So we are off on a big adventure with, quite possibly, Boris at the helm. The vote to leave the EU has political implications in the short-tem for poor Dave and in the longer-term for the ability of the Conservative Party, the UK and the rest of EU to remain as they are. We shall see what unfolds but the landscape may look quite different in five years’ time.

In terms of the impact on business, jobs and the economy, I have no doubt that in the long-term the wrong decision has been made. Inward investors looking to enter the European single market are much less likely to want to do so through whatever backdoor arrangement we have with the EU. Exporters and importers will find the costs of doing business a bit higher. The free movement of people, which the South of Britain seems to find so uncomfortable, will probably reduce making the talent pool from which businesses can recruit that bit smaller. The UK should have had the courage to stay in the EU and be one of its leaders. That opportunity has now gone.

What we should not do is be persuaded by the politicians and panicking media commentators that the world is about to end - it is not. The UK is still a significant economy in global terms and will adapt and succeed in a slightly different world. We will find a way to trade with Europe, we will reinvigorate old international links and we will muddle through.

In contrast the shorter-term economic impact of the vote to leave the EU is, I think, actually going to surprise us on the upside. The reason for this is that the bad news will take a while to come through whereas the positive effects of the vote will arrive swiftly. Existing factories will not close immediately, current contracts remain in place - it takes time for the patterns of trade to change. There will almost certainly be some clear cut losers - London house prices, already insanely overvalued - may just pop. The biggest loser, however, is likely to be the pound sterling which will come down with a bump - and that’s where the good news starts. We have a sluggish real economy, a debt burden which is hard to make inroads into and a horrible balance of payments position. Sharply lower sterling has an effect not unlike a further significant reduction in interest rates. In the short-term growth is likely to be stronger not weaker. British goods will be more rather than less attractive in world markets. If you have invested in shares you may , after some initial jitters , also be a winner as so much of our larger companies’ earnings come from overseas that weaker sterling will translate to earnings and dividends which are higher for UK based investors. In the short-term interest rates will probably remain low because the Bank of England will be wary of turning a drama into a crisis.

Not too bad then? Well sadly the party won’t last too long. This scenario brings forward the time when interest rates will rise and probably increases the level which they will need to reach in order to keep inflation on target. Can you and your business cope with an interest rate of 3%? How about 5%? - I would have a look if I were you - some contingency planning might be a good thing.

Pinstripe is a senior member of Scotland's financial services community