Brexit: The referendum and its implications

In a 23 June 2016 referendum, the UK public voted to leave the European Union (EU). The implications for the UK, the EU and the rest of the world depend to a substantial extent on the agreed exit terms, as well as the negotiations with other countries.

The UK government will, at some point, notify the European Council of its intent to leave the EU. That notification triggers a two-year deadline for concluding negotiations. That deadline could be extended further by mutual consent of all Member States.

It has been widely speculated that the UK would wish to enter into some form of free trade agreement with the EU and the remaining EU Member States. Much would depend on the scope and terms of that agreement, but no matter which agreement will be reached, four overarching themes seem to emerge:

There are various ways on how the negotiations will turn out.  We think along three main scenarios when we look at what is about to happen and what the consequences could be.

Brexit is a process not an act, with a long period of negotiations. Our scenario analysis suggests a long period of adjustment could follow once Article 50 is invoked:

Because of this uncertainty financial institutions must consider their response to Brexit across their entire business and operating model. Impact and Response will differ by institution and by industry.

Nothing has changed, yet everything seems to have changed.

For sure, while the impact the UK’s decision to leave the EU will be with us for some time, uncertainty will give way to new market realities and real opportunities as we move forward.

We at PwC Germany stand ready to helping you with the challenges and opportunities Brexit brings to your organisation. We have a dedicated Brexit Team, plugged into our global network, with the latest strategic, operational and technical insights together with expert opinion on likely political, legal and financial developments.

Financial Services Leader Germany

Markus Burghardt

Tel: +49 69 9585-2240
Fax: +49 69 9585-911516



Ullrich Hartmann

Tel: +49 69 9585-2115
Fax: +49 69 9585-920509



Hans-Ulrich Lauermann

Tel: +49 69 9585-6174
Fax: +49 69 9585-6113


Organisational Strategy

Philipp Wackerbeck

Tel: +49 89 5452-5659
Fax: +49 69 9585-9887659


Real Estate

Susanne Eickermann-Riepe

Tel: +49 69 9585-5909
Fax: +49 69 9585-930246


Financial Services Brexit Leader Germany

Markus Sauerland

Tel: +49 69 9585-2812
Fax: +49 69 9585-9862812



Jörg Wulfken

Tel: +49 69 9585-2447
Fax: +49 69 9585-9862447



Nicole Elert

Tel: +49 211 981-4196
Fax: +49 211 981-1074


Organisational Strategy

Holger Kern

Tel: +49 89 5790-5939
Fax: +49 69 9585-967444