The United Kingdom has voted in favor of a referendum to leave the European Union. June 23rd, 2016 will most likely be remembered as the UK’s new independence day. The British Pound has dropped in value to a low that has not been seen since the 1980’s. The significance of the “Brexit” will have long term impacts on the United Kingdom and the world.
Many supporters of the “Brexit” movement believe that the shift will send the country to a place of new individuality and conservatism. The Margret Thatcher period is approaching quickly, and this revival of individuality will most definitely leave long term impacts on the globe. The world is looking to the UK as the fifth largest global economy, as it asserts a powerful statement. Many estimate that a “Frexit” could happen soon, in which France exits the EU. With the UK out, many smaller nations may take heed to this new precedent. EU leaders will struggle to contain an already frustrated constituency of member nations, while the UK will revive its presence on the world stage.
The United States may also find renewed economic independence after this powerful move by the UK. Conservatism has taken root throughout communities across the globe, the fruits of the movement are now starting to show. While economists will be wary for the first few weeks, ultimately the economic situation will balance. “Brexit” supporters are quick to state that the shift is not a shift to a less global economy, but rather a political shift to an independent Britain. As economists come to terms with the recent events, it will be interesting to see how US politicians react. Trump will most likely capitalize on the referendum, while Hillary will react with disdain. While uncertainty remains on the minds of world leaders, Thatcher is dancing in heaven. The right is rising throughout the globe, as extremism grows and fears become reality.