June 23, 2016: Britain Votes Itself Out

On June 23, 2016, 51.9 percent of British voters chose to leave the European Union in a referendum that was legally advisory and politically irreversible.The betting markets had put the odds of Leave winning at thirty percent. The prime minister who called the vote resigned the morning after. The immediate market panic was shorter-lived than predicted. The structural damage that followed was worse than the models calculated. A decade later economists estimate Brexit reduced UK GDP by 6 to 8 percent compared with what it would have been had Remain won.From bsnsHistory, the daily podcast about the moments when business quietly reshaped the world.Written and hosted by Ron Trucks. Research and editing by Rodney Russ. Sound design by Angela Cahoy. Music by Cody Martin and Soundstripe.For more daily business stories, visit www.bsnsDAILYpodcasts.com