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Brexit - What next?

It has been a week since the UK woke up to a Vote Leave victory. Yet it is now also waking up to a new reality of political instability, economic uncertainty and broken promises. As of 1st of July, FTSE 350 has lost a total value of £40bn and the Eurostoxx Banks index has suffered a loss of €158bn since the Vote leave victory was announced on June the 24th.  Post-Brexit, world stockmarkets fell by over $3tn. The UK’s pension fund deficit jumped by £80bn, hitting a new record of £900bn amid increasing concerns about the long-term financial health of European and UK pension funds. The need for the ECB and the Bank of England to keep interest rates low will only mean further deficit increases for pension funds, with some warnings that many pension funds will implode in the next few years. While FTSE 100 has started to recover, the UK is on the cusp of a recession. From a healthy, recovering economy pre-referendum, the UK now has wiped all recent gains and faces an uncertain future and has been bumped down to a lower growth trajectory.