It is four o’clock on Friday morning. The early returns suggest Leave is edging ahead. You’ve just seen a tweet that Peter Mandelson has fled the country, and that Boris Johnson has been seen pencilling in the names of his cabinet. What is the first thing you do? Rush down to Sainsbury’s and stock up on olives before they get banned? Text that Polish builder for some final painting and decorating before he gets sent home? Perhaps. But actually what you should do is very simple. Get on the phone to your broker, or more realistically go online, and get ready to start buying the FTSE, the pound, and every other British asset you can lay your hands on.
The City has convinced itself that Britain leaving the EU would be an economic catastrophe, as bad, if not worse, as the collapse of Lehman Brother eight years ago. The stock market will be down 20 percent to 30 percent.
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