Ann: 3rd Quarter Trading Update, page-5

"It'll be interesting to see what next year's accounts look like. I suspect they'll be ok but uk consumers are getting smacked by the weaker pound. John Lewis just announced a 50% fall in profits with many other retailers such as next/safestyle also getting hit. People who thought brexit wouldnt hurt the uk economy were wrong."


@Fire Bull,

Investing on the basis of what extraneous factors, such as macroeconomic forecasts - which are outside of the company's controls - is a bit of a fool's errand, I have long-observed.

For starters, who can possibly know how Brexit negotiations will unfold. Besides, there are many self-moderating factors inherent in the performance of national economies; for example, the significantly-weaker value of the Pound since the Brexit news first broke has provided a competitive fillip to the UK's manufacturing sector, which is concentrated in the midlands and the northern parts of Britain.

And that area of the UK happens to coincide with the centre of gravity of CYB's banking operations - both retail and business banking.


Perceptions about any uncertainty felt by UK consumers is, I suspect, borne from a pretty London-centric view.

For the less affluent parts of the UK – i.e., just about everywhere outside of the SE of England - job security and income certainty would be a far more pressing issue, especially in the manufacturing sector.... whose competitive position in relation to the EU, and therefore the issues of job security and income certainty have, ironically, possibly been enhanced by the events surrounding Brexit, if anything.