The European Union Referendum

24 June 2016

We are all now coming to terms with the result of the Referendum on 23 June 2016, that the people of the United Kingdom have overall voted to leave the European Union. The detailed planning of ‘Brexit’ will of course now be set in train, and there will by the autumn be a new Prime Minister in Number 10 Downing Street.

This is a very significant decision, which may in time be seen as a key milestone in British and European affairs within the 21st century.

Voting patterns have shown clear differences within Britain, with Scotland, Northern Ireland, London and other major English cities clearly wanting to “Remain” whilst Wales and most parts of England clearly wanting to “Leave”.

These are uncharted times for us, our political systems, our economy, with impacts for each of us in relation to our jobs, our prospects, our own personal property and our savings.

As ever, it is important to take the longer view, rather than to react to quickly-changing circumstances in the immediate aftermath of this momentous Referendum. We need to be aware of these changes and to consider the longer-term impacts of Britain being on its own, albeit hopefully with a series of meaningful trading agreements with many other countries of the world.

We have seen adverse impacts both upon Sterling and the Stock Markets. Uncertainty is the enemy of the financial markets, and we will have plenty of uncertainty as we enter a new era for Britain and its component parts. The Prime Minster has already sought to give confidence in and stability to our economy, and others will surely follow suit. The Bank of England will also play an important part.

We here will be keeping a very close eye on developments and on the likely impact for our clients, their families, their assets and their plans. We will provide advice and assistance as and when the picture becomes clearer but, in the meantime, if you have questions or concerns, please do not hesitate to contact any of us here at J. & H. Mitchell WS.