All posts by Editor

Godwin capital

Godwin Capital. Investment Success in the face of Brexit

Godwin Capital, the financial arm to Godwin Developments is a business on the up. It’s latest offering Godwin Capital 7 sees a £20 million loan note raise for developing property. They recently announced that they had exchanged contracts on a prime site in Bletchley, Milton Keynes, where they will construct 184 apartments in phase one of a build-to-rent (BTR) scheme. The development on Bletchley View will also include three commercial units and total more than 165,000 sq. ft. with a gross development value of £50 million for the first phase – part of a total project valued at £125 million.

Godwin Developments was founded in 2003 by Stephen and Stuart Pratt. The business has grown and further sites have been acquired assisted by private investment through Godwin Capital. Godwin Developments is focused on the residential and commercial property development and investment opportunities within an area bordered by Leeds, Liverpool, Bristol and Cambridge, which encompasses the main population centres in the Midlands. Godwin Developments is a recognised and well regarded name in the Midlands property market and over the years has built a good reputation for professionalism, quality and delivery.

In the residential sector, Godwin Developments focus on high yielding opportunities in the Private Rental Sector (PRS Schemes), Private Housing, Housing Association and Local Council & Quasi-Governmental Bodies. In the commercial property sector, there is a strong focus on opportunities in  Industrial, Local Neighbourhood Centres and Retail. Over the years they have delivered  a variety of retail parks across the UK with some of the leading fast food chains and retailers, such as McDonalds, Starbucks, Aldi and Lidl but to name a few.

The business has investment criteria including a target return for each project type against which each opportunity is assessed when determining which ones to pursue and invest resources in. A seasoned team of ‘in-house’ professionals work closely with external consultants to deliver quality developments in line with detailed and comprehensively prepared project appraisals.

Godwin Capital have become somewhat experts at mitigating risk and operate a very clearly defined set of investment criteria all of which are monitored by their Property Advisory Board. This development management function comprises of individuals with strong track records and considerable experience of building successful developments in the residential, retail and commercial sectors. In fact, Godwin Developments is proud of its track record in never having failed to secure a planning permission for a site.

Key Features

• Minimum investment of only £5,000
•  Automatic exit at the end of year 2
• Income option pays 10% p.a
• Deferred option pays 12% p.a
• Multiple layers of security
• The landlord to buildings for Lidl, Aldi and McDonalds
• Appointed Security Trustee to protect investors capital
• Registered First Legal Charge and a floating debenture on company assets
• No operational costs
• Simple Investment Process

The world of UK investment, business and economics

So what’s going on in the world of UK investment, business and  economics?

UK Investment
Did you know UK investment is at a record high? Very little spread online about this. The ONS quietly released the latest figures for Gross Fixed Capital Formation (GFCF) which covers investment across the whole economy, public and private sectors, manufacturing, construction, services and extractive industries. investment grew by 1.1 per cent in the fourth quarter of 2017, to a total of £84.1 billion. This is contrary to the headlines and beliefs that investors have fled the UK following Brexit. It’s not received a lot of news but the FT ( were one media platform that did report it. It would be extremely helpful to all concerned if the public could be fed less propagandist speculation about the future direction of UK investment and the economy, made by organisations which have already been embarrassed by the grim forecasts they made ahead of the referendum, and we got to hear rather more genuine economic news. The way forward with a balanced view.

UK Property
Punitive tax reforms, including the removal of mortgage interest relief, extra stamp duty and tighter rules around mortgage borrowing, are helping to drive landlords to exit the buy-to-let market in droves. We at Barrington Howe have noticed this trend with the number of investors looking to sell properties and invest with a hands off approach. See our buy to let guide Many clients have opted for hands free higher yields with security with our UK investment products Empire Property and Godwin Developments. According to estate agent Savills, buy-to-let lending collapsed by 26pc last year, as diminished profit margins discouraged new investors from adding to their portfolios. According to research by comparison website TotallyMoney, which looked at 580,000 properties across England, Scotland, and Wales to find the areas that offer the highest buy-to-let yields, Liverpool was the most profitable locations for landlords.

UK Economy
UK Prime Minister Teresa May hints at increased taxes to fund the NHS. £20bn will be made available to the NHS over the next 5 years. How is that going to be paid? She has mentioned the public will pay. The Brexit “withdrawal bill” headed back to the House of Lords with a ‘Meaningful vote’ high on the agenda. The Government lost another vote meaning that there will be another vote in the House of Commons on Wednesday. MP’s will voting on an amendment that would give politician a “meaningful vote” on Brexit. This will mean if 21st January passes with no deal being struck Parliament should intervene to prevent the UK from “crashing out” of the EU without a deal.

Overnight, a risk off tone was maintained in the market overnight as concerns surrounding trade wars remain. The White House confirmed yesterday that the US will impose tariffs on an additional $200bn worth of Chinese goods. If we see China retaliates then it will escalate tensions further which could hinder global growth and confidence.

Later in the day, ECB President Draghi is due to speak at the ECB Forum on Central Banking. After his dovish comments last week, the market will be keen to see if he elaborates further. Looking at economic data, we are due to see the housing starts and building permits.

It is reported that the most new born babies have been born since 1997! The numbers have risen significantly for the fifth consecutive year according to the federal statistics office. So what does this mean? A major reason is the lack of affordable housing as well as not enough child care facilities!

The economic growth rate for Germany has been reduced to 2.1% slightly lower than expected. Dolphin Trust continues to go from strength to strength with further developments taking place in high growth areas in Germany. Germany still remain with a budget surplus over 36.6 billion euros! There still remains a sustainable upswing on German real estate markets thanks to the economic boom.

Whilst news is the usual up and down, our clients profits remain on the up. The average return based on client UK investment for 2018 to date is 12%.

Empire Property Holdings

Empire Property Holdings Transforms Town Centre

Empire Property Holdings Investment continues its development business model after acquiring further commercial buildings to develop into 130 apartments. St Peter’s House and Danum House were purchased for circa £1.7m. Empire property Holdings led by their Managing Director Paul Rothwell, will renovate these building further transforming Doncaster town centre.

Danum House is the former Co-operative building in St Sepulchre Gate. This commercial building will be converted into 78 one, two and three-bedroom apartments by summer 2018. St Peter’s House in Princes Street is a slightly smaller development. This will be transformed by into 51 one-bedroom high quality apartments.

These latest acquisitions further add to Empire’s property portfolio. Previous property purchases include Joseph Locke House in Barnsley, acquired for £1.85 million. This is on schedule to being development into residential apartments in 2018.

Thanks to its strategic location and excellent transport links, Doncaster has witnessed an influx of major employers over the past five years – Amazon, Ikea, Tesco, Boeing, McClaren Automotive and NEXT. Large corporations bringing in further employment as people look to move here.

Managing Director Paul Rothwell said: “Danum House is a landmark building in the centre of town and is ideal for converting the upper floors to residential use with commercial units on the ground floor. We expect the apartments to become available from summer 2018.

“In Hull job creation is being driven by City of Culture and renewables. In Pontefract, we converted King Charles House into 62 apartments which we filled in six weeks, with much of the demand driven by recruitment at Ferrybridge power station and Haribo.

Chris Dungworth, investment manager at Business Doncaster, added: “Part of our work around the town centre is to encourage town centre living and the creation of high quality accommodation.

Empire Property Concepts have received support through our business support programme and we are pleased to see their investment in Doncaster town centre converting old office stock into quality apartments for working professionals.”

Jason Barnsdale, managing director of Barnsdales commercial and residential property specialists which helped to complete the St Peter’s House transaction, said the investment could be a significant step in the regeneration of Doncaster town centre.

Barnsdale said: “We know from the volume of deals and the quality of projects that we’re working on that things are really picking up in Doncaster. But it is taking some time for the benefits to reach the town centre, and that’s why these deals are so important.

“Various partners are working together on ideas to regenerate the town centre, and projects like this can make a big difference. If we have more people living in the centre, then the area will hold greater appeal for retail and leisure investors.”

Barrington Howe is a  trusted partner to Empire Property Holdings. Just one of the great investment opportunities available through Barrington Howe. Fixed Returns. Fixed Agreement. First legal charge security





Interest rates

Interest Rates Rise for First Time in 10 Years

Interest Rates Rise for First Time in 10 Years

If you haven’t heard today, mortgage interest rates have gone up from 0.25% to 0.5%. The move reverses the cut in August of last year – made in the wake of the vote to leave the European Union. Within an hour of the announcement of the rate rise, the pound was down 1 per cent against the dollar and 1.3 per cent against the euro.

For the first time in more than 10 years, the Bank of England has raised interest rates. It’s been a whole decade since the last occasion the Bank of England raised interest rates back in July 2007. At that time, Sir Mervyn King was in charge of the Bank of England.  A certain Barack Obama had only recently announced he would run to be US president. And can you remember Gordon Brown had replaced Tony Blair at 10 Downing Street? How times have changed.

So what are the effects of an interest rise?
The rise in base rates will produce both winners and losers.

Across the UK, 9.2 million households have a mortgage. Of these, around 50% are on a standard variable rate or a tracker rate. Around four million households face higher mortgage interest payments immediately after today’s rise.

How much will my mortgage go up?
Based on the average homebuyer with the typical mortgage in Britain of £175,000 your mortgage will go up by approximately £22 a month. Borrowers on a typical base mortgage rate tracker will see their monthly repayment increase from £763 to £785.

The winners will include 45 million savers, who are likely to see a modest lift in returns from savings accounts. A number of providers have already announced they will be increasing savings rates in line with the rise.  Well we say a lift but 0.25% isn’t going to be a huge increase by the stretch of the imagination.  If you’re sitting on a large sum of cash then it will be an improvement but still way below achievable investment returns of 6% upwards.

Property Landlords
Landlords on tracker or variable mortgages will see their yields reduced on their portfolio from now. An unwelcome move considering that  landlords are still reeling from the removal of mortgage interest relief and the additional stamp duty tax.

So why did the Interest Rates go up?
In our opinion, increasing interest rates became almost inevitable. Back in September Mark Carney the Governor of the Bank of England  stated on BBC Radio 4’s Today programme that, if economic growth kept on track, then “you could expect interest rates to increase”. Given that recent growth figures were slightly ahead of expectations, an interest rate remaining at 0.25% would have been a bit of a surprise to say the least. The economy has performed better than the Bank’s post-Brexit Referendum forecast.  Economic growth is stronger and unemployment is lower. However, inflation has exceeded the target and is now at 3 per cent. Although this is better than expected, economic growth overall is still somewhat subdued compared with history.

Inflation Rise
As stated inflation stands currently at 3%. What can we attribute this to? Could it be the rapid fall in sterling following the EU referendum? In addition we’ve witnessed the rising oil prices. Previously, the Bank of England has overlooked temporary increases in inflation but not on this occasion.

This rise takes the rate back to where it was before the UK referendum, and at 0.5% is still at low levels historically. With the cost of living rising at 3% annually and bank rate at 0.5%, real (inflation-adjusted) interest rates are still negative.

The effects of the financial crisis a decade ago still weigh on the UK economy.  The Bank has again warned that the Brexit process “is having a noticeable impact on the economic outlook”. Brexit uncertainty is weighing on the economy. It will mean an increased squeeze on consumers with loans and mortgages, thus nipping their spending and in turn affect the economy. It may well turn out to be a vicious cycle. Carney defended the increase in the bank rate by insisting that the Bank’s goal is simply to get inflation down towards the 2% target, while keeping unemployment low. We still do not live in normal times. For that reason, the Bank has taken care to signal that any future rate rises will be “gradual and limited”. We expect the policy rate to rise 0.25 per cent every six months until the Bank Rate reaches 2 per cent in 2021.

What are your thoughts? Do you think that the UK are due for further interest rate rises in the near future?



Germany: Market Review September 2017


In a period of uncertainty in which the UK has suffered from since the announcement of Brexit, the question most investors ask themselves is “what do I do now”? Where should I invest my money? That is the million dollar question! Looking at research one such place that is pointing towards a healthy growth is Germany, the centre of Europe. It’s ironic that uncertainty has been caused by the UK exiting Europe yet the country with the most economic growth is benefitting from this decision! Germany has been a leader in Europe and has been for some time. Unemployment has halved since Angela Merkel became chancellor in 2005. Germany has not only achieved better growth than most of the Eurozone since the financial crash but it is now running a budget surplus.

AAA for Germany

The rating agency Fitch certified Germany as a AAA business location again. Germany gained repeatedly the best possible rating because of its broadly diversified economy with high added value and a strict debt discipline. Although the debt ratio of 68%, compared to the economic output is higher than the average value of 41% of the AAA countries, Fitch expects a surplus in the German federal budget.  Also Moody’s and Standard and Poors gave Germany the best rating. All positive news for our Dolphin Trust Investors. This contributes to the current fact that Germany is hardly obligated to distribute interest rates on bonds which therefore relieves the budget. As a result the German debt securities are corresponding high because bonds are regarded as a risk free investment.

Construction Sector increases contract and revenues

Just like real estate prices, construction industry in Germany is growing constantly. This is shown by the latest study of the German Realtors Association (IVD). The annual evaluation of the IVD shows that property prices in Germany increased again by six per cent. In 2016 too, the price increase in apartments with an average residential value was at 6.03% compared to the previous year, while 2015 showed an increase of 5%. In recent years, large scale cities in particular have seen price growth at a very high level. Most of all, in the smaller and medium sized cities there is a stronger increase since these have very good price dynamics. Areas like Berlin are constantly growing in value, even though Berlin is still much cheaper than other capitals in the EU. Of all the German locations, Leipzig shows the sharpest price increase. A whopping 23.53% since last year! This is mainly due to the sustaining housing demand. In fact 400,000 new apartments are needed every year to meet current demands. As such the construction industry has benefited from this. In June 2017, contract prices showed a value of roughly 6.8 billion euros, 1.1% higher than the previous year. These are the highest figures since 1996! Sales in residential construction grew by 11% in the first half of the year. It all adds to a strong and positive outlook for the residential and construction market in Germany.

According to scientists from the Otto Beisheim School of Management, Frankfurt and the entire Rhine Main region can expect tens of thousands of new jobs outside the bank sector. Their study concludes that, in the best case, up to 88,000 new jobs outside the financial sector may arise. Because of the planned Brexit of Great Britain from the EU, the study authors expect banks to relocate their locations from London to Frankfurt.


Positive indicators are coming out of Germany, a great indicator to assist those wondering where to invest.
So where should you invest?



Empire property holdings update

Empire Property Holdings May Update

Empire Property Holdings Update

Empire Property Holdings is an investment opportunity providing a fixed return for up to 4 years at 15% pa. This update is to show you the ongoing developments of the company and how their business model allows for an above average yield for an investor. Empire are developing a number of buildings not just one. To ensure that clients and potential clients can obtain as much transparency from this investment we would like to show you the latest updated photographs from the sites acquired. Empire Property Holdings have been very busy over the last 19 months. With a few developments near to completion, it would be a great time for you to see what they have been up to.

Empire Property Holdings are not just developers but they are investors too.  They have refinanced the majority of the developments they have created to keep in their portfolio. The New Commerce House refinance has recently been completed. Following this successful refinancing, Empire Property Holdings acquired Newspaper House in Blackburn with plans in place to develop 66 apartments.

Newspaper House, Blackburn

Empire Property Holdings have completed the acquisition of Newspaper House in Blackburn.  A planning application has been submitted to build 66 flats with car parking with an extremely positive response.

  • £850,000 Purchase price
  • £2,640,000 Development Costs (£40,000 per unit x 66)
  • £3,490,000 Total Cost
  • £429,000 Income (66 units x £125 per week x 52 weeks)

A benefit to the site is a rear warehouse which has been leased back to the Lancashire Telegraph for 12 months.

The development is near to completions with some of the apartments partially let. And this is even before completion showing the demand for the units.  The remaining work is the lift refurbishment, which is due to be completed within the next month. Some of the external fascia has been modernised to give a fresh modern appeal to the building.

This development is ready to be refinanced at the end of May. In tune with the business model it will then allow Empire Property Holdings to acquire the Thornhill Street site. Buy, develop, refinance repeat!

Thornhill Street, Wakefield

On the refinancing of King Charles House, Empire will purchase the Thornhill Street site which has the benefit of full planning consent to change the current use to C3 apartments.

  • £850,000 Purchase price
  • £480,000 Development costs (16 units x £30,000)
  • £1,330,000 Total Costs
  • £112,320 Income (16 units x £135 per week x 52 weeks)
  • £50,000 Further Commercial Income
  • £162,320 Total income

Thornhill Street

Globe Works, Bolton

Empire Property Holdings have purchased another site as part of their property loan note investment. Globe Works a former town centre mill in Bolton on acquired on 3rd May 2017.

A former mill to residential conversion via full planning permission, which will create 24 one bedroom, 90 two bedroom & 10 three bedroom apartments.

