By now, pretty much everyone has heard of and thought about Brexit. The UK is set to formally leave the European Union (EU) in October, and there will certainly be some serious changes to the British economy.
‘Brexit’ refers to the UK’s decision to leave the EU. The ‘British exit’ of the EU was passed by a referendum which saw voters from across the UK come out to vote on their country’s future. The referendum produced exceptionally close results, with a close majority of 51.9% of voters opting to vote their way out of the EU.
To address these issues, international money transfer comparison site MoneyTransfers dot com has developed an infographic defining the major events of Brexit and the impact they have had on the pound.
We found an overall down-trend for GBP/USD & GBP/EUR throughout the Brexit events. However, we’ve provided the trend to showcase that other events have impacted the price as well.
- The automotive industry
- Online businesses
- Real estate
Ultimately, Brexit will aggravate the pain the Pound has been facing. Brexit isn’t here yet, but the damage has already started to be felt. Once the British exit of the EU is formalized, the reality of Brexit will kick in as regulations change. If anything is completely certain, it’s the fact that the Pound will continue to shed its value against other global currencies. This fact alone has massive implications for the UK going forward. While much remains to be seen, we now have a clearer understanding of the economic effects of a British exit, no-deal or otherwise.