Share this article! Since the tally came in, there has been is no shortage of speculation about the impact of Brexit on everything from the stock market and the global economy to the future of British expats living in other European countries. Oregon might seem far removed from the EU shakedown. But in a globalized … Read more
Since the tally came in, there has been is no shortage of speculation about the impact of Brexit on everything from the stock market and the global economy to the future of British expats living in other European countries.
Oregon might seem far removed from the EU shakedown. But in a globalized world, we are not as immune as we think.
Here are four signs of Brexit in Oregon.
1. Stock market takes a dive — and brings Umpqua along with it
The Dow Jones fell 611 points on June 24, after the votes showed Britain would leave the EU. That trend has continued, closing down 260 points Monday. Banking stocks in particular are struggling, including Bank of America, down 6% and Citigroup, which dropped more than 4%. Oregon’s Umpqua Bank is down 4%.
2. Oregon business abroad
About 2 percent of Oregon’s exports go to the U.K., which ranks 12th on the list of the state’s exports. Brexit will dampen value of the pound, and the decreasing value will make U.S. products more expensive and less attractive to consumers.
Adidas, headquartered in U.S., is brushing off the consequences. In a written statement sent to Oregon Business, the company said “The U.K. is one of our most important markets in Europe, Adidas has a strong position there. We expect the demand for sporting goods as well as the trend towards leading a fit and healthy lifestyle to continue.”
3. Brits in Oregon
We don’t know how many British citizens live in Oregon, but the weather is similar and we certainly run into our share of British folk here in the OB office. Research Editor Kim Moore is one of the transplants — and she’s still in shock over BREXIT. British passports will no longer provide their carriers with easy access to 27 European countries, or the ability to live and work where they please.
4. Delta’s Portland- U.K. flight comes just in time
Just last month Delta Airlines announced a new nonstop service from Portland to London. Now that the value of the pound has dropped, it’s likely the cost of those flights and others headed across the ocean will decline.
The strength of the U.S. dollar will also benefit vacationers in the U.K.