Sunday, 10 July 2016

Brexit: What happens next

What does Brexit mean for the economy?

The Brexit victory sent economic shockwaves through global markets and UK stocks on Friday had their worst drop since the finanical crisis. 
The pound on Friday fell to its lowest level since 1985 and emergency steps are now being taken to calm the economic turmoil. Britain has lost its top AAA credit rating. 
There is ongoing uncertainty over what will happen when Britain leaves the EU because it has to make new trade agreements with the rest of the world.  
Bank of England Governor Mark Carney said: "Some market and economic volatility can be expected as this process unfolds. But we are well prepared for this." 
Supporters of Brexit argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services. 
But Europhiles worry that foreign companies will be less likely to invest here and could relocate their headquarters if Britain loses access to the EU's single market-read more

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