“The
will of the British people is an instruction that must be delivered”. These
were the words of David Cameron after nationalist
Eurosceptic voters chose to leave the EU and brought Cameron’s premiership to
an abrupt end.
The consequences of
Brexit vote are rolling fast and furiously. The value of the pound tumbled and
markets crashed. Half of the Labour party’s top team is set to resign in what
is seen as a bid to force Jeremy Corbyn to resign as leader of the Labour
party. Mr. Corbyn’s commitment to the Remain campaign as been described as a
study in reluctance.
A second Scotland referendum is imminent. Scotland’s
First Minister Nicola Sturgeon said the Scottish government would prepare
legislation to enable another independence vote because with Brexit Scotland, where
62 percent voted to Remain would be
taken out of the EU against their will. Similarly, in Northern Ireland where 56
percent voted to Remain has motivated speculation about the possibility a unity
referendum to unite with the Republic of Ireland.
Two weeks ago, IMF published an analysis of the
consequences of Brexit. In one scenario Britain plunges into recession in 2017,
unemployment rises to seven percent by 2018 and real wages stagnate because of
high inflation. But last Thursday, June 23, UK voters chose to leave the EU.
Cameron had drafted in Obama to help the Stronger In campaign. In April Obama
warned that the United States
would be more interested in doing trade deals with a "big bloc" like
the EU than a single nation like the United Kingdom. But even Obama’s exhortation to remain failed
to persuade voters.
Brexit is a catastrophic blow to the
process of European integration. Voters in France, Italy and Netherlands are
demanding their own votes on EU membership. Mindful of mass exodus from the EU,
German Chancellor Angela Merkel cautioned that the other 27 members of the EU
should “not draw hasty and
simplified conclusions from the British vote that would only divide Europe
further”.
Two people think Brexit is an inevitable
fortune. Vladimir Putin is gloating. He thinks Brexit was a comprehensible
consequence of “arrogance and a
superficial approach from the British leadership to issues that are vital to the
UK”. Speaking in Scotland a day
after the referendum, Republican presidential flag bearer Donald Trump said
Brexit made total sense because the vote mirrored the anger and despondency
smoldering among Americans about the economy, jobs, immigration and border control.
Brexit is a vote against UK’s future. Youth
strongly favored Remain, with 75 percent of citizens aged below 24 voting to
stay in the EU. Young people will face the consequences of Brexit for longer. They must
feel screwed over by their parents’ votes.
Britain is stronger in the EU and Leave voters
must regret June 23. Brexit underlines a cataclysmic failure of leadership by
UK’s political class. Why was such an incredibly complex decision left with the
citizens, most of whom have no clue what the EU is about?