David Cameron has announced he will step down as British prime minister by October after Britain voted to leave the EU.
Shares and the pound plummeted to new a low today as worried traders came to the realisation of a potential recession.
Meanwhile, a Brexit is a victory for uncertainty across international financial markets and the volatility is only just beginning, the boss of one of the world’s largest independent financial advisory organisations has warned.
Nigel Green, founder and CEO of deVere Group, is speaking out after the UK has narrowly voted to leave the European Union.
Green observes: “Britain is filing for divorce from the EU – it’s a shock event. The Brexit victory is a victory for uncertainty across international financial markets. Brexit-triggered volatility is now only just beginning; we can expect it to potentially last up to two years.
“Due the far-reaching impact of this vote, Brexit will inevitably affect the British and the European economies and the wider global financial markets. The decision may have been taken in the UK but it will impact the rest of the world too.
“There is likely to be two years of varying degrees of market volatility because of the plethora of unknowns. At this stage there are still question marks hanging over so many different areas.
The British Irish Chamber of Commerce notes the outcome of the UK referendum on EU membership and is committed to supporting its business members in the UK and Ireland as they must now plan for a changed future environment.
The Chamber will constructively support early steps to bring certainty to the outlook facing employers. The Chamber looks forward to the UK Government quickly determining its requirements as it negotiates its exit from the EU.
John McGrane, director general of the Chamber, said: “As the voice of businesses with significant employment in the UK and Ireland, the Chamber is concerned about any adverse impact the UK’s decision could have on trade between these islands.”
He continued: “The referendum has highlighted the importance of two way trade between Ireland and the United Kingdom. The British Irish Chamber of Commerce commits to proactively assisting businesses on both islands to further increase this trade for the benefit of all.”