Playing FTSE FTSE

FTSESo. The nation (yes, that is the whole of the UK and that includes you, Scotland) has voted for Brexit.

There were dire warnings of economic chaos. But, at the end of a bumpy day on the markets on Friday, FTSE ended higher than at the beginning of the week.  So the market apparently does not think Brexit is a big problem.

The Remainians, whose support for the EU suggests a somewhat lukewarm affection for democracy, now want to overturn the result the democratic vote of the people, and many of them have been signing a petition for a rematch.  That is not going to happen any time soon.

It looks like Boris is in the box seat for next Prime Minister, David Cameron stepping back not only from the job but also from the process of choosing his successor. The Watermelons hate Boris, plainly.  Is he going to have to endure the same sort of vitriol as did Margaret Thatcher? An interesting question.  The difference is that great mass of traditional working-class Labour supporters voted with Boris in the EU referendum, not against him. Instead, the anti-Boris mob is typically quite well-off.  So they shout abuse from out of the windows of their BMWs,.

There will be fair bit of whinging, for sure, over the coming weeks, especially from the Wee Sturge. She does not like the democratic vote of the Scottish people on Scottish Independence, and wants a rematch. That is not going to happen any time soon, either. Neither, I suspect, is the EU going to be that keen on chatting to her about Scotland joining the EU right now – that would open all sorts of tricky questions about Catalonia and Basque.

But at least we now have a plan. An Australian-style points system for immigration. Free trade deals with the whole world, not just with Europe. A slow but steady unwinding of all the UK laws that the UK never wanted, but which were mandated by the EU.  Probably, the EU will not be daft enough to put up free trade barriers against the UK, but if it does, that will not be a disaster: we buy far more the EU than we sell, and can easily buy from elsewhere.

And while arguments rage about just how much the UK got back from its monetary contributions to the EU, everyone seems to agree that the UK has been a net contributor, not recipient. So Brexit will means at least that the UK gets to keep at least some more of its own money to spend as we wish.

All in all, the millennium bug did not bring the world to a crashing end, we have not been fried or flooded by global warming per the Al Gore visions of doom, and the Brexit vote shock to FTSE lasted less than 24 hours.

All quite normal, really, except in the fevered imaginations of the Watermelons.

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1 Comment

Filed under Politics, Uncategorized

One response to “Playing FTSE FTSE

  1. colincjr2002@aol.com

    Sent from my iPad

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