The people of Britain voted to assert their independence and leave the European Union.
Stock markets around the world have plunged, the pound has dropped to its lowest level in 30 years and the Euro has lost 7%.
Partly, the last poll before voting started estimated that the result would be 52 to 48% in favour of the remain side. The markets believed that and initially reacted as if that poll guaranteed the result.
When early results indicated that the expected result was in doubt, panic set in.
Markets don’t like uncertainty. Nor do people.
Three important observations on independence from the result:
- People don’t like being told what they can or cannot do by bureaucrats in distant ivory towers. In many ways, Canadian Provinces and American States enjoy more independence than sovereign countries do in the EU.
- Fear of being swamped by immigrants. Whether this fear is real or imagined, many people in the UK and other countries, feel their independence is threatened.
- Despite the economic gloom forecast by the British Prime Minister, The US President and the Bank of England Governor, over 17 million people chose independence over economic certainty. (an oxymoron itself)
It’s an important lesson for all democracies that are continually imposing more restrictions and regulations to erode the personal independence of their citizens.
It’s also a backlash on political correctness imposed from above.
And it may give Donald Trump a significant boost in his presidential campaign. Similar sentiments to those that carried the leave vote in the UK are responsible for the popularity of a candidate who all the political experts had written off a few months ago.
What will the future hold?
I believe that Britain will emerge stronger, the low pound will give exports a boost. The country will be able to control immigration and strengthen trading ties with countries outside the EU.
Britain always does well when it is under threat. It once ruled the greatest empire the world has known. Its people played the major role in the development of North America, Australia and most of Africa.
Perhaps it’s time for Great Britain to be Great again.
Interesting times ahead and proof that people and countries value their independence.
What do you think? Leave a comment.