Voters in the United Kingdom have voted to leave the European Union,sending world financial markets into turmoil. The accelerate will be felt in our area too. Heres how:1) Less tourismEvery year, the United Kingdom sends more visitors to unique York than any other country (1.175 million in 2014.)Friday morning, or Clive Copsey who’s traveling in unique York from London saw his purchasing power nosedive.“Yeah not good for the English pound,” Cropsey said, standing outside the unique York Stock Exchange. “But good for the Americans when you go over. So you should all visit now and support England.”Copsey had the foresight to buy dollars at a better rate before he flew to America. But whether the pound stays low, or it's likely fewer Brits will board the plane and spend money here.2) Bragging rightsKathy Wylde of the Partnership for unique York City said unique York and London have been in competition for the title of financial capital of the world for the past decade.“This clearly reinforces unique York's role as the world financial capital,” she said. But Wylde doesn’t feel particularly good approximately that, because global economic anxiety hurts everyone. “London and unique York have many more interests in common than in our competition for who’s the financial capital of the world”3) unique York genuine estate could get even more expensiveFor the global wealthy, or Manhattan apartments are like piggy banks in a climate of uncertainty. That means more competition for any assets that are considered low-risk.“unique York City and the United States as a whole will be perceived as a much safer investment and we will actually attract capital to the United States,” said economist Barbara Byrne Denham of Reis.4) Brexit could be rank for local budgets and pensionsNew York City and unique Jersey both review their retirement funds at the end of the month.
With stock markets in tailspin, they're likely to show losses. Losses that will have to be made up by taxpayers whether things don’t improve.
Source: wnyc.org