Bank shares are not coming back. Other shares will.

The change in the currency value is structural, though.

The Bank of England will continue to pump liquidity in in the short term but long term the FTSE will see winners (who do a lot of trade overseas, and whose products just got cheaper because the pound fell, meaning they either sell them cheaper or make more profit) as well as losers.

The banking sector will migrate staff to other territories and will shrink; London's role and place as a major financial capital will diminish.

It is what it is and it's done. Forget petitions trying to change the rules after the referendum has been run. The major leverage we have is the timing of the A50 invocation. Boris never actually wanted us to leave but it's likely he will have to lead us out. He'll want to conclude informal negotiations first as the nearer to the end of the two years we get the less leverage he will have (assuming May doesn't get in - a lot of Tory MPs don't like Boris but keeping him off the ballot which goes to the members will be tough and the members love him).

Yes, the Leave campaign lied. So did the Remain campaign; neither was in any sense a good or even competent campaign. Remain didn't even have tellers at polling stations or people getting their vote out which is appallingly shoddy. Leave had no plan on what to do if they won which is also appallingly shoddy.

We are where we are, and we go again.

Posted By: Old Man, Jun 27, 13:31:22