The UK voted to leave the European Union (EU) on June 23rd 2016 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 29th, 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".

BREXIT decision in 2016 created a historic event as no country has exited the European Monetary Union since its inception in 1999. In the process, it caused significant uncertainty and disruption to markets.

Consider the UK, Germany and Spain and assess the effects on their economic data with particular reference to exchange rates and stock prices, for the period between January 01, 2016 and December 31, 2016.