The storm has just begun.
Today the British people decided to leave the EU, causing major turmoil on the financial market. The dust is not going to settle for a while. The Brexit will take about 2 years. Foreign businesses are already considering their options to leave the UK.
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According to the Korean Herald, Samsung is considering relocating its European headquarters in London to a city in mainland Europe. Samsung struggles in Europe and the sales have slowed over the past years. The new uncertainty will not support consumer confidence in buying big curved TVs or flagship smartphones.
It is still early days as many business leaders around the world still hoped that a Brexit is not going to happen. Now it did.
London is a very popular location for global companies as European headquarters. Many will now consider like Samsung to leave. It all will depend on how the UK and the EU will separate. There will be a lot of negotiating going on to establish new ties and rules.
Besides businesses, the financial sector is going to consider leaving. London might lose its central role as financial market place to Frankfurt, Germany. The FTSE 100 Index lost more than 8% today. It is the biggest drop since the Lehman Brothers blew up in 2008.