British Oil and Gas Industry Reaction to Brexit

Representatives of the oil and gas industry in the United Kingdom called for unity to minimize the impact of the vote to leave the European Union. A report earlier in June said that since 2014 over 120,000 oil and gas industry jobs have been lost in the UK and another 40,000 are expected by the end of the year. A statement from BP said, "It is far too early to understand the detailed implications of this decision and uncertainty is never helpful for a business such as ours. However, we do not currently expect it to have a significant impact on BP's business or investments in the U.K. and continental Europe, nor on the location of our headquarter or our staff." The Governor of the Bank of England, Mark Carney, said "It will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world. Some market and economic volatility can be expected as this process unfolds." The London and New York markets declined on news of the vote.