On June 23 after a great deal of debate, the UK held a historic referendum to decide if they should leave or remain in the European Union. At issue was the belief that there were too many rules on businesses and the billions of pounds it cost each year to be in the Union resulted in very little return. Britons wanted more control over its borders and a reduction in the number of people who were moving into Britain to live and work.
Nearly 30 million people voted and the outcome was for the UK to leave the EU. The following day the financial markets reacted severely and the media flooded us with stats and complex stories about the pros and cons of the decision. Since that time, Prime Minister David Cameron resigned and was replaced by Theresa May. Citing the “will of the people” Prime Minister May is committed to seeing Brexit through, although the process won’t formerly begin until the end of 2016 and it will take at least two years for the parties to come to terms.
It’s now been six weeks and our 24-hour news cycle continues to release more and more information about Brexit. Breaking it down isn’t easy and the implications cannot yet be determined with any degree of certainty. Many questions remain and the process will be lengthy no doubt complicated.
Here’s a great article that summarizes, or at least attempts to summarize, all things Brexit (at least for now), including the implications on the financial markets to-date. It is written from the British perspective and addresses many of the questions and concerns people have now that the battle has been settled and the UK will ultimately, leave the European Union.