The government has decided to strengthen its preparations against a possible British exit from the European Union(EU), known as Brexit.
 
First Vice Finance Minister Choi Sang-mok chaired a macroeconomic meeting on Thursday to review internal and external risk factors such as Britain's EU referendum, the U.S. Fed's decision to keep its benchmark interest rate unchanged and surging household debt.
 
The government said if Britain votes next Thursday to leave the EU, financial and economic uncertainties will sharply increase, acting as a serious negative risk factor for the global economy.
 
Attendees at the meeting are said to have noted that the low correlation in trade and finance between South Korea and the U.K. will shield South Korea from the impact of Brexit to an extent. However, Seoul plans to pursue stabilizing measures according to a step-by-step contingency plan if the impact of Brexit on the currency and financial markets becomes visible.