Whilst “Leave” was a looming threat, I don’t think anyone actually thought that we would, given the recent rallying of the Financial Markets & Sterling. Even the bookies got it all wrong and sentimentally, I do feel a bit of a void as I am sure many of you do too.
The fact is that the UK was already eating from an a la carte menu in Brussels. She had retained an independent currency; set her own interest rates and defined monetary policy; negotiated more concessions than practically any other member state; paid much less into the European membership pot on a per capita basis than other wealthy country such as Germany or France; was not a signatory to allowing the European Court of Justice override British law on the charter of human rights, although had ceded many other judicial powers to Brussels; and retained the ability of passport control at its own borders. We didn’t have a good deal, we had a great one! There was no reason to “Leave” and ironically, the vast majority of 18 – 49 year olds with their future ahead of them voted “Remain” whilst the majority of 50+ voted “Leave” with their working life behind them.
Empty vessels make the most noise and there is no doubt that baseless statements and comments will emerge from the media.
However, one ought to embrace change and not fear it. After all, it is us, the UK electorate who have made this decision. The reality which I am sure will reveal itself, is that in the long term we will be better off. The FTSE and Sterling have both bounced back from their intra-day lows and will probably remain at these levels for the next few months. I do believe that we will have a considerable amount of uncertainty until the dust settles, however I don’t believe we will have any drastic ramifications. I dare say, Europe will be weaker as a result of us leaving and this could actually lead to the UK becoming a safe haven.
The London property market has been sluggish for the past 6 months pending this decision and we now have a level of clarity. London to the UK was, is and will remain what Monte Carlo is to France. Smart money is and will continue to find it ways into London and as in every historically uncertain period, there is one certainty – the certainty of opportunity!