Friday, June 24, 2016

"Brexit" is happening!!

Ka Jo
 As I am writing this post, Brexit is all set to happen. 
BBC forecast a lead for exit by 52% Vs 48% to remain in the European Union. It indicate that people of Britain have chosen to exit the European Union. What started back in 1973, considering the consequences of World War II, where there was a need for all the countries to come together to avoid any more World War like situation, has started getting cracks, it seems. Britain was always a leader in deciding the directions for European Union. But with this decision made by Britishers, is going to give new direction to the future. Although, the decision is out, but its execution is not going to happen any sooner. As per the Lisbon treaty, an article 50 need to be triggered, if a country wish to leave the Union. There is a clause though, that the said country can not join back the Union, unless all the other countries of the Union are ready to accept it back. So, the exit process will take time anywhere between 2 to 5 years.
The immediate effect of the result is seen. Our own share market has tumbled down by nearly 1000 points already. The portfolio is looking all red. The currency valuations have changed. It has a direct impact on both the Euro as well as Pound. These are just the immediate effects seen. What lies in the future is still unknown for the major part of the world. Apparently, the people of Britain have voted emotionally, some calling June 23 as an Independence Day. The experts all over the world including those from Britain were all suggesting to stay with the Union, to avoid the financial crisis, which definitely comes with this package of Brexit. But, people found the need to curb the uncontrollable immigration, which is spoiling the balance of their day to day life. Only time will tell, whether this decision will yield positive results or trigger another volatile situation. I personally feel, England has always lead by taking very unexpected and strange looking decisions, but in the end they prove it correct. 

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Ka Jo / Author & Editor

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