The referendum result is reminiscent of Denman falling at 1/6 in the Aon Chase at Newbury, leaving AP McCoy with a look of bewilderment on his face (which is probably EXACTLY what Cameron looks like right now). For me the remain side focused too much on the economy, as though that were the only thing that mattered. Didn't win the hearts and minds of those living outside the City.
There is a touch of "Fog in the Channel Europe cut off'' in a lot of the pronouncements here and everywhere. The real bodyblow is to the project called European Union. Many other countries in the EU will now push for referendums. The failing European edifice must now listen.
Amazing what this little country can still do! Stock markets are just what they say they are. Will people stop buying and selling? Of course they won't. We do need some calm now. We need leadership and I feel Gove was the person who probably showed it more than most. Cameron has been pathetic but he must now show if he has any shred of leadership in him.
Many people saying Cameron should stay in the short term for stability (which I agree with) but the very real question is who should be negotiating the exit terms over the next couple of years?
How do Stock Market falls compare with 9/11 and the dot.com collapse. We need calm here and less of the Fraser response.
Dax showing 11% lighter in pre-opening trades, at around 9200. I'm sure this is worst case though and we'll see losses stabilise in the 6-8% regime, putting the index effectively back where it was a week ago at around 9500 points
It's probably not an ongoing issue Oddy. Not that I'm an expert, but the markets will likely rebound in the not too distant future. It should remain volatile for a while though. The real question is, at what level will the markets find themselves 12 months from now? When the new level is found, will it be below or above the 9,000?
I believe the markets will remain strong Cyc. Yes there will be volatility but the global economic fundamentals have not been changed by this. Trade will continue, BMW will still export millions of cars. I'd be very surprised if the Dax dips below 9000.
Lots of criticism for Corbyn this morning - might he be the first one to get the chop due to all of this? I've always felt he had strong principles but he isn't a politician.
Here is how it should have gone: Remain “It’s the economy stupid” – it was the only card that Project Fear had to play so they played it relentlessly. Leave Return the supremacy of the British Judicial System and the British Parliament. An unelected elite control the European Union and they do not care if you like it. Uncontrolled immigration means that those on low wages will never see their wages rise as cheaper labour can be imported from poorer countries. We have become the haven for Europe’s “huddled masses” as The Project has destroyed their home economies, aided and abetted by the Euro. Without control of immigration there is no way to control provision of healthcare, education and housing. We have nothing against our neighbours in Europe. The problem is the European Union. “Vae victis.” The Dutch may be the next domino...
Corbyn has been a dead man walking since the day he was elected. When he was on The Last Leg and was asked how many out of ten he would score the European Union, he said seven-and-a-half. This morning on the BBC he was asked by Dimbleby whether it would have made any difference if he had said ten. He was half-hearted about the campaign from Day 1 but the fact that so many in Labour’s northern strongholds turned out and ignored the leadership will surely force the vast majority of Labour MPs who do not support Jezza to get rid of him.
Brussels: “It is true that liberty is precious – so precious that it must be rationed.” Cameron: “I claim not to have controlled events, but confess plainly that events have controlled me.” Who will play Nigel Farage in “Independence Day 3”? A whited-up Will Smith?
Cameron to resign in October - who will take over? Bookies scrambling to form a market no doubt. Markets volatile but up from opening losses.