment.

While I don't see property going much lower in Spain (people don't like giving things away ) I don't see any sign of a rapid recovery (for that you'd need a plan and there isn't one ). But even a small property has very high initial costs and then ongoing running costs. 

Perhaps better to buy into a European Property fund (I'd say Spanish property fund but never seen one which might tell you something ).

But good luck with it. Sometimes running in the opposite direction to the crowd can pay big divis.


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## mike kelly (Aug 12, 2009)

I'm interested in capital growth rather than income, over, say, a 10 to 15 year period.


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## Chopera (Apr 22, 2013)

mike kelly said:


> I'm looking to invest some money in Spain now, up to about 100,000 euro. What would you recommend? An apartment, some parking spaces? Any ideas?


The tax on long term rentals in Spain is quite low. I think something like only 40% of the rent received is taxed. I think parking spaces work in certain parts of certain cities - where we are in Madrid there is high demand because many flats were built without parking, but not far away there are loads of parking spaces for sale in newly built flats. You need to know the area well to work out what the demand is ilke.


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## mrypg9 (Apr 26, 2008)

mike kelly said:


> I'm interested in capital growth rather than income, over, say, a 10 to 15 year period.


In which case, you need better advice than most of us here is qualified to give.
Ask your accountant or bank manager to recommend a good fund manager. With 100k euros you should be able to get a return of at least 4% if you don't want risky investments.


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## Chopera (Apr 22, 2013)

mike kelly said:


> I'm interested in capital growth rather than income, over, say, a 10 to 15 year period.


Problem with property is the purchase and exit costs can add up to maybe 20% of the purchase price, then if you don't let it out long term you will probably still get taxed because it's not your main residence, and there may be a host of other costs. Also CGT is not tapered AFAIK so it doesn't take into account inflation (or other costs). If the property's value increases at say 2% each year but inflation runs at 2% each year as well, then the value hasn't gone up in real terms, but you still pay CGT on the nominal "profit" you make when you sell it.


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## alborino (Dec 13, 2014)

mrypg9 said:


> Ask your accountant or bank manager


Mary you are showing your age 

Seriously only ask IFAs - independent Financial Advisors (I assume in Ireland you have the same) if not you will be talking to a product salesman. But a 100,000 is not much and costs of advice can be a big drag on profits. Probably most important will be tax advantages as opposed to investment growth. 

Sorry don't know what happens in Ireland but in the UK if you are over 40 then with your timescale a SIPP backed up by ISAs would be the way to go. If under 40 then much heavier loading of ISA.

And just pay for your spanish holidays. You could sit in a tapas bar using the wifi to watch your profits 

If an investment appears to good to believe it is probably a scam


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## stmary (Dec 30, 2012)

Coming over for 2 weeks in June and just ordered £1000 worth of Euros with Daily Mail online at 1.28 to pound,got 1280 Euros for our money,same time 2 years ago got 1130 Euros so well happy with ourselves.


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## Alcalaina (Aug 6, 2010)

mrypg9 said:


> ******!! I used Currency Fair late morning and changed several £ 000....a few hours later and I might have got €100 plus more...
> 
> Just goes to show how easily money can be made...or lost.


Heh heh, I just got 130.23! Looks like it's still on the way up.


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## mrypg9 (Apr 26, 2008)

alborino said:


> Mary you are showing your age
> 
> Seriously only ask IFAs - independent Financial Advisors (I assume in Ireland you have the same) if not you will be talking to a product salesman. But a 100,000 is not much and costs of advice can be a big drag on profits. Probably most important will be tax advantages.
> 
> ...


It's not my age I'm showing, it's my experience! I received several £000 in compensation back in 2006 for bad advice given by a IFA.

We have the proceeds from the sale of our UK and foreign properties invested via a fund manager in a spread of different shares, treasury bonds etc. but all low to medium risk.
As I understand it, ISA s are limited to a maximum of £15k? 

Of course not all IFAs are product salesman but many are and nothing wrong with that, they have a living to make.


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## alborino (Dec 13, 2014)

stmary said:


> Coming over for 2 weeks in June and just ordered £1000 worth of Euros with Daily Mail online at 1.28 to pound,got 1280 Euros for our money,same time 2 years ago got 1130 Euros so well happy with ourselves.


Not a bad rate for hols money. But really enjoy yourself and remember much that is beautiful in Spain is free. And at the moment Rajoy still hasn't managed to tax sunshine 

ps And my best tip. In a bar leave a tip. But it isn't UK so just 20 centimos will be appreciated. If I leave 50 my spanish wife thinks I'm having sex with the barman


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## alborino (Dec 13, 2014)

mrypg9 said:


> It's not my age I'm showing, it's my experience! I received several £000 in compensation back in 2006 for bad advice given by a IFA.


