Wow, what a day. If you’re like me you’ve had very little sleep and are struggling to believe that the UK has voted to leave the European Union.
To be fair, I got this one wrong…. I predicted a Remain win, and was fairly certain of my logic.
So what now?
Keep Calm and Carry On
This is a hugely emotionally charged time for many people. I think we need to recognise this and give people the space to do whatever they feel. If you want to grieve, then grieve. If you want to celebrate, then do so quietly. Above all stay calm and don’t panic.
We all saw the pound drop against the dollar, and the stock markets take a 500 point tumble. I saw a 20 deep queue to a cash point this morning as people rushed to grab EUROs before the rates were updated at 09:00 am (they were stuck on the prior day rates).
In my opinion these are short term adjustments driven primarily through the markets making the wrong assumptions, and then pricing them in to the markets. They got it wrong, again. Don’t get me wrong, the currency and commodity markets are a vital part of our economy, but these kind of adjustments will probably even themselves out.
The fundamentals of our day-to-day lives have not changed overnight. We are still in a trade agreement with Europe, and most businesses will carry on in a similar way as pre-vote (albeit with robust contingency plans, I hope!)
We need a plan
The people have spoken (well, 52% of them have), and we’ve got to move forward with the decision. David Cameron has quit, Jeremy Corbyn has a vote of no confidence, and Nicola Sturgeon is looking into the possibility of a Scottish referendum (which to be fair she put on her mandate, and was elected to). Everything feels… Unsettled.
Life will go on, but we need a plan as a nation. We have elected the government to come up with a plan, and I feel it is incumbent on the key Brexiters to come to the table and help us shape the future.
Watch this space
So the next few weeks will be key. Hopefully this decision will eventually be looked back on in history as not a massive mistake!