One year ago this week when UK citizens voted to exit the EU, pundits across Europe dreaded the fallout. What would happen to the EU after losing its second-largest economy, one of its top two military powers and by far its richest financial center? Would the prosperity of the UK itself suffer? As news and statistics unfold, business professionals are starting to get some clarity.
Brexit news at speed
Reuters multimedia team delivers unmatched Brexit coverage and were first to break important developments. Here are just a few:
- UK voted to leave the EU (June 2016)
- UK to consider paying into EU for market access (December 2016)
- Britain planned to launch Brexit process on March 29 (March 2017)
Get the behind the scenes scoop on how Reuters reporters live and breathe Brexit with three Reuters Bureau Chiefs.
Dedicated market and regulatory coverage
Our technologists and industry experts live and breathe Brexit, too, surfacing trusted news, insights and analysis:
- 23,740 people have kept up to date with market changes using Thomson Reuters Eikon’s Brexit App since its launch
- 161 articles referencing Brexit and 42 Brexit headline articles and counting have been delivered on Lipper Alpha Insight
- 50+ regulatory updates and 400+ articles related to Brexit provided to nearly 3,000 professionals by Thomson Reuters Regulatory Intelligence
Market shifts after Brexit
Free trade post-Brexit
Brexit is a deceptively complex initiative when it comes to free trade, pushing and pulling in an increasingly uncertain environment.
23 June 2016 – The UK votes to leave the EU; and with it the Single Market
23 Jan 2017 – President Trump abandons the Trans-Pacific Partnership trade deal between the U.S. and 11 other Pacific Rim nations
15 Feb 2017 – The European Parliament votes in favor of the Comprehensive Economic & Trade Agreement (CETA) between the EU and Canada
18 May 2017 – U.S. Trade Representative (USTR) Robert Lighthizer notified the U.S. Congress of the Trump administration’s intent to renegotiate the North American Free Trade Agreement (NAFTA)
So what is the best path forward for trade in the UK? Kieth Haurie, global trade expert at Thomson Reuters, believes the fog is beginning to clear around trade ties in the UK, but solid routes forward are still uncertain for businesses.
707 EU laws introduced since result of the EU referendum
This brings the running total to nearly 54,000 laws introduced in the UK as a result of EU legislation since 1990.
The UK Renewable Energy Strategy: Ensuring 15% of the UK’s energy comes from renewable sources by 2020
The EU Climate & Energy Change Package: A range of measures adopted by EU member states – with special restrictions placed on the UK’s power and manufacturing industries
The Working Time Directive: Giving workers the right to a minimum number of holidays each year and limiting the working week to 48 hours
The Temporary Agency Workers Directive: Seeking to give equal rights to agency employees and permanent employees carrying out the same job within a business
The Capital Requirements Regulation (CRR): Implementing the Basel III agreement in the EU and governing remuneration in financial services
The fate of 50,000+ EU laws post-Brexit still hang in the balance a year later.
News sentiment and uncertainty post-Brexit
Possibly the simplest way to measure upheaval in the UK post-Brexit is to take the pulse of its people. Hindsight is 20/20; we may never know if sentiment analysis could have predicted the voting results of the EU referendum. Or could it? Sentiment analysis pointed towards uncertainty for conservatives in the UK’s 2017 General Election, where the group lost majority. Analysis from the Brexit App in Thomson Reuters Eikon shows that sentiment could have provided some clues for investors.
Current analysis shows that the uncertainty centering around major Brexit events may be on the decline.
TRMI Country Index: UK uncertainty
Earlier this year we hosted a formal debate on the impact of Brexit on London’s financial center, posing the question: Will London survive or thrive under Brexit? The event opened with an audience poll on the motion: 23 percent supported the motion; 45 percent opposed; and 31 percent were undecided. By the end of the event, much of the audience found more clarity: 23 percent still supported the motion; but 70 percent now opposed; and only seven percent were undecided.
Check out the talking points and cast your vote in the comments here.
Cut through the uncertainty
As Brexit unfolds, ensure you stay focused with trusted news and information from Thomson Reuters, including: