The true cost of Brexit
The British vote to leave the European Union is one of the biggest news stories of 2016, surpassed perhaps only by the American Presidential Election. Writing in October 2016 no one really knows what ultimate outcomes mean for Great Britain and the European Union, but performance in the financial markets does provide some initial insights. The table to the right shows the Brent price of oil first in dollars and then in a variety of European currencies. Although the price has increased across the board, the 18.76% nominal change in British Pounds far exceeds the 2.5%-5% change in the other currencies.