Brexit - What you should know..
Britain’s historic vote to leave the EU is instantly one of the most important political and economic stories of the 21st century. Its implications will impact businesses, and the accountants who help run them, all over the globe. We’ll be bringing you extensive coverage of this story and related developments in the days to come. In the meantime, here is a collection of the most insightful coverage that we’ve seen so far.
The prognosis: Economic uncertainty
It’s hard to say exactly what Brexit will mean specifically for your company or clients. But The Economist has a theory about what the development will entail for the world’s economy – and it’s not encouraging.
Five ramifications of the UK’s exit
In this piece, the Financial Times offers a brief synopsis of potential consequences of the referendum. But that’s just a starter. FT has created a referendum page on its site chockablock with coverage. The offerings include a look at 11 factors that could have contributed to the decision to leave the EU, and an explainer piece that seeks to tackle the big questions spinning out of referendum. While these stories are open to all, much of the page’s content is for FT subscribers only.
The role of demographic transformation
Slate looks at the part that immigration – particularly from European countries – played in setting the economic stage for a successful Leave campaign.
Britain’s Sajid Javid, secretary of state for business, innovation and skills, wrote in The Sunday Times, republished here, about the need to make Brexit work for British business. He’ll hold a meeting Tuesday with businesses about the need to remain calm.
A host of articles, like this one from Vox, explore whether the non-binding vote could be somehow overturned, while the Wall Street Journal details how officials in Brussels and Berlin are willing to let the dust settle before expecting Britain to formally announce its plans to depart.
Another vote ahead?
World financial markets are still reeling from the Brexit news, but there’s already talk of yet another potential earthshaking vote: Scotland, which wanted to stay in the EU, may hold a second referendum on independence from Great Britain, The New York Times reports. The Guardian also explores the likelihood.
The EU badly needs to implement reforms. Britain’s departure might, maybe, prompt the EU to do just that, argues Vox. Germany’s Spiegel Online International takes sober inventory of the European Union and argues that the referendum could be viewed as an opportunity for improvement.
Persuasion’s role in the referendum
In this Harvard Business Review article, a behavioural scientist and a consultant on influence examine why the Remain campaign’s messages may have failed to resonate. Their theories could be of help to anyone seeking to motivate a group. While on the HBR site, history buffs may want to take the long view by reading “A Brief History of Britain’s Relationship with Europe, Starting in 6000 BCE.”
The youth vote
The Sydney Morning Herald examines post-referendum sentiments among young voters and touches on some tactics (Tinder included) the Remain campaign used to court their support.
Brexit and household finances
Mobile phone costs, holiday and travel expenses, housing prices. This BBC News article explores a variety of pocketbook issues for those living and working in the UK. The Washington Post unpacks what the vote could mean for Americans’ finances.
Law firm resources
The global law firm Sullivan & Cromwell has posted a 7-page primer on legal implications of the vote. And global firm DLA Piper offers some industry-specific analysis along with takes on topics such as contracts, disputes and mergers and acquisitions.
What to watch for in the US
Many Americans were only vaguely aware of the momentous political questions being decided in Britain until they woke up Friday morning to find their 401(k)s melting down. The data-driven news outlet FiveThirtyEight has a brief primer on what newly nervous Yanks should be keeping an eye on.
What does this mean for my part of the world?
Media outlets in many parts of the globe have naturally turned to referendum implications for their home economies. People’s Daily Online presents some preliminary thinking on how the UK vote might affect China, along with a handy infographic that visualizes potential next steps in the UK-EU breakup. Japan, which has 1,380 companies operating in Britain, according to The Japan Times, is likewise taking stock. South Africa’s Mail & Guardian featured comments from the country’s finance minister, Pravin Gordhan, seeking to soothe fears over the fallout.
4 ways the decision could affect the US
The Brexit dominoes may have fallen first in Europe, but they will eventually be felt in the US. Here’s how it could play out, according to CNN.
Years of secession negotiations ahead
The seemingly impending Brexit has created an array of questions for business and political leaders. While much of the fallout from this decision is still unknown, Bloomberg has taken a stab at answering – as best it can – the most common questions arising in the aftermath of the vote.
How Brexit could impact London’s finance sector
Finance is one of the industries expected to be hit hardest by Brexit. How bad will it be in London, historically one of the great financial capitals of the world? Fortune fears that the fallout may cost the city 40,000 jobs, many of them finance related.