In todays news...

[KungFooBob]

I don't suppose you fancy sending me €36 to cover the charges I've incurred in the last couple of months. A couple of people have unwittingly transferred money to my Spanish bank account from an account with a UK IBAN, €18 a time.

I've escaped the UK but there's no escaping Brexit.

I transfer money from the UK regularly - costs £2 for up to £10,000 transferred.

The cost you are incurring has nothing to do with Brexit.

It's everything to do with Brexit. The charge is imposed by Spanish banks (could be other countries, I don't know) on transfers from UK banks. The charges I've incurred are from Revolut because they have a UK IBAN.

Out of interest I just had a quick google.

It seems that there's no reason for the Spic banks to charge the extra fees, they just do it because there isn't a law that says they can't since Brexit.

I think that says more about the banks themselves than Brexit.

[mangocrazy]

Can you not open a €uro-denominated account elsewhere in the EU? My French bank doesn't charge a fee for accepting incoming €uro payments, but I don't send it from a UK bank, I use Currencyfair. Conversion from £ to € is done on Currencyfair's site, and the transfer is €uro to €uro.

[Cousin Jack]

Out of interest I just had a quick google.

It seems that there's no reason for the Spic banks to charge the extra fees, they just do it because there isn't a law that says they can't since Brexit.

I think that says more about the banks themselves than Brexit.

Stop confusing rabid Remainers with facts, They don't want them, they just like insulting anyone that doesn't agree with their views. It will still be our fault in 2999 when the world ends.

[Pirahna]

I transfer money from the UK regularly - costs £2 for up to £10,000 transferred.

The cost you are incurring has nothing to do with Brexit.

It's everything to do with Brexit. The charge is imposed by Spanish banks (could be other countries, I don't know) on transfers from UK banks. The charges I've incurred are from Revolut because they have a UK IBAN.

Out of interest I just had a quick google.

It seems that there's no reason for the Spic banks to charge the extra fees, they just do it because there isn't a law that says they can't since Brexit.

I think that says more about the banks themselves than Brexit.

You're quite right, the Spanish banks have seen a way to make money and gone for it. However, Brexit has allowed it to happen, if the UK were still in the EU then it couldn't happen.

[Pirahna]

Can you not open a €uro-denominated account elsewhere in the EU? My French bank doesn't charge a fee for accepting incoming €uro payments, but I don't send it from a UK bank, I use Currencyfair. Conversion from £ to € is done on Currencyfair's site, and the transfer is €uro to €uro.

The charge is to do with money deposited from a UK IBAN account, I've been caught twice recently, both from Revolut. The first time was my own Revolut account, something changed in the Spanish banking system to target UK IBAN's, I'm far from the only person to get caught out. Today's charge was from a person wifey sold something to on Facebook Marketplace, they then popped the money into our Sabadell account using Revolut. They're newbies to Spain and won't be doing it again.

Which brings me to Wise. My Wise account has a UK IBAN for GBP transactions and a Belgian IBAN for Euro transactions. This means I can pop money into Wise from my UK account, change it Euro with a small transaction fee and move it to my Spanish bank with no transaction fee.

If the French banks aren't charging you for money movements from the UK yet then they will soon. Another Brexit benefit.

[irie]

@Pirahna It's obvious that Brexit should be reversed so that you can get the £36 back that duplicitous Spanish banks have fleeced from you [sic]. Let's face it, Brexit made the Spanish banks do it.

[Potter]

Andrew Bailey is getting flack for talking down the UK economy, the Telegraph quotes him as saying it is the worst he's ever seen, which is spectacularly rich as he is largely responsible for the damage done to it via excessive QE and slow reactions in management.
(The Telegraph is behind a paywall so I can't link it)

The current government aren't happy because all this negativity doesn't paint the right picture for them as an election looms.

