Leicester City, Iceland, Wales and even Saracens have punched far above their weight as a result of great leadership, a powerful sense of self-belief and team spirit.
After the Brexit decision we will need all of these characteristics. We now have a chance to become the architects of the most successful country in the world measured economically, socially and politically, but we have to get through some economic turmoil first, including a possible recession. These challenging global economic headwinds have been amplified by Brexit, but not caused by it.
Unshackled from the inherently undemocratic and failing EU superstate, our new leaders will have the opportunity to set out a road map for us to band together to create, innovate and build a more ambitious, broad-based society, benefiting not just London but the rest of the country, where the disaffected feel most betrayed.
The political engagement we now have could, if positively harnessed, drive a new era of connectivity in which those disaffected feel genuinely included.
We must keep an open mind on the EU single market and not close off any options at this stage, with qualified free movement of labour certainly in the mix.
In the property market we have to face the reality that when London rents reach their highest-ever levels and yields their lowest, a correction always becomes likely. Super-low interest rates will ensure values are sustained such that there will be some recalibration but no crash. Short-term income is much more susceptible to value downgrades than long leases and break clauses are back to being a liability after several years as an asset.
The initial reaction of domestic banks will be to cut LTVs and raise margins but lower rates will compensate and overseas dollar-denominated banks will take up the reins.
London values will be hit but not terminally and at no time in my own three decades in the business have property companies, with strong balance sheets and low leverage, been better positioned to withstand a correction.
With a devalued pound we can quickly become an attractive place to invest again not just for overseas buyers but also for investors who at a time of record low bond yields are desperate to find sustainable yields at sensible attractive risk-adjusted prices.
Lower tenant demand will result in reduced rents, which is generally a positive for everyone except property owners. The same goes for housing, where the perennial complaint of house prices being too high will now be addressed.
Devaluation, which was coming in any event, will assist many of our exporting businesses and once the public realises this is not going to be Armageddon, consumer confidence will soon return.
We must not lose this unique opportunity to bring our country together. We can no longer neglect towns up and down the country and consider them to be permanently broken. We must invest in them though education, innovation and development. Government must support business properly, reduce taxation and simplify bureaucracy. It means tax breaks for everything that generates sustainable employment and wealth.
This is such an exciting opportunity for us all to come together as one nation to rediscover our identity with a “can do” attitude and to reward ambition, be tough on idleness, find new markets and create more employment and wealth so we can build a better future for everyone.
Self-belief, rediscovering our ambition, and disowning the entitlement attitude that pervades the European continent, must be key goals.
With our new-found prosperity, yields and rents throughout the UK will resume a strong upward growth trajectory within the next few years. But this time it will be built upon solid business foundations, not just low interest rates.
Nick Leslau is chairman of Prestbury Investments
