Poll results trickled in through the early Friday morning hours, leaving many stunned. What looked like a victory for the “Remain” group slowly faded to a very real “Brexit.”
In the aftermath of the referendum, many are asking, “what happens now?” While the full effects of the Brexit are yet to be known, here are a few things we have already seen:
- Market volatility is in full swing. Gold spiked as much as 8% to reach its highest point since August 2014. Investors seeking safety have flocked to precious metals, leaving high spot prices for gold and silver with a sinking British pound.
- Prime Minister David Cameron has announced his resignation. The leader of the Conservative Party was the chief campaigner for the Remain group, hoping to negotiate conditions with the EU, rather than leave. He plans to stay for a time to help ease immediate chaos from the split.
Expectations are for Britain to take roughly 2 years to rebuild economic and political strategy, including trade negotiations and alliances. Immigration policies are on the table, as well, and will likely undergo significant reform. Americans can expect the immediate market volatility to continue, with potential impacts to UK imported products.
The UK was previously the largest financial backer of the EU, the world’s largest economy; because of this, the EU could see other member nations following the UK’s exit to seek their luck outside of the union.
June 23rd was a historic day for the new Britain, and we expect to see many changes in the global economy due to the new European landscape.
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