NickFazer wrote:In the interest of balance it is also worth looking at the performance, or lack of it, across the Eurozone.
The effect of Brexit will not be known until we have actually left and probably not for several years after that, there was bound to be some turbulence after the experts totally misjudged the feeling in the country and got it magnificently wrong, and not for the 1st time either, but compared to the predictions of gloom it has been relatively mild. The pound has taken a hit, that is true, but there are always winners and losers in the money markets and exporters will get a boost, the struggling Eurozone economies would love to devalue, but they can't. There are serious doubts about the Italian banking system, that will probably end up with the Italian government recapitalising them in defiance of the ECB, others such as Deutsche bank are also potential calamities looming on the horizon.
What I can't get my head around is the view that if we had voted for Remain then everything would be rosy, the reality is that the Eurozone has huge problems from sluggish economic growth, outrageously high youth unemployment, a refugee crisis, a failing currency union and institutions that are so hamstrung by their own beaurocracy that they are incapable of reacting to any of it. We may be the first to leave, we should have been second, a managed exit for Greece should of happened 8 years ago, but they chose to keep bailing them out so as not to embarrass their grand project, the IMF have said that Greece will not recover to 2008 levels for 40 years, yes 40, not 4 saddling a nation with a debt so huge there is no possibility of it ever being repaid.
We may have some hard times to come, all economies have them periodically but surely Brexit can't be a worse solution than tying ourselves to a 21st century version of the Hapsburg Empire.
Post of the week Mr Fazer.