‘Horrible mistake’ of EU exit will hit UK market hard, says Siam Canadian CEO : June 28, 2016
Tom Seaman : Undercurrent News – Brexit Blog
The UK’s exit from the European Union, which the country voted 52/48 for in favor of on Friday, will have a lasting negative impact, predicted Jim Gulkin, founder of Siam Canadian Group.
In the medium to long term, “I believe it [Brexit] will negatively affect the overall economies of the EU and the UK, and that will translate to reduced consumer spending which will affect all sectors”, Gulkin told Undercurrent News.
“Short term it is going to reduce sales to UK and EU, simply due to the depreciation of their currencies. That could translate, to some degree, to marginally lower prices from some origins due to reduced sales to EU and UK. But this remains to be seen,” he said.
The referendum is not binding and any exit from the EU cannot commence until article 50 of the Lisbon treaty is triggered, which outgoing prime minister David Cameron has said is the job of his successor.
“I think Brexit is a horrible mistake. The referendum should have never happened. It was carried by the sectors of the population who are older, less educated and xenophobic. Decisions which will affect the future of many generations to come should not be left in their hands,” he told Undercurrent.
“I don’t think the UK will ever regain its strength or importance in the world. Scotland will eventually separate from the UK. Maybe, Northern Ireland, as well. Its economy will permanently diminish as a direct result of its losing many trading privileges with the EU,” he said. “The economy of the EU will also diminish. The only winner here is Russia.”