24 June
The storm has passed and the UK has voted to leave the EU.
It was a long night here in London. The first returns looked good for the EU but it quickly turned sour. People were seemingly surprised that England voted, overwhelmingly to leave the European Union but, for the past 40 years, the trading bloc has been used as a target by all UK Governments to cover for their own failures.
Today, £120 billion pounds disappeared from the FTSE 100, the pound was worth $1.50 12 hours ago, now it is worth $1.38. On a normal day, either one of these events would be cause for great economic worry. Today, it just seems to be part and parcel of the referendum result.
What we are experiencing is the initial shock. The markets still have process what has happened. The real consequences will be seen on Monday. Remember, on Monday the world has to keep running and part of that world running was a stable UK. Right now the UK has:
a lame duck Prime Minister, a very right wing Government in waiting, the renewed potential of a second Scottish Independence referendum and at least two years of EU-secession negotiations.
Remember, there isn’t a coherent plan for a Brexit. There is no competent source that British or European society can point to for real guidance. The current plan is to have the new Prime Minister carry out negotiations with Brussels after being selected in maybe October. That’s three months away. What are we supposed to do in the meantime? After the new Prime Minister is selected, the world waits an additional two years until we all know what place the UK and the EU has in the world.
and don't forget....
Every single local authority in Scotland voted to remain in the European Union.
A second referendum is on the table.
It is important to note that during the Scottish independence referendum, the media and public demanded detailed, cast-iron guarantees of what would happen in the event of a YES vote however; in this referendum it’s been deemed an afterthought.
During the Independence referendum, the NO side made cast-iron guarantees as well. Of those guarantees was membership of the European Union, another was economic security both of those arguments are now gone. The biggest guarantee was the promise of certainty which, after today, is totally out the window.
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