Brexit Update:“Brexit Means Brexit”

July 11th, 2016

 

“Brexit Means Brexit”

With some stakeholders and constituents second-guessing the finality of last month’s Brexit referendum, political leaders from both the European Union (EU) and the United Kingdom (UK) are digging their heels into the original decision.  In a recent interview, German Chancellor Angela Merkel dispelled the possibilities of a second referendum or delayed initiation of Article 50 of the Lisbon Treaty. She said, “In my view, this decision has been made.” Merkel added, “I firmly expect” the request for Article 50 will be made once a new UK Prime Minister has been chosen. The Conservative Party is expected to announce the new leader on September 9, 2016.

Merkel’s sentiments are shared among UK political leadership. Theresa May, one of the leading candidates in the Conservative Party to replace Prime Minister David Cameron, said definitively, “Brexit means Brexit.” May has said the UK will follow through in trigging Article 50 and “make a success” of the referendum decision. She said, “First, our country needs strong, proven leadership to steer us through this time of economic and political uncertainty and to negotiate the best deal for Britain as we leave the EU and forge a new role for ourselves in the world.”

Exchange Rates

£1 GBP = $1.29 USD

€1 EUR = $1.10 USD

(as of 9:00 AM EST, 7/11/2016)

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Top Stories:

Accumulating Effects of BrexitEven after just a few weeks, the UK economy has been impacted by Brexit, from weakened consumer confidence to real estate tremors, low retail sales and salary declines.

Defense Industry Commits to Remain in UKWith many jobs in the financial sector feared to be leaving the UK, defense contractors, Raytheon and Boeing, have said they plan to maintain a strong presence despite the referendum’s outcome.

Legal Community Questions BrexitA letter to Prime Minister David Cameron was signed by more than 1,000 lawyers. The letter asserts the referendum was not legally binding and encouraged Parliament to weigh the costs and benefits of the decision before triggering Article 50.

Osborne Embarks on Global CampaignGeorge Osborne, Chancellor of the Exchequer, will conduct a global tour this July to the United States (US), Singapore and China. Osborne will try to reinforce the UK’s trade relationships and ensure its commitment to globalization and participation in the global economy.