Despite last minute attempts by Germany to woo a UK ‘stay vote’ with some very tempting offers such as:
1. We’ll acknowledge the Wembley goal
2. We’ll stop making jokes about Prince Charles’s ears
3. We’ll stop using sun cream on the beach out of solidarity with your sunburn
4. We’ll reserve a place with our towels for you on the hotel sun-lounger
5. We’ll introduce tea breaks
6. We’ll turn our clocks back an hour to be in synch with you
7. We’ll do without a goalie in penalty shoot-outs with you to make it a bit more exciting
8. We’ll introduce an EU regulation banning a frothy head on beer
9. We’ll all come along to the Queen’s 100th birthday
10. We’ll willingly provide the villain in every Bond film
we have voted to leave.
Al Murray explains how economics worked very well in 2015. As he says. it is much more complicated than that.
However you voted yesterday this might bring some cheer to your day if you are still feeling a little down.
On a more serious note, the markets are looking at doing their job of making money with fresh vigour as Brexit presents an opportunity as well as a threat. The day started with the pound taking a hit against the dollar but more interestingly the euro has collapsed against the dollar, suffering its worst fall ever in the wake of the UK’s vote to leave the EU.
By lunchtime today , as I write, the markets have recovered half their losses already showng a loss of 4.23% on the day.
Winston Churchill said “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty”.
A ‘Brexit’ negotiated via “article 50” will take at least two years. David Cameron was right to announce his resignation, as he would have been in an impossible position in negotiations for leaving. Do not forget there are general elections in Germany and France in 2017 and those we would start to negotiate with, in particular Merkel and Holland, may no longer be in office by then.
And, very importantly, the US Presidential elections in November.
There will be some turbulence and there will be money to be made. Markets will bounce back. The vision must be positive and this Bento is an overview of informed comments about the impact of leave.