Brexit vote catches many US firms by surprise

New York/Chicago

THE risk that Britain could yank itself out of the European Union had been telegraphed for over a year, but even US companies with "Brexit" contingency plans have said that they were shocked that it is now on track to become reality, and are just beginning to work through all of the implications.

Caught off guard, some US firms have rushed to place foreign currency orders hedging against further declines in the British pound. Many are seeking legal advice on the impact on trade agreements and regulations, while others are beginning to consider a potential drop in demand from European economies, company executives and consultants told Reuters.