BREXIT - THE GOOD NEWS

The Financial Times Stock Exchange 100 Index

Since the vote for Brexit, the UK stock market has performed well.

The UK's manufacturing sector had a good September.

Merryn Somerset Webb

Merryn Somerset Webb in the Financial Times‎ tells us that the Cloud over the pound has a silver lining.

According to Merryn Somerset Webb, the devaluation of the pound in 1949 (from $4.03 to $2.80) led to a rise in the stock market.

In 1967 sterling was devalued again (from $2.80 to $2.40).

The stock market then rose 30% in 1968.

Most big UK companies are currently benefiting from the fall in the pound.

Switzerland is not in the EU, and is 'very rich'.

Before Brexit, the UK's huge current account deficit (difference between exports and imports)  was about 6 per cent of GDP - near a peacetime record.

The UK needs its economy to rebalance.

The pound was over-valued - because of the constant flow of speculative capital into London.

The UK is now, to some extent, rebalancing its economy.

Greece has not been so lucky. 

It is stuck with the Euro.

Greece, Italy and Portugal all need to re-balance, but it is not easy when they are stuck with the Euro and the EU.

MORE HERE:  Cloud over the pound has a silver lining.

BRITAIN'S EXIT FROM EU

Keith Cormack, Hartlepool - Hartlepool People

Why did people vote to leave the EU?

Paul Noble, a 57-year-old steel erector from Hartlepool, voted to leave the EU.

He says: "It's only the rich, the elite, who want to stay."

Demise of Hartlepool's economy has seen anti-EU feeling grow - FT.com.

Paul Noble's reasons for voting Leave:

"Immigration; erosion of powers; European despots and dictators telling us what to do all the time.

"Redcar steel; they didn't lift a hand.

"The fishing industry; they gave our sea away."


Hartlepool People

Paul Noble's reasons for voting Leave:

Tanks and trains for UK use are made overseas. "It’s as if they want big industry in Britain to be finished."

On his current construction site in Leeds, there is a Romanian earning £7.20 an hour. Among British tradesmen, he says, "you wouldn’t get a bricklayer for twice that."


Greatham, Hartlepool. Hartlepool People

Hartlepool has lost many of its traditional industries.

The male unemployment rate is more than twice the national average.

Loss of services at Hartlepool's hospital is a big local issue.

Demise of Hartlepool's economy has seen anti-EU feeling grow - FT.com.

Influence on EU of CIA.

The FTSE 100 has recovered - to trade only slightly lower. / FTSE 100 closes down just 2.7% after it recovers

Fresnillo  +11.86%
ARM Holdings plc  +5.99%
Compass Group plc  +3.93%
GlaxoSmithKline plc  +3.71%
Mediclinic International plc  +3.52%
AstraZeneca plc  +3.41%
RELX plc +3.22%
Pearson plc  +2.93%
British American Tobacco plc  +2.56%
Unilever plc  +2.48%
Diageo plc  +2.45%
FTSE 100: Top 20 risers .

Most of England voted to leave the EU.

Most of England is unhappy with the decisions that have been made by the elite in London.

Almost one million British households have more than £1 million worth of assets, not counting property and luxury goods.

One million British households are relying on food banks and charities to survive.

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