By Dan Marshall

Brexit likely to have little economic impact on Vancouver Island

Jun 28, 2016 | 11:19 AM

North American stock markets took another dive Monday, to open the first full week since the U-K voted to leave the European Union.

The T-S-X Composite lost 202 points, while the Canadian dollar lost 44-100ths of a cent.

The British pound was trading at a 31 year low.

Despite that, Economist David Hobden with Central One Credit uUnion says the fallout from Britain’s decision to leave the E-U will be minimal on Vancouver Island because there isn’t alot of direct trade with that region.

“British Columbia accounts for a very very tiny, it’s actually three percent of three percent portion of Canada’s exports.  So the direct trade channel effects are going to be minimal on Vancouver Island and British Columbia,” said Hobden.

holiday check stops

Nanaimo motorists shine during province-wide crackdown

1h ago

targeted job action

Striking Nanaimo postal workers disrupt Purolator operations

4h ago

final flight

Massive Philippine Mars waterbomber preparing for final Island departure

8h ago

The bigger issue from Hobden’s perspective is Canada negotiating separate trade deals with Britain and the E-U.

“We are in the process of finalizing a new trade agreement with the E-U which will probably go ahead unaffected.  Although there will need be to a new trade agreement negotiated between Canada and Great Britain and that won’t be right away.  Next year talks might get underway.”

Hobden says from an investment standpoint, now would be a good time to buy up the British pound.