Thatcher used to say that you cannot buck the markets. True enough. What is rather telling is that the the
GBP vs EUR rates would suggest that the rejection of May's deal is going down rather well globally. Leastways the pound strengthened against the Euro throughout the days since the vote. Allied to that is the data
Gove shared with the house which shows that investor confidence in the UK has been growing and
not shrinking in the 2 years of Brexit debate kerfuffle. I.e. investors see the UK as a good place to do business whether
or not in the EU. The UK currently has the greatest inward investment of any European nation.
It
is early days. I know there will be pain all round during our adjustment to life outside the EU. The financial services part of the UK will doubtless have a period of significant adjustment. And
Euro clearing may go to Frankfurt. [But I note that the
top EIGHT financial centres in the world are not in Europe, so it would seem EU membership is not actually a criteria for that sector] I am pretty sure my state pension may have suffered [another] blow. It may become more expensive to travel post Brexit. European consumer durables will become dearer.
I do not know any delusional
Brexiteers. And none of them are xenophobes or Empire stentors. Most Brexiteers I have spoken to have weighed the benefits of EU membership and found them seriously wanting. The next steps for the UK outside the EU are, as May said, uncharted waters . I look to them with
optimism.