And it appears doomsday was a lot mellower than we were told. The establishment said that World war three was coming to the UK if we voted to leave, Putin would invade the Balkan states and even that we’d enter a 10 year recession. Well, I don’t like to speak too soon but one look at the stock markets today would say that perhaps a ‘ten MINUTE’ recession is more accurate. The UK’s FTSE 100 is now at a higher level than it was 9 days ago, strongly above 6000. The FTSE 250 has grown by 2% for the past two consecutive days. The pound is now stable, admittedly at a lower level than it previously was, but this can be very beneficial to both the UK and the US. A weak pound means that the UK’s exports appear cheaper in foreign markets, so in the USA, British products will become cheaper. Also if you’re a yank looking for a holiday, Britain might be the perfect destination this summer as now it’ll be cheaper than ever before to see Buckingham Palace or Big ben. Huawei have also continued with £1.3bn investment despite the all the scare stories.
Britain’s future all depends on how it’s renegotiation goes. If the UK negotiates a good deal with the EU then it’ll see prosperity like never before! However, if the UK negotiates a bad deal then there might be some short term pain. Then again if the EU imposes maximum tariffs on the UK, the total cost of those tariffs will be less than our current membership fee due to WTO rules. The whole process starts once the UK executes article 50 of the Lisbon treaty, this starts the two year process whereby Britain is still in the EU but is going to leave at the end of the two year term.
There’s a great deal of uncertainty to come but it’s important to think from a long term perspective. Markets may still be volatile but in years to come people would look back and be grateful that we unshackled ourselves from the second slowest growing continent in the world. Second only to Antarctica.