Uncertainty aside, Brexit could bring fresh opportunities with industry reinvention

The UK referendum result has kicked off a period of uncertainty, sending stock markets and the sterling plunging. UK Prime Minister David Cameron has said he's stepping down and ratings agency Standard & Poor's (S&P) has lowered its long-term sovereign credit ratings on the UK by two notches to 'AA' from 'AAA'.

Delving into the rationale for the downgrade and the impact from Brexit, one S&P representative described the fallout as a "hyper state of uncertainty." As Jean-Michel Six, Managing Director & Chief EMEA Economist at S&P Global Ratings, pointed out in an S&P webinar: "From a foreign trade standpoint, the UK depends more on the EU than the EU depends on the UK."

Is there a silver lining? There could be. "The general consensus is that there is no need for panic. This is one of the most resilient industries in the world," said Andrew Bergbaum, Managing Director, AlixPartners, speaking in an Automotive World webinar on the topic. "It has reinvented itself many times to cope with equally difficult situations. It may not be the result we wanted but there is plenty to be done to mitigate the impact."