Whichever side of the in or out of EU debate you supported, you will all be ticking off the expected consequences that were predicted.
– Turbulence in the exchange markets, although sterling has returned to the same dollar rate as earlier this year.
– Turbulence in the equity market, although in the last couple of days the markets have recovered some of their losses.
– Signs that inward investment is stalling, although Huawei are to press ahead with £1.3bn investment and providing 500 new jobs; compare this with the news that Richard Branson’s Virgin group has called off negotiations to buy a UK company employing 3,000 staff.
Will we, or won’t we be able to renegotiate access to the single market without the open border policy that concerned the Brexiteers?
Whatever happens, there has never been a more urgent need for professional advisors to step up to the plate and help steer their clients through the inevitable change process that we now face.
Back to basics?
If we do creep ever closer to recession it will be the financially fittest that weather the economic downturn, if that is what happens.
If our economy is largely unaffected, the businesses that have managed to hang onto their liquidity and maintain a measure of profitability, will be in the best position to make the most of new opportunities.
Initially, we should be reassuring clients and supporting them to stay positive. As always, it is not necessarily what is said that will make a difference, it is what we do, and in that arena we are best placed to advise.