A report by the House of Lords Economic Affairs Committee has accused the Bank of England of mismanagement and suggests "pruning" their remit, i.e. taking away some of their autonomy and make it more accountable to the government.

https://www.bbc.co.uk/news/articles/cjrpzxpv90eo

[KungFooBob]

https://www.bbc.co.uk/news/business-67548961

Flying to America using used chip fat, I bet it smells great!

[MyLittleStudPony]

https://www.bbc.co.uk/news/business-67548961

Flying to America using used chip fit, I bet it smells great!

I think it's a PR exercise and not really scalable.

[gremlin]

Andrew Bailey is getting flack for talking down the UK economy, the Telegraph quotes him as saying it is the worst he's ever seen, which is spectacularly rich as he is largely responsible for the damage done to it via excessive QE and slow reactions in management.
(The Telegraph is behind a paywall so I can't link it)

The current government aren't happy because all this negativity doesn't paint the right picture for them as an election looms.

A report by the House of Lords Economic Affairs Committee has accused the Bank of England of mismanagement and suggests "pruning" their remit, i.e. taking away some of their autonomy and make it more accountable to the government.

https://www.bbc.co.uk/news/articles/cjrpzxpv90eo

I for one have a slight preference for an independent central bank, notwithstanding the level of competence, which is debatable, rather than a central bank that sets monetary policy at the whim of desperate Prime MInisters.

[gremlin]

Elgin Marbles causing a bit of Bubble Trouble again: https://www.bbc.com/news/uk-politics-67551732

Having seen them a couple of times, I say send 'em back. They're all a bit dusty and broken.

[Saga Lout]

Remain lost. Get over it.

I don't suppose you fancy sending me €36 to cover the charges I've incurred in the last couple of months. A couple of people have unwittingly transferred money to my Spanish bank account from an account with a UK IBAN, €18 a time.

I've escaped the UK but there's no escaping Brexit.

Bank has charges for foreign exchange. How is that my fault? It's just one of the many ways banks make a profit.

[Yambo]

Elgin Marbles causing a bit of Bubble Trouble again: https://www.bbc.com/news/uk-politics-67551732

Having seen them a couple of times, I say send 'em back. They're all a bit dusty and broken.

I agree, send 'em back.

Maybe then the Greeks can set to and finish the Parthenon off at last.

[mangocrazy]

Can you not open a €uro-denominated account elsewhere in the EU? My French bank doesn't charge a fee for accepting incoming €uro payments, but I don't send it from a UK bank, I use Currencyfair. Conversion from £ to € is done on Currencyfair's site, and the transfer is €uro to €uro.

The charge is to do with money deposited from a UK IBAN account, I've been caught twice recently, both from Revolut. The first time was my own Revolut account, something changed in the Spanish banking system to target UK IBAN's, I'm far from the only person to get caught out. Today's charge was from a person wifey sold something to on Facebook Marketplace, they then popped the money into our Sabadell account using Revolut. They're newbies to Spain and won't be doing it again.

Which brings me to Wise. My Wise account has a UK IBAN for GBP transactions and a Belgian IBAN for Euro transactions. This means I can pop money into Wise from my UK account, change it Euro with a small transaction fee and move it to my Spanish bank with no transaction fee.

If the French banks aren't charging you for money movements from the UK yet then they will soon. Another Brexit benefit.

I suspect that the reason I've escaped bank charges when remitting money to my French Bank is that it's a 3 stage process - I send pounds sterling to Currencyfair, which they then convert to Euros at close to market rate plus a £3 transaction charge. Then the Euros are sent from Currencyfair's Euro-denominated account (doubtless based in the Eurozone and with an EU IBAN) and I don't get the feelthy Eenglish surcharge that applies when the cash is sent from a UK IBAN. Also the receiving Bank does not need to do any currency conversion, it's just plonked straight into my Euro account.

[Bustaspoke]

In other news today,it's been reported that Harlow has a Canadian quarter https://www.bbc.co.uk/news/uk-england-essex-67507536

[Skub]

In other news today,it's been reported that Harlow has a Canadian quarter https://www.bbc.co.uk/news/uk-england-essex-67507536

I watched Fargo last night. Yah.

