Thursday, July 29, 2021
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Referendum and aftershocks

In a stunning referendum, United Kingdom voted 52%-48% to leave the 28 nation European Union after 43 years, sending global market into a tailspin and business leaders into crisis meeting, and triggering David Cameron’s decision to exit as British PM. With far right-wing politicians across the continent demanding their countries break away too, the rising tide of strident nationalism, economic angst, anti-immigrant hostility and protectionism portends and uncertain future for liberalism and globalization and gives Donald Trump fresh ammo for his campaign.  The Brexit vote also highlighted divisions within the UK, with Scotland and Northern Ireland voting decisively in favour of remaining in the EU and England and Wales approving the exit.  Markets take a beating as Brexit sparks huge sell off and from 10 Downing Street the effect was passed on to Dalal Street.  There will be short term impact on India and there is nothing serious.  Indian students studying in the UK will have reduced burden but the chances are there for increase in the cost of living. Crude oil prices dropped drastically and the prices plummeted sharply as an after effect.  Thus Brexit redraws European Union map and the world pounded as of now. We will have to wait and see the impact by month end.


(The views expressed by the author in the article are his/her own.)

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