Exactly which is why you use them. 



mrypg9 said:


> We have the proceeds from the sale of our UK and foreign properties invested via a fund manager in a spread of different shares, treasury bonds etc. but all low to medium risk.


Very sound investment you have from the sounds of it. Matching investment risk to client risk is 75% of what IFAs do. Not everyone needs an IFA of course especially if they can research and have risk levels at the lower end.



mrypg9 said:


> As I understand it, ISA s are limited to a maximum of £15k?


Correct so Mike would be 7 years moving into an ISA (tax free by a greater percentage over time) and then 8 years of total tax free growth. And further ISAs require no tax reporting.



mrypg9 said:


> Of course not all IFAs are product salesman but many are and nothing wrong with that, they have a living to make.


An IFA if he wants to remain an IFA will always explore the whole market and cannot be a salesman of a limited range of products. A product salesman will promote a limited product range as that is what he is paid to do and very likely receives commission when he is successful..

The rules of IFAs are very strict, they need to be qualified, and as you have experienced if they go wrong they are made to pay and you can get compensation. Appreciate you could sue your bank manager but that would be a difficult call.


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## jimenato (Nov 21, 2009)

Lynn R said:


> I got €1.3018 via Currency Fair this afternoon.
> 
> I'm thinking of transferring my pension lump sum over to Spain as we'll need it over here sooner or later to help us move to a new place when we (try to) sell, and if I do it this year it means I won't have to bother with a 720 declaration for a while longer, but like you I'm waiting to see if the rate improves further.


People should remember that UK pension lump sums are taxable as income in Spain if you are tax resident in Spain. I'm sure that everyone will have declared it but, if not, when asked where a substantial lump sum deposit has derived from ...


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## Lynn R (Feb 21, 2014)

jimenato said:


> People should remember that UK pension lump sums are taxable as income in Spain if you are tax resident in Spain. I'm sure that everyone will have declared it but, if not, when asked where a substantial lump sum deposit has derived from ...


I have every intention of declaring it (won't need to until 2016 as I only received it on 2\1\15).


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## Lynn R (Feb 21, 2014)

I have been reading predictions of imminent doom for Spanish banks, the entire Spanish economy and the EU itself for years now on forums like this one, from amateur economists.

Hindsight is a wonderful thing, but I have realised that if only I'd transferred the lump sum of money we were going to have to live on for several years to Spain when we moved over in 2006, when the exchange rate was around €1.40 if I remember rightly, we would have been considerably better off than we have been by transferring it gradually especially during those dark days when the pound was hovering around parity with the euro. My bad for being too nervous to do it.


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## Alcalaina (Aug 6, 2010)

Lynn R said:


> I have been reading predictions of imminent doom for Spanish banks, the entire Spanish economy and the EU itself for years now on forums like this one, from amateur economists.
> 
> Hindsight is a wonderful thing, but I have realised that if only I'd transferred the lump sum of money we were going to have to live on for several years to Spain when we moved over in 2006, when the exchange rate was around €1.40 if I remember rightly, we would have been considerably better off than we have been by transferring it gradually especially during those dark days when the pound was hovering around parity with the euro. My bad for being too nervous to do it.


We moved half of ours and left half in sterling. I later discovered we'd done something clever called "hedging" - but it just seemed the most sensible thing to do at the time!


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## alborino (Dec 13, 2014)

Lynn R said:


> I have been reading predictions of imminent doom for Spanish banks, the entire Spanish economy and the EU itself for years now on forums like this one, from amateur economists.
> 
> Hindsight is a wonderful thing, but I have realised that if only I'd transferred the lump sum of money we were going to have to live on for several years to Spain when we moved over in 2006, when the exchange rate was around €1.40 if I remember rightly, we would have been considerably better off than we have been by transferring it gradually especially during those dark days when the pound was hovering around parity with the euro. My bad for being too nervous to do it.


Ah hindsight is great  

I've put a photo of my IFA on my avatar. He taps away on that laptop all day long and still I'm broke. I think it is the dog food budget that does it


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## extranjero (Nov 16, 2012)

alborino- surely ISAs DO have to be declared in Spain for tax, even though tax free in UK?
As do all investments/ savings that are tax free in UK but not here.


