#BREXIT- Britain's Independence day or Not?
Well, history has repeated itself once again.
In the past, people were arrogant and concerned about their own countries, fighting wars, racism and vengeance. Then, came technology in the 19th and 20th century, which hoped to globalize countries, and make us an increasingly connected world. And now, once again we've been harked back to the pre-Independence era. Britain has once again followed the Divide and Rule formula, which it might have forgotten until 22nd June 2016. On 23rd June, a sudden after effect caused them to return to World War 1 and 2 and the days, where national pride was re-invoked!!.
We are honestly going through an immense flashback, without a doubt and how long this will go on is the main question and what are the likelihoods of an actual formulated Brexit?? Will Brexit improve their national economy? Will United Kingdom remain united? These are questions, which is hovering the minds of people, all around the world. While some people hope that the government and new trade policies would help boost the economy, others are already celebrating their Independence days from the European Union, even though they might not actually be independent, at this stage!!
I, truly and honestly believed in the 'Remain' campaign. UK leaving the Europe Union seemed against my globalized perspectives and against the law of globalization. Moreover, leaving the European Union could set an example for many other countries in and out of EU, potentially leading to a destruction of the entire unity around the world. Just imagine, if tomorrow, France, and Germany want to exit the European Union. Well, that's already in the discussions. But my question to all my viewers, is 'What are we teaching the future generations?' Before, we used to propagate Unity and team work, today we are showing them a society, where division of nations, people, religions seems more prominent, I tell you- the world is going upside down. We are walking backwards, not forwards. We are thinking backwards, not forward. We have a backward attitude, not forward.
To be really honest, I am oblivious about what's happening around me? What is going to happen to the world. And at times, I feel sinister to these activities. For instance, during the UEFA England match, the Britons once again sung their lyrics with pride- 'Rule Britannia/ Britannia rules the waves/ Britons never, never, never shall be slaves'. Well, let me tell you just one thing- Today's society doesn't talk about slavery. We have moved immensely forward. Slavery and colonization were topics of the past and today's generation has other things and problems to talk about. When, did we say we wanted Britons to be slaves?
However, it's not entire Britain's fault. 49.5% of Britain still wanted Britain to remain in the European Union. There's only a small proportion of people, who own the arrogance and are unwittingly popularizing it. Even the prime minister David Cameron himself was supporting and heading the REMAIN campaign, but was rather unfortunate to have lost it.
And yesterday, UK's prime minister resigned. One very prominent thing was that he resigned with pride and confidence. His heart-warming speech invoked that same confidence to the millions of people, who supported the Remain side. He didn't seem upset. He didn't want others to be upset and admitted that he wasn't the right person to head the new nation. At least, he remained true to his words.
Now, talking about the economics point of view. The whole transition towards leaving the European Union might take a great deal of time. All of these statistics are uncertain at this point of time. However, a research by DW (Deutsche Welle) shows that the entire shift out of the EU could go on up to year 2020. And in the past 12 hours, the pound has depreciated dramatically.
From £ 1 = Rs. 95 to £ 1= Rs 87 is just one example, pound depreciation. The same depreciation applies to many other economical entities. And this is likely to go worse in the coming weeks, months or even years. There is an economic disaster, and uncertainty around the world is further intensifying itself.
A weaker pound could mean a lot to the UK. This means that exports and domestically produced goods become cheaper and more internationally competitive, while import costs shoot up. In the short run, this could improve UK's current account balance of payments as the demand for imports in the UK would go down. But in the long run, this could lead to imported inflation, pushing up prices and this might lead to a double digit inflation, which would undoubtedly be harmful to UK's economy, as a lot of the factors of production and raw materials are imported from other countries to the UK.
Moreover, there would be a general negative attitude towards Britain, as they have indirectly shown hatred towards the European Union countries. A lot of the labour from the EU might become less productive as a result of the lack of respect shown and some would immediately move back to their own home countries due to the lack of certainty. At the present time, we know nothing. Only time can tell us.
But I would once again like to ask the same question to society- Will United Kingdom remain united?
P.S All my views expressed in this blog are personal and not in support of any political entity.
