So Brexit it is. The people have spoken, and given their verdict in favor of leaving the European Union. The results of the referendum were surprising for most pundits across the globe, who are calling it ‘a shock to the system’.
Though the ‘Leave’ voters won by a slim margin, 51.89% – 48.11%, there’s no doubt now that Britain, the EU, and the rest of the world will have to begin dealing with the aftermath of this decision by the British public.
The economic consequences of the referendum were immediately obvious when stocks came tumbling down, as did the value of the British Pound, falling to its lowest since the 1980’s. The ripples were felt all over the world, and ‘enormous changes’ are being predicted in the days to come, although the supporters of the ‘Leave’ campaign are insisting that things will settle down after a brief period of turbulence.
The referendum’s political impact will also be huge. British Prime Minister David Cameron has already announced that he will be stepping down as ‘the captain of the ship’ as he feels it’s time for someone else to steer the country in the new direction the people have chosen.
Nigel Farage and Boris Johnson, leaders of the ‘Leave’ campaign, were jubilant, saying that Britain was now free to form policies that were suited to its own particular needs.
Economists, politicians, analysts, and ordinary citizens are all now trying to absorb the impact of this ‘shock’, not quite knowing what the ramifications are going to be, as only time will tell whether the Britons’ decision to get out was a wise one or not.