Well the people have spoken, and the vote is in; the UK is going forward with plans to leave the EU. The census by much of Scotland and the youth of the UK as a whole seems they are not be as keen to jump ship, but the EU has been clear on it’s intention to make the brexit process as smooth as possible. It will be interesting to see how the story unfolds yet the immediate consequences have been startling.
The Immediate Back Lash of the Brexit
The stock market has taken a hit, as unknown waters are being charted by traders and investors. Some have managed to bounce back, but it is hard to predict the overall impact and outcome.
The Immediate Effect on Residents of the UK
The BBC ‘s list of five immediate effects on residents include: hoilday money, retirement income, investments, housing outlook and oil prices.
The Outlook on the Canadian Impact
The effects of the brexit will no doubt have global effects, but what does it man for Canadians. Over the course of the last few days a number of sources have weighed in on the potential impact.
Canadian and Global Market Impacts
Many investors may of gotten a shock while viewing their portfolios this week. A number of Canadian and global equities were down in the recent days, and diversity didn’t save many. Although their is little fear of a financial crisis, the loonie took a hit with the pound when the news broke.
Canadian Housing Market
It is thought that following the news, economic turmoil will be cause for Canadian concern. It is likely that interest rates will remain low, and continue to fuel the uncomfortably hot Vancouver and Toronto Housing Markets.
What is the Outlook for Canadian Businesses?
Companies the deal with the UK will be effected by the UK’s exit. Thousands of jobs are likely to be slashed by the economic uncertainty.
Although their is sure to be some fluctuation in the Canadian economy as global leaders and investors navigate through the unstable situation, the Canadian market is holding its own and the experts are not sounding any alarms just yet.
If you are looking for legal advice or services regarding your international funds and security, contact David Siebenga