Blimey didn’t see that one coming. Despite voting out, and boring anyone who I came into contact with explaining why they should do the same, I am amazed the majority of the country stayed the course and voted that way. The remain camp did their best to scaremonger and took “Project Fear”, deployed so successfully during the Scottish referendum, to new highs but ultimately those voting out switched off the more absurd the threats became. One in particular “your family will be £38.42” worse off a week was my personal favourite.
Since waking up Friday morning and discovering the shock result there has been turmoil. The prime minister has resigned, the pound/markets crashed and then recovered a bit and crashed again. The members of the public who voted remain went to social media to vent their anger insulting everyone who voted leave. The far right wing took it upon themselves to stir up hatred and tell foreigners to go back home. There was a petition, protests and a push for a second referendum. Labour (the opposition party) had two thirds of their shadow cabinet resigned in attempt to oust their leader after his lack luster display during the campaign. The leader of the SNP is pushing again for Scottish independance as they desperately want to remain in the EU. Meanwhile the leaders of the leave campaign have effectively gone to ground whilst the leader of UKIP who were running their own campaign to leave has taken his MEP seat in Brussels and gloated about his success much to the dismay of all around him. The UK right now is effectively rudderless and is going through a period of uncertainty that .
The images below show both how my county Kent had voted and the rest of the UK. The result in total was 52% leave against 48% remain. Scotland, Northern Ireland and London had a much higher ratio for remain than the rest of the country where generally the opposite was true. Turnout for the referendum was high, higher than a general election, with most regions being way over 70%. What has also been noted is that generally the older you are the more likely you were to vote leave. The youth are currently an angry bunch, even more than usual.
At the time of writing this the markets have returned to their normal levels and the waters are calming. As the graph below has shown the FTSE 100 is even higher whilst the other two indexes are pretty much back to where they were. So much for the world wide devastation that was predicted. The Pound is also slowly recovering ground that it had lost against the Dollar / Euro. All in all everyone in the financial sector is very happy with how things currently stand with the Bank of England on standby with a huge emergency fund to pump into the economy if necessary. It’s now a case of steadying the ship as we negotiate our way out of the EU.
Now that things are steady in terms of the economy the Conservatives are going through the motions of selecting a new leader and by the end of the year Article 50 will be invoked. After this we have two years to negotiate the best trade deal and exit package as possible otherwise we revert to WTO rules which include a number of tariffs. The biggest stumbling block that we face is that over the past few days all of the European leaders have stated that we can’t have free trade without the free movement of people. This was one of the biggest issues for people voting to leave so it’s going to be one hell of a task!