As the referendum results unfolded, stock markets plummeted and the pound entered a downward spiral. This supported the view of economists and others that a Leave vote would damage the economy. The initial plunge in the markets was partly offset by a bounce-back following the Bank of England’s attempt to reassure the market, but what were the arguments that convinced the business community to expect problems?
The formal procedures specify a 2-year negotiation and transition process once the exit clause has been invoked. In the days after the referendum, European Union (EU) leaders were not inclined to allow this period to be prolonged or delayed.
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