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## Lynn R (Feb 21, 2014)

Alcalaina said:


> We moved half of ours and left half in sterling. I later discovered we'd done something clever called "hedging" - but it just seemed the most sensible thing to do at the time!


Now why didn't I think of that?

The only saving grace was that I managed to lock as much as possible into a 5 year fixed rate bond in Gib which paid 5% so at least we got a reasonable guaranteed income on it for a while.

This year a 1 year bond is paying 1.5%. Pah!

I see the new Pensioners' Bonds from National Savings in the UK which were promising to pay 4% for 3 years have crashed their website and nobody can get through on the phone to subscribe. Nobody seems surprised except for NS&I.


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## alborino (Dec 13, 2014)

extranjero said:


> alborino- surely ISAs DO have to be declared in Spain for tax, even though tax free in UK?
> As do all investments/ savings that are tax free in UK but not here.


Yes and I see how complex it is. But I'd rather declare gross interest than declare net.

What is odd is that in 2013 certain spanish documentation said "you only need to declare the interest".

I know you can't trust spanish documentation but if you can declare a shares ISA based on interest (dividend income) I assume you can trade shares within the ISA without declaring individual trades (just as you do ineffect within a fund or a SIPP). Of course you would have to declare monies taken from the ISA. Who knows how valuable that could be? Maybe in 15 years you drop out for a year revisiting the UK (for 184 days) and maybe other countries (that world cruise) and it would be tax free.

But as I said on another thread I'm taking further professional advice and will share.

The reason I'm doing that is I own 50% of my company in the UK and have no idea how Spain would value it  If anyone has a UK based company and pays tax there I'd be very interested.


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## Lynn R (Feb 21, 2014)

alborino said:


> Ah hindsight is great
> 
> I've put a photo of my IFA on my avatar. He taps away on that laptop all day long and still I'm broke. I think it is the dog food budget that does it


What a handsome chap - the IFA, that is.

I'm sure he does just as good a job as most of them, and is better company into the bargain.


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## Isobella (Oct 16, 2014)

Lynn R said:


> Now why didn't I think of that?
> 
> The only saving grace was that I managed to lock as much as possible into a 5 year fixed rate bond in Gib which paid 5% so at least we got a reasonable guaranteed income on it for a while.
> 
> ...



Still plenty left according to the news. Just the website that is crap.


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## Roy C (Sep 29, 2012)

When I get my pension and Voluntary Severance pay out June (ish) 2016 and I end up in Spain Sept 2016 becoming tax resident in Feb 2017 I take it I won't have to pay tax on those payments. I will be paying tax on the VS over here?


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## jimenato (Nov 21, 2009)

Roy C said:


> When I get my pension and Voluntary Severance pay out June (ish) 2016 and I end up in Spain Sept 2016 becoming tax resident in Feb 2017 I take it I won't have to pay tax on those payments. I will be paying tax on the VS over here?


I think you will qualify as tax resident on 2nd July for 2017. As your payments will have been received in the previous tax year (ends 31 Dec 2016) there should be no tax to pay in Spain.


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## extranjero (Nov 16, 2012)

Isobella said:


> Still plenty left according to the news. Just the website that is crap.


Are these bonds available if you are resident in Spain?


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## Isobella (Oct 16, 2014)

Lynn R said:


> I got €1.3018 via Currency Fair this afternoon.
> 
> I'm thinking of transferring my pension lump sum over to Spain as we'll need it over here sooner or later to help us move to a new place when we (try to) sell, and if I do it this year it means I won't have to bother with a 720 declaration for a while longer, but like you I'm waiting to see if the rate improves further.


I would be a bit cautious moving large sums right now. The volatility with the Swiss Franc has seen some currency brokers in trouble. 


Currency broker folds amid turmoil - Other sport / Sport / The Evening Telegraph


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## alborino (Dec 13, 2014)

Isobella said:


> I would be a bit cautious moving large sums right now. The volatility with the Swiss Franc has seen some currency brokers in trouble.


_Alpari said its client funds were segregated in accordance with Financial Conduct Authority (FCA) rules - which are designed to speed up the return of assets in the event of a financial firm going bust._

Be cautious but just use any regulated supplier which the majority mentioned on this forum are.


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## Lynn R (Feb 21, 2014)

Isobella said:


> I would be a bit cautious moving large sums right now. The volatility with the Swiss Franc has seen some currency brokers in trouble.
> 
> 
> Currency broker folds amid turmoil - Other sport / Sport / The Evening Telegraph


Thanks, yes, I had seen those reports elsewhere. I'll watch the news closely, but whenever I transfer funds the money is never sent to my Currency Fair account and left there waiting for an open market rate, I transfer the funds to them, exchange by Quicktrade and transfer them to Spain within the space of 2 hours at most. If I were transferring a lot I think I'd split it into two or more transactions, too.

I suppose anyone needing to transfer funds to complete on a house purchase (or the other way to repatriate funds) isn't going to have much choice, unless they pay the higher fees and settle for the lower exchange rates offered by the banks.


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## Maureen47 (Mar 27, 2014)

Got 1.31 on my transfer yesterday ! 200 euros more than a couple of months ago , been reading some of the finance sites , looks like the euro is rising in the next 2 quarters , good for anyone with payments to make in euros.


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## alborino (Dec 13, 2014)

maureen47 said:


> Got 1.31 on my transfer yesterday ! 200 euros more than a couple of months ago , been reading some of the finance sites , looks like the euro is rising in the next 2 quarters , good for anyone with payments to make in euros.


Not sure I'd want to predict the Euro/Sterling rate and even less so the Euro/dollar rate 


We are days away from an election in Greece that could lead to a renegotiation/default or to business as usual.
We are about in days to hear how many billions of Euros the ECB will print. But as we know once the presses start ................... (and we still do not know who's bonds they will buy )

And longer term in May the UK may have a Conservative/UKIP government all thanks to the EU 

I reckon you did ok getting your 1.31 for that sort of amount. But I'm guessing like everyone else


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## Maureen47 (Mar 27, 2014)

alborino said:


> Not sure I'd want to predict the Euro/Sterling rate and even less so the Euro/dollar rate
> 
> 
> We are days away from an election in Greece that could lead to a renegotiation/default or to business as usual.
> ...



Who knows what this set of circumstances will bring , can only keep an eye on things and try and make transfers when the rate is favourable and if not its a risk you take making a move to foreign climes


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## Williams2 (Sep 15, 2013)

maureen47 said:


> Who knows what this set of circumstances will bring , can only keep an eye on things and try and make transfers when the rate is favourable and if not its a risk you take making a move to foreign climes


Well British Expats have nobody but themselves to blame - if you must move to Spain or
any other Eurozone country but don't want the headache of fluctuating currency rates.
You should have voted for whichever MP or Party, who promises to join the Euro - just
like your neighbours did in Ireland, next door.


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## Maureen47 (Mar 27, 2014)

Williams2 said:


> Well British Expats have nobody but themselves to blame - if you must move to Spain or
> any other Eurozone country but don't want the headache of fluctuating currency rates.
> You should have voted for whichever MP or Party, who promises to join the Euro - just
> like your neighbours did in Ireland, next door.


To be honest , I don't find it a headache , its part of what you sign up to for a lifestyle change, I keep an eye on it and try and work with it to make the most of our money  If you worried about all these things you would never make the move in the first place.


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## el pescador (Mar 14, 2013)

Lynn R said:


> Thanks, yes, I had seen those reports elsewhere. I'll watch the news closely, but whenever I transfer funds the money is never sent to my Currency Fair account and left there waiting for an open market rate, I transfer the funds to them, exchange by Quicktrade and transfer them to Spain within the space of 2 hours at most. If I were transferring a lot I think I'd split it into two or more transactions, too.
> 
> I suppose anyone needing to transfer funds to complete on a house purchase (or the other way to repatriate funds) isn't going to have much choice, unless they pay the higher fees and settle for the lower exchange rates offered by the banks.


Their client account is ring-fenced.


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## VFR (Dec 23, 2009)

Williams2 said:


> Well British Expats have nobody but themselves to blame - if you must move to Spain or
> any other Eurozone country but don't want the headache of fluctuating currency rates.
> You should have voted for whichever MP or Party, who promises to join the Euro - just
> like your neighbours did in Ireland, next door.


Yes that worked out a treat for them (did it not ?)


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## Chopera (Apr 22, 2013)

...and today's widely predicted QE announcement by the ECB sends the pound above 1.32 €.


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## snikpoh (Nov 19, 2007)

Chopera said:


> ...and today's widely predicted QE announcement by the ECB sends the pound above 1.32 €.


Some are predicting that it will get to 1.40 before starting to drop back.

Having said that, I notice it's dropped back to 1.317 at the moment. (17:58)


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## alborino (Dec 13, 2014)

snikpoh said:


> Some are predicting that it will get to 1.40 before starting to drop back.
> 
> Having said that, I notice it's dropped back to 1.317 at the moment. (17:58)


The next bad news for the Euro will come from Greece. But IMHO 1.40 is a big number that UK plc wouldn't want to see. 

