According to the International Financial Analysts (AFI) they consider that the ‘Brexit’ can have a significant effect within the Spanish economy, since it is possible that it affects the trade flows between both countries and the profitability of Spanish investments in that country.
In addition, it will mean an increase in regulatory costs for Spanish banks, and therefore a re-negotiation of the access of their respective citizens to services and a “risk precedent” for the independence challenge of Catalonia.
These considerations, were collected in a study prior to the consultation, also include other risks for the Spanish economy, including that the ‘Brexit’ entails problems to access the financial services of the ‘City’, and trade flows with Spain, since it will decrease both the confidence and the purchasing power of British consumers, since the The United Kingdom is the fifth most important destination for exports of Spanish goods and services, which represents about 7% of the total.
Spanish foreign direct investment in the United Kingdom reached 48,000 million euros in 2013, mainly concentrated in the financial sector with 35%, telecommunications with 32% and energy supply with 15%, and the British country is a source of relevant FDI for Spain since British investment represents 10% of the total which represents 30,000 million euros.
This uncertainty could delay the flow of funds between both countries destined to invest, and a depreciation in the pound would reduce the profits of Spanish companies with subsidiaries in the United Kingdom and the regulatory changes that occurred would affect the profitability of Spanish investments in the country.