Peter Hargreaves says that Brexit is something Britain should not be afraid of embracing. The co-founder of Hargreaves Lansdown, who has openly backed Brexit since September, said it would be a boost for Britain and an incentive for businesses to go out and prove it was the right decision.
An inspiration to succeed
Hargreaves pointed to Singapore as an example of how becoming independent from Malaysia inspired the country to drive itself forward, comparing post-Brexit Britain with Singapore of the late 1960s. Simon Brazier, a Citywire AA-rated fund manager, said that it would be a long and difficult process unravelling 43 years of integration in the EU; however, Hargreaves believes that moving into uncharted territory is something Britain should not be afraid of, saying it could be a ‘fantastic stimulus’ and would give the UK’s economy a boost.
While a report from the Centre for Economic Performance showed that higher trade costs resulting from exiting the EU would have an adverse impact on living standards, Hargreaves stated that once free from the deals with the EU, which do not always work in our favour, there is scope to create new trade ties with the Commonwealth and beyond, making Britain more dynamic.
Effects on the finance sector
Those campaigning against Brexit are concerned that large companies might relocate away from the UK to cheaper EU countries, while the opposite argument is that small- to medium-sized companies would benefit from being freed from EU regulations. A recent survey of independent financial advisers on how they felt Brexit might impact their own businesses suggested that it would make little difference to them; likewise, this would have little impact on supporting businesses and suppliers, including IFA software providers such as http://www.intelliflo.com.
Hargreaves says that financial services in London would not be affected as gravely as some ‘remain’ campaigners would have people believe, explaining that there is financial expertise in London that cannot be found in other European financial centres and that the City would continue to thrive. He also claimed that higher taxes in some European countries would dissuade workers from moving out of London.
With less than 100 days to go, the latest polls conducted by market research agencies Orb and Opinium both suggest that the vote could be very close. Britain will decide on 23 June 2016.