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Jun 16 • 3 tweets • 1 min read
Extraordinary stat via #WATO: in 2008, when oil prices peaked at $144/barrel, no one in Britain paid more than 120p per litre of petrol. Today, oil price is $113 but pump prices 186p litre. Difference is collapse in sterling from $2 to $1.20. Welcome to the Brexit.
Extraordinary stat in BoE minutes: the sterling effective exchange rate is down 2.5 percent since last MPC meeting *five weeks* ago. No wonder it's raised inflation forecast to 11 percent. Makes decision to hike by just 0.25ppt, a day after Fed hike by 0.75ppt look even odder.
Another remarkable stat from BoE: Core goods price inflation rose to 8.0% in UK in April, compared to 3.8% in euro area and 6.4% in US. What on earth could have happened to the UK to drive inflation to such uniquely ruinous levels? BoE too timid to say the word.

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More from @Simon_Nixon

Simon Nixon Profile picture
Mar 11, 2019
Blimey. Brexit impact on the City worse than anyone thought. Almost £1 trillion of assets already transferred and far more to shift in years ahead according to authoritative new report by @NewFinancialLLP newfinancial.org/wp-content/upl…
"We know that the numbers significantly understate the real picture. Over time we expect the headline numbers of firms, staff and business to increase significantly as local regulators require firms to increase the substance of their local operations."
"The debate about how many staff have been moved so far and whether that is higher or lower than expected is a red herring. Firms are keen to move as few staff as possible and so far regulators have been flexible. This will change in the next few years."
Read 5 tweets
Simon Nixon Profile picture
Dec 16, 2018
Here’s the full text of Sir Ivan Rogers latest on Brexit - a merciless analysis of a devastating failure of statecraft and the ignorance and mendacity of much of the British political class. news.liverpool.ac.uk/2018/12/13/ful…
Here’s Ivan Rogers on the mendacity of those who pretend that leaving the EU without a deal and defaulting to WTO terms will be no problem - the same fantasists who claimed that an EU trade deal would be easiest in history, doable in 2 years...
Here Ivan Rogers skewers the central intellectual flaw at the heart of the Brexiter narrative, that WTO terms is good enough for trade with the EU but not with anywhere else.
Read 9 tweets

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