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The FTSE lost 3.15% in a single day while it triggered a massive destruction of European stock markets. The pound arrived to 1.33$, it was never at that level s
by tigershark 10y ago
The FTSE lost 3.15% in a single day while it triggered a massive destruction of European stock markets. The pound arrived to 1.33$, it was never at that level since 1985. 2000 people are being relocated from Morgan Stankey to Dublin or Frankfurt. Pretty much all the other banks are following the same plans. The financial services sector contributes for around 11% of the whole government tax income. Car industry is heading in the same direction. Even worse the uk won't secure any trade deal with Europe because they will want to discourage other nations to follow the same path. The damage to the uk and global economy will be huge, comparable to the 2008 crisis if not even worse. And finally UK has nothing to do with Norway, a country extremely small (only London has double of Norway population) that exports oil.
And it has free access to the European market. Uk, as I said before, very likely won't have it.
- simonswords82 10y ago> The damage to the UK and global economy will be huge I agree - the short term damage to the UK and global economy has been significant. That's confidence being shot down overnight, and the markets reacting accordingly. > Even worse the uk won't secure any trade deal with Europe because they will want to discourage other nations to follow the same path. Really? Come on now. You're telling me that European countries will stop selling to the UK? Nobody really knows how this is going to unfold but it's not going to be doom any more than it's going to be a huge success. In the meantime please stop spreading hyperbole about how the sky is falling.
- tigershark 10y agoThere will be no free market is different from stop selling. China is not part of the EU market but there are huge trades between EU and China.