Brett’s Property Rants

Elements in the UK Economy

Video Transcription:

One of the elements you can really talk about with the UK economy, is the fact that it has a banking sector and the banking sector is huge. It is one of the banking centers. Obviously, New York and London are the two biggest, bar none, and still, even with Brexit, it will be that unless there's some major dramatic changes that the EU make. But the reality is that ... So the interesting thing is not a finance, because a lot of people focus on the finance sector. Actually where the London and the UK is doing extraordinarily well is things like nuclear. Yeah, amazingly nuclear. It's doing really well in high tech like aeronautics because if you think about it, all that Airbus stuff gets built out of Darby and various places, but we build the technical stuff, the highly technical stuff, the engines. Yeah, and that sort of stuff, which is highly skilled people. So we're doing really well in the highly skilled area.

The other side is, particularly in London, is we really have embraced the gigabyte economy. In fact, there's so many startups, there's such a flourishing thing. If you think there's Silicon Valley in the US, which Silicon Valley's dying because it's just too bloody expensive. And now it's full of established companies. So they've sort of lost their edge a bit, London hasn't, okay? London is still keeping it.

So there's some really good stuff there and some really good news. And if people are distracted by the Brexit argument, they're actually missing the whole point. If you get in and you find these fundamentals and you find things like Crossrail and things like the changes in Southall, that's actually the stuff that you really need to focus on now. Now yes, Brexit, if it turns to crap, house prices could drop, global economy and house prices could drop. But what you find is they may drop, but because of where they are and because the fundamentals, they'll come straight back up very quickly. And that's really where we want people buying, really where we want people pushing for. All right guys. Have a great day. See you. Bye.

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