Jason Moore05/09/2016 00:00
TW
2

Now I don't want to spoil the party but surely it is rather early for everyone to be saying that the referendum result has had little impact on the UK economy. I would add a big - so far. It must be remembered that the UK hasn't left the single market yet and is still a member of the European Union. The dangerous time will be when the UK starts negotiating with the EU: if it is denied access to the single market this will hit the economy.

Over the weekend a group of top Japanese companies said that they were very concerned over the pullout. They even said that some big companies could relocate to the continent. So I would say that it would be better to wait and see rather than to jump to conclusions. It is clear that the pullout will hit the economy and no-one knows to what extent because until the UK actually leaves it can't sign trade deals with anyone.

It is said that the pullout will take a minimum of two years; I suspect it will be even longer. So for the time being it will be a question of wait and see. The wait will be a long one, because the pullout will be a long process. Until then fingers crossed that the UK economy will continue to weather the headwinds until the big storm actually arrives. Then we will be able to say that the "Remain camp" were scaremongering or the "Leave camp" were economical with the truth.