It was absurd that “Leave” campaigners were dismissing the warnings provided by economists as irrelevant. Brexit has created major uncertainty with avoidable challenges chockablock full of negative effects to persist for many years. Not only has Brexit “got their country back”, they have brought economic hard times along for the ride.
The longer-term effects of Brexit are all adverse. Most studies leading up to this debate, suggested that economic growth would suffer. A detailed analysis from the Bank of England in October 2015 made cautions. Two American banks, Goldman Sachs and Citigroup, also warned that growth and the pound would fall further after a vote to leave the EU.
We also warned that one of the trickiest issues for a post-Brexit Britain would be how to maintain full access to the EU’s single market – the world’s biggest. This is crucial since almost half Britain’s exports go to the rest of the EU. And as England and Wales will discover, it matters greatly for the fastest-growing component of exports, services (including financial services).
Just 24 hours after deciding to quit the European Union, the U.K. is already starting to absorb the financial ramifications of its shock decision.
Late Friday night, after the U.K. suffered a bruising day on the world’s market’s, U.S. ratings agency Moody’s announced that it had lowered its outlook on the country’s credit rating from stable to negative. If a negative outlook turns into a ratings cut, it could put upward pressure on the country’s long-term borrowing costs. CNBC reported
Many of us warned of the potential harms at the beginning of the year, which included the prime minister’s future, the future of the United Kingdom, triggering both a Scottish Independence referendum and a move to unify Ireland.
Well, now England and Wales have a full-on disaster on their hands. As a result, Tory MPs will suffer a predictable and well deserved trashing.
Still, not every region in the, soon-to-be-former United Kingdom will suffer. Northern Ireland and Scotland are working towards Independence. Scotland is talking with Brussels (as I type) to “protect Scotland’s place in the EU”, while Sinn Féin is working hard to join Northern Ireland with Ireland in the EU as one unified country.
As you can see – the ‘Losers’ and ‘Winners’ is certainly open to interpretation – depending on your perspective.
Those of us that call Scotland and Northern Ireland home, this is the best solution that has presented itself, for us be to become independent from England and remain a member of the EU, and in doing so, not be dictated to by Westminster and right-wing agendas.
The EU are allies with common interests and common goals. Countries today cannot try to deal with international problems alone.
As Brexit-like dissidents in Europe watch from the sidelines, Scotland and Northern Ireland’s examples will provide alternatives to discarding the EU exchanging it will a bleak economic forecast that will last years and for generations. Brexit’s legacy will be remembered as one that divided and created avoidable economic hardship. Those who survive this will look back and regret their decision of putting their cross next to – Leave the European Union. It is difficult to muster up much empathy, as this is the result you now have to endure and a deserved punishment for giving into fear-mongering while abandoning critical-thinking.
In the end I would like to add something I learned from Brixit ; good leadership and scientist’s lobbying cannot overcome populists and liars , and no matter the price middle class will pay , the opportunists should rule .image