Saturday, 25 June 2016

#Brexit ...

Its been an interesting few days ...

The people of Blighty have been engaged, and in around 48% of all cases enraged. Its been a vote that has split families, friends, workmates, guys in the pub. But in huge numbers and in some cases even in foul weather and floods they went out and voted ...


Despite apocalyptic warnings, the threats of an emergency budget. Financial markets betting on the outcome, as they always do. Those who registered, and were entitled to vote, went out and made a decision.

Mr Obama's intervention probably having put a few hundred thousand votes in one direction.


In my life, I have worked in the City of London, through financial crashes, market corrections, the rise and fall of the housing markets. Its a helter skelter, and we all ride it from time to time. The recessions of 1980/81, 1990/91 and what is termed the 'Great recession' of 2008/09. Black Monday 1987, Black Wednesday in 1992, when the UK left the ERM.

I even moved to Greece, and went through the financial disaster there ...
Well with the exception of the last, we all emerged out of the other side, once things settled down.

At 10pm on Thursday the £ was at $1.50, and €1.34. Clearly someone was investing heavily on the outcome of the referendum. They knew it was not sustainable, and (so did I having watched the tourist rates, day by day all week) they sold, making a fortune, Programmed electronic selling kicked in, and the crash of 2016 started.

Lets call it dark Friday as markets recovered their losses, later in the day, and were slightly down on the week. The TV and newspapers always headline 'Billions wiped off share values' but what about the 'Billions added' on other days - Not so eye catching ...

It was bad in the UK but worse in the EU markets. The Brits were doing what the Greeks failed to do. The ripple shaking the EU members to the core like an earthquake.

I had watched as Margaret Thatcher rose to power, Was working the night Tony Blair rode a wave of public feeling into office. Now again as another Prime Minister walked as he gets it wrong.

But once a letter goes in from the naughty boys, on the step saying 'please stay' arrives late at night, Then you get the gut feeling someone has already a plan to go. Its reported "David Cameron told aides he would rather quit early than “do the hard ****“

Which was his 'promise' to go to Brussels and invoke 'Article 50' if he lost the referendum. So he had already planned a  #Camexit probably when he returned last time from Brussels, with a blank piece of paper. At least he had something to write that speech on ...

But we are going to leave the club, some time in the next three years, and I do believe, we will not be the last ones to do so either ...

So 51.9% of the voters are happy, 48.1% are not happy. The polls got it wrong, by the same margin. If you are an 'ex pat' then you feel disenfranchised, and very concerned about what is happening, but that's the option you take, when you leave the mother country.

Latest news is that enquiries to leave for NZ are up, and the UK Irish now all want an Eire EU passport ...

There is so much tosh being circulated, its widely accepted that we will still be able to travel, within the EU. We wont need a visa, just like Norway and the Swiss. I watched as the Frenchman said we had to get out asap, the German saying we need to think this through carefully.

The cashpoints and atm's are still working, the lights are still on. Now the markets have settled the bureau's and money shops home and abroad, will have an accurate figure to change your money on, if you intend to travel ...

There will be wobbles ahead, as we have no Prime minister, like our American 'friends who have a dead duck president. To fill in time the US presidents wife does Karaoke on the Late Late Show with James Corden, whilst our PM's wife did very well on 'The Great British Bake off with Mary Berry' not so long ago ...

Our Greek friends will already know ...


Well we voted like Greeks, but we now have to be like the Greeks. Its time to support our own markets, Time to buy British where we can, and support our own, just like they do.

We must welcome visitors to the UK bringing funds, and depositing them in our economy, as they take advantage of our exchange rates. Likewise our EU friends who live and work in the UK, who in doing so paying taxes into our system ...

Since the vote, even the weather has changed. Its sunny just like in Greece, A reason to smile ...

Lets hope its a sign ...

4 comments:

  1. Excellent writing. Thoughtful and balanced. Thank you.

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    1. Thanks for the feedback Margaret, Its will be shaky for a while, but long term, I feel it may well work out for the best. Its just the way I see it ...

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  2. Good to read something sane and sensible after all of the brouhaha. Love the cartoons - especially the nautical one... very apt!

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  3. Exactly Skiathian, market correction as frequently happens. This week brexit is the 'scary news'. Next week there will be other news/data from other countries that will affect the markets. No doubt lots of people (gamblers) will benefit from the swings and roundabout of the markets but it will settle down again in time if the main stream media stopped trying to talk the country down. Keep calm and carry on - the sky hasn't fallen in!
    Excellent piece btw Skiathian, thank you.

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