One Year Since Brexit Referendum: ETFs In Focus

Last year, on this day, the people of Britain took to polling centers to cast their ballots for a game-changing decision on Brexit. The results proved just how divided the country was, with 51.9% voting to leave and 48.1% opting to remain. Now, the country is treading an unknown path, as it prepares to start Brexit negotiations.

The referendum led to the resignation of the then Prime Minister David Cameron, and Theresa May was appointed as the leader of the nation in July.

However, it hasn’t been a smooth journey since then. The High court blocked May’s plans to trigger Article 50 in November, urging her to get a vote from the MPs before starting the process. It was subsequently approved in February as the House of Commons voted in favor of the bill by a huge majority, 494 to 122. The Article 50 was triggered on March 29, 2017, setting Britain on a two-year process of negotiations (read: UK Gears Up to Set Brexit in Motion: ETFs in Focus).

The British pound has lost nearly 14.5% of its value against the greenback in the last one year. Business Confidence in the UK fell to 1 in the second quarter of 2017, from 15 in the previous period (read: Is the ECJ Ruling Good News for British ETFs?).

Most recently, a snap election called by Theresa May reflected surprising results. Although May expected to widen her 17-seat majority against Jeremy Corbyn-led Labour Party, she failed to secure majority, as the Conservatives missed the 326-seat mark required to do so by nine seats. The Labour Party secured 262 seats, reflecting a gain of 30 seats from the last election. May has been widely criticized for the fate of the Conservatives in this snap election by her own people.

In order to run a majority government, May is in talks with the Democratic Unionist Party (DUP). This decision has invited widespread criticism, owing to the populist ideologies of the DUP.

Most recently, Theresa May has proposed a plan to let EU citizens continue living in the UK before trade talks begin, which has been the primary concern of EU leaders. However, the details of the plan are awaited and a cloud of uncertainty around it still exists.

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