Brexit - Real Life The Week After...

[burnsey66]

Not a political discussion, just a real life post. I don’t want to stick it in the Bear Pit, as it restricts who can participate. If I was wrong, please accept my apologies. All I ask, is not to respond from a political standpoint, I am just interested if anyone else has seen real life effects - good or bad.

I work in the property finance industry and this morning, several lenders have ceased to lend, closing new applications and reviewing things in the pipeline which are yet to complete.

Most of the national valuation firms are in meetings - the day has drawn to a close, nit half way through.

Staff are worried and it’s highly likely some cuts will be made.

Any news from other members?

[snowman]

It's far too soon to make any clear judgements on where we are, good or bad.

Friday everyone was in a state of shock/euphoria.

The weekend's passed and now people are having to deal with things.

Some will take advantage of the situation to make unpalatable decisions easier to blame on someone else, others will hide under their shells waiting for the dust to settle.

It's going to be pretty unedifying generally (just look at our political 'elite'), but I'd say wait a month, not a week, before deciding if we're seeing any real fallout.

I'm looking forward to my holiday in Euroland in September, but I guess I may be barred entry!

M.

[Ethos]

We're in the process of a property purchase and are considering whether to proceed

[Dave+63]

I'm looking forward to my holiday in Euroland in September, but I guess I may be barred entry!

M.

Getting in is not the problem; it's when you try to get out that things go awry!

[PipPip]

I was very close to receiving a job offer at an asset manager where the focus was on Europe. They have now put it on hold while they consider viability of their European strategy.

[Bristolian]

Yes.

And all seemingly bad so far.

Internally for valuations, as of now, we have re-adopted the RICS's VPGA9 warning, last used in the banking crisis. It relates to “Valuations in markets susceptible to change: certainty and uncertainty”. It basically means "don't blame us if the property turns out to worth nothing as a result of national economic catastrophe".

My clients appear to be having a fit if they are not catatonic with shock. Its coming through that some major funding projects are being pulled at board meetings this morning. At least one merger Ive been dealing with is supposedly now back on only so that both entities can make major staff cuts. The stress in the voice of one FD was palpable.

My sector has virtually zero exposure to EU trading so Im guessing all of this is in response to expectations of national economic contraction.

[Andyg]

I had emails from 2 customers (in the Netherlands) to congratulate the UK on its decision and hoping they will also get a referendum on the matter.

Other than that nothing has changed at my end.

[Jdh1]

Three things over the weekend...

- Friend received a fax notifying cancellation of a £1.4 Million order for refurbishment in the retail sector. The uncertainty following Brexit was given as the reason.

- Acquantance pulled out of property purchase in London

- Another friend cancelled house extension plans

[benny.c]

Since Friday I've picked up two new projects (architect, mainly domestic work) so nothing's changed for now.

[southerner101]

Work in utilities. All good here down south as always.

would take a lot more than this to rock my boat.

We will now see the insecure and people who struggle from day to day anyway suddenly come out the wood work and blame all there troubles on the leave result.

[noTAGlove]

I work in the oil industry, and UK oil stocks have rallied since they sell in dollars and pay in pounds.

I've perversely made quite a few quid out of my sharesave scheme which will be used to counteract my much more expensive family vacation in the USA this summer

[StackH]

We will now see the insecure and people who struggle from day to day anyway suddenly come out the wood work and blame all there troubles on the leave result.

My employers share price has dropped over 30% since close on Thursday. What else do you want me to blame it on?

[snowman]

My employers share price has dropped over 30% since close on Thursday. What else do you want me to blame it on?

It's the EU, clearly...

You wouldn't be insecure or struggle from day to day anyway to think that, obviously...

M.

[southerner101]

My employers share price has dropped over 30% since close on Thursday. What else do you want me to blame it on?

