Today I wrote for CITYAM, an article which looks at the impact of the Brexit result on Britain. In the piece I argue that the worst case scenario put across by the remain camp, simply did not happen.
They claimed that banks and businesses would flee the UK. It didn’t happen. They said funding would be lost for farming, science and regeneration projects. It also hasn’t happened. We have voted to leave and yet we are all still standing.
In the piece I accept that jobs were a huge factor for some people as they decided which way to vote in the referendum. Many in banking feared their employers would leave but then after the result, Stuart Gulliver from HSBC said back in August, “There isn’t a burning need for us to make a decision ahead of seeing how the UK government negotiates”. Previously the message was that there would be job losses. Credit Suisse, UBS and Standard Chartered have all echoed this response.
I accept in the article that the economy as a whole has seen changes and will continue to do so. I also argue that the pound is the major factor for Brits and what it will get there, here and abroad in terms of food and activities. One of the biggest industries, the building sector and property market, have seen increases in interest and house sales in July were no different from previous months according to the HMRC.
To find out more about what I said, click on this link here to read my article in CITYAM today.