Gov. Rick Snyder says its “premature” to speculate on how Great Britain’s exit from the European Union might affect Michigan’s economy.
Britain entered uncharted waters after the country voted to leave the European Union. The decision shatters the stability of the continental unity forged after World War II in hopes of making future conflicts impossible.
The decision raises the likelihood of years of negotiations over trade, and business and political links with what will become a 27-nation bloc. In essence the vote marks the start - rather than the end - of a process that could take decades to unwind.
The pound suffered one of its biggest one-day falls in history, plummeting more than 10% in six hours, on concern that severing ties with the single market will hurt the U.K. economy and undermine London's position as a global financial center.
But despite the concern in financial markets, Gov. Rick Snyder expects Great Britain will remain a major Michigan trading partner.
“With respect to Michigan itself and our relationship to Great Britain, it’s been strong and continues to be strong,” Snyder told reporters this morning.
Michigan exported $777 million worth of merchandise to the United Kingdom last year, mostly in the form of chemicals and transportation equipment.