Data from Bloomberg Intelligence has revealed the full impact that the UK’s decision to leave the European Union may have on the advertising industry and the broader economy – and the news is not good.

Global advertising leaders have reacted with disappointment to the news that the UK has voted to leave the EU and pursue a so-called ‘Brexit’, but have insisted that London will remain a major centre for media and marketing.

There may, however, be some pain to endure first.

BI Publishing & Broadcasting industry anaylst Tal Smoller has found that there may be a decline in advertising spending if the economy markedly slows as predicted, with ITV standing to lose the most, given that it derives 51% of its revenue from UK TV advertising.

In the wake of this, Brexit may cause advertisers to rethink their annual ad budgets, as the UK stands to lose £70m in annual advertising over the next 14 years if a predicted 6.2% slowdown in GDP growth by 2030 proves accurate.

Brexit could also have the effect of stopping UK based channels from crossing EU borders, with about 65% of channels established in the UK currently targeting other countries, mostly in the EU. Therefore, Smoller has speculated that the exit could lead to higher licensing costs and potential relocations.

Former Financial Times-owner Pearson is one of just three stocks in the Stoxx 600 Media Index set to gain from the UK pound’s pain.

Unsurprisingly, the majority of respondents to surveys of the UK’s media industry showed they wished to remain, with 59% in favour amongst TV broadcasters, producers and distributors believing Brexit would have a negative impact on their business.