Events in June, prior to the UK’s EU referendum on the 23rd, became somewhat irrelevant following the shock result. The market reaction was instant and dramatic, with sharp falls in sterling, global stock markets, government bond yields (especially those in the UK) and a flight to safe haven assets such as gold.

In the UK, domestically exposed companies such as banks, house builders and retailers have fallen particularly steeply. However, the moves were less violent than predictions prior to the vote and after two days of declines, markets recovered as prospects of global contagion, systemic illiquidity, or funding problems for banks became less tangible.