  • £1,700,000 – Purchase Price
  • £6,200,000 – Development Cost (124 units x £50K)
  • £7,900,000 – Total Cost
  • £1,024,800 – Income (24 1 beds x £600 x 12) (90 2 beds x £700 x 12) (10  3 beds x £800 x 12)
  • £12,800,000 – Valuation based on 8% yield
  • £8,960,000 – Refinance exit (70% LTV)


Globe Works Bolton

Globe Works Bolton

Globe Works Bolton

The Investment Opportunity

2 Year Income
Year 1: Interest at 10% p.a. payable every 6 months.
Year 2: Interest at 12% p.a. payable every 6 months
Total Interest 22%

2 Year Growth
Year 1: Interest at 10% p.a.
Year 2 (compounded) Interest calculated at 12% p.a.
4% bonus
Total Interest 27.2%

4 Year Growth
Years 1-4: Interest at a total 60%
Total Interest 60%

For further information contact us on 0203 026 8820 or register your interest HERE

Investment news germany

Investment News Germany September 2016

Investment News Germany September 2016

One huge German market is about to be hit by a perfect storm of zero-interest rates and low inflation

While low inflation can pose a problem for many sectors, it is helping to reinvigorate Germany’s housing market, Sean Darby and his team at Jefferies said in a note to clients on Wednesday (emphasis added):

A combination of firm wage growth, negative bund yields, dormant inflation and a booming current account surplus is allowing the German real estate market to reflate. In comparison to Western markets, the German property market starts from a much lower base and also relatively favourable price comparison. We are bullish on the real estate sector as well as the DAX.”  To read more click HERE


Germany, the Eurozone’s largest economy, grew 0.4 per cent, compared with an impressive 0.7 per cent growth rate during the first three months of the year, albeit that was a better result than expected. Growth was supported by net trade as well as private and government consumption, according to Destatis, the German statistics office. The second-quarter expansion took year-on-year growth to 1.8 per cent on a seasonally adjusted basis. The unemployment rate stands at 4.2 per cent, the lowest level since reunification in 1990 and one of the lowest rates in the European Union. The labour market has now little slack and is set to tighten even further as the baby-boom generation retires.

Strong Domestic Growth Keeps Germany’s Economic Outlook Upbeat

There have been some notable external risks mentioned in the economy because the British vote to leave the EU may still have some ripple effects. Some uncertainties exist because there may be some downsides that may not be experienced immediately but will only be realized when it is too late. The German finance ministry mentioned that there have has been slower economic growth than had been expected in the three months ended in June. To read more click HERE

Further Investment News Germany. Dolphin Trust Project Update: Windorferstraße, Leipzig
As Dolphin Trust goes from strength to strength as an investment, we can provide details on one of the projects our clients have invested in. The city of Leipzig is also known by the Leipziger Messe, which is one of the oldest trade fair venues in the world and its tradition dates back to the year 1165. The most famous one is the annual “Leipzig Book Fair”. With a settlement of international renowned companies such as Porsche AG and the BMW Group, Leipzig is an attractive business location as well. The existing infrastructure with efficient transport routes such as the airport in Leipzig / Halle, modern offices, commercial and residential buildings suggests that Leipzig as a great city for economic growth.

The building is located in Kleinzschocher area and was built in the second half of the 19th century. It was the residential and commercial building of cigar manufacturer Gustav Boehme and was one of the first new buildings in the street. Dolphin Capital redeveloped the listed building from 2015-2016. Extensive work at the façade as well as at the historical stairwell were made to complement the modern furnishings of the refurbished apartments.  See this project in more detail HERE

The Dolphin Trust investment opportunity can be found here



uk property market

UK Property Market: How is it doing now?

There’s been lots of uncertainty and apprehension for the UK and specifically the UK property market since Brexit. But some interesting data has been found. THE average UK house price has climbed by £17,000 in a year, continuing a “strong” run of growth, according to an official report. The typical property value was around £217,000 in July, marking an 8.3% year-on-year increase, according to the Office for National Statistics (ONS).

Notably property values have also increased by £1,000 compared with the previous month. While the 8.3% rate of annual growth is a slowdown compared to a rate of 9.7% recorded in June, it continues “the strong growth seen since the end of 2013”, the report said. Property prices are regional. The average house price in England now stands at £233,000, while in Wales it is £145,000, Scotland £144,000 and in Northern Ireland it’s £123,000.

