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BREXIT

 

June 23, 16 there was a buzz on every channel. Every news channel was flooded with red banners saying, “United Kingdom Voted To Exit”. So the day was here the Britain had voted to leave the European Union. So what? Was that a big deal? Why every channel one was buzzing around like it was going to be a chaos?

Well, let me first take you a bit into a history of the Britain’s referendum stances. This was not the first time that the UKs membership in EU was questioned by its very own political partied and advocacy groups. In 1975, a referendum was held for the same reason but luckily majority voted to stay in European Economic Community, later called European Union.

This time it all started when David Camron, the UKs prime minister, promised to hold a referendum if his party wins this election though he was clearly not willing to do this but in order to mollify dissenters in his own party and to stop the rise of far-right UK Independence Party, he had to take this step.

Since it is done so now what? This separation has hurt Britain significantly, at least for the time being. You can get this fact from the thing that just the voting is done and the EU meetings regarding UK parting his ways from EU are still to be hold and the final verdict will take time, maybe years but the British decline has already started. There economy has already started collapsing, the British pound has already dropped by 9 percent of its value since the vote.  FTSE (Financial Times Stock Exchange) got dropped by three percent in the last trading window and if you take this FTSE in pounds, that means that British Stocks are down by ten percent. All these scenarios are quite alarming and can foretell the crisis which are on their way.

Other than this, without having access to the Union’s open markets Britain will probably lose trade and investment. And while the influx of migrant workers has created anxiety over British culture and identity and if these migrants leave, this will lead to lower productivity, slow economic growth and decreased job opportunities.

As the Scottish people wanted to stay with EU so there is also a chance that they may separate themselves from UK and join EU as a separate state and if Scotland leaves, it would devastatingly alter Britain’s political character.

The implications of the European project are itself cloudy, but being that uncertain about the things maybe the greatest threat to the union, which has helped bring Europe 70 years of peace and is already undergoing strain. It also undermines trust between member states, whose commitment seem less reliable every time one o of them toys with leaving as there are rumors that some of the European countries will now follow UK and leave EU.

On the other end, Germany already had too much power in the bloc, and a British exit would make that imbalance more pronounced. It would undermine the European Unions legitimacy and make it more difficult to respond to internal crises like the migrant influx and to the outside security threats.

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fahad farooq

fahad farooq