I say to the British people: this will be your decision.” (Source: BBC). It is time to settle this European question in British politics. Cameron said, “It is time for the British people to have their say. Cameron promised voters that he would hold a referendum if he was elected for a second term, in January 2013. The Eurozone was also at the height of its financial and geo-political crisis with the world markets focused on Grexit. This was because of increasing friction between the EU leadership in Brussels and 10 Downing Street. The referendum vote gained attention when the incumbent Prime Minister, David Cameron promised the UK citizens to vote in the referendum on whether they want to remain or part ways with the EU membership. The term, Brexit was coined by Peter Wilding in May 2012, writing a blog post at and refers to the UK’s referendum on EU membership. So what is Brexit, why did the UK vote to leave the EU and more importantly, what to expect in a post-Brexit world? The answers to these questions are outlined in this article. The Brexit Effect on Financial Markets is far reaching and does not just affect markets in UK but certainly will affect the US and even Asian markets.
The term Brexit, resulted in a short span of market volatility with global indices falling sharply as a result. While many expected that the UK would vote to stay in the EU, the world and the financial markets were surprised after the UK shockingly voted to leave the EU.
On June 23 2016, the British citizens were asked to vote in a referendum on whether to continue remaining as a member of the EU or whether to cancel its membership, in effect to part ways with the EU.
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