Stuart McKee, Head of Corporate Finance at PwC, commented:
"The long-term ramifications of today’s vote are largely unknown. Understanding the impact on individual businesses post-exit is going to take time, and this will reduce deal activity in the short to medium term.
"While our recent report on behalf of the CBI suggested a decline in GDP versus a remain scenario, this in itself is unlikely to have a major impact on mergers and acquisitions. Our report also pointed to the pricing of “uncertainty” and estimated there the cost of debt is likely to rise as risk is priced in, and this would then reduce the price a buyer could pay.
"We will be working closely with our clients – including those in Asia and the US – to prepare for possible changes to business strategies that may come from the UK’s new position following this historic vote."