25 June 2016
The Brexit vote has happened. Britain has voted to leave the EU 51.9% to 48.1%.
The United Kingdom held a referendum if they want to leave the European Union. For the basics, more Conservative voters chant “Britain First” and want UK freedom. More liberal voters favor the UK to keep its EU membership. What are the effects?
The UK does not use the Euro and has a permanent opt-out. They still use the Pound Sterling. With a Brexit, there wouldn’t be that much effect on the Euro. However, more economic effects are likely. Many reports show that this will be a global one since the UK ties to several nations’ economies with the rise of globalization. Globalization is the process where people, companies, and governments interact and integrate with one another.
The European Union is an economic union. With membership, one nation can have engagements with other members states to create economic agreements. Should a member such as the UK depart, that nation would be more isolated. History has shown that isolationist civilizations do not fare well. Even in today’s times, isolationism doesn’t fare well. Even though a few of the nations described are dictatorships, being sheltered from the rest of the world harms their economies. Additionally, there are development problems within these nations.
We already saw a dip in the value of the Pound Sterling from roughly 1.50 to 1.34 per USD in fear of the Brexit. It’s now back up to 1.37 per USD. Additionally, the London Stock Market lost 122 billion pounds.
Whether you already knew this or not, you should know the truth about the Brexit and its potential implications. The United Kingdom won’t be nearly as isolated as the countries below.
Full Top Ten: Ten Most Isolated Nations