Brexit to ‘Adxit’: Industry leaders warn of global ad spend slowdown

Leaders from across the advertising industry have warned of a global slowdown in ad spend in the wake of the UK’s decision to leave the European Union, which caused chaos in global stock markets overnight.

On Thursday just under 52% of voters opted for Britain to leave the EU, a move which will see it have to renegotiate trade agreements as well as things like work permits and visa arrangements with its European neighbours, and the rest of the world.

Australian Mat Baxter, the global strategy lead for IPG Mediabrands-owned media agency UM, has warned of an Adxit as a result of the decision, predicting many major advertisers will cull their spend to see what happens across global economies.