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I think by now as an avid reader of our ParityFX Plc daily comment you will have realised I am in favour of REMAINING in the EU. My decision (my own personal opinion) is really quite simple. The financial benefit to me, my family, my business and basically my net income is greater REMAINING than LEAVING. While the LEAVE camp continue to harp on about immigration and their effects the truth is the free flow of migrants to the UK is clearly a BOOST to the economy. Think next time you walk into a restaurant, a pub, a supermarket, chances are the people serving you (with a smile) and picking your fruit and veggies are most probably born outside the UK and have come to the UK for a better life. I agree there is a small minority that takes advantage of the benefits that the UK offers and I am afraid to say they are the ones that make the headlines and skew peoples vote to thinking it is better to LEAVE the EU than REMAIN. But, do you honestly think in your heart of hearts that leaving the EU will suddenly stop the migration. There is no way on g-d’s beautiful planet that the UK will overnight put a stop to migrants, to immigrants not to mention kicking those that are here back to their countries of birth. Not only will that bring the UK’s economy to a standstill and send us back to a recession witnessed in the late 20’s and 30’s. I am sorry to say, but it simply does not add up.
Some of the wisest and most respected economists, banks and financial institutions of our day have ALL come out and said the UK must REMAIN in the EU to maintain their current financial standing and position within the world’s global trading fraternity. LEAVE and the UK will simply disintegrate. Please trust me when I say this. The UK as an economic powerhouse will change overnight from a “player” to a “spectator”. It will be quite simply an economic and financial catastrophe. Here are some respected quotes from people who are voting REMAIN:
Nouriel Roubini (Professor at Stern School, NYU, and Chairman of Roubini Global Economics): “Brexit would cause significant damage to the UK economy & to the employment & wellbeing of Britons. The UK is much better off inside the EU. Brexit could stall the UK economy and tip it into a recession as the shock to business and consumer confidence could be severe. The UK – having large twin current account & fiscal deficits – may risk a sharp currency fall & a sudden stop of capital following Brexit”.
George Soros – described as “the world’s most famous currency speculator” –warns it would trigger a sterling fall worse than that seen on Black Wednesday: “Too many believe that a vote to leave the EU will have no effect on their personal financial position. This is wishful thinking. It would have at least one very clear and immediate effect that will touch every household: the value of the pound would decline precipitously. It would also have an immediate and dramatic impact on financial markets, investment, prices and jobs”. Soros said that unlike after Black Wednesday, there was little scope for a cut in interest rates, the UK was running a much larger current account deficit, and exporters would be unable to exploit the benefits of a cheaper pound due to the uncertainty caused by a vote to leave the EU.
Sir Richard Branson has reiterated his support for the Remain campaign. Sir Richard told the BBC’s Andrew Verity that he is “very fearful” that the consequences of a UK exit from the European Union would be “catastrophic for Britain”, and he explains why he believes that it’s not just his business which will suffer, but the wider British economy. Branson said: “As an entrepreneur I have been known for taking risks throughout my career, but leaving the EU is not one of the risks I would want the UK to take – not as an investor, not as a father and not as a grandfather. I am deeply concerned about the impact of leaving.”
The GBPUSD rallied from 1.4062 to over 1.4700 yesterday as polls (if you can trust them) predicted the REMAIN camp has pulled level with LEAVE and in some cases ahead. While I have my reservations when it comes to polls (and I have said this over and over again), when it comes time to put pen to paper people will vote differently to what they might have voiced. I truly believe when we head to the polling station on Thursday people will (HOPEFULLY) realise that the financial catastrophe THAT WILL ENSUE SHOULD WE LEAVE, is simply not worth the risks and (unknown) benefits of leaving the EU and (HOPEFULLY) vote REMAIN.
Come on UK – PLEASE KEEP OUR BELOVED COUNTRY TOGETHER AND VOTE REMAIN.
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