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THE INVESTOR
25TH ANNIVERSARY
A referendum in the United Kingdom resulted in a vote in
favour of leaving the European Union. Despite opinion polls
predicting a victory for remainers, 52% voted to leave. England
andWales voted to leave, with Scotland and Northern Ireland
voting to remain. The result led to rapid political change –
Prime Minister David Cameron resigned the day after the vote
and was succeeded byTheresa May. She replaced Chancellor
George Osborne with Philip Hammond when she named her
first Cabinet. She also appointed Leave campaigner David Davis
to head up a new Brexit department. May said she would
triggerArticle 50, starting the two-year exit process, in March
2017; but challenges questioning the
legality of leaving the EU without a
parliamentary vote may delay that.The
result of the referendum led to a sharp
fall in stock markets, although this was
quickly reversed, and to a weakening
of sterling against both the euro and
the dollar. Details of how Brexit will be
achieved, including whether the UK will
remain a member of the single market,
controls on immigration and trading
relationships with other countries, have
still to be agreed.
ISSUE90 | SUMMER 2016
LIFTING THE LIDON BREXIT
THE POST-REFERENDUM
INVESTMENT LANDSCAPE
Cover_brexit_SJPSummer16_v13.indd 1
01/07/2016 09:49
ISSUE 90
SUMMER
We homed in on
how the UK’s future
relationship with its
European neighbours
might look following
the Brexit vote
IN THROUGH
THE OUT DOOR
Political earthquake hits the UK as the
pollsters are proved wrong when the
public pushes the Brexit button to leave
the European Union
ST. JAMES’S PLACE IN NUMBERS
1
23 June 2016
BREXIT DOOR
The then UKIP
leader Nigel Farage
celebrates the
historic vote to
leave the European
Union with his
supporters
1 All figures correct September 2016, except number of fund managers, which is correct October 2016