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In June, the world woke to a new dynamic. Overnight, British citizens had voted to leave the European Union (E.U.) after being part of the it since 1992. The world’s response was immediate. The British pound dropped in value, while the financial markets in Britain, America and Asia fell as well. Economist around the world painted a pretty gloomy picture for the United Kingdom and little positive news surfaced regarding their decision. In fact, it seemed that the only people happy about any of this were the people who voted to break their European ties.
However, time has passed, markets have stabilized, the pound is rebounding and cooler heads are prevailing. Yet even now, there is an air of uncertainty looming. No country has every left the EU, though Greece was very close to getting “escorted out”, and certainly not a country of the stature and stability of Great Britain. Now the big question from the world becomes...What is next for Britain and the EU?
That may be the question for the “world”, but the question on the minds of regular people is, how does all of this affect me and what am I supposed to do now? How do we navigate this game-changing event? Should we prepare for the worse or go about business as usual. The answer is, of course, no one really knows. Britain’s breakup with the EU could take up two years, and as with all things political, there is a process involved which will most likely include a lot of committee meetings, speeches on the steps of some famous building and posturing to save careers. So if you think your financial situation could be affected by BREXIT the time to begin making changes is…well now.
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