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June 2016

Brexit Fall Out

Published: Friday 24 June 2016

David Cameron has announced he is stepping down as PM before the conservative party conference in October as UK votes to leave the EU – 51.9% leave to 48.1% remains. Mr Cameron’s successor will be charged with negotiating the terms of the UK’s exit from the EU.  Boris Johnson has been instilled as an early favourite for the Job.  

The Bank of England have been praised on their efficient actions today in providing some stability to markets. In the coming weeks, the Bank will access the economic conditions and will consider any additional policy responses. This has been a terrible day for GBP but it could have been so much worse.

Volatility is expected to continue into next week as the future of the UK and Europe continues to be a cause of debate. This could be the case for some time to come. 

Latest FX news by Michael Condron