One of the factors identified by EY as contributing to a growth in the "perceived fragility of the current market" was the United Kingdom's decision to leave the European Union. The report added that "political uncertainty is increasingly affecting global trade and credit markets."
In the previous survey in April, the United Kingdom ranked second.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Britain's exit (Brexit) from the bloc, while about 16.1 million opposed it.
Negotiations on Britain's exit are expected to start in March, with the triggering of Article 50, and would last at least two years. The referendum result has raised questions surrounding Britain's trading relationship with the remaining 27 members of the European Union after the exit is enacted.