Europe & Russia: Economic overview

July 2016

The UK’s referendum on its membership of the EU resulted in a vote to leave – creating political upheaval and financial uncertainty.

In the aftermath of the UK’s referendum and resulting vote for Brexit, some things remain remarkably unclear including what Brexit actually means and what will happen next. Following the result, Prime Minister David Cameron announced his resignation and Theresa May was formally appointed as his replacement less than three weeks later. As an unelected prime minister, May immediately faces challenges to her authority. However, it remains unclear whether there will be a snap general election, in which May could secure support for her new government. What is also unclear is the process and timing for triggering Article 50, which would start the legal procedure for the UK leaving the EU. Following the referendum, different ideas have emerged about what the UK might want from its new relationship with the EU, but clarity on what the government hopes to achieve has not.

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