But imagining 1.40 I can see those spanish villas looking like give aways to retiring brits  However sad for those trying to sell and get back to blightie


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## Chopera (Apr 22, 2013)

If it hits 1.38 I'll start buying euros (having now said that, it'll probably peak at 1.37 and drop back down to 1.20  )


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## 90199 (Mar 21, 2010)

The Euro is not at all well and the value is falling,

Euro plummets as Brussels reveals quantitative easing (QE) plan to boost EU economy | World | News | Daily Express


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## Lynn R (Feb 21, 2014)

Hepa said:


> The Euro is not at all well and the value is falling,
> 
> Euro plummets as Brussels reveals quantitative easing (QE) plan to boost EU economy | World | News | Daily Express


This has been trailed so widely over the past few months it must count as the world's worst kept secret, and the financial markets were very well aware it was coming.

Both the USA and the UK have already employed years of QE to keep their currencies and interest rates artificially low (to the detriment of millions of savers) and now it's the EU's turn. 

It has been said for years that the "real" value of the pound v the euro should be in the €1.30-€1.35 range (if the pound hadn't been held down by QE) so it is just getting back to where it should be.


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## Lynn R (Feb 21, 2014)

I hesitate to quote the giant vampire squid, but this is what Goldman Sachs predicts:-

http://www.telegraph.co.uk/finance/...-o.htmlsurge-to-15-year-highs-against-the-eur


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## Roy C (Sep 29, 2012)

I think that page has been removed.......


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## Lynn R (Feb 21, 2014)

Roy C said:


> I think that page has been removed.......


Sorry, Telegraph links can be tricky sometimes because they limit the number of times you can read articles online without subscribing. Try this one:-

Banking giant predicts sterling set to soar against euro | This is Money


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## Roy C (Sep 29, 2012)

Or MrsC has used up all the access to the Telegraph today......


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## Roy C (Sep 29, 2012)

Thanks Lynn, it's looking good, for once I might get the timing right for something but who knows, time will tell..........................


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## thrax (Nov 13, 2008)

Well, that makes my prediction of €1.28 to the pound seem harshly pessimistic (which I made about 14 months ago - or maybe more as time seems to fly here in Spain) when it was at a rate of about €1.12. That article predicts around €1.54 to the pound which would make my wealthy beyond my wildest dreams... Well, perhaps not, but better off than just now.


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## ABERAFON (Aug 15, 2014)

The pound is trading at 1.32.4 tonight for anyone interested. On the business programme tonight and the analysis by economists on the QE they believe that the euro is likely to fall further and have stated that the markets are rapidly losing confidence in the euro and any recovery in any part of S. Europe, so unless the BOE want to hold the value of the pound down as they have done for the last 5 years it may rise further. Unless you need to change money it is probably best to wait a short time to see how it goes as it may get to 1.40 in the next 3 months as many believe QE is unlikely to stimulate the economy and possible damage Germany particularly if Greece votes for an ultra left wing party who will want to stop any interference from Germany. Of course the UK election could affect the pound significantly either up or down.

For those who think that UKIP voters are likely to be stupid enough to mistakenly vote for 'The Pub Landlord' I think they need to think again. UKIP are being seen by the political establishment as a very serious threat in the forthcoming election and even if they don't get any further seats that the 2 they already have, they are currently driving the debate in the UK about immigration and membership of the EU. The main political parties were taking the view that UKIP were a bit of a joke about 2 years ago but they started to pick up votes and challenge in several by elections, then they won the European Elections which shocked them. They are becoming very strong in the East and SE of England and in some parts of Yorkshire and hold the balance of power in Norfolk CC. where they have built a good network of constituency workers. I have been surprised at the number of letters I get from them through the door and many believe they have done a reasonable job. Many of my associates who are Tory councillors are starting to worry as are a few MPs I have contacts with. It is an interesting time for us political pundits and followers.


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## alborino (Dec 13, 2014)

Aberavon I think only the Daily Mail and similar think Al will steal votes from UKIP but there is a problem that Al may well emphasise any UKIP policy errors. Take

"Leaked documents show Ukip leaders approve NHS privatisation once it becomes more 'acceptable to the electorate".

