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Possible Economic Impact of Brexit summary

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The article discusses how the majority of British voters supported the United Kingdom leaving the European Union which shocked global markets because they expected the vote for leaving would be the popular vote. Due to the release of this news, equity markets fell by 7%,caused the British pound to depreciate, foreign banks began reconsidering their UK presence due to Brexit possibly jeopardizing their ability to operate throughout the EU. Also, S&P and Fitchdown graded UK sovereign debt, Fitch downgraded Bank of England debt, and Moody’s downgraded the UK’s credit outlook status, raising borrowing costs and increasing the risk of a domino effect onto other credit ratings.

The most detrimental thing that that happened was people began to raise the question of whether or not London’s status in the global markets. The article explains growing concerns towards the volatility of the UK markets as well as their trade and economic arrangements while the country solves their issues with the EU. The Brexit vote immediately showed its impact through exchange rates and capital flows. Also, the uncertainties about Brexit lead to the postponing of the raise in U.S. prime interest rates. It would also impact trade because barriers to trade will lower trade as well as hurt competition, innovation, and productivity. The impact on trade will not start immediately but will be shown in the near future.

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