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Tuesday, 28 June 2016

Brexit, The Way Forward: Time To Stop Project Fear

Brexit, The Way Forward: Time To Stop Project Fear.

By Lashley Oladigbolu


Can we endeavour to reduce the amount of inevitable losses and fears of uncertainties over the Brexit. Perhaps, most followers of the news emanating from the Commission of European Union are failing to consider the tidal waves Brexit is unleashing to the global financial markets.
Take a look again at the onset, the moment the Remain-IN was speculated to be the winning streak and Sterling leapt forward dwarfing USD in FX before abrupt Brexit turned down the the verse of financial stakes. This has shown incredibly how powerful London as the world biggest centre of financial services can launch  effectual economic downturn not only to the European community but to the entire global village. Please check the current global financial markets as every ticking moments are registering impeding chains of global recession.
Analysts are engaging themselves across different fora over the consequences of the British decision to quit the EU.
Chairman of British African Business Alliance, Mr David Smith in a response to a post on the social media by the Executive Director of Nigerian Diaspora Direct Investment Summit, Mr Bimbo Roberts Folayan, stated earlier today that : "Everyone was entitled to express their opinions and they did, to the benefit or detriment of the country and its population. I think a reversal of expectations will always bring out strong feeling, but apart from a few blatant lies, there was not corruption or fraud... It is a shame that the leaders of the country, i.e. the educated, economically active, did not account for the majority. So what we have seen is the most underprivileged, the unemployed, the older/retired populations saying that they must be heard."
He further cited one of the best analysis of the vote that he has discovered, which is useful for basic understanding of the Brexit vote, from the source below...
"-A majority of those working full-time or part-time voted to remain in the EU; most of those not working voted to leave. More than half of those retired on a private pension voted to leave, as did two thirds of those retired on a state pension.
-Among private renters and people with mortgages, a small majority (55% and 54%) voted to remain; those who owned their homes outright voted to leave by 55% to 45%. Around two thirds of council and housing association tenants voted to leave.
-A majority (57%) of those with a university degree voted to remain, as 64% of those with a higher degree and more than four in five (81%) of those still in full time education. Among those whose formal education ended at secondary school or earlier, a large majority voted to leave.
- White voters voted to leave the EU by 53% to 47%. Two thirds (67%) of those describing themselves as Asian voted to remain, as did three quarters (73%) of black voters. Nearly six in ten (58%) of those describing themselves as Christian voted to leave; seven in ten Muslims voted to remain.
-The AB social group (broadly speaking, professionals and managers) were the only social group among whom a majority voted to remain (57%). C1s divided fairly evenly; nearly two thirds of C2DEs (64%) voted to leave the EU.
You can find the detail of this at
http://lordashcroftpolls.com/2016/06/how-the-united-kingdom-voted-and-why/
According to David, UK businesses will be re-evaluating their sales markets and working out where they can secure their future orders from. If there is any significant change in activity with Europe they will be forced to look elsewhere.
"Perhaps this is an opening for African Business leaders to offer their services and contacts in opening up new markets for them in Africa... It will not be for everyone, but there will be many not working in Africa  at the moment who will welcome new distribution partners", he added.
To be continued.

Lashley Oladigbolu is an accredited journalist of the World Bank Online Media Briefing Centre.

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