I'm always surprised when people in the U.K pretend like this came as a surprise and they are outraged. Like... am... guys... you did it to yourselves. Cheers.
Pissed off? Yes.
Did it to myself? Not so much. 48% of us didn't, in fact.
(And it's reasonable to assume that some of the remaining 52% didn't specifically vote for "hardest Brexit reasonably possible, please, we don't care about the economy." )
Most of the moaning comes from people who wanted to remain.
The £ was overvalued, this will bring a huge boost to our export industry.
However the trade balance is negative. A weak pound won't help the industries that import raw material. I won't bet that it's going to be good.
Germany loves the Euro for the same reason, it artificially lowers its exchange rate helping it's exports. With the Deutschmark they would be at a significant disadvantage. Remember they were the "sick man of Europe" prior to joining the Euro.
This is at the expense of countries on the periphery of the EU, Greece, Italy etc. They cannot devalue and complete with Germany. Despite this look how Germany treated Greece when it needed help.
The original "sick man" was the Ottoman Empire, but pretty everyone has been hit with the title at one point.
Germany was 'sick' because it had huge problems after the reunification with 1/4 of its people now living in a formerly communist country, whose economy collapsed. This cost a trillion Euro over the years and the east is still behind.
If your idea to be competitive is just to devalue your currency, then you are lost anyway.
Greece wanted to be in the Eurozone. They need to adjust their policy as a member.
...and this is surprising why? Would UKIP have been all smiles and cheers if the UK and voted to stay in the EU?
"Remoaners" is one of the stupidest political memes to emerge in recent years. People have justified grievances, reducing that to "moaning" helps no-one.
The UK's biggest goods export sector is cars, mostly to the EU. They would be subject to tariffs that far exceed their profit margin. However that pales into insignificance in comparison to trade in services. Financial services are one of the UK's biggest exports, and the biggest contributor to corporation tax receipts. The industry is heavily reliant on access to the EU markets, particularly "passporting" rules. It looks likely they will lose this access, which would be disastrous for the industry, and will cost this country billions.
As for the pound being over-valued: right now it is, aside from a few months in 1985, at its lowest level against the dollar in history.
While I was over in the UK enjoying an extremely cheap vacation, some Brexit friends were complaining about the price of a recent holiday in Greece, which they blamed on the EU.
They completely missed the pound is weak connection.
I'm curious as to what you consider "short term" though. I think it will be at least a decade before the UK is likely to see any positive effects of Brexit, if then.
This should say post Brexit vote, as the UK leaving the EU hasn't been actioned yet.
Am I surprised that prices has increased? Yes and no. Yes in that we haven't actually triggered anything that makes a change to the way we in the UK will trade outside of the EU. No in that currency variance was to be expected.
This is actually the scariest proposition. We hope that markets are pricing the current confusion in the same way they will price when things actually change, i.e. they are pessimistic enough. But what if they are actually just middle-of-the-road, or even slightly optimistic? In that case we're in for a world of hurt.