UK loses its place as fifth best-performing economy after #Brexit vote

Falling off the chart: The pound plummets as the effect of the EU referendum vote makes itself felt.

Falling off the chart: The pound plummets as the effect of the EU referendum vote makes itself felt.

To those of you who voted ‘Leave’: You’ve crashed the country.

Please tell me you’re clever enough to know this is a bad thing.

The FTSE 100 fell as much as 8.7pc when the London market opened after the UK voted to leave the European Union, an unexpected outcome that prompted the resignation of prime minister David Cameron this morning.

The blue chip index recovered slightly to a loss of 4.9pc, but the FTSE 250 – which is considered a closer barometer of the UK economy – fell by 12.3pc before paring losses back to 7.1pc.

France’s economy overtook the UK’s as the pound slumped to its weakest level in more than three decades, sending investors fleeing to the “safe haven” of gold. After jumping 8.1pc to a two-year high, the price of the yellow metal softened slightly to trade 4.5pc higher.

Source: Markets live: pound hits 30-year low as FTSE 100 recovers from 8.7pc slide to 5pc loss


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8 thoughts on “UK loses its place as fifth best-performing economy after #Brexit vote

  1. NMac

    I know I am repeating myself Mike, but I firmly believe that this is just the start. Soon we will be relegated to becoming a small insignificant little island isolated from its once friendly European neighbours, and sulking and complaining about the EU.

  2. Roy Beiley

    The problem is that the majority of the overall electorate do not understand or want to understand how much the financial market underpins our Economy. We have for decades been seen by investors as a “safe” place in the long term. That “safe” place was swept away in a very short time as investors scramble to move their money to a safer place or convert its value to gold. The voters have been seduced by thingsvthat they thin kV they understand better. Less foreigners, money paid to EU being available to be spent here to boost services and “control” over the Laws that we pass. If those things do ever become reality(which is unlikely)’there will be a lot of unpleasant and unforseen consequences for all of us in the next 5 years or so which will mark the outcome of this unnecessary Referendum as a day of Infamy.

  3. Brian

    GOLD will be the only thing of value in two weeks time in Britain. I say Britain because we know that the UK will no longer exist when Scotland, NI, and, perhaps even Wales consider their options. The leave voters are parading around in their cars emblazoned with Union Jacks, how stupid are they, to stupid to know their stupid. (for the benefit of the stupid, the clue is in the name of the flag!)

  4. Richard

    And over the week , how did the FTSE and the£ fare, and compare it to how the CAC and DAx did, think you’ll find Not too bad, the,drop wasn’t as severe as Black Wednesday or after the ERM catastrophe, I expected,worse, but Europe realises as does the USA ,,that,we are strong and will be a Freer more Democratic country for it. I hope Scotland and Ireland stick around, but if they seek Indepenedence,,so be it

    1. Mike Sivier Post author

      The pound has had two of its worst days ever on the international exchanges, and the FTSE500 – which is a better indicator of the UK than the FTSE100 as it features more UK-based businesses – has also suffered.
      You were saying?

  5. toocomplex4justice

    We can’t trust these b*****ds to not cheat somehow. Maybe we all voted to remain, but how can we know.? caMoron knows everyone hates him and many will just vote against him. By leaving he gets to destroy our human rights and can make us work for a subsistance wage, what he has wanted all along
    Welfare services including medicine can rot with the corpses of the useless feeders that use them. If Dave Dirt can’t work it’s too bad because he can’t live if he’s going to eat our resources (my profit). caMoron will most likely give it a few weeks and then tell us that he’s going to do us all a favour and remain in power to help us through these difficult times ahead. He might even ask to be made emperor so that he can get on with it and can complete his plan of a thousand years of localism (corruption)

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