Sadly it seems the UK is a country divided… with a lot of country wishing to leave the European Union.
EU Referendum Result – Image, BBC News
Markets have tanked as expected, with the value of the British Pound tanking by 8%. Expect stock markets to crash and things to volatile for a long time.
For those of you coming here, please take the chance to use your dollar, yen, euro or any other currency… because as a British Citizen, I won’t be able to afford a thing in the country.
As I type this, David Cameron – Prime Minster of the United Kingdom has fallen on his sword and resigned.
I’d expect a lot more impact over the next week days, weeks, months and years.
And I’m fearful about the lot of them.
I’ll leave you with a video from Nigel Farage… who has suddenly backpeddled about the £350 million claim to spend on the NHS.
I expect this the first of MANY backpeddles over the next few days.
WATCH: @Nigel_Farage tells @susannareid100 it was a ‘mistake’ for Leave to claim there’d be £350M a week for NHShttps://t.co/JNkl5k8IlK
— Good Morning Britain (@GMB) June 24, 2016
And I’ll leave you with this from Lord Paddy Ashdown.
“God help our country.” #Brexithttps://t.co/slOCKdj5NP pic.twitter.com/R89fhBoVco
— BBC News (UK) (@BBCNews) June 24, 2016
Welcome to Economy Class and Beyond – Your no-nonsense guide to network news, honest reviews, with in-depth coverage, unique research as well as the humour and madness as I only know how to deliver.
Follow me on Twitter at @EconomyBeyond for the latest updates! You can also follow me on Instagram too!
Also remember that as well as being part of BoardingArea, we’re also part of BoardingArea.eu, delivering frequent flyer news, miles and points to European readers.
The £ has bee vastly over-valued and British exports and tourism should boom with a lower £. Japanese learned this when they finally “devalued” the Yen. And if the banks move out of London, property values will drop and homes will become affordable to ordinary people again. This will all be better for Britain than being tied to the EU and the Eurocrats.
Why yes, the Lost Decade in Japan is *exactly* what the UK should be emulating (says 52% of the electorate)…
You bought too deeply into the scaremongering.
Nothing will happen.
good job UK.
totally not ecomony suicide.
why pump billions into the EU and not get much returns? UK is the powerhouse in europe. they were doling out the smaller economies! now, UK can fully utilise their resources for themselves!
UK banks says: dont worry, the banks are so strong, they can extend 250 BILLION POUNDS! lol. this is not GREECE we are talking about. we are talking about the STRONGEST COUNTRY IN EUROPE!
now UK is in control of their finances!
ecomony greatness, UK!
thumbs up.
Since when has this blogger shown any economic literacy to justify such a ridiculous heading – Britain commits economic suicide. Is this the same economic suicide as was forecast when Britain refused to join the Euro, or came out of the ERM, or abolished Exchange Controls back in 1989?
One of the cardinal rules of economics is that, if you free up an economy, good things flow, and often more quickly than you imagine. Leaving a protectionist trade zone so that the UK can trade freely with its major trading partners is hardly economic suicide.
As the famous philosopher Patrick Swayze once said…”Opinions Vary” as I assume you’ll see by reactions to this vote.
Personally as a Conservative American I think it’s easier to see the bigger picture of increased freedom from oppressive government oversight. Freedom for small business success. I think in the long term this will improve security in the UK.
There are downsides for sure. From a travel perspective it wasn’t like the UK was easy to travel to from say France anyway. You still had airplane, ferry and train travel with security lines. In the short term I think we’ll see protests and a slight uptick in security threats.
Geez what a bunch of unjustifiable melodrama! You wont be able to afford a thing? Get a grip, man.
Hey, good on ya UK! You just pulled an American Revolution – 240 years later!
75% of UK laws made in Brussels. An economy tied to folks in Athens, Portugal, Spain, Italy,
Nuff said!
BTW, The markets just gave everyone in the world a bargain basement sale.
Markets recover and the UK is the 5th largest economy in THE WORLD. You kick ass!!!
It’s too early to say it’s economic suicide, it depends on what relationship the UK is able to negotiate with the EU and what other trading relationships the UK enters into. It’s easy to get caught up in thinking about the benefits of the “single market” and lose sight of the costs of that market and the EU’s protectionist stances with the rest of the world, especially in food products – the EU makes a big deal about foreign aid but largely ignores the developing world’s calls for “trade not aid”.
The EU is certainly going to extract a pound of flesh or two in the negotiations, but pushing too hard will play into the hands of the euroskeptics when they argue the EU is undemocratic and doesn’t listen to people.
There will be some short-run disruption, but at the risk of being overly optimistic, I think this could help both the UK (which was never really that enthusiastic about the non-economic side of the EU anyway) and continue the pressure on the EU to reform. I think a narrow Remain vote could have done that too (even Donald Tusk recently admitted the EU was too “utopian”), but here we are. And if the rest of the EI wants to go down the path of the superstate, having the UK as a good neighbour will be better than as a constant naysayer.
Wow, so many Trump supporters around here. Clearly they know what they’re talking about, based on some of the insightful comments being made!