Pic courtesy: abibitumikasa.com
On 24 June,2016 Britishers woke up in a new country. The Britain that existed till 23 June was not in existence anymore.
For all those who ran the Leave campaign & those who supported brexit, it was a day to celebrate. For them the day is marked as the independence day. But for the other 48% who voted to remain in the European Union, & for the majority of people around the globe, the news came in a way that sink the heart. It’s most unhappening for the people of Scotland. All major political party collectively voted to remain in the EU; but, being a part of United Kingdom, they were dragged forcefully out of EU, against their collective will. This yet heightened the possibility of Scotland to be separated from Kingdom & be the guardian of their own destiny.
Brexit even resurfaced the rift between the old & the young, the rich & the working class, and obviously between Scotland & England.
Brexit, probably the most important news in the decade, brought a cascade of aftershocks as were being feared about. Apart from the fear of division of United kingdom, there is a constant risk of economic turmoil. Britain losing the AAA credit rating and falling of euro, certainly backens the fear. Moreover, the decisive win of the Leave campaign certainly costed high for prime minister David Cameron, who had to resign, putting a big question mark on his political career too.
Britain, no doubt, got certain advantages through its decision of leaving the EU, but the cost it paid & most probably has to pay in near future mocks the ‘freedom’.
- The UK loses influence over EU regulations without gaining much freedom to regulate independently
- The UK is less attractive as a gateway to Europe, as a base for corporate HQs & as a location for investment from Europe
- The Brexit victory sent economic shockwaves through global markets & Britain lost its top AAA credit ratings.
- Immigration is tightened, damaging competitiveness, particularly London, but now can make their own regulations regarding the same
- Regulatory divergence grows over time increasing the cost of trade, impacting on volume & the UK place in supply chains
- The UK gains flexibility over industrial policy, but loses the benefit from scale & influence in some areas
- The UK loses the benefit from being able to influence both in & through EU, impacting on economic & foreign policy interests.