The Mass Brexodus
While the rest of the world takes note on the impacts of the secession of Britain and other members of the United Kingdom from the European Union, those who wished to remain adherent to the EU are hard at work doing everything in their power to rewrite history. Saturday, over three million citizens signed an official online petition to redo the referendum, creating so much traffic on the Parliament’s website that is shut down temporarily. The terms of this petition were simple: A 75 percent voter turnout along with a 60 percent up-vote that Britain removes itself from the EU. However the author of the month-old petition, Oliver Healey, stated that he was not upset over the decision of the British people, rather he anticipated this result. Theoretically, the referendum is not legally binding and Parliament does not need to honor the vote, although the now former Prime Minister David Cameron stated that the government would honor the vote and take steps toward their contingency plan towards leaving the EU.
Those who argue in favor of a re vote on the secession of the UK claim that citizens who believed leaving would change more or less that it had in reality and have changed their minds. The major enemy of both those in favor and those against Brexit is fear and uncertainty. Both of these factors stimulate the issues on why the British people voted to leave in the first place; fear of being taken advantage of by less successful countries such as a failing Greece and uncertainty stemming from an opened-border country in times where attacks by foreign terror runs rampant.
A potential outcome includes a halt on the short-term anxiety, allowing Britain to manage its exit with relative ease and emancipating itself from the grasp of EU’s many watchdogs. Simultaneously, Britain can begin to encourage the EU to commence the process of major self-analysis and eventually establish a sequence of policy reformation. This requires a large deal of patience and a progressive stance towards Britain.
Whether or not Britain will gain power to restrict the flow of immigration is strongly reliant on the state of the relationship between the Union and themselves. In keeping full access to the single European market, they may have to keep an open current of low-skilled, immigration labor between themselves and the EU. However, this is improbable as immigration was the most prevalent reason British citizens up-voted the referendum. Policy is likely to begin reformation in the direction of the restriction of immigration causing a short-term vacuum in the low skilled labor segment, but eventually leveling out and eventually benefiting the more highly skilled sectors of labor.
Fiscally, speculation in the short-term exhibits large fluctuations in the value of the Pound Sterling and a spike in divestitures as a result of the removal of the single market of the EU. Conversely, these symptoms are not due to the actual act of self-removal of Britain from the Union, but the reaction to that removal. Britain is speculated to save close to ten billion Pounds annually after the exclusion of its contributions to the Union. These factors, paired with the minute amount of disruption to the British market and lower migration rate, should quickly revive the people currently in fear of a market crash, depression or other economic catastrophe. The Brexit vote is on track to help both private and public finances, rather than hinder them.
Nevertheless, the vote to secede is likely to incentivize the EU to take action and progress past its existing unhinged equipoise. Brexit is the wake up call, so to speak, notifying the Union to reform policy. Britain has covered all its bases and planned for its success. If the EU becomes an efficient cog in both continental and global relation, they've helped it happen. If the EU falls apart, the British protected their assets and profit where they may have well lost.