Brexit Briefing: Last-Minute Warnings from George Osborne and Rolls-Royce

June 16, 2016

It is only one week away from the EU referendum and the financial crowd keeps getting more abuzz with latest updates around the Brexit.

Within the last 24 hours, George Osborne has gained significant attention from the financial market participants after the Chancellor issued his last-minute warnings on Brexit. In his efforts for a remain in EU vote as more poll results indicate a rise in Brexit supporters, Osborne said to introduce an emergency budget in case of a Brexit.

Tax hikes and spending cuts worth £30 billion are his threat to the public ahead of the voting deadline. In response to Osborne’s latest move, 57 Tory Members of Parliament said to block his proposed post-Brexit “punishment budget.” 

Brexit Briefing 2

Not only the Conservative MPs rise the revolt against the Chancellor’s aggressive decision, but the crowd also seems not so happy.

Also on the pro-Bremain side, Rolls Royce made it to the top market attention list as the company voiced to support the U.K. staying in the EU. The aero-engine maker said its customers, suppliers and workers will be better off if the U.K. remains in the bloc.

“This is because we are a very interconnected operation across Europe. If Brexit occurs there will almost inevitably be a period of uncertainty, and uncertainty is what we can’t cope with,” said Chief Executive Warren East.

In addition to the trend, the British chain of upmarket department stores John Lewis warned shoppers of a rise in prices in a post-Brexit world.

As the discussions move on, the Brexit Briefing keeps updating the most discussed topics in related to Brexit, including economies, stocks, currencies and central banks.

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