So we left the EU, what next for the UK economy?
Kieran James
CEO/Founder at Stryde | ★ Accountancy ★ Helping founders pass on the role of leading their finance function so they can focus on growth ?? Ensuring informed decision making ?? ★ Public Speaker ★ Be more deliberate
As is my personality, I'm quietly optimistic about the UK's future despite an unexpected result. I've always maintained that whether we leave or stay, Britain will do just fine; businesses, people and countries will make the decisions that benefit them.
As with any time of uncertainty I'd expect the pound to drop momentarily as the rest of the world realise we're out and the clearly opinionated press will speculate and talk of new highs and new lows that will cause rumours that fuel the populations opinion. But as the vote is so balanced (51.9% leave to 48.1% remain), it's likely this will balance those rumours and opinions.
News articles will talk of variables that may affect the outcome of the UK economy but really I believe it will predominantly boil down to only one key variable: your opinion. As any investor will point out, often the volatility or stability of stock markets, currency and the like are largely affected by opinions and expectations or opinions and expectations of particular events. Leaving the EU actually has no real immediate change to the UK economy for the next two years so any changes that happen are purely based on speculation and expectation of the deals and policies we can put in place.
So whether we were part of the Brexit or Bremain campaign, the real question, at least for the next two years is can we put that aside, ignore the speculation and get on with growing businesses and spending in our economy.
This may seem like an overly simplified opinion, and it is for the sake of brevity (there are definitely going to be other contributing factors), but tracking economic trends across the past 20, 30 or more years will show that opinions have a huge impact. So in the same way that just a few votes caused a difference in the outcome of the referendum, your opinion, the way you interact financially within the UK and further afield, even the way you react and discuss the UK economy with others will now contribute on some level with how successful our countries economy is from here on in.