Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

All

News

Sport

Culture

Lifestyle

David Cameron tears up during resignation speech

New research from the University of Surrey reveals that the political and economic upheaval caused by the 2016 Brexit vote sent "financial shockwaves" across Europe.

The study, which analysed over two decades of EU stock market data, found that Brexit-related events significantly increased volatility spillovers between European markets.

Researchers developed a "Brexit intensity" index, tracking around 500 political and economic events, concluding that Brexit functioned as a "prolonged sequence of uncertainty" rather than a single shock.

While larger financial markets like Paris and London transmitted volatility, smaller markets in countries such as Ireland, Portugal, and Spain were most acutely affected by the turbulence.

The research also indicated that Brexit weakened financial integration within Europe, as…