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Brexit and the World Cup

50 years ago England won the World Cup – I was alive then and I think that I remember it. In reality I’m not sure that I do but have seen the replays often enough to cement the idea that I was biting my fingernails watching England (for once) snatching victory from the jaws of defeat back in 1966.

Given that it was only a month ago, I definitely remember Brexit – coming down switching on the TV and thinking “I can’t believe it”.

Since then, Brexit has dominated many a conversation and has become a reason for many companies stating that they are beginning to struggle. For some, I’m sure this is true but for others I’m not so sure.

At Purplebricks, we are in growth phase and the ‘Brexit’ impact, if any, has been very limited – so far at least. Other estate agents seem to have struggled since, with many issuing profit warnings as well as advising potential sellers to ‘be aware of the Brexit effect’ when setting expectations of price to be achieved.

Perversely the top of the market, multi-million pound properties in Central London, which really struggled in the months leading up to June have seen a boost from the exchange rate drop and foreign investment has returned to some extent.

Of course the truth is that no one really knows what will happen over the next 2+ years, whilst an exit is negotiated but in the short-term, nothing much has really changed. England continue to disappoint at major football tournaments, good properties continue to get sold quickly throughout the country, and it’s still really difficult for first-time buyers to get on the ladder.

Some of the more extreme measures on stamp duty enacted before the vote, would probably not have been given the go-ahead today but are unlikely to be repealed.

Let’s hope that the potential economic impact of Brexit results in some more progressive government stimulus of the economy. 

Enabling a boost to house building is one clear choice that would not only boost the economy but provide some hope to the younger generation, who aside from never having seen England win a major football tournament, believe it as near impossible to picture themselves in their own home.

The next World Cup is in two years time and wouldn’t it be good to be able to dream that England might actually win it? (admittedly highly unlikely)

The Brexit deal will also have been negotiated by then – wouldn’t it be good if the government and the Bank of England had come up with the sort of economic stimulus that means that we can avoid any real economic downturn (which is entirely possible)?

There was a lot of nonsense talked about in the Brexit campaign-it’s time now for the economists in government to do what they need to do.

Sam Allardyce may be thinking on similar lines. After all a World Cup win would be very good for the economy.

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