UK votes to leave the EU community

UK votes to leave the EU community

In Thursday’s UK referendum, the UK voted to leave the EU which has caused a great amount of uncertainty across global markets.

The pound dropped to it’s lowest value in 30 years against the dollar and share prices dipped across the markets. Many members of the UK parliament have resigned over what has been described as a ‘fractured’ UK on many levels.

From a timescales point of view, David Cameron has stepped down and the Conservative party are looking to make an appointment for a new Prime Minister by September 2nd, but EU officials have already made it clear they wish to start the exit process sooner in order to create stability across the EU member states.

The Brexit vote was a shock to many people including city financiers who were confident that the UK would remain part of the EU single market. More details about how the UK will exit will emerge over the coming months, Downing Street have already given indications that separate trade deals with all 27 member states will have to be re-negotiated. 

The UK will have to lodge the Lisbon Treaty article 50 in order to trigger the exit process. Until the process has been complete, normal trading is expected to continue between the UK and the EU.