For much of this year, economic forecasts for Europe have been incomplete due to the uncertainty of the impending European Union referendum in the United Kingdom. While there was an expectation that a decision would bring more clarity, that belief has been obliterated with the Thursday’s decision to leave the EU.
UK’s political leaders must now focus their attention on the legal process for leaving the political and economic bloc of nations. The UK is now expected to invoke Article 50 of the Libson Treaty, which will start negotiations between the European and British leaders to decide the best way to untangle Britain’s role as both an EU member and free trade partner. These negotiations could take two years or more to complete.
Without a definitive plan or timeline for exit, economic uncertainty in Europe, and especially the UK, is likely to grow. Even after an exit strategy is formalized, the impact of new trade agreements on the global market isn’t likely to be identified until years later.
Synergy Global Housing serves global business travelers. We pride ourselves on helping erase the challenges that come from global mobility. The UK’s decision to leave the EU will likely make business travel across what had been a borderless region more difficult.
Today’s news, and the lack of clarity it provides, makes it even more important to rely on the knowledge of a trusted expert with experience dealing with global business travel. Synergy has an office in Dublin and boots on the ground in London, constantly reading the pulse of Europe’s housing market and global mobility needs.
We are committed to helping our guests and clients find simple solutions to complex challenges. The outcome of this week’s referendum only strengthens this commitment and we are excited about the future – as uncertain as it appears today.