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Brits in America React to ‘Brexit’

LACKAWANNA COUNTY — Many people in our area watched the historic “Brexit” vote while keeping an eye on their 401(k) accounts.  While British c...
brexit

LACKAWANNA COUNTY -- Many people in our area watched the historic "Brexit" vote while keeping an eye on their 401(k) accounts.  While British citizens who live here continue to watch to see how the decision to leave the European Union will play out back across the pond.

"It really was an anxious and rather stunning evening," said Dr. Susan Trussler, an international business professor at the University of Scranton.

Dr. Trussler said the night of the Brexit vote wasn't the relaxing night at home that she had hoped for.

Trussler is Welsh and still shocked over her home country's decision to leave the European Union.

"One part of me is the business professor thinking about the implications of this and how we're going to talk about this in class in the fall. The rest of me is very confused," she said.

Trussler told Newswatch 16 the fallout from the so-called Brexit vote is still very unclear for British folks like her.

There were some immediate consequences for Americans. The dollar became much stronger against the British pound.  But, then the stock market dropped by more than 600 points.

Here in northeastern Pennsylvania, investors didn't seem too worried.

Sean McAndrew from Ingargiola Wealth Management Group in Dunmore told Newswatch 16 that for the average 401(k) holder, the stock market drop won't have much of an effect in just a few days.

"At the end of the day, markets are back where they were last week. Even global markets, so really, we've just given back some of the gains we made over the week period," McAndrew said.

Another University of Scranton professor, Dr. Maria Johnson, thought of one consequence for British citizens like her who live in the U.S.

"The thing that's really kind of distressing is the freedom that my friends and I had to just pack up and go anywhere. That's just going to be gone," Dr. Johnson said.

Immigration within the E.U. was one of the main reasons why Brexit supporters wanted to leave.

Now, Johnson expects her home country of Scotland to revive an effort to leave the United Kingdom.

"I think that subject will be revisited, because if Scotland has to pick between the United Kingdom and Europe, it's going to go Europe," she added.

Stock market experts said the impact of the Brexit vote here in the U.S. should be minimal. They expect the market to rebound in the next few weeks.

It will take longer to see the impact in the U.K.  Separation from the E.U. is expected to take months, even years.

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