Voters in the United Kingdom have voted to leave the European Union, sending world financial markets into turmoil. The move will be felt in our area too. Here’s how: 1) Less tourism Every year, the United Kingdom sends more visitors to New York than any other country (1.175 million in 2014.) Friday morning, Clive Copsey who’s traveling in New York from London saw his purchasing power nosedive. “Yeah not good for the English pound,” Cropsey said, standing outside the New York Stock Exchange. “But good for the Americans when you go over. So you should all visit now and support England.” Copsey had the foresight to buy dollars at a better rate before he flew to America. But if the pound stays low, it's likely fewer Brits will board the plane and spend money here. 2) Bragging rights Kathy Wylde of the Partnership for New York City said New York and London have been in competition for the title of financial capital of the world for the past decade. “This clearly reinforces New York's role as the world financial capital,” she said. But Wylde doesn’t feel particularly good about that, because global economic anxiety hurts everyone. “London and New York have many more interests in common than in our competition for who’s the financial capital of the world” 3) New York real estate could get even more expensive For the global rich, Manhattan apartments are like piggy banks in a climate of uncertainty. That means more competition for any as
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from Breaking News http://ift.tt/295WkXB
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