BBC has just called the election for Leave, Pound tumbles, dollar strengthens. Get ready for a wild ride.
BBC has just called the election for Leave, Pound tumbles, dollar strengthens. Get ready for a wild ride.
Watching the reactions of the markets and the pundits on television it is remarkable that so few of the experts were able to convey with any success the enormity of what is now about to happen - in so many ways. With Scotland having voted so overwhelmingly in favour of staying in the EU, the possibility of another referendum on its leaving the UK must now be extremely high. A break-up the UK as we know it is back on the agenda. Right-wing parties around the EU will gain added strength and embolden them to leave the EU. Will the EU impose punishing sanctions on the UK as it negotiates out, if only to discourage other member states? And all this is before those with savings in sterling and European currencies start to wonder when the massive losses already stacked up in recent hours will begin to regain some of their value. Sterling is now at its lowest level since 1985!
Even more interesting. The result is not binding on parliament. Any chance Cameron and the UK parliament dare to overturn the will of the people?
"Even more interesting. The result is not binding on parliament. Any chance Cameron and the UK parliament dare to overturn the will of the people?"... not likely based on both the Torie and Labour leader's comments on BBC. Seems like everyone wants to move forward with mediating the impact.
The UK will be fine, We were fine before we joined and we'll be fine when we leave,
Patanawet (June 24th, 2016)
Certainly a Pollyanna reply and doesn't reflect what I am currently watching. Never realized as American that British society is so polarized. Let this be a less as the American election approaches to take nothing for granted.Originally Posted by arsenal
In the long run, I think Arsenal will be proved correct. But it's going to be a helluva bumpy ride for the next 2 - 3 years. Anyone in the UK planning to retire to Thailand in the near future may have no option but continue working for another couple of years.
Make that a few decades
It is really really simple, the UK will miss out on being part of a bigger Europe. A market with over 200 million people is simply bigger and more influential than when the UK alone needs to negotiate trade deals for instance.
Personally I believe whoever voted leave didn't really use their brains. A Brexit will NOT stop immigration, the only thing that it will do is give the UK control back over parts of legislation that was now dictated in Brussel. Personally the price they are going to pay is way to high for that small advantage.
It is hillarious how key people from the Brexit campaign have already pulled a fast one on promises that they suddenly can't keep. And Boris and his access to the internal European market, what the hell was he thinking, they won't get that access without a very steep price, and rightly so.
Edit: maybe I wasn't entirely fair. Brexit might in fact reduce immigration, but not for the reasons the Brexit people intended, it might just be that the UK will become a less desireable destination for immigrants
Devastating article about the lying, shaggy-topped Boris in The Daily Beast headed Beware Boris Johnson: The Power of a Cunning Clown.
http://www.thedailybeast.com/articles/2016/06/27/beware-boris-johnson-the-power-of-a-cunning-clown.html?via=mobile&source=emailBoris, I fear, belongs to a peculiarly dangerous British type—a type that, in my days as the editor of Tatler in the 1980s, I christened the Gentleman Hack, “hostile to facts and even more hostile to investigation" . . .
His dress tries to denote the aristocratic reach-me-down tradition—hence the goose-shit green corduroy trousers, which he always teams with one of his two detached collar shirts... Unfortunately, deep down, the gentleman hack is very very ambitious, hence his hatred of meritocracy. Indeed, he is possessed by a hard and desperate longing for money, rank and recognition. How can he achieve this and conserve his image of cordial irrelevance? It can be done.”
And it was.
. . . according to Johnson’s inner circle, before he came out for Brexit, he assured Prime Minister David Cameron that he would stand with him firmly for Remain.
Johnson’s fake disarray—his bonhomous tanker of beer and Falstaffian spilling gut, his genial, jokey façade concealing a deeply opportunistic nature—allowed him alliances with such odious figures as UKIP’s xenophobic leader, Nigel Farage, whose rat poison salesman persona would never have won Brexit without the fig leaf of Boris’s charm . . .
The core of the Gentleman Hack is his fundamental lack of seriousness. No wonder the day after the vote, as markets crashed, the PM resigned, and Scotland announced it might hold another referendum to break away from the U.K., Boris looked mildly rueful, even chagrined.I’m reasonably sure he never dreamed that Brexit would actually succeed. Like the Republican blowhards who demand that the IRS and the EPA be abolished, secure in the knowledge that it ain’t gonna happen, Brexit for Boris was an indulgence in purely gestural politics. It was meant to advance his leadership prospects with the right of his party in time for the next election. Now he’s like the dog that caught the car. Having trashed the brakes and the steering wheel, he now finds he might have to drive the thing
. . . All hail the next prime minister of the United (though maybe not for long) Kingdom.
Let's just hope other EU countries don't decide to follow suit. I guess we still have NATO so it wouldn't be the end of the world. Nonetheless, considering Russia has already invaded Ukraine, it may be a good idea for the EU to remain united.
Cameron will resign. New PM by October.
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