Most of this year we have of course been focused on the COVID pandemic, its impact on the economy. We are out of full lockdown and settling into the latest set of restrictions. Over the last week, not much has changed.
Most of us are now just looking forward to having a break from it all. Certainly, if you look at the crowds at the shops, we are somewhat trying to forget about it. Christmas is simply a welcome distraction.
The actual main news this week was Brexit, which has burst back into our consciousness. Specifically, this was the prospect of a no-deal, which by all accounts is now looking increasingly likely, and grim. With plenty of reporting on the impacts that we could see it would be another economic shock in addition to COVID.
It is the topics no one wants to talk or think about. For reasons of sanity, not to mention keeping friendships, we have learnt it is a best to close this part of our brain. It has been best avoided. However, it really is now upon us.
A story that neatly illustrated some of the future complications we are going to face was that of a Belgian customer. They purchased a UK property, have since moved to the Netherlands and are no doubt renting out the property for income. They have just had their UK current account closed, forcing needed action… what to do?
This is by no means the most significant potential impact (third country data impacts, tariffs and travel restrictions spring to mind), however does illustrate how this is is all going to get very complicated, very quickly, with knock on impacts on loans and lives.
What is clear from this week is real impacts are now looming fast. It is something that we will need to come to terms with, deal with it and have strategies for soon.
We are not quite there yet, something positive may happen this weekend, but it is time to start thinking ahead.
Try to have a good weekend everyone… @chris_w_tweet
* Søren Kierkegaard
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