Sunday, 31 July 2016
A Busy Week for Brexit
It's been another astonishingly busy week for Brexit with interesting developments.
Whilst Liam Fox has been in America setting up offices from which to work on trade deals with that amazingly large country, another 26 countries have expressed the wish to make trade deals with the U.K.
At home Theresa May has put a hold on the building of the new Hinkley Point power station in Somerset, saying that the government needs more time to consider the options. This decision came at the final hour of negotiations when the French firm (EDF) were on the point of signing the agreement with us. There are many reasons for the decision to hold off and we wait to hear what they are. Speculation is, of course, rife. One thing for sure is that the whole project is extremely expensive, something around £18-36 billion pounds and while it will probably go ahead sometime, that time will probably be delayed.
Other projects currently being revisited are the HS2 rail-line to the north and the expansion of Heathrow Airport.
I've noticed this week that several firms have been moving their goalposts and blaming the moves on Brexit. Lloyds Bank has decided to cut back on staff and close branches. This cannot be as a result of Brexit because the real reason is that people are doing more of their banking online.
The House Market is an interesting one to consider post Brexit. Before the Brexit vote there were several expensive development in London (mainly tower blocks of flats), which were being snapped up by the far east as investments, whilst housing for the poorer member of the community is way far behind and the homeless total increases daily. If house prices do drop, then it will be good for people who are struggling to get on the housing ladder. Additionally, a lower interest rate is good for people who are looking to find a mortgage.
Some firms will benefit from Brexit, others will lose out, but overall it can only be good for the country.