So the votes are in and we wake up to the realisation that the United Kingdom has decided to leave the EU. Any commentator’s views on what the future now holds is of course pure conjecture as no nation as large as ours has ever left either the EU or any other major trading alliance. ‘Uncertainty’ is going to be over-used for many months and years to come and will bedevil all legal, accounting and financial advisers when it comes to trying to now give best advice to clients.
During the campaign, the Chancellor, George Osborne (who remains the Chancellor while I write this articlet!) suggested that the economic shock to the country caused by a Leave decision would require the introduction of an emergency budget. Many disbelieved him and there was of course an immediate backlash from the Leave wing of the Conservative benches threatening to vote down such a Budget. However, we now know that David Cameron will no longer be Prime Minister come the Autumn and it seems almost as sure as night following day that the new Prime Minister will appoint a new Chancellor.
Why does this matter for Succession Planning? Well for several reasons, but three immediately spring to mind:
I am afraid there are many more questions than answers and it is inevitably going to be a case of watching and waiting to see how the forthcoming negotiations progress and the economy handles the process in the meantime.