The Pound Sterling tumbled like a third world currency, financial markets shattered and a government fell on a vote that will restructure economic relations in Europe. Scotland and Northern Ireland interestingly voted to remain in the EU. The fact that Britain dragged the two out of the EU may give more political instability to the Brexit decision.
Brexit is more than sentimental in terms of its outcome. Britain has to modify its economic management seriously in this old age. Some of the aging economic problems may be settled through exit, but not most of them. Its ability to raise productivity as seen in the industrial revolution era is difficult to bring back; especially at a time when there are new rising stars like China in the world economy. Those who saw these shortcomings warned constantly against any move towards Brexit. But all happened suddenly; Britain is no more part of the world’s largest economic union.
Now, being out of the restrictive and restless economic union it gives Britain gives more freedom. But modifying its economy by delinking free link with Europe need exceptional economy management skills. Europe is not certainly giving easy market access to British goods. Here, Britain has to restructure its economy, by making more investment, aggressive trade promotion etc. All these prerequisites exceptional energy for an advanced country like GBR.
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