Mark Casci: Now is not the time to be talking down the UK economy

As a Scot (albeit one who has lived in Yorkshire since the age of three months) I am used to explaining how myself and my countrymen are always such good losers owing to the fact that we have throughout sporting history had so much practice at it.
EU Referendum.EU Referendum.
EU Referendum.

It’s a glib remark, unreflective of reality (see Celtic’s first ever British European Cup victory, Andy Murray, Chris Hoy et al) and one frankly I used to expel any hostility as a schoolboy when faced with anti-Celt sentiments.

However I have had chance to ruminate on a great deal these last few days since Britain voted by a narrow margin to exit the EU.

Hide Ad
Hide Ad

Brexit has hurt much of our economy. Housebuilders, banks and holiday firms – some of our best businesses – are hurting.

Alarm bells continued to be sounded by the remain camp, backed extensively throughout much of the business community, about the ramifications.

There’s a simple reason why; we are not used to losing in our business community. Successes and failures are like night and day to business leaders but this was a bitter loss.

Let’s face it, the argument of the overwhelming majority of UK commerce, from the banks of Canary Wharf to the chambers of trade in small towns, was that Brexit was a bad idea.

On June 23, a narrow majority of the country disagreed.

Hide Ad
Hide Ad

Those of us, including myself as you will have surmised from previous columns, who wanted us to remain in the EU, lost the argument.

The post-mortem as to why has continued 24/7 in the days since but no matter how much we delve into the entrails of the rotting corpse of what was a disgracefully-handled debate, the result will not change.

That’s democracy.

It has been gratifying that much of the sabre rattling from big businesses regarding their intention to relocate out of the UK owing to Brexit is already beginning to calm down.

HSBC, Barclays and Morgan Stanley to name just a few have cooled the rhetoric. They should do. Britain is not going to stop being the fifth largest economy in the world anytime soon.

Hide Ad
Hide Ad

We are home to some of the most talented and ingenious financial professionals in the world. Their homes and hearts are here. I really do not see the skyscrapers of Canary Wharf lying empty.

Everyone else in UK commerce needs to do likewise soon, or at the very least keep their opinions private.

There has never been a worse time to talk down the UK economy. No multi-national company is going to make the irrevocable decision to leave the country without considerable deliberation.

Nobody has made their mind up yet, they will not do so for some time.

Hide Ad
Hide Ad

A substantial part of the country simply does not trust substantial parts of our establishment with regards to how we are governed.

Last week I heard one of the more profound pronouncements on what has happened come from the mouth of Chris Hearld, North region chairman and Leeds office senior partner at KPMG.

He was discussing his firm’s excellent magnet cities research which showed many of the north of England cities are doing well, while many are also falling behind. Mr Hearld said one of the biggest failures of our leaders, both nationally and locally, was to “bring the rest of the country with us”.

He is spot on. Most people who voted leave do not have a bigoted bone in their body.

Hide Ad
Hide Ad

They just want the chance at prosperity for themselves and their family. They rightly or wrongly blamed the EU for their difficulties.

British industry is not used to losing but on this matter it has not lost yet. A solution that brings the rest of the country with us, for a common good, is in our grasp.

Yorkshire, with its diverse economy, can be at the heart of this. Let’s win together, rather than accept losing and division.