The most significant effects of the referendum have been on the sterling exchange rate, which has depreciated by about 10 per cent since 23 June, both against the euro and in nominal effective terms (that is, against all the other main currencies, weighted according to their trade with the UK); inflation rose by nearly 2 percentage points, to 2.3 per cent in March.
The severe tensions besetting international financial markets around the time of the referendum dissipated quickly (Table 1). The economic policy uncertainty index rose in late June and early July, but then returned to pre-referendum levels (Figure 1).