The decision has been made and the ramifications are global. Uncertainty is now the enemy.
The political landscape is changing by the hour; the value of the pound against the dollar has fallen to it’s lowest level for over thirty years, the FTSE 100 is currently around 6% down and the FTSE 250, which includes many more UK Companies and is therefore a better barometer for market sentiment, has seen a double digit decline. In anticipation of Article 50 being activated, markets are already acting as if Britain is no longer part of the EU and the single market that represents 500 million customers.
So what on earth do we do about it?
As the ground rumbles beneath us, it would be shrewd to stop for a moment and remember that not all is lost – our EU trading rights may soon be over, but simultaneously, no longer are we shackled by EU trading constraints. Soon we will have unfettered access to 2.2 billion global customers around the rest of the world and as the 5th biggest economy in the world, we have a huge amount to offer.
Unite behind a proposition of Global Britain
We need to open ourselves up to this new international playing field and stimulate growth and investment by re-positioning ourselves as “Global Britain.” And this proposition must be backed up with highly competitive policies and a compelling narrative, making us a more attractive investment proposition than anywhere else in the world. Imagine, for example, if the UK cut corporation tax down to 10% – the lowest of the developed economies.
If we don’t move swiftly and decisively, my fear is we will be faced with a vacuum of uncertainty, which will only spell economic trouble and lead to the unsavoury possibility of the break-up of the UK.
With a lame-duck PM and an opposition in meltdown, what the UK needs now is a strong leader to stand up, harness control and unity shouting the message, loud and clear that Global Britain is resilient, outward-looking and very much open for business!