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The Brexit Vote – The United Kingdom is out of the EU

I grabbed this screenshot yesterday. I was quite astounded to tell you the truth. In case anyone is curious about Brexit, I saw this online post from Moneysmart.SG Blog and I find their explanation to be the best of all:

Essentially, many people in Britain weren’t too happy with the way their country operated within the European Union. At the risk of oversimplifying the situation, the EU acts like a single entity. Being part of the EU meant that Britain had to adopt the EU’s policies on immigration, their trade and commerce regulations and other laws, many of which Britain felt were disadvantageous to them.

In fact, as much as possible, Britain has consistently tried to keep their national identity intact despite being a part of this group of 28 countries in Europe. For example, unlike a majority of the member countries which has since adopted a shared currency, the Euro, Britain has kept the Pound Sterling.

However, objectively speaking, there are just as many benefits that come with Britain being a part of the EU and a major player at that. For one thing, as part of a single market, Britain also enjoys the freedom to trade, work and travel to other countries in the EU. Those in Britain who favour staying in the EU are effectively saying that the benefits of staying within the EU far outweigh the economic disadvantages and the loss of autonomy and identity that come with that decision.

If you ask me what I think of it, I personally think that UK should have remained part of the EU. But then again, I am not from the UK so what I say and think probably holds no water. The people of the UK have voted and this is the result. The EU have said that it is an irreversible process and even the Prime Minister David Cameron, who was against Brexit, has resigned. Well, the pro-Brexit UK economists said that there will be a lull first and then it will get better. Well, I sure as hell am not an economist but the very fact that the Brexit announcement made the UK pound drop to new lows not seen since 1985, it is pretty alarming.

Oh well…such is the power of a democracy. You are free to vote but I personally think…sometimes we have to be careful what we wish for. We might just get it.

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