Sunday, June 26, 2016

Brexit on Friday

This is a note I sent to friends on Thursday morning, 23 June 2016. The next day, the British public voted by a simple majority to leave the European Union.


Today, UK goes to the ballot box. In 24 hours, we will wake up to a changed world. 

Whatever the outcome, there will be market and currency volatility. Asia will be most affected since, by the time the results start trickling in, Asian markets will be opening. Let's, however, look forward to the opportunities that tomorrow brings.

In the immediate aftermath of a "leave" outcome (unlikely based on latest polls but polls in UK have, more often than not, been wrong), there will be implementation of contingency plans, further polarisation of British society, more holidays and online shopping in UK, Boris Johnson as Prime Minister, realignment of Her Majesty's government with the rest of the Commonwealth and the growing potential of a Donald Trump presidency. Each of these events will have inherent risks and rewards.

Whatever the outcome, the world is just going to get so exciting! I still haven't made up my mind if it will be a safer place though.

Dharmendra Yadav

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