UK's new Prime Minister calms markets, but long-term challenges remain

July 13, 2016

Theresa May will become Britain's new prime minister today to take on the challenge of turning the country’s Brexit referendum vote into reality.

She took the post after her rivals all stepped down from the election to succeed David Cameron who offered his resignation after his defeat as leader of the campaign to remain part of the EU.

May said it was vital that the UK has strong leadership and certainty at a difficult time for the economy and added: “Brexit means Brexit and we are going to make a success of it.”

The first female Prime Minister since Margaret Thatcher faces a series of tough economic challenges.

A post-Brexit consumer survey has revealed one of the sharpest drops in confidence for more than 20 years and economists are predicting years of lower growth within the UK and its trading partners following the vote to leave the EU.

Yesterday, OPEC cut its forecast for world economic growth, citing increased uncertainty following Brexit, although it expected global demand to rise in 2017.

The impact of this uncertainty on residual values is expected to become clear in Q4 2016, according to Autovista Intelligence analysts.

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March 31, 2017

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