Project Fear is starting to look embarrassing
The EU referendum was announced on February 18th, the FTSE 250 closed at 16,176.70 and the FTSE 100 closed at 5,872.00 on that day. Little did we know that in the months ahead everyone from the IMF to the Bank of England would be wheeled out, banging the drum to project fear. David Cameron stood at the front of the marching band, with Gideon in tow.
Morgan Stanley came out warning of job cuts, the French president threatened us with removing the Le Touquet agreement, the CBI were vehemently anti-Brexit alerting us of the terrible prospects of UK based business and to top it off we were told, as the 5th largest economy on the planet that we were too small to create trade agreements without an unelected European Commission to help us.
Well, the 23rd June came, over 17 million people rejected project fear. They stood up with hope; they said we want an independent and self-governing nation that takes its place on the World stage without unelected bureaucrats holding our hand. We voted to LEAVE.
After the celebrations and tired eyes had rested we sat there patiently waiting for the plague of locust to swarm down upon us, we looked up to the sky to see if it had fallen in and we then turned on the TV to see project fear had turned into project hysteria; this transferred to the markets with the FTSE250 closing at 16,088.10 and the FTSE closing at 6,138.70 on June 24th. The worst was yet to come, hysteria on every radio and TV news station with the market slipping further by 27th June.
Meanwhile in project fact land; Morgan Stanley denied reports it would shift 2,000 staff overseas, the CBI stated British business was resilient and would adapt, The French President confirmed the Le Touquet agreement would stay in place and several countries including India, Australia, New Zealand, Ghana and Canada had opened their arms to starting immediate trade negotiations.
It is now the 1st July and as I write the markets have just closed, the FTSE 250 closed at 16,465.49 (Up 1.8% since the day the referendum was announced) and the FTSE 100 closed at 6,577.83 (up 12% since the day the referendum was announced). It is time we started uniting towards creating a more prosperous independent United Kingdom for all, enact article 50, and let’s get on with trading with the World, because project fear is starting to look embarrassing.
By Dan Evans (South West Young Independence Chairman)