On Thursday 23 June 2016, the UK public voted to leave the European Union

The referendum was unprecedented with over 71% turnout.

Clark Howes Chairman, Tony Sarin, comments:

“Most analysts do not believe that the Brexit vote is another ‘Lehman moment’ since there is no imminent financial crisis or lack of credit and unlike the financial crisis of 2008, the banks have substantially more capital and are considerably less leveraged,  As expected, the value of Sterling was been hit badly by the leave vote although recovered somewhat later.”

Over the long term, an independent Report commissioned by Neil Woodford (one of UK’s most successful fund managers), concluded that Britain’s long-term economic future would be largely unaffected by a decision to leave the European Union.    

On 22nd June, the Financial Times referred to a ‘leave’ vote as ‘purgatory, not hell’ and the exit process is likely to be long and drawn out, with the uncertainty risk being a drag on economic growth.

It will be some time before the UK gains a clear and full picture of the ramifications of an exit. Until such a time, it is uncertain as to what it may mean for UK individuals, businesses and people living and working in the UK from overseas.

It you are concerned about the impact of Brexit then a certain level of scenario planning could be beneficial. If you would like to discuss this further, please get in touch with your local client manager or email info@clarkhowes.com.