CITY TALK
Brexit Delayed - Again
WITH MORE COME backs than
Tiger Woods, Brexit deadlines
seem to pass us by on a weekly
basis but never entirely go
away with the next so called
‘crunch date’ now being 31
October and with polling cards
for the EU elections being
printed as I type.
I’ve written this column for
so long now that nothing is new
in this crazy world of Brexit
politics. The trouble is that we
all have to get on with our day
jobs – earning a living, running a
business and making decisions
in an environment of great
uncertainty.
In the markets, let’s look at
what is before us as it’s the only
sane thing to do.
Since last December the FTSE
has been progressively climbing
from a low of around 6,550 and
now stands at 7,431 with the
wider 250 index up from 17,090
to 19,750 over the same period.
The fi nancial press
are reporting that British
businesses are the most gloomy
they have been about Brexit
since the 2016 referendum,
with eight out of 10 fi nance
leaders expecting the longterm
business environment to
be worse as a result of the UK
leaving the EU.
The accountancy group
Deloitte has warned that
worries over the long-term
impact of Brexit are mounting,
with more than half of fi nance
bosses expecting to rein in
recruitment and spending.
High street decline and
paralysis over Brexit has
triggered the most UK profi t
warnings since the fi nancial
crisis. London-listed fi rms
issued 89 alerts in the fi rst
three months of 2019, a fi fth
higher than last year, according
to Ernst & Young.
We need to sort this out.
Pre & Post EU Referendum Vote
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Indicator 23 Jun 15 Apr 19 Change Change %
FTSE 100 6,338 7431.00 1093.00 17.25%
FTSE 250 17,333 19750.00 2417.00 13.94%
BT 439.70 226.50 213.20 -48.49%
Vodafone 217.90 140.71 77.19 -35.42%
TalkTalk 226.60 121.10 105.50 -46.56%
Gamma 440.50 1076.50 636.00 144.38%
£/$ 1.487 1.309 0.178 -11.97%
£/€ 1.307 1.157 0.150 -11.48%
/www.commsbusiness.co.uk
/unionstreet.uk.com