Underlying Concerns Create a Worrying Outlook Beyond Brexit

Published June 24, 2016 | By J. J. Messner

As the dust settles on the historic Brexit vote and its effects, it is easy to focus on the near term, visible side effects. Even in the unlikely event that Britain manages to negotiate an association deal that is as good as being in the European Union, it will now no longer have a voice in that Union. There are also murmurings of a second independence referendum that could see Scotