Pierre: Too early to judge ‘Brexit’ vote impact

Pierre: Too early to judge ‘Brexit’ vote impact

Opposition leader, Philip J. Pierre, believes it is too early to determine what the impact of a vote by the UK to leave the European Union will have on the Caribbean.

However Pierre has noted that the vote on the so called ‘Brexit’, has had some effect on the stock markets and the value of the British pound.

He recalled that British Prime Minister, David Cameron, who has announced that he will be stepping down in October as a result of the ‘Brexit” vote, had promised substantial aid to the region.

The Saint Lucia opposition leader told the Times Cameron saw the ‘Brexit’ vote as one of no confidence in him, since he had campaigned to have the UK remain in the European Union.

Cameron had urged his countrymen to vote Remain, but was defeated by 52% to 48% despite London, Scotland and Northern Ireland backing staying in.

“Since they plan to leave Europe, whether it will lead to internal budget changes or whether they will become a little more insular, the jury is still out on that,” Pierre asserted.

He told the Times it would be interesting to see what happens, since Britain will now have a smaller space from which to operate.

A former Tourism Minister, Pierre observed that the immediate effect of the UK vote to leave the European Union was a decrease in the value of the pound.

He stated that if the pounds stays down, UK visitors will have less money to spend because their currency will be worth less.

The UK is Saint Lucia’s third largest tourism market.

 

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11 Comments

  1. Brexit voter
    June 24, 2016 at 4:26 pm Reply

    Our pound will never be worthless, when the pound falls, all currency fall as well , as the pound will always remain the highest currency in the world.

    Please take an exit. SLPEXIT

    1. Anonymous
      June 24, 2016 at 4:51 pm Reply

      Highest currency in the world???? Lol… You are an idiot for making such a statement.. Go do some research peanut brain

    2. Anonymous
      June 24, 2016 at 4:52 pm Reply

      Idiot, read to understand ” the pound will be worth less”. It is less yesterday’s value. It was trading at $1.50 USD to a pound before the Brexit result, it isnow trading at $1.44 to thee USD.

      1. Sad-But-True
        June 24, 2016 at 6:29 pm Reply

        Lol. Don’t even try to make inferior intellects understand this. Especially if they Saint Lucians or living in St. Lucia. Lol. A Barbadian has a far better intellect than a Lucian and knows exactly what Pierre is talking and the world is talking about.

    3. aLucian
      June 24, 2016 at 5:31 pm Reply

      Um, you do know that “worth less” and “worthless” are two different concepts, right?

    4. Sad-But-True
      June 24, 2016 at 6:26 pm Reply

      Rotflmbao! Jack@@s! If you had a clue how currencies are traded on the stock market and how factors can break or make it, then you would keep your inferior intellect shut. Lol! Thanks for the laugh, though. Lol. SMH

  2. Anonymous
    June 24, 2016 at 4:28 pm Reply

    To tell u the truth if SLP have to be relevant u should allow Healiere to lead the party.U no different from Kenny.U will never win an election in st Lucia.U just as disappointing as Kenny.Meme bit meme puelle.

  3. Stranger
    June 24, 2016 at 6:00 pm Reply

    At this point even in Europe nobody knows what exactly is going to happen.

  4. I TITUS EMMANUEL.
    June 24, 2016 at 6:10 pm Reply

    Your statement irrelevant when it is about currency u do not used word like come . you should used facts and numbers caused. Exchange rate ..travelers do travel for many reasons you will get a higher flow of travelers .and categorise in category those that.as tourist, as business, as get away, as plannerholidays and if you ware and under stand how people. Move from place to place. You would not have tourist decline in the caribbean it does not work the way you stated…market st.Lucia properly.so now take the upertunity to make the industry work .let the guys work and hush for now.have a good dream.

  5. Bling Queen
    June 24, 2016 at 7:23 pm Reply

    These comments suggest that many of us are no better informed than those who voted in Brexit. Too many street economists and tax magicians in Saint Lucia. Like Britain we promote anti-intelectuism and emotional voting.

  6. Tony Orilla
    June 25, 2016 at 7:44 am Reply

    It is very true that no one knows exactly what will happen. This is a very big historic event and one that should not be taken lightly. For the past 40 to 50 years the big push around the world has been toward greater globalization, hitch has meant that most people around the world (and those living on islands such as SL) have benefited in some way. But this vote is all about rejecting globalization, making immigration and borders much much tighter, and closing things down.

    People who live on tourist oriented islands shouldn’t panic at the moment but they should be very concerned, especially those who rely heavily on the tourist industry. This is not a time to bury your head in the sand because changes will be coming. The full impact might be a few years away but already the global markets have reacted and as we’ve seen time and time again, investors have a way of sensing what is to come.

    The problem is that the UK exit will create a lot of uncertainty and problems for global businesses and corporations that operate in the region. This in turn will put a lot of pressure on the pound and we will likely see it stabilize and will float down and become more on par with the US dollar. This will directly impact places such as St. Lucia that has a tourist oriented pricing structure that has been based on the pound in the past.

    As an example, look at the prices of tourist hotels in St Lucia as well as tourist oriented restaurants. Many of these places have pricing that is based on the higher level of the pound. In other words, they are expensive for US travelers. As the pound starts to decline, less tourists from the UK will come, investments will slow, and there will be a lot of pressure to lower costs to cater to the different mix of tourists that will come to the island. The short to mid term situation is not likely to be easy. I’d be prepared for that.

    We’ve already seen this happen with the Canadian dollar over the past 6 months. Now we are definitely starting to see this with the pound. Whatever the final outcome (looking ten years out or so) things in the near future will be a little challenging. So, buckle up your seat belts …

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