The UK decided to leave the EU following the referendum that took place on 23 June 2016. The formal process of leaving started on 29 March 2017 with the UK triggering Article 50.
An impact of the “Brexit” decision was seen immediately after the referendum result with sterling falling to a 31-year low against the dollar. But the longer term implications on the energy, chemical and fertilizer industries will not be known until negotiations get underway and a new deal agreed with the EU as well as potential trade deals with the wider world.
ICIS followed the lead up to the referendum and the aftermath of the vote and is now providing coverage of the developing situation as the process of the UK leaving the EU starts .
ICIS graphics and news output help readers assess the situation as it develops across multiple products.
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With the recent general election in the UK stoking uncertainty about negotiations between the UK and the EU, Steve Elliott, CEO of the UK’s Chemical Industries Association (CIA), discusses the need for a “pragmatic Brexit” with ICIS’s Jonathan Lopez and considers the options for Brexit and what it means for the UK’s petrochemical industry.
The vote in favour of the UK leaving the European Union delivered a blow to business and to an industrial sector overwhelmingly supportive of the ‘Remain’ camp. The data from ICIS Consulting shows what proportion of the EU’s major petrochemical assets are in the UK.
They also illustrate the latest trade flows for the major olefins, aromatics, 12 major polymers and 21 intermediates.
View the latest ICIS infographic to gain an insight into what market participants are thinking and what consequences a “leave” vote would have on the industry.