Across the regions of England, London understandably continues to have the highest average house price at £485,000, followed by the South East and the East of England, where house prices stand at £313,000 and £274,000 respectively. The lowest average price continues to be in the North East at £130,000.

Post Brexit the UK Property Market seems to be doing OK to say the least. In fact it’s very encouraging news. This is a great boost for our London Property Bond which continues to be a success. maintaining a strong level of equity and security for investors. Although the pound has weakened it has proved a huge motivation for overseas investment into areas such as London. The Chinese are seeing a 15% improvement on the exchange rate.


Brexit. Are you a smart investor or the sit and wait type?

Brexit. Are you a smart investor or the sit and wait type?
We have known for quite some time, the decision to leave the European Union (Brexit) would have an impact on currency and stock market holdings. However, there is one financial sector which will thrive as a result, the bond market.As is always the case when there is economic uncertainty, shrewd investors seek out safe havens while markets stabilise. The current trend is to strengthen your portfolio with the security that bonds offer. This is opposed to the volatility and uncertainty of other investment classes, such as equities, commodities and Forex (FX).Smart investor will take stock of their position and put in place the best strategy to protect their portfolio. This requires investors to be proactive, rather than stand on the outside looking in. For the masses, they pause. They Standstill. Sit and wait.Take a look at a recent article from the Telegraph business section, it makes for very interesting reading  on how best to protect against Brexit. CLICK HEREBonds have always been a popular investment for British investors as they provide investors with a regular income, they are also seen as a very important addition to balance out and diversify an investment portfolio. Overseas investors will also see this as a great opportunity to take advantage of the pound. Take a look at diversifying your portfolio HERE



Brexit. So what’s next for the UK post EU Referendum?

Brexit. So what’s next for the UK post EU Referendum?Well there is the obvious knee jerk reaction to the voting results with markets being affected.  The Bank of England says it expects some market volatility after the Brexit vote but that the UK economy can handle it. “Inevitably, there will be a period of uncertainty and adjustment following this result.Brexit has caused in a short space of time uncertainty. People worry about what happens next and it makes people feel vulnerable. With uncertainty people generally take a breath. They pause. They put things on hold. Why; because there is a general sense of fear.  Successful investors tend to take control of the fear. Be decisive and listen to those with credibility and knowledge. Not just those who throw statements out without backing it up. We’ve heard enough of these misinformed vocal debates with the political campaigns.Warren buffet arguably the greatest investor of our generation buys or invests in times of uncertainty. If the wealthiest investor is saying this, then when is it a good time to invest? If you don’t know who Warren Buffet is take a look at this link
The Pound has weakened against the dollar and the Euro. But haven’t we seen this before? What happened? It strengthened again. One industry where the UK is strong in is finance. London is one of the biggest financial centres in the world. History shows that when industries go down they eventually come back up.Property Landlords
Now that Cameron has resigned will the removal of mortgage tax relief still go ahead next year with a new conservative leader to be in place by October? Along with the 3% increase in stamp duty this has got to be the biggest blow to property investors and landlords. A different leader and different approach? If this new tax goes ahead, there will be the inevitable higher rents making it harder for first time buyers.
Interest rates
There is talk that interest rates might have to be increased due the pressure of inflation. Equally there is more speculation that interest rates might have to be lowered if there is a severe shock to the economy. Who actually knows?
House Prices
The IMF have been quoted that there could be a drop in house prices. That is possible. There could be a possible drop but always starts in London. But with the high predictions for growth in property market pre Brexit, we are talking a possible drop on where it WOULD have been in the next few years.  So still up but maybe not as much. The housing shortage is still present. The demand for houses continues to increase.
One thing which is clear that there are changes ahead but is the UK going to fall on its knees as the scaremongering has been quoted? The UK existed before the EU and it will exist post the EU.
Mark Carney the Governor of the Bank of England has stated “There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold. “And it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world.”
Carney added the Bank expects “some market and economic volatility” as those new relationships are struck. He added: “But we are well prepared for this.  The Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have been in close contact, including through the night and this morning.  The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.”
A sensible and level headed approach is what’s needed but today is a reflection and an instant reaction to the results of the EU Referendum.  There is no crystal ball. There are no guarantees. There has never been.