We have all woken up on June 24th to the surprising news that the UK has voted to leave the European Union following a contentious referendum. The vote was very close, with 52% voting to leave and 48% voting to remain. Markets are reacting with volatility, as might be expected, and British Pound Sterling values have sunk overnight to a historic 30 year low against the dollar. To add to the turmoil, David Cameron, the British Prime Minister, has announced that he will be stepping down with his successor to be in place by the October Conservative Party conference.
That said, nothing is going to happen immediately. There is a very specific legal process for Brexit and the timeline is hardly swift. As the first step, the UK has to give notice to leave under Article 50 of the Lisbon Treaty. Based on the Prime Minister’s announcement this morning andRead More