Unfortunately the Leave vote is likely to have a profoundly negative impact on me.
I've spent three years building a business in London. We employ three people and were looking to build further. Unfortunately the effect this will have on financial markets, and specifically hiring appetites, will be severe. We'll lose clients, revenue and there will be very little in the way of mid-term clarity from our remaining clients. Furthermore, the impact of this is mostly immediate. We've had mandates cancelled, interview processes halted at final round and international clients considering expanding/opening in London completely withdraw interest.
It's a massive shame - There's a medium risk that I'm likely going to have to make my mate redundant, and we've got a new guy starting next week. We're being pragmatic and hoping to be nimble in our attitude, and there's the chance we can pursue new markets. However, most of our competing firms are looking to do the same, so competition will be fierce and we'd run the risk of revenues evaporating in the short term whilst we concentrate on a wholly new area of the market for us. Also having a two year lease on the office isn't ideal too!
If I didn't have the responsibility of employing people or outstanding leases or such, I would seriously consider making the move abroad - not a knee-jerk toys out the pram reaction to losing the EU vote, but my career in the UK will be significantly impacted whereas in other regions I'd still be in demand.
My partner and I have a fairly sizeable mortgage. We've got plenty of savings to cover any increases, but the majority of my cash savings are tied up in director's loans back to the company. So at some point I'm going to have to make a decision between my career/security and theirs.
On a social note, the football team I support are almost certainly unlikely to build their new planned stadium. This may not seem like much to a non-football fan, but the project also included around 990 flats (not a small number by London standards), hundreds of jobs, community and education projects, charitable causes, etc.
So, whilst many people are saying "don't worry, let's just see how things plan out" my immediate career will be hit hard and has been hit immediately.
I've spent three years building a business in London. We employ three people and were looking to build further. Unfortunately the effect this will have on financial markets, and specifically hiring appetites, will be severe. We'll lose clients, revenue and there will be very little in the way of mid-term clarity from our remaining clients. Furthermore, the impact of this is mostly immediate. We've had mandates cancelled, interview processes halted at final round and international clients considering expanding/opening in London completely withdraw interest.
It's a massive shame - There's a medium risk that I'm likely going to have to make my mate redundant, and we've got a new guy starting next week. We're being pragmatic and hoping to be nimble in our attitude, and there's the chance we can pursue new markets. However, most of our competing firms are looking to do the same, so competition will be fierce and we'd run the risk of revenues evaporating in the short term whilst we concentrate on a wholly new area of the market for us. Also having a two year lease on the office isn't ideal too!
If I didn't have the responsibility of employing people or outstanding leases or such, I would seriously consider making the move abroad - not a knee-jerk toys out the pram reaction to losing the EU vote, but my career in the UK will be significantly impacted whereas in other regions I'd still be in demand.
My partner and I have a fairly sizeable mortgage. We've got plenty of savings to cover any increases, but the majority of my cash savings are tied up in director's loans back to the company. So at some point I'm going to have to make a decision between my career/security and theirs.
On a social note, the football team I support are almost certainly unlikely to build their new planned stadium. This may not seem like much to a non-football fan, but the project also included around 990 flats (not a small number by London standards), hundreds of jobs, community and education projects, charitable causes, etc.
So, whilst many people are saying "don't worry, let's just see how things plan out" my immediate career will be hit hard and has been hit immediately.
