The shockwaves, the existential threat and exhaustion of the exit of Britain from the European Union has caused financial markets great panic and concern. The geopolitical and economic crisis that the detachment of Britain will pose to the global financial system will be an economical tsunami. It has also caused the envisioned political class in the United Kingdom to be very concerned about the future of Britain.
Barely 24 hours after the referendum, some of the questions trending online are: What is the meaning of Brexit? What is EU? What does it mean to leave European Union? What are the political, security and economic consequences of leaving the EU? All these are existential questions the ignorant voters of Brexit did not consider before casting the votes of a lifetime. The political neophytes in the suburbs; the rural areas, and the cities of England danced ignorantly to the campaign of fear and divisiveness of the independent party. A party that has created xenophobic and immigration phobia and brouhaha in the minds of some warped Britons. Boris Johnson and the independent party in the UK are fear-mongers who will drag Britain back to a catatonic state in the world economy. Britain will be drawn back to a weak country in the international community. Now that the coast is obvious, the days of reckoning are imminent. After the election, the veil in the eyes of voters to leave EU are being lifted, and Britain’s journey to the unknown has just began!
There is all indication that the same people with the decision to opt out of EU, are now clamoring for reunion, having seen the implications of their damaging decisions. They are collecting signatures now for fresh referendum for reunion. As at the time of writing this piece, 3 millions signatures have been collected.
It is pertinent to note that a warning should be sent to other members of the EU to be cool, calm and focused; not to thread the path of the British impervious mission to isolationism. The signal from the far-right in the remaining member countries like Switzerland may be to consider Swissexit; France to consider Frexit; Germany to consider Germexit and so on and so forth. All these nations including Netherlands, Poland, Luxembourg, Bulgaria, Estonia, Italy, Romania, etc., can reinvigorate their alliance to the admiration of England. The disintegration of the EU will bring social insecurity and economic instability, if not disaster to vulnerable member countries. This is a famished road to thread with utmost and absolute caution.
Globally, from Asia Pacific, to Europe and America, stock markets tumbled and plummeted on Friday, June 24, 2016. It has sent jitters to the spines of investors and financial institutions around the world. Everyone is in a state of confusion. In less than 24 hours, pound sterling suffered ignominiously against the US dollar; and the global market lost 2 trillion dollars in a swoop to the stinging results of Brexit. The stock market in the US alone lost a whopping sum of $830 million the day after the ugly news of Brexit oozed out to the bewildered world.
The danger of the uneducated-ignorant minds is the destruction that will be created when uneducated-ignorant decisions are made. These decisions will affect the people around the world. This is exactly what has happened in the United Kingdom and Brexit of EU. It is a self-induced, self-inflicted decision with some likely unintended consequences. The resignation of David Cameron, the Prime Minister of Britain is the right thing for him to do at this tumultuous period, but his legacy will be etched on his decision to have allowed referendum on the UK’s exit of the European Union. What a way to end a promising political career!
The polarization of the UK politics has spanned the 43 years of its emergence with the European Union. Most opposition members from the far-right have opposed the unification of European countries. They have now achieved their age-long sense of isolationism. Now that the die is cast, the journey will be tough with many uncertainties; the short and long term effects on the people of Europe and the global economy in general may likely have some catastrophic consequences. A social media savvy Ademola Adeyemi aptly said: “They voted emotionally rather than looking at the facts. Most of the lads don’t even know the meaning of leaving EU but they passionately voted against themselves; emotionally voted against their brothers in crime.” The unexpected catastrophic event becomes an eye opener, for the rest of Europe and indeed the world. It won’t be an easy path, but it will be well worth while to get back into trading with the world supermarket inside of the regional mini-market. And if Scotland and Northern Ireland decide to stay in the Evil Ulcer which I doubt, the Scots I know might call for another referendum and then it’s going to be political suicide and double wahala (Adeyemi, 2016).
Mr. Ademola Adeyemi has summed up my thought process in the whole issues surrounding this unwise exit of Britain. The larger percent of voters of Brexit are the unemployed and uneducated youths. The immigrants and the British Diaspora are going to be at the receiving end.
Brexit’s result as it relates to the forthcoming general election in the United States is a good omen for the US electorates to unleash their thought process; this will open their eyes to the reality show of the Republican Party and its presumptive nominee-Donald Trump. He fits in the cocoons of the independent party in Britain. Donald Trump is an impulsive person who sometimes speaks without first thinking which results in him looking foolish or making faux pas. Donald Trump is a man who lacks decorum and inordinate temperament to lead one of the most prosperous nations in the world.
The faux pas decision of the British electorates is gradually coming back to hunt their subconscious minds. Brexit voters are oblivious of the economic and security implications of their collective irrational decision. Moody rating agency has downgraded UK’s credit rating from stable to negative. The economy of UK now faces recession. The independent party and many of those who voted for the British exit is regretting the unholy divorce now when reality is stirring them in the face. The currency of the UK had gone down to all time low in more than 30 years. The sense of anxiety amongst the Parliament now is palpable.
The country is in a state of buyers remorse; now resulting in trending hashtag #regrexit. Their historic decisions seem irreversible. The husky decision to leave the EU was a hasty and ambitious decision that poses grave consequences to the economic health of Britain. The economic turbulence is imminent in the future of the United Kingdom. Britain has lost her empire and its roles in global economy will be regrettably diminished.
UK Banks are in panic attack mode now as the lending rates will increase. The coming years will see the exodus of investments leaving UK for other European Union territories. The UK toxic politics has contributed to the disenchantment of those who voted for its exit. The problems of Britain has little or nothing to do with EU. The resentment of the establishment by the people has been the major reason for their seemingly political revolution. Their incoherent angers are coming back to hurt their psychology now. Time will tell if they have actually made the right decision!