The Independent reports, citing new figures, that investors are moving billions of pounds in assets out of British currency and assets ahead of the European Union referendum. It shares an analysis by Sky News which found £65 billion left the UK or was converted into other currencies in March and April, the largest amount since the economic crash. Similarly, it confirms that in the six months to the end of April, £77 billion was pulled out of British pounds, compared to just £2 billion in the six months to the end of October last year.
Regular readers of this blog will know that I have been highlighting these risks for months.
Somehow the Brexit supporters feel that David Cameron and the Remain team are scaremongering. Personally, I fear that they are not highlighting the full gravity of the risks that WILL crystallize after the Brexit referendum.
I am regularly debating the arguments with Brexit supporters and they feel that the economics doesn’t matter and things will right themselves. Most Brexit supporters are strong on patriotism and alarmed about the level of immigration. I respect patriotism but we live in a highly integrated world and it is not possible to go it alone other than in Little Englander isolation. I share the Brexit supporters views that the present levels of immigration are not sustainable.
I hope that Brexit supporters will use their vote to Remain but bring pressure to bear on the UK political classes that they’ve got to be stronger with UK national interests.