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Brexit: Deferred Benefits, Immediate Damage

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A trader from BGC, a global brokerage company in London's Canary Wharf financial centre reacts during trading June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum.    REUTERS/Russell Boyce - RTX2HYGZ
A trader from BGC, a global brokerage company in London's Canary Wharf financial centre reacts during trading June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum. REUTERS/Russell Boyce

Within days after the close “Brexit” vote to leave the European Union, there’s evidence of second thoughts among portions of the British public, with demonstrations to protest the decision, petitions to reconsider it, and efforts by leaders of Scotland and Northern Ireland to overturn it, or else to separate from the UK.

The good things Brexit advocates promised won’t be activated for years, if at all, while the bad things that opponents warned against have struck immediately. There is no sudden halt to immigration, or an end to regulations from Brussels—any rules changes must await complicated negotiations with the EU. But the economic damage is already devastating—with world markets losing three trillion in value, Britain’s credit rating downgraded, and the nation possibly headed for a sharp, steep recession. Major parties in Parliament united against leaving the EU, while trade unions and corporate associations also joined in opposition, so the risks should have been obvious to voters of every ideology.

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Comments (5)

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  1. Nani  •  Jun 28, 2016 at 8:31 pm

    Having colleagues in Britain, I was told that much of the dissatisfaction arose from being one of two nations supporting the rest. Many saw very little benefit from being part of the EU and that belief is what needs to change; not how it will hurt or help the world. Sorry.

  2. Jim Bird  •  Jun 29, 2016 at 10:38 am

    YOU ARE ABSOLUTELY RIGHT MICHAEL!!! HAVING 40,000 UNELECTED BRUSSELS BUREAUCRATS DICTATE TO THE MASSES ON EVERY ASPECT OF THEIR PRIVATE LIVES AND WHY TERRORISTS ARE ACTUALLY GOOD AS NEIGHBORS MAKES FOR A SAFE AND PROSPEROUS WORLD. THIS IS OBAMA 101.
    YOU LEFT THE PARTY A LONG TIME AGO MICHAEL WITH MCCAIN/KENNEDY. THE LITTLE PEOPLE IN BRITAIN WIN FOR ONCE AND YOU WANT TO SEE THEM CRUSHED!?!? GO AHEAD AND VOTE FOR HILLARY AND TELL THE RNC TO STICK IT SOMEWHERE THAT THE SUN DOESN'T SHINE FOR PUTTING TRUMP ON THE NOMINEE LIST.

  3. Allen Williams  •  Jul 6, 2016 at 7:04 pm

    You forgot to mention white supremacy

  4. Rizzo  •  Jul 13, 2016 at 9:53 pm

    The so-called "immediate damage" is over…. Here come the benefits!
    Bring it on!

  5. Rizzo  •  Jul 18, 2016 at 5:13 pm

    Don't look now, but the sky isn't falling Chicken Little!

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