Europe

Brexit vote shows disconnect between London and the regions

EU referendum: The UK public’s decision to leave the European Union reflects the disconnect between London and the regions, says Jonathan Goldstein, chief executive of Cain Hoy.

Goldstein, a supporter of the remain campaign and a backer of the Labour Party, said: “People outside of London feel detached from the political establishment and feel they have not benefited from any economic upturn, and maybe that they had taken an undue burden for economic problems that have happened elsewhere”.

He casted doubt upon promises by the Leave campaign to curtail immigration and increase investment into public services.

He also anticipated that there would be a continued stuttering of the UK commercial market, which has already seen a dramatic drop-off in activity since the start of the year.

BBC map

Source BBC  

“We have had a period of calm and people waiting to see over the past quarter what will happen, and we have all seen Brexit clauses and that period will now continue throughout the balance of this year.”

Cain Hoy’s UK portfolio is London-centric and Goldstein anticipated that this would provide it some protection.

“We’ve deliberately and specifically been very London centric with our investments.

“I think that come the calm after the storm, London will still be seen to be the centre of European financial world. It has all the advantages that we have talked of for many years like time zones and language and legal system so I remain confident in London’s future, not withstanding, as Michael Gove himself has said, bumps in the road until we get there.”

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