Local and Global Impact of UK referendum result

Sharif Mustajib

After a historical referendum, Britain is going to leave EU. Though it doesn’t have legally binding to maintain the referendum, political leaders won’t take risks against public opinion. Thus, it’s a political reality. The referendum has triggered the consequence. We have discussed on reason of leaving. Now, our thirst of query is what will be the impact? Let’s have a brief discussion on local and global impact.

According to article 50 of Lisbon Treaty, it will take time for 2 year. Still it has to abide by EU rules but can’t stand for decision making voting. But already we have seen the impact as well. It has a variety of arena. Not only in Britain, but also global impact we have to see.

The first impact is on the economy. It has already shocked global economy. Uncertainty jeopardized whole economy and shocked global policymaker, investor. The British currency Pound has declined its market value against dollar. It has decreased about 10% range which never happened within 31 years. Stock market has gone to a massive falling position. EU covers Britain’s 44% export market which could be at stake. They have to renegotiate dozens of trading agreement. Further, Britain could be less attractive as production platform remains rest of the Europe. A study by Organization of Economic Cooperation and Development said that it could shave of 3200$ average household income. The bank of Britain has to raise rate of interest and It would have an inevitable inflation. There is a critical wave in global economy also; International Monetary Fund has already declared that the consequence could reduce 5.6% global growth.

Another alarming impact is political instability. Scotland, 62% of the people voted for remaining, the result disappointed them and they are urging second referendum for independence, Same to Northern Ireland. Sinn Fein has called for reunification for Ireland. The total scenario deteriorated when Prime Minister David Cameron declared to resign. May be Boris Johnson would take the post but can he cop up with the balance when the difference of remaining and leavening voters are very few?? Will Britain no longer exist rather than divided into four regions??  Will is become a small island??

Above all, the immigrants have to suffer more. Like Bangladeshi, they have to take low Bangladeshi currency in exchange of British pound. Student and workers who are used to Shenzhen visa free system, they have to back or register. Traveler enjoying the facility could deteriorate tourist sector.  Jason Naylor, teen aged boy said: “I personally don’t really want to live or work in Europe but travelling for holidays is extremely important for most people and it would be great to always have the option to live or work there too. I think that Brexit would leave our ability to travel, live or work in Europe in the balance.”

Some people arguing that British people are distinguished for their aristocracy, but today’s issue is not like that. Result of the referendum cause for some political hegemony. Upcoming generation, the young people’s view is different. Demographically it’s proven that young people’s opinion is more fruitful than others. But here, there are no way rather than political propaganda. That’s the fact!

Sharif Mustajib

student, International Relations

University of Chittagong.

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