
Jordan Belfort says Brexit Britain will be ok

Does he have a point?
Call his comments nothing more than mere arrogance of Churchillian proportions, but Belfort isn’t even British, he has no agenda. He’s electively wading into the debate based upon his industry experience. So do his comments carry any credence? Moreover, are we, with all our collective scaremongering about Brexit, underestimating the City’s capability for resilience?A new report spells out falling optimism

Does wavering optimism = disaster?
What’s more, they say that banks are bearing the brunt of this loss of market optimism. – So should London’s financial elite start packing their bags and booking that Frankfurt bound flight, despite what Belfort says?Any forces that cause stalling or stagnation or indecision in an economy are never great. But this proverbial ‘waiting game’ over Brexit hasn’t led to a recession since the outcome of the vote in 2016. So why would it now?
‘Crying wolf’ over a recession
More Brexit related ‘hot air’?
It’s the lack of transparency, clarity and decision making on the Brexit issue that’s making financial firms stall, and for the economy to slow, not Brexit in and of itself.Then there’s the stalling car economy. While Brexit could cause it some operational damage, (cue* port delays and high trade tariffs on trade in the EU), there are other factors that are causing the sector to suffer.This is compounded by the carefully chosen words of the CBI’s chief economist, who said the results of their survey showed that a possible no-deal outcome “is hitting confidence.” – Not necessarily leading to a definite recession then?
Where is the banker exodus?
Other factors

Industries are undergoing change
Then there’s the stalling car economy. While Brexit could cause it some operational damage, (cue* port delays and high trade tariffs on trade in the EU), there are other factors that are causing the sector to suffer. The car industry is at an economic and innovation cross-roads across Europe with emission scandals, the advent of electric cars, and consumer shifts towards shared mobility services.Lack of optimism or stagnation does not mean a recession – yet
What can come out of all this ‘back and forth’ debate about Brexit? – That any forces causing stalling stagnation or indecision aren’t great for an economy, granted. But this proverbial ‘waiting game’ hasn’t led to a recession since the outcome of the Brexit vote in 2016. So why would it happen now? And while there are factors other than Brexit that are affecting the health of the financial services sector and the UK economy at large, there’s still scope for a fundamental lack of leadership at the highest levels, (namely PM, Boris Johnson), who could spin the nation into a recession if the Brexit button is never pushed.Share this story