That will be like honey to a bee for Al and if he wishes he will have a big audience 

But as we have repeatedly seen getting votes and getting seats are two different things. And with Labour so weak it may be that even with a lot of votes for a new party it makes little difference to the left - right balance. However the SNP rubbing out Labour north of the border might be a bigger thing. Although of course crude oil prices have rather quietened the SNP for the time being 

But 100% agree _*"Of course the UK election could affect the pound significantly either up or down."*_ and for that reason I hope to move to Euros before May. To be fair I'm delighted with 1.30 so anything higher is just free money


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## mrypg9 (Apr 26, 2008)

QE will in itself not kickstart the European economy. As Merkel correctly pointed out, only political action by governments can do that and that means easing of austerity.
The euro will fall further if Syriza wins the Greek elections on Sunday.
We Brits may well enjoy our extra euros for our sterling but Europeis entering a period of dangerous instabilty,with many states in danger of becoming ungovernable.
Spain is one of these.
The main parties in most European countries have left a gaping hole in terms of pragmatic, principled policy. Into this vacuum have stepped a plethora of populist Parties of left and right...the Front National, Golden Dawn, Syriza, Podemos.
The first two neo-fascist, the last two a ragbag of Marxists, Maoists, Trotskyites and well- meaning reformists.
The future is bleak. The established Parties all over Europe must take the blame. The idea of the eurozone was ludicrous and seems to have been designed for the express purpose of enriching bond holders and the super rich.
Take the money and run indeed....


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## Lynn R (Feb 21, 2014)

ABERAFON said:


> For those who think that UKIP voters are likely to be stupid enough to mistakenly vote for 'The Pub Landlord' I think they need to think again.


I made that remark on the forum a few days ago, and based on some of the vox pop comments I've seen on TV during recent by-election campaigns from people who said they'd be voting UKIP (most memorably the person in Clacton who said they were voting for Douglas Carswell as the Tory had done nothing for years) I stand by it. Not all of them, of course!

Suzanne Evans had better get a shift on now to get their manifesto written before the UKIP spring conference as the person who was supposed to be doing it, Tim Akers MEP, has just thrown in the towel (too busy with other things was the official line) with just six weeks to go before the conference.


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## Lynn R (Feb 21, 2014)

Even UKIP's own national press officer has just said that remarks by one of their parliamentary candidates which have caused him to be suspended from the Party "sounded more like one of Al Murray's commonsense solutions". Do you begin to see the problem?


UKIP suspends Charnwood parliamentary candidate Lynton Yates over benefits claimant driving ban leaflet | Leicester Mercury


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## alborino (Dec 13, 2014)

Lynn R said:


> Even UKIP's own national press officer has just said that remarks by one of their parliamentary candidates which have caused him to be suspended from the Party "sounded more like one of Al Murray's commonsense solutions". Do you begin to see the problem?


I think a bigger problem than Al robbing UKIP is UKIP robbing the raving loonies. The loonies are really going to have to get their thinking caps on to stay ahead of the game 

Latest from RL HQ "Put all people committed of un-social behaviour in to Stocks, this will create a demand for stocks, which should help to increase the stock market." 

ok perhaps they are safe


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## Lynn R (Feb 21, 2014)

Anyway, back to topic. Now €1.3309 - some nice free money for you, Alboriño!


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## mrypg9 (Apr 26, 2008)

Lynn R said:


> Anyway, back to topic. Now €1.3309 - some nice free money for you, Alboriño!


I don't know whether to buy now or wait until after the Greek elections.
Sad that other people's misery is our profit.
That's life.


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## Isobella (Oct 16, 2014)

Spain may benefit from the low Euro but it could be worrying times for Germany. 

I remember the ECB saying when the crisis began that it wouldn't affect them. Then for years they have been criticising QE. Many economists say the Euro can never work.

On the bright side it is good news for expats. More cash in their pockets which will benefit the local economy. More houses will be sold. Triples all round


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## ABERAFON (Aug 15, 2014)

Irrespective of any problems UKiP may have and any silly comments made by some who have voted for them, the party appears to be Teflon coated. For some years most politicians under estimated the mood. In the UK re immigration amd membership of the EU and it is this that has fuelled the growth of UKiP as people feel they are not being listened to. It is clear to politicians now that they have to try and address these issues as they are aware that as it stands if they give the UK a referendum on the EU it is very likely that they will vote to leave. Private Party polling that is never seen by the public indicates strong. Support for exit. Having spend the last years of my woring life as an academic in political philosophy and still imvolved in analysis, I think we are living in interesting times Politically


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## Chopera (Apr 22, 2013)

mrypg9 said:


> I don't know whether to buy now or wait until after the Greek elections.
> Sad that other people's misery is our profit.
> That's life.


