How Brexit Could Affect Finance, Real Estate And The Global Economy
As the date for Britain’s exit from the European Union inches closer, the U.K. is in turmoil over how exactly that withdrawal will look.
Since July, two high-profile pro-Brexit leaders, David Davis and Boris Johnson, have quit the cabinet and British Prime Minister Theresa May released a white paper outlining the government’s vision for its post-Brexit relationship with the European Union.
The renewed risk of a “no-deal Brexit,” in which Britain would leave the EU without having reached an agreement on its ties to the rest of Europe, has become “uncomfortably high,” Bank of England Governor Mark Carney told the BBC on Friday.
And while the deadline for Britain’s withdrawal is March 29, 2019, negotiators reportedly see the next two to three months as crucial, naming October as the time by which a deal must be finalized so it can be ratified by the exit date.
Though a lot remains up in the air right now, it seems clear that in our global economy we can expect Brexit to affect the finance industry and real estate market, as well as trigger a possible global shift in financial power and economic stability.
We don’t know exactly how those changes will play out, but here’s our guide to two of thebiggest issues to look out for and what their impact could be.