The UK voted to leave the European Union (EU) on June 23^rd2016 by a majority of 51.9 to 48.1 per cent, with a voter turnout of just under 72 per cent. This set the UK on course to leave the EU.The triggering of Article 50 of the Lisbon Treaty started the formal two-year process, which determined that the UK will leave the EU on March 29^th, 2019. The British Government has a legal obligation under the UK's 2018 European Union (Withdrawal) Act, which says such a vote must take place "before the European Parliament decides whether it consents to the withdrawal agreement being concluded on behalf of the EU".

Question: The BREXIT decision has had wide-reaching effects on international financial markets in the lead up to the March 29, 2019 vote. Discuss the impact of the four possible exit scenarios modelled by the Bank of England (close, less close, disruptive and disorderly) on the Britain-EU economic partnership - with particular reference to UK's Trade Openness (measured as the ratio of Export+Import/GDP) and Pound Sterling exchange rates against Euro and US dollar for the period between financial/fiscal year 2016 and 2018. [Hint: use yearly data for the trade openness and high (e.g., daily) or medium (e.g., monthly) frequency data for the exchange rates. Acceptable FY: March-April or January-December].