You could swap some of your pounds (say 30%) for euros now and leave the rest in pounds if you think there's a good chance of the euro falling further.

For some reason people try to pick the best moment to change all their stash at once, but it doesn't have to be like that. OK you have to pay double commission if you exchange in two batches, but these days the commissions on sites like currency fair are negligible.


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## mrypg9 (Apr 26, 2008)

Chopera said:


> You could swap some of your pounds (say 30%) for euros now and leave the rest in pounds if you think there's a good chance of the euro falling further.
> 
> For some reason people try to pick the best moment to change all their stash at once, but it doesn't have to be like that. OK you have to pay double commission if you exchange in two batches, but these days the commissions on sites like currency fair are negligible.


Currency Fair is great - I think you recommended it....if so, I guess I owe you a drink (says she safely knowing you live many hundreds of km away)

Yes, I'll think I'll change some now and wait....


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## Chopera (Apr 22, 2013)

mrypg9 said:


> Currency Fair is great - I think you recommended it....if so, I guess I owe you a drink (says she safely knowing you live many hundreds of km away)
> 
> Yes, I'll think I'll change some now and wait....


No I think it was Lynn (if so ... buy her a drink from me as well  )


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## thrax (Nov 13, 2008)

It has just gone above €1.34...


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## mrypg9 (Apr 26, 2008)

Just a thought....why must QE take the form of buying Treasury Bonds of the Eurozone states? Is there no mechanism whereby it could be delivered more directly to business, for example? By setting up a fund for business expansion grants?
After all, the last thing the Eurozone now needs is for governments or banks to sit on the money, as seems to have been the case in the UK. 
It wasn't that long ago that the ECB was imposing penalties on banks who exceeded a certain level of overnight deposit instead of releasing funds to provide much-needed liquidity to small and medium-sized businesses.


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## mrypg9 (Apr 26, 2008)

Chopera said:


> No I think it was Lynn (if so ... buy her a drink from me as well  )


Will do.

P.S. She lives a fair distance away from me too


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## Stravinsky (Aug 12, 2007)

Yes ... it's finally done it JUST when I have managed to get my 3% deposit back from the Hacienda!


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## Lynn R (Feb 21, 2014)

Chopera said:


> No I think it was Lynn (if so ... buy her a drink from me as well  )


Did I hear my name and free drinks mentioned in the same sentence?

I only heard about CF from somebody else on a forum in the first place, so just passing on the info, can't take any credit for that. A virtual drink will do nicely.


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## alborino (Dec 13, 2014)

mrypg9 said:


> Just a thought....why must QE take the form of buying Treasury Bonds of the Eurozone states? Is there no mechanism whereby it could be delivered more directly to business, for example? By setting up a fund for business expansion grants?
> After all, the last thing the Eurozone now needs is for governments or banks to sit on the money, as seems to have been the case in the UK.
> It wasn't that long ago that the ECB was imposing penalties on banks who exceeded a certain level of overnight deposit instead of releasing funds to provide much-needed liquidity to small and medium-sized businesses.


Mary it is an interesting point but I believe it is the function of the banks to feed business and not governments. And when governments get involved in something outside their sphere they normally screw it up.

I think governments would be better assisting the banks. As the banks rightfully point out throwing money at bad business won't help. And the large corporations are either siting on money, or can raise it on the markets via corporate bonds or share issues. So they are asking the banks to feed the riskier end of the marketplace.

I'm not a defender of banks but they are not all bad. And you only need to look at The Apprentice to see what immoral monkeys are pestering the banks for money 

Of course governments can invest in education, training and research. Just look at Cambridge for a success story. But obviously that is more long term.

I note many in the press/internet suggesting QE didn't work in the UK. But the UK does find itself in somewhat better shape then the EU countries (and equally the US is in better shape). As Draghi said QE is part of the action required and is not a silver bullet in itself. And who knows what the UK and US state would be without QE?

But onwards and upwards as the pound said to the Euro


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## mrypg9 (Apr 26, 2008)

Stravinsky said:


> Yes ... it's finally done it JUST when I have managed to get my 3% deposit back from the Hacienda!


Hello stranger!


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## mrypg9 (Apr 26, 2008)

alborino said:


> Mary it is an interesting point but I believe it is the function of the banks to feed business and not governments. And when governments get involved in something outside their sphere they normally screw it up.
> 
> I think governments would be better assisting the banks. As the banks rightfully point out throwing money at bad business won't help. And the large corporations are either siting on money, or can raise it on the markets via corporate bonds or share issues. So they are asking the banks to feed the riskier end of the marketplace.
> 
> ...


