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The New Normal (...again)

Like most crisis before, this time is completely different and completely the same. But one aspect of the predicament we and the markets find ourselves in is clear already - it is not a crisis of liquidity as was the case in the late 00's. Instead liquidity is plentiful, the question being where will that liquidity find a home in the face of heightened uncertainty and a shifting geopolitical and economic landscape?

And Now For Something Completely Different...

Key points

  • Expect years not months until Article 50 is triggered
  • Boris Johnson to lead the UK out of Europe
  • Liberal Leavers only looking to leave “political structures” of the European Union
  • So Norwegian style deal most likely, with continued access to single market
  • Freedom of movement to stay, but further compromises on welfare
  • Short ...