The outcome of last Thursday’s referendum on the UK’s membership of the European Union has sent shock waves through the UK, EU institutions, EU countries and the financial markets. It has also precipitated a leadership crisis in both of the major political parties.
All of these developments were easily predictable. But the next stages are much less clear. The UK Government will at some point have to deliver its withdrawal notice to the EU, unless Parliament votes to overrule the electorate’s instruction or the decision is made to hold a second referendum. Whilst those possibilities have been discussed, they do at present appear to be unlikely.
The briefing linked below – the third in our Brexit series – assesses the current situation and also comments on possible consequences of the vote for EU financial services and current transactions.