Thread: Brexit
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Old 25-06-2016, 05:48 AM
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Quote:
Originally Posted by cdm61 View Post
So there we have it - enough to say the people who led us to Brexit must now justify the economic and social impact that we were promised....

From the £350m more to spend on he NHS to the glorious economic reformation of the UK economy

Lets see over the coming months and years what will happen - given that the people who voted out will be expecting economic and social benefits of that process...

Pensions: There are 6000 DB schemes, 5000 of which have a current deficit of £360bn short of being able to meet their pension promises - today the stock market fell - that means those deficits increased - these are a real structural issue for the UK economy because as Tata and BHS demonstrate this monetary gap can bring down a company or make it impossible to sell....

DC pots - where most people are saving on an individual unit basis are all ready proving that they will not deliver enough to live out the last years of your life in a comfortable way - it takes £30 of assets to deliver £1 of cash -the average pot is £35k....and today they will have been hit even more

“UK voters have opted for Brexit. If fully followed through, this will be an act of economic self-harm with global ramifications,” said Samuel Tombs, chief UK economist at the consultancy Pantheon Macroeconomics.

On stock markets, which had rallied in the run-up to the vote on misplaced optimism about a victory for remain, there were sharp falls. Banking shares were left nursing losses not seen since the collapse of US investment bank Lehman Brothers in the financial crisis of 2008.

The global stock market rout was costly for the UK’s 15 richest individuals, who between them lost £4bn during the day, according to news organisation Bloomberg’s billionaire index. Britain’s richest person, Gerald Grosvenor, the Duke of Westminster, led the decline with a loss of £727m, followed by Topshop owner Philip Green, fellow land baron Earl Cadogan, and Bruno Schroder of money manager Schroders.

What are the political and social implications of an economy on the slide?
Thankfully the landowners have been promised they will keep their subsidies so the Duke of Westminster or the Queen won't be hit further. Good to see the savings being put to good use already.
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