UK’s exit from the European Union after 43 years

The UK’s exit from the European Union after 43 years is now set to happen. The vote by a majority of British people to leave the European Union on Thursday 23 June represents a very significant decision for the UK, for the European Union and indeed for the wider global economy. The UK voted to leave the EU by 52% to 48%.

Highest turnout

The Leave campaign won the majority of votes in England and Wales, while every council in Scotland saw Remain majorities. The referendum turnout was 71.8%, with more than 30 million people voting. It was the highest turnout in a UK-wide vote since the 1992 general election.

Unsettled investors

But what could this mean to our finances? It goes without saying that investors are going to have to hold on to their nerves through the coming days, months and even years. The markets have clearly been shocked by the decision, and, although unsettled, investors should look through this period of uncertainty and focus on longer-term opportunities.

Economically strong

There will be challenges in the near term, and there is likely to be a period of uncertainty as the exact terms of Britain’s exit from Europe are negotiated. There needs to be a period of managing political uncertainty, uniting a deeply divided population and ensuring the UK enters negotiations feeling economically strong rather than weak. The instability that we’ve experienced once it starts to settle down will mean that investors can focus on the UK’s future outside Europe and how it will affect their finances.

Make sure your plans remain on track

The UK’s exit from the European Union after 43 years surprised markets. It is important to keep this event in context – this is far from the global financial crisis of 2008. This is a time for investors to concentrate on long-term fundamentals and to remain focused on meeting their investment goals. If you want to discuss your particular situation post-Brexit to ensure that your plans remain on track, please contact Reeves Financial on 01403 333145 or email areeves@reevesfinancial.co.uk.

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