The result of the EU Referendum has sent shivers down the spine of those in finance and polictics.
Resignations galore, shouts of cowardice, cuts in taxation, a relaxation of austerity and property funds not quite sure how to react.
The politicians are the ones who seem to have been caught out, both EU and UK. Talk will soon be concentrated on when the the UK will actually apply to leave, or possibly leave without actually exiting – there may be a difference.
A formal S50 notice to leave needs to be made. As Mr Cameron has stepped down the new Prime Minister will need to decide how and when this should be done. Negotiations will then start as to how the UK will leave and its expected that the remaining EU members will try and make it hard and expensive to deter other countries considering the same option.
Whilst the EU concept is a good one politicians appear to have lost contact with their voters and ploughed ahead without explaining exactly what is going on. The press have made a lot of the “immigration” arguments but there seem to be other causes for concern. What was joined as a “Common Market” intended to allow easier trade within a larger European Market has become a push towards a fully fledged European State and many people both in and outside the UK see this as being something that they did agree to at outset.
The political process is now in full swing and everyone awaits the outcome with baited breath. We will now see how good our politicians are. Hopefully, a leader will step forward who is up to the task.
Chris Allatt (ATT, FTA, Affiliate of STEP)
Pulse Tax and Business Consultancy