10:58 AM, 24th June 2016, About 6 years ago 14
Will we see 0% interest rates in the UK post Brexit?
Is this Independence Day for the UK property sector?
Remember that before we joined the EU the UK still relied on mass immigration of workers. We still need immigration. In the 50’s, 60’s and 70’s these people came from outside the EU. They came to work, they didn’t come to claim benefits. Isn’t that what we want more of?
The UK is now in a strong position to control immigration. We can welcome workers and discourage benefit claimants.
It is likely that Boris Johnson will become our Prime Minister. In his time as Major of London he proved that he has a clear understanding of Economics and how the PRS impacts that. Accordingly, it is likely that he would chose a Chancellor who thinks the same way. Could that be the beginning of the end of the 3% SDLT loading and restrictions on finance cost relief for individual landlords?
EU law will continue to apply until the UK creates new laws. The proposed Judicial Review of legislation placing restrictions on finance cost relief for individual landlords relies on EU state aid law. That law still applies. The law exists to prevent Governments favouring one sector of the market over another. Restrictions on finance cost relief for individual landlords heavily favours corporate structures. On that basis alone, it should be held that it breaches EU state aid law. It is extremely unlikely that Boris would want to change that. If anything, due to his understanding of economy and property he is more likely to reverse the decision before a Judicial Review ever occurs. It would be a superb political move for Boris to do so because he would instantly win the hearts and minds of two million landlords who feel betrayed by George Osborne’s left wing approach to right wing politics.
The initial falls in the value of Sterling and the FTSE were inevitable but look at how quickly they bounced back.
I do not approve of the ‘doom and gloom’ media approach to the result. The people have made their decision and it is up to us all, whichever way we voted, to make the best of the opportunities before us.
There are difficulties in every opportunity and there are opportunities in every difficulty. Where is YOUR focus?
Let’s all concentrate on the opportunities and deal with the REAL challenges and ignore the political drivel standing in our way. In my opinion, the negativity of those who voted Remain and the media generally is our biggest challenge. We can but hope that swings in our favour.
59% of Property118 Landlords voted Brexit according to our poll. One million more people in the UK voted to leave than stay. The Country has spoken. We must now unite and focus on opportunities.
The time is also right for landlords and letting agents to unite to positively influence our collective future.
Previous ArticleEU Referendum - Landlords Reactions