Here is the place to discuss the short term and long term consequences of this historic vote
As best I could, I moved the posts from the up/down prediction thread, which had segued on to the consequences of the vote, to here. There were some that seemed more along the lines of explaining why the vote went the way it did, I left them over there since the intent of this one seems to be more about forecasting what will come of all this. - Fallenchemist
Hearing FTSE tomorrow is going to be a blood bath.
This leave vote is going to disastrous for the UK economy.
My mom and I are seriously considering going to England in a few weeks to take advantage of this. She’s been wanting to go since an uncle passed away a few months ago but it’s just too expensive. The next few months are probably the cheapest it’ll be to go for a long, long time.
Dow futures are down 500 or about 2.8%.
This is a train wreck. Trust the economy to the average voter - what could go wrong?
Wow. My daughter was studying in London last year - I suspect that many of her friends are going to be pretty upset. While some were UK citizens (who so far as I can tell were in favor of remaining), some were citizens of other EU countries who I suspect chose graduate school in London in part because they assumed they would be able to stay and work.
There goes my son’s right to study and/or work in the U.K. with his German citizenship.
This is going to be terrible, for the UK and in widening circles, for the rest of the world.
Donna - my daughter had no trouble (just a lot of bureaucracy to work through) getting a visa to study in the UK. Work of course is a different matter.
The exit won’t happen immediately, of course. This article explains:
http://www.nytimes.com/2016/06/23/world/europe/brexit-consequences.html
The words “ghastliness” and “hideous” are used by people quoted in the article to describe the legal and other complications, and sound apt.
Also, the article explains that although technically the referendum isn’t legally binding, it’s inconceivable that any British government could ignore it.
So far as I have gathered from following this story over the past few months, the UK can’t just walk away from the EU. It has to negotiate the terms of its withdrawal. For example, one npr interview I heard was discussing what will happen to EU citizens who have been working in the UK - the person being interviewed suggested that it was at least somewhat likely that those already with jobs would be grandfathered in and allowed to stay. The big question is what about imports and exports.
“This is a train wreck. Trust the economy to the average voter - what could go wrong?”
They were warned by everyone with an iota of knowledge but were told by leave leaders it was fearmongering and it would all be roses and lollipops after leaving…
Pound down now about 12% and Euro is falling too.
I imagine that ultimately this will lead to another Scottish independence referendum – this one successful – and to Scotland leaving the U.K. in order to rejoin the E.U.
Scotland and Northern Ireland.
Companies that design and manufacture in the US and sell goods in Europe and the UK to make a chunk of their profit are gonna suffer.
Told kiddo who is in Europe (not EU) to keep her cash in $.
WOW. I did not expect this to happen it all. Dow futures are down 600 points. Pound is sinking.
We haven’t heard a peep yet from Cameron - probably cleaning out his desk at 10 Downing.
NIkkei futures trading halted. UK market may be halted at open.
http://money.cnn.com/data/premarket/
You can follow the bloodbath here.
The problem with the markets is not the Brexit decision - the problem is the uncertainty it creates. Will the govt follow the vote or will it say “screw it”? Will some unrest follow?