Last Thursday, Boris Johnson finally reached his desired absolute majority through general elections in the UK, which essentially activates Britain’s retreat from the European Union beginning on the first of February. In our opinion, this will be a ‘hard’ Brexit with significant consequences. This brief note facilitates understanding of the magnitude of the potential Brexit scenarios that may unfold in the coming months and years and above all, the most important impacts on the Spanish economy. Once more, we have attempted to insulate our analysis from the ‘noise’ to reach a position on how Brexit could impact the export of goods and services, tourism, investment and the purchases of homes by Britons.