THE TELEGRAPH: Clues point to Britain’s 2016 vote as City suffers brutal losing streak
Just before 8am on Tuesday morning, around a dozen top bankers trudged into Number 11 Downing Street to solve a pressing problem.
The London stock market, a beacon of Britain’s standing in the world, is rapidly losing its status as a global centre for raising new capital.
Companies that once jetted into Heathrow to tap London’s vast pools of money are slowly fleeing to the US or into the arms of private equity buyers. Even those who are already listed here are starting to flee.
The London stock market just endured its quietest year since 2010, according to EY, while investors have continued to remove billions from UK equity funds.
At £2.3 trillion, Apple is now worth more than the entire British stock market.
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What is behind the slump? Figures in the City point the finger of blame at the Brexit vote and the political instability in Westminster that followed. » | Michael Bow and Adam Mawardi | Saturday, January 13, 2024
What have I been saying all along? Brexit was, is, and will forever remain a disaster for the British economy. Nobody with just an elementary understanding of economics would be for Brexit. There are many reasons why Brexit is a disaster for the economy and for us Brits, but one of the main economic reasons is that the European Union is the largest single market in the world. Known as The Single Market, it is a market of approximately 450million consumers. And we, as a nation, have walked away from it! One needs just a modicum of intelligence and an elementary understanding of econpmics to figure out that such a move makes absolutely no sense whatsoever. The British electorate were lied to and led down the garden path. Brexit will lead to no good place; it will impoverish the nation. Indeed, it is already doing so. It will also lead to lower standards.
This country needs to reverse Brexit as soon as possible. And please allow me to make one more very important suggestion. It is as follows: We need to dump the pound sterling in favour of the euro. Ever since the turn of the last century, the pound has lost in value in relation to other world currencies. In fact, the pound has approximately halved in value each and every decade in the twentieth century! Therefore, we need to adopt the euro. The euro is the currency of the future. We need to be part of it. – © Mark Alexander
