Sunday, 26 June 2016

The day after the party ...

The party is over and the citizens of the United Kingdom are slowly awakening to a new dawn - a grey dawn to many - and I suspect many are reaching for the paracetamol. The great cliché "The People Have Spoken" reverberates around the nation and supporters of both sides are striking out in different directions.

The tabloid press, and unsurprisingly Sky News, are full of doom and gloom. The EU, depending to whom one listens to, are suggesting that our exit should either be quick and painful, or not (according to Frau Merkel). And there are millions of words being spewed out (just like this blog) in support of or against the result of the referendum.

The future is unknown, and should not (in my opinion) be unduly influenced by the profiteering of the speculators and traders who are driving stocks and shares down, and causing the pound to tumble. The markets, always known for their altruism, will settle down in time and whether they settle down at a much lower level will depend on many factors outside our control. When the press talk about billions being "wiped off" the stock market, they are not telling the full story. A currency, or a stock or share, moves up and down for many reasons and the gamblers in the city and around the world cause this to happen. A share in a bank may fall by 30% one day but unless you wish to sell it at that price, you do not lose anything at that time. If shares rise by 30% and you decide to sell, that is where a profit is made. Gambling ... pure and simple.

It is interesting to note that a record-breaking petition to hold another referendum has attracted nearly three million signatures at the time of writing. If this petition is debated in Parliament, with 80% of its members in the remain camp, the result may well make the United Kingdom the laughing stock of the world. With Scotland champing at the bit to break up the UK (whatever one thinks of Nicola Sturgeon, she is one hell of an opportunist), and Sinn Fein making noises across the water, these are indeed troubling times.

There have been many opinions put forward that the young voted overwhelmingly to remain in the UK and that this was a decision of the older people to leave. Well this older person supports and still supports remain, but I suspect the die is cast and nothing can prevent the descent into chaos now.

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