Breaking up is hard to do: Brexit Update

TD Asset Management – Current Perspectives

A year ago, it seemed likely that debt-ridden Greece would be the first country to exit
the 28-country European Union (EU). However, that distinction now looks likely to go
to the United Kingdom (UK). In the British leave/remain referendum held on June 23rd,
voters decided that Britain should leave the EU, marking the beginning of what is being
referred to as “Brexit.”
The UK’s withdrawal from the political and economic union is unprecedented, and
there is no clear path to the exit as the EU does not have comprehensive terms of
departure. This likely means that the UK will remain a member of the EU, subject to
all its regulations and budget requirements until it can negotiate a formal separation
agreement. Given the complexity of the negotiations, we believe reaching a deal will
be a lengthy process — potentially years rather than months.

Click here to read to complete perspective