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This is Money Podcast

Best bits from the This is Money podcast

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1650 Ratings

🗓️ 2 September 2016

⏱️ 57 minutes

🧾️ Download transcript

Summary

We take a look back at some of the recent major financial events that have affected us all. It's been a bumpy ride and it's time to take stock.

The team from This is Money with Georgie Frost of Share Radio explain the fallout of the EU referendum, the collapsing pound and interest rates, Santander 123, complicated Bank of England decisions, inheritance tax and loads more.

As ever, they explain what it all means and what it means for the pounds, the euros and dollars in our pockets.

Transcript

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0:00.0

This is Money, brought to you in partnership with MS and I, giving you 100% security for your savings.

0:13.0

Hi, I'm Georgie Frost and you're listening to consuming issues on Share Radio.

0:17.3

Now, every fine day I team up with the financial website of the year.

0:20.5

This is money to bring you an hour of the best personal finance and consumer-related analysis and storytelling that they've been looking at over the past seven days. And this week, we thought we'd take a look back at some of the big stories over the past few months. And what a few months it's been. From Brexit to the Bank of England, Raycust, and don't forget the BHS and Sports Direct scandals.

0:40.6

And where do we start?

0:41.3

Well, with Brexit, of course.

0:43.4

And as it felt the walls were crumbling, the sky falling in, editor Simon Lambert and Consumer Affairs Editor Lee Boyce joined us the day after the historical results came in and gave us their initial reactions.

0:54.9

I thought, wow. Initially, I actually thought that it was the other way. I looked at the results.

0:59.2

It said, remained 77%, leave 27%. Then I realised I was looking at a London borough on the television.

1:04.7

And actually the result was leave 52%, remain 48%. And that wasn't the result that was forecast last night.

1:12.2

You know, when I arrived home yesterday evening at 9 o'clock,

1:15.8

Nigel Farage was apparently doing his turn saying that he thought that they'd lost it,

1:19.1

which I thought was a little bit odd, actually, and a bit suspicious.

1:22.1

But that changed overnight.

1:24.1

And the market is described as a weighing machine.

1:48.4

And over this week, the weighing machine broke, basically, because everybody decided that we were going to vote to remain. We saw the pound put in a decent performance against the dollar and the euro. We saw the footsie put in a decent performance. And then you've seen big moves this morning, basically because traders bet big the wrong way yesterday and the day before.

1:50.9

And they've been rushing to cover that.

1:52.2

So they've been rushing to ditch stuff.

2:05.1

But what's really interesting is before half seven this morning, before the market opened when we were working on stuff, you know, we were talking about the market opening 10% down, the pound being 10% down against the dollar, the market opened 8% down.

2:07.1

It bounced back a bit since then.

2:10.0

The pounds bounced back a bit since the dollar as well.

2:12.9

So you can see that kind of short-term volatility in every reaction.

...

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