So Brexit is a done deal, how are you going to cope?

[d000hg]

About right, but wouldn't hold any cash in Euros either. Dollars or CHF.

Thing is it all seems risky now. Trump in the USA and their pre-existing problems. EU facing all kinds of worries. Sterling clearly risky and generally more volatile (I assume) as a smaller economy than US/EU.

Wouldn't diversifying across euro, dollar and something else be the better bet, since as one goes down the other hopefully goes up?


Or should we just put everything in gold under the bed?!

[sasguru]

Anyway newsflash - a policy document will be released will detail what Brexit will mean.

I've read it already:

Brexit means Brexit.
It's going to be red, white and blue.
And if we don't get what we want we'll thcweam and thcweam, so there!

[GB9]

Price of beer is reported to go up by 15% already

Recurring theme. Take the actual figure and multiply by 6 .

[sasguru]

Thing is it all seems risky now. Trump in the USA and their pre-existing problems. EU facing all kinds of worries. Sterling clearly risky and generally more volatile (I assume) as a smaller economy than US/EU.

Wouldn't diversifying across euro, dollar and something else be the better bet, since as one goes down the other hopefully goes up?


Or should we just put everything in gold under the bed?!

Diversifying is always good. it's just a case of minimising risks.

[OwlHoot]

... Or should we just put everything in gold under the bed?!

Sas is potty selling his property portfolio. Everyone knows that in the UK property can go up as well as up!

[NotAllThere]

Keeping most of cash in foreign currency outside of UK banking system

I'll look after it for you, for very reasonable fees.

[sasguru]

Sas is potty selling his property portfolio. Everyone knows that in the UK property can go up as well as up!

Not all of it. Keeping one property. But want to downsize and centralise that one property so it has more of a rental market, while at the same time freeing up some cash. Finding it hard to get a buyer though. May have to be aggressive with the pricing.

[WTFH]

Cope? Quite easily. I reckon it will take 5+ years to implement. For international companies who want to continue trading between the UK and the EU (in either direction), they will need fairly substantial IT projects to cope with the changes.

Critical IT project, short time scale, reasonable complexity...
There's only so many IT contractors who are up to the task.

Kerching.

[Eirikur]

Under no scenarios whatsoever is Brexit likely to improve the economy in the short to medium term.
And as Keynes (I think) said "In the long run we are all dead".
So what are your plans?
You probably dont need one in the best case scenario of stagflation, but probably need to be planning something more radical if WTO rules come about.

Practical things I can think of:

Get private health insurance
If you're public sector, go private
(Both of the above as public sector funding is set to be squeezed under the Tories with no effective oppostion)
Get rid of your mortgage if you can
Get dual nationality if you have a European connection (gives more options)
Transform your BTLs to cash asap, if you have any
Liquidity is king, especially of the non sterling kind

You forgot the option leave the UK

[AtW]

Anyway newsflash - a policy document will be released will detail what Brexit will mean.

We already know that - Brexit means Brexit!