Any company remotely exposed to UK consumer spending is henceforth going to include a rider in any trading update saying, in effect, that we have no idea what is going to happen now. It is why the UK-focused FTSE 250 has been caned much harder than the FTSE 100 in recent days. As Greene King warns, it is likely that consumer confidence will be hit by Brexit in the near term.
We shall see. It is hard to imagine too many people forgoing a pint of IPA now because of Brexit negotiations that will take years. Even if you take the gloomiest of views, Greene King is better placed than others in the pubs sector because of the purchase of Spirit Pub Company for £774