I think I've left it too late to buy euros now...have to wait until banks open for business on Monday.
******! I spent too long at the hairdresser's. PSOE is presenting its candidates for the May elections tonight at a posh hotel and yours truly is on the list....So smartening up time.
How I agree about the twerps on The Apprentice. If these are representative of Britain's young entrepreneurs, Gawd help us. But from what I hear/read, UK SMEs are still being starved of liquidity. Again, agreed some probably shouldn't be trading and larger concerns can raise any cash needed. But there are still many viable businesses experiencing the dreaded cash flow problem because banks are now repenting of not exercising due diligence in the past.
Tories would argue that the UK is in a better shape because of its relaxed labour laws. But...when wages are stagnant, productivity is falling, the tax take is less and less each year since the Coalition took office and over 60% of those in work are either on low wages, zero hour or agency contracts and are effectively being supported by the tax payer, others might query that definition of 'doing better'.
There is also the underlying fact that the UK economy is built on sand, namely personal credit. A slight increase in interest rates and it's estimated that very many mortgage payers could be in deep trouble. People who saved for retirement are suffering from these low interest rates and many will need support from the taxpayer.
I'd describe the economy of the UK as being like a dying man on a life support system, with a slightly longer life expectancy than its continental cousins.


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## alborino (Dec 13, 2014)

Mary wouldn't worry about waiting for Euros. The pound today has been bullish across the globe. And on Monday I wouldn't be surprised to see it test the 1.35 resistance level.

As for PSOE I wish you luck in pursuing democracy but sadly cannot wish PSOE or PP anything. I know you'll say the others are idealists or rag, tag and bobtail of the extreme right or left but no matter more of the same is not IMHO what Spain needs. But hope your hair looks nice 

As for the UK it takes time but at last more permanent jobs are being created and salaries are moving faster than inflation. And although I'm not of the right a minority led by DC is the best I can see on realistic offer. (but then I don't think the referendum will lead to an exit (note 'lead to' )).

Enjoy


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## mrypg9 (Apr 26, 2008)

Lynn R said:


> Did I hear my name and free drinks mentioned in the same sentence?
> 
> I only heard about CF from somebody else on a forum in the first place, so just passing on the info, can't take any credit for that. A virtual drink will do nicely.


Just had one for you. Will have one each for the rest of you later when I'm back home and the car is safely tucked away.


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## mrypg9 (Apr 26, 2008)

alborino said:


> Mary wouldn't worry about waiting for Euros. The pound today has been bullish across the globe. And on Monday I wouldn't be surprised to see it test the 1.35 resistance level.
> 
> As for PSOE I wish you luck in pursuing democracy but sadly cannot wish PSOE or PP anything. I know you'll say the others are idealists or rag, tag and bobtail of the extreme right or left but no matter more of the same is not IMHO what Spain needs. But hope your hair looks nice
> 
> ...


As I said earlier, I blame all the main Parties including PSOE for the mess we're in.
Only reason I'm standing locally is because of my immense respect for the former Alcalde now heading the PSOE list. He is honest and incorruptable and fearless. He went to the police in 2008 with a dossier proving the involvement of members of his own Party including the then Mayor in massive corruption. The case has yet to come to court and so far 110 people have bee charged. It will be truly massive, known as the 'Astapa Case'. Because of what he did his life was threatened and he had to have an armed bodyguard at all times. The current PP Alcalde called him 'chivato' (grass) in a public meeting because many of his friends have been charged. This insult gained nationwide publicity...if interested, google Astapa Case, David Valadez chivato.
I also have no trust or confidence in hard left Parties, having myself been a member of one for many years.


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## mrypg9 (Apr 26, 2008)

Thanks for the hair comment. Much appreciated. Charmer!

Last week I bought a second-hand car, a little Ford Ka Cabrio, colour of gazpacho. Quite startling.
The mechanic drove the car out for me and said 'Looks cool'. 
;Good' said I. 'Maybe it could knock fifty years of my age'.
'Oh no', he purred, gazing at me, 'Twenty at most'.

I shall continue to patronise and recommend that car sales business.


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## Pesky Wesky (May 10, 2009)

mrypg9 said:


> Just had one for you. Will have one each for the rest of you later when I'm back home and the car is safely tucked away.


I have no idea what you're talking about here, but have latched on to the drinks idea, and here goes, first Martini, To The Forum!!


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## Stravinsky (Aug 12, 2007)

mrypg9 said:


> Hello stranger!


Hello
I lost track of where I was and stumbled in


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