[Taipan]

In other news today,it's been reported that Harlow has a Canadian quarter https://www.bbc.co.uk/news/uk-england-essex-67507536

Canvey Island has Dutch Cottages!

https://www.essexlive.news/whats-on/wha ... ds-2562544

[Potter]

Andrew Bailey is getting flack for talking down the UK economy, the Telegraph quotes him as saying it is the worst he's ever seen, which is spectacularly rich as he is largely responsible for the damage done to it via excessive QE and slow reactions in management.
(The Telegraph is behind a paywall so I can't link it)

The current government aren't happy because all this negativity doesn't paint the right picture for them as an election looms.

A report by the House of Lords Economic Affairs Committee has accused the Bank of England of mismanagement and suggests "pruning" their remit, i.e. taking away some of their autonomy and make it more accountable to the government.

https://www.bbc.co.uk/news/articles/cjrpzxpv90eo

I for one have a slight preference for an independent central bank, notwithstanding the level of competence, which is debatable, rather than a central bank that sets monetary policy at the whim of desperate Prime MInisters.

I'm not sure I agree that a desperate PM is guaranteed to be a bad thing in this instance, for example, a desperate PM that is desperate to please the voters will instruct the central bank to act in the interest of the general public, or he will be voted out.

So if I can change the language a bit then I'd throw my vote in for a central bank controlled by a democratically elected government with a mandate to prioritise the interests of the voting public.

The BoE has not been making decisions for the benefits of the UK general public, they've had a free hand to do what is right for a small selection of rich people to become a lot richer, whilst the average UK person got worse off.

[Felix]

https://www.bbc.co.uk/news/business-67548961

Flying to America using used chip fat, I bet it smells great!

Every diesel motor could be adapted to run on chip fat. Think its McDonald who run there trucks on recycled chip fat.

[gremlin]

Andrew Bailey is getting flack for talking down the UK economy, the Telegraph quotes him as saying it is the worst he's ever seen, which is spectacularly rich as he is largely responsible for the damage done to it via excessive QE and slow reactions in management.
(The Telegraph is behind a paywall so I can't link it)

The current government aren't happy because all this negativity doesn't paint the right picture for them as an election looms.

A report by the House of Lords Economic Affairs Committee has accused the Bank of England of mismanagement and suggests "pruning" their remit, i.e. taking away some of their autonomy and make it more accountable to the government.

https://www.bbc.co.uk/news/articles/cjrpzxpv90eo

I for one have a slight preference for an independent central bank, notwithstanding the level of competence, which is debatable, rather than a central bank that sets monetary policy at the whim of desperate Prime MInisters.

I'm not sure I agree that a desperate PM is guaranteed to be a bad thing in this instance, for example, a desperate PM that is desperate to please the voters will instruct the central bank to act in the interest of the general public, or he will be voted out.

So if I can change the language a bit then I'd throw my vote in for a central bank controlled by a democratically elected government with a mandate to prioritise the interests of the voting public.

The BoE has not been making decisions for the benefits of the UK general public, they've had a free hand to do what is right for a small selection of rich people to become a lot richer, whilst the average UK person got worse off.

I disagree. Look how Erdogan's crowd-pleasing tactic of lowering interest rates at Turkey's central bank, which doesn't have the level of autonomy of most first-world central banks, has spectacularly backfired. Like a modern day Canute, he decided that lowering interest rates would bring down inflation. Kept the baying mob happy for a while, but now rates are up to 40% and they'll go higher still.

My point being that central banks have to enact unpopular measures to keep the economy working for everybody. Bitter medicine today prevents sickness tomorrow. Putting interest rates up is painful, by hyper-inflation is more painful in the long run.

The Bank has made a number of errors over the past years, namely QE running on well past its sell-by date and stoking the very flames of inflation that it's trying to quell now.

Central banks and church, in my opinion, should be kept at arms length from government.