Same here. So I set a stop loss for the shares I knew I wanted to sell this year and my other shares are long term so no problem there. The profit goes towards my new boiler Thursday. They will rise again if history tells us anything.

funny how people are hounding the government for apparently no contingency plan yet had none for their own affairs.

[stooo]

We finally have a sunny day, the electricity is still on and there is no change visible at work yet. The share price dropped a 2.5%, but I'm still net-net on top due to the $/£ with what I will sell at the beginning of next month.

I had no major spending planned, but of those I know who did there are none considering they must not go ahead.

[snowman]

They will rise again if history tells us anything.

Not all shares rise again... History tells us that too!

M.

[StackH]

Just to clarify, I don't own any shares in my employer, nor any other company's shares. I do, however, have about 3 years of salary saved up for just this kind of thing.

But whilst I may have a contingency, other employees may not be as fortunate. Those with families, or the young just starting their careers for example. They may not have been insecure, or living day to day before the vote, but they will be feeling insecure and worried about their income now - when share prices drop 30% companies tend to worry about the shareholders first, then employees.

[kungfugerbil]

Had a fresh contract renewal through this morning - Financial Services/IT - and two recruiters on the phone. No sign of changes yet.

Cadburys giant Caramel nibbles are still £1/bag so all good.

[seikopath]

My Japanese gf says she is scared to go out because of the increase of reported racial attacks.

[Raffe]

Only financial outcome as I am a stay-at-home-dad at the moment. But fluctuations in the portfolio have been large, losses on equities almost balanced by gains on speculative currency bets. I am reducing risk and exposure today, not sure where this is going....

[kungfugerbil]

..when share prices drop 30% companies tend to worry about the shareholders first, then employees.

Listed companies *always* worry about the shareholder first :)

It's likely that your employer has been at this share level in the last 52 weeks and will be again. If its financial services or construction they took more of a hit as people are worriers, but that's the market.

People puking at the FTSE100 drop have short memories.

[Xantiagib]

started eyeing up watches for a cull should my job go tits up....

I reckon I may be able to stretch to a year on the proceeds of selling off most of my collection but no-ones going to be in a buying mood either

[gentlemenpreferhats]

I resigned from my job because of Brexit and agreed to stay until they get a replacement- looks like that'll take, like forever.
One of my old schoolmates was interested in the job and sounded off about how radically different he would be but now it looks like he'll do nothing different from me. That'll nark some people right off.
OTOH our one major competitor has dumped all its management team and left some beardy old geezer in place, but I don't think anyone really listens to him any more.

Gotta go, having a pension chat with HR.

[Broussard]

I resigned from my job because of Brexit and agreed to stay until they get a replacement- looks like that'll take, like forever.
One of my old schoolmates was interested in the job and sounded off about how radically different he would be but now it looks like he'll do nothing different from me. That'll nark some people right off.
OTOH our one major competitor has dumped all its management team and left some beardy old geezer in place, but I don't think anyone really listens to him any more.

Gotta go, having a pension chat with HR.

Sounds like you're having a pig of a time with it.

[jools]

Same here. So I set a stop loss for the shares I knew I wanted to sell this year and my other shares are long term so no problem there. The profit goes towards my new boiler Thursday. They will rise again if history tells us anything.

funny how people are hounding the government for apparently no contingency plan yet had none for their own affairs.

My hedge is doing nicely thanks.

[verv]

Nothing concrete particularly but a couple of uk viewers cancelled viewing my dads house in France citing Brexit. Not a huge blow though as there seems to be a glut of Dutch seasonal interest.
Im still debating what to do with mine.. Seems little point keeping it.

The company I work for installed some sort of "we're strong enough to survive we think and have contingency plans" message that popped up as soon as you logged on to the servers.

My flatmate has started casting her eye over jobs as her position is eu funded.

My dog reacted to the news by getting dermatitis in her ear again

That's about it, but it's only Monday.

[jpjsavage]

We just had a contract for a £32k project postponed for 6 months by a university that has put all its capital projects on hold for six months following the decision last week.

[jpjsavage]

We've also been warned of prices rises of around 10% at least from companies that are importing stock via European networks. Weak pound is to blame.

[gentlemenpreferhats]

Sounds like you're having a pig of a time with it.

[southerner101]

My hedge is doing nicely thanks.

good to hear

[RJM25R]

No need to worry!

George Osborne said last week that if we left the EU, the crust of the earth would fail and molten magma would come shooting out of the ground, killing everyone in a tsunami of lava*

And today he said "Today I want to reassure the British people and the global community that Britain is ready to confront what the future holds for us from a position of strength"









*paraphrased 😂

[Neil.C]

Just checked my portfolio, small drop on some funds, mainly recovery stocks, but quite a decent rise on others, Japanese and Health.

So all in all nothing alarming at all.

Some people will let anything terrify them TBH, give it a few weeks and everyone will be back to normal and come out from under the stairs.

That said, I am a bit frightened of England's clash with Iceland tonight.

[snowman]

My hedge is doing nicely thanks.

Our grass is rampant!

M.

[draftsmann]

With amazing foresight I chucked 50k at buying euros last week which will keep my building project on the Rock ticking along for a while. Otherwise business as usual.

[Raffe]

Just checked my portfolio, small drop on some funds, mainly recovery stocks, but quite a decent rise on others, Japanese and Health.

So all in all nothing alarming at all.

Some people will let anything terrify them TBH, give it a few weeks and everyone will be back to normal and come out from under the stairs.

That said, I am a bit frightened of England's clash with Iceland tonight.

Yes, the value of many foreign funds has plunged less than Sterling, so from your point of view they have gone up. Trouble is, so will prices for consumer goods which means that you will require a much higher return going forward in order to make up for Sterling-related inflation. Reality will catch up in the end.

[Bloobird]

I work in the recruitment business and this afternoon we had a chap back out of a job he was due to start, saying that Brexit uncertainty had persuaded him to stay at his (giant) current employer rather than join the much smaller company we placed him at.

I was not expecting that at all to be honest so hopefully it'll be a one-off!

It's too early to tell how our wider clients will be affected, though during the uncertain few weeks before the vote the trend was in favour of contract recruitment over perm and I wouldn't be surprised to see that continue.

[MarkO]

I earn in $ so when the GBP began to soften we decided to buy a place in London, plans in the pipeline since Feb, just waiting for the developer to ask us to complete.

Nothing directly happening here but there will be ramifications as we are a dependent territory.

On the up side school fees for #1 son starting in September just got cheaper.


Burnsey - don't know if you are in mortgage business but we were unable to borrow in the UK - too many risk factors - money laundering etc

[Passenger]

Just got home from a very pleasant 4 hour lunch which cost about 16 quid per head, now off for a dip in the pool as the sun is shining brightly and it is around 29 C at 5.50 pm. All good.

Quite looking forward to the England Vs Iceland game tonight, as we´ve surely got a chance there of a win:)

[mowflow]

This morning I realised that i'm not going to make quite as much profit on the job i'm about to do this week as the client is American and the budget was agreed in $. Still making a sizeable profit though so not even slightly worried. Most of my clients are multi nationals that don't seem to give a toss about the whole thing at the moment.

In other possibly unrelated news my wife car broke down today. It is a German car so naturally I am a little suspicious.

[Seamaster73]

Just checked my portfolio, small drop on some funds, mainly recovery stocks, but quite a decent rise on others, Japanese and Health. So all in all nothing alarming at all.

Ditto that. To my slight astonishment, my pension fund is up a few percent.

[Naesuk]

No need to worry!

George Osborne said last week that if we left the EU, the crust of the earth would fail and molten magma would come shooting out of the ground, killing everyone in a tsunami of lava*

And today he said "Today I want to reassure the British people and the global community that Britain is ready to confront what the future holds for us from a position of strength"

Which lies are truer?








*paraphrased 

[Naesuk]

Reminds my of a guy called Kenneth Patchen and a poem that I discovered as a young man.

Apply for the position (I've forgotten now for what) I had
to marry the Second Mayor's daughter by twelve noon. The
order arrived three minutes of.

I already had a wife; the Second Mayor was childless: but I
did it.

Next they told me to shave off my father's beard. All right.
No matter that he'd been a eunuch, and had succumbed in
early childhood: I did it, I shaved him.

Then they told me to burn a village; next, a fair-sized town;
then, a city; a bigger city; a small, down-at-heels country;
then one of "the great powers"; then another (another, an-
other)—In fact, they went right on until they'd told me to
burn up every man-made thing on the face of the earth! And
I did it, I burned away every last trace, I left nothing, nothing
of any kind whatever.

Then they told me to blow it all to hell and gone! And I blew
it all to hell and gone (oh, didn't I). . .

Now, they said, put it back together again; put it all back the
way it was when you started.

Well. . . it was my turn then to tell them something! Shucks,
I didn't want any job that bad.

Kenneth Patchen -- In Order To - YouTube
https://www.youtube.com › watch

[Fords]

Just back from 14 days touring, away again in 2 weeks all in the UK with one EU trip planned.

These RV 's are great.

[Chris_in_the_UK]

Nada here - drinking wine, eating (British) cheese and catching some rays.

[stooo]

A bird has pooped on my car.

[scottbombedout]

Here is the message from our boss, slightly redacted but you get the idea.



'The people of the UK have voted to leave the European Union. The Prime Minister has decided to resign
in the wake of that decision. Politicians and business leaders must now manage the outcome.

The UK Government must focus on calming uncertainty, choosing a new leader and negotiating the best
terms and smoothest pathway for a graceful exit from the EU.

There will be uncertainty during this period, but for ____________, we do not anticipate any immediate or
material direct impact on our business.

We have dealt with changes in our operating environment in the past and this will not distract us.

We have a robust order book, a well-defined strategy and a skilled and dedicated workforce, capable of
meeting any challenge.

Our focus now must be on maintaining our positive momentum and continuing the vital work we do to
support our customers around the world.'


Talking to my European colleagues within the business today they are absolutely sick. The consensus being that they too wish they could have the opportunity to vote and leave. Our country won't be the last by a mile.

[bloater]

Our main suppliers are paid in euro and Dollars so not such a good deal for us. The bosses wifes Child has been bullied at school as he's not from these shores for the first time again not so good for us.
But really it's still far to early to tell.

[Wolfie]

2 things...

I was chatting to my mate yesterday and one of her colleagues was racially abused on the way in to work... Alomg the the lines of "F@@@ off Pak@... We voted yesterday and you all need to f@@@ off"

Work wise... I was in Dussledorf on Thursday working on plans with people from Germany, Spain, Poland, France and Italy working on plans for a collaborative European development... A conversation was held on Friday morning wondering how to develop the UK variant of the product as the EN (European Norms) standard is not regulatory and is simply guidance... Contractors/ consultants may simply refer to the British COP and overlook it... Writing off £m's of R&D and a two tier product... It could, start impacting jobs in a factory here in Leicester if doubts persist

Reality bites...

[TikTokTrev]

Last week took possession of one of my buy to let's with the intention of selling...I've had enough of being a landlord.
Now looks like I've got a bit of a problem.
Anyone want to buy a house in Stratford?

[soundood]

I voted ****** fully aware of the impact on the markets, I go on Holiday in 4 weeks on a cruise, all currency on board is calculated in US Dollars, as it stands I am a few hundred down on spending money with the decision, but hey ho, I will still be sitting at the bar watching the sun going down with a beer in hand.

and this is a nice thread Burnsey, and IMHO not political at all, just discussing the personal observations of how the world has changed around us, with no political slant