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I see this as terrible for the UK for various reasons. First, there's the economic reasons. They used to be one of the largest economies in the EU and could hav
by Xylakant 10y ago
I see this as terrible for the UK for various reasons. First, there's the economic reasons. They used to be one of the largest economies in the EU and could have (if they wanted) a lot of influence. Many companies used the UK as a beachhead into the EU - most notable financial institutions which benefited from passporting (only having to follow UK regulations for financial products) and Chinese investors that used the ties between UK and Hongkong as a springboard. The UK economy was very focused on delivering services to the EU. The UK also imports substantial amounts of food from the EU. They're not going to starve on their little rock, but tomato prices are expected to rise. There's also not much left of the good old british industry.
They basically fall out of all trade deals. They don't have a substantial amount of trade negotiators on staff any more and all of a sudden they'll have to renegotiate all deals in a two-year time span or fall back on basic WTO terms. They also lost a lot of weight in these negotiations. Where before they were members of one of the largest markets they're now still a large economy, but all of a sudden 5/6th smaller.
The worst consequences I see on the political front: The government unraveling, the brexit supporters without a plan of how to continue or even what goal they're actually fighting for (EEA membership, wing it alone). The opposition falling apart. Nobody know what'll happen to Nothern Ireland since the peace agreement is governed and supported by EU law. Also, the irish border would be an EU outer border, passport checks and all. The only party with a plan are the Scots, and their plan is to leave the club and run. The campaign was divisive with an MP being shot. Open racism is surging upwards - there have been attacks against the polish cultural center that was instituted for the polish war veterans that were part of the Air Battle for Britain.
And all of that for a power struggle between Cameron and Johnson. This is why it's bad.