The Fallout From the Referendum

What a disaster! The next generation of young Britons will grow up outside of the European Union. With the historic vote for the UK to leave to EU last week we want to look at the repercussions for the people of the United Kingdom.

boris johnsonAs a party most of our MP’s were staunch supporters of the Remain campaign. Sadly some of the higher profile Remain campaigners from other parties weren’t as vociferous in their campaigning as we had hoped and we feel the success of the Leave campaign was partly due to the effective campaigning of characters such as Boris Johnson and Nigel Farage.

No one can accurately predict the fallout from this momentous decision to leave the EU but the experts tend to feel there will be financial and social troubles ahead. Talk of another deep recession is rife along with the break up of the United Kingdom, as Scotland voted unanimously to remain part of the European Union.

The decision has also thrown British politics into disarray with the two main parties having to elect new leadership at this time of crisis. David Cameron felt the need to resign when the result was announced and the leadership battle now looks like a race between Theresa May and Michael Gove. Over in the Labour Party, Jeremy Corbyn has received an overwhelming vote of no confidence from his own MP’s but insists he will carry on with the leadership at the behest of his 300,000 party members, backed by the Unions!

Time will tell if the doom mongerers are correct but what we do know is that the next few months and years are going to be full of great uncertainty both in political and financial terms. Firstly, we need to elect a new Prime Minister who must negotiate our exit from the EU and then we need to agree trade terms all the while keeping a lid on inflation and interest rates and hopefully stimulating some growth. There are some very choppy waters ahead for the British people.

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