Countdown to Brexit: Impacts on the Economy
British citizens have a weighty decision this week. Stay in or leave the European Union (EU), the economic and political union composed of 28 European countries that they have been part of for decades. Tom Barkley, a British citizen and professor of finance practice and director of the M.S. in finance program and in the Whitman School of Management at Syracuse University, discusses what might happen and what he’ll be looking for as the votes are counted.
“Trying to stand alone and not be a part of the European Union would end up weakening the economy in the UK and weakening their trading position with partners around the world and as a result of that the currency would probably depreciate. There would quite possibly be cash flows that would leave Britain to go elsewhere as investors would pull their money out,” said Barkley. “Some of this was recently highlighted because recent polls suggested the majority will vote for the UK to stay in the European Union and our U.S. markets responded favorably to that. Given these market reactions, I would actually anticipate if the UK referendum goes in favor of staying in the European Union it will eliminate that uncertainty. It will provide a boost to British markets, EU markets and U.S. markets after the vote.”
More information about this and other financial matters related to the Brexit vote can be read here.
Barkley is available to speak to the media about the Brexit and economic issues. He can be reached by contacting Kerri Howell at firstname.lastname@example.org or 315.443.3671; or contacting Ellen James Mbuqe at email@example.com or 315.443.1897.