It is of concern that the UK is leaving the EU. One of the major problems is that there is no published exit strategy. There were promises, but these were made by those without authority. How we will extricate ourselves is up to the government of the day.
The initial result of the referendum was a drop in both the FTSE250 and the value of the pound against the dollar, but these are likely to rally we are told. At the time of writing many are still holding their breath. Sterling has also dropped against the Euro and this despite the concerns surrounding the result of the Spanish elections.
For those with email marketing lists and other personal data, the GDPR, due to go live in 2018, might be of concern. It is probable that the UK might still be in the process of leaving by then so, in theory at least, the UK must comply with it.
Most commentators seem to feel that it would be wise to carry on with implementation processes as it is likely to become UK law, and in any case those dealing with the EU will have to comply in any case.
The theme of more of the same is common. The often mentioned Norwegian Option has been mentioned as a template for the UK and Boris Johnson, the favourite for the leadership of the Tory party has suggested, although obliquely, that it is the one he favours.
There will be free movement of people and the EU regulations will still govern us. If this is the way forward then the sooner it is announced the sooner the markets will stabilise. It is a result that will satisfy neither the remain camp nor, apparently, most of those who voted to leave.
We would know where we stand with regards data protection regulations and security of email marketing lists. We would, for instance, still benefit from the rejection of Safe Harbour and its pretenders although we are unlikely to be the destination of databases moving from the USA.
Osbourne has given a less than rousing view of the situation, but has suggested that the government has a plan, the details of which were not revealed. One was left with the feeling that the plan is to make out there is an effective plan in order to placate the markets.
Those CEOs who have commented have suggested that they are well equipped for the challenge ahead, probably PR speak to placate investors. There is a fear that the EU will want to make an example of the UK pour encourager les autres. There are other members considering their options.
There is little doubt that for the period leading up to the parting of the ways, and for some time afterwards, there will be a disruption in the markets. There will be opportunities for those with a sense of adventure. With the Tory party choosing a new leader and labour squabbling over theirs, it is a wonder the markets have only dropped as far as they have.
Leave is not the disaster it is being painted and there is likely to be a rebound in confidence. Countries will still want to trade with us and there will be opportunities for those sharp enough to grab them.
