The fallout from the United Kingdom's vote on European Union membership, in which the 'Leave' campaign won a narrow victory, will have a wide range of repercussions that are difficult to assess in terms of scope, duration and size. The initial impact of this result has been global, and uncertainty remains a part of the post-vote reality.
The merits of each position and the possibility of a reversal of the referendum verdict, or an unlikely choice by the UK parliament not to act on that verdict, are left for others to consider. What is clear is that a potentially transformational outcome has been unleashed by UK voters, and that a degree of disappointment, perhaps even resentment, could impact short-term discussions, particularly the two-year exit timeline laid out in the much-referenced Article 50. What is equally clear when considering the wider impact of this outcome is that the pursuit of clarity must be the immediate objective of everyone involved.
The popular vote in favour of Brexit has evolved in a wider political, economic and social context, and raises existential questions for the European Union, for the future of the UK, and for globalization, economic and trade-based integration, sovereignty and multilateralism. The answers to those questions have the potential to lead to a more robust set of political, economic and trade relationships globally, as nations and businesses pursue links that are mutually and equally desired....
This has been excerpted from the 4 July 2016 edition of the World Economic Forum and is available in its entirety at:
https://www.weforum.org/agenda/2016/07/trade-finance-and-the-brexit