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Westchester County Business Journal: "What could Brexit mean for New York, U.S.?"

06/24/2016 News Release Image

Westchester County Business Journal: "What could Brexit mean for New York, U.S.?"

Photo: Supporters of the “Leave” campaign celebrating today near Parliament in London. Credit Andrew Testa for The New York Times

British voters opted to cut ties with the European Union Thursday, a historic decision that caused turmoil in the markets and forced the resignation of its prime minister.

Prime Minister David Cameron announced plans to step down early Friday morning after leading the campaign to stay in the EU, saying the country would need “fresh leadership” for its transition. Meanwhile, the announcement sent the British pound plunging to its lowest level since 1985. The S&P 500 Index opened down 3 percent Friday in the U.S.

But what further impacts Britain’s decision, coined Brexit, could have in the United States and in New York are not yet clear, according to Larry Bridwell, professor of International Business and chair of the Undergraduate Management Program at Pace University’s Lubin School of Business in New York.

“This is a classic example of a big-picture story,” Bridwell said.

He noted the trouble on Wall Street in the U.S. and the declining pound as the immediate impacts on the global economy.

“But as far as the American economy as a whole, a lot of activity are exports, imports and that I don’t think is going to be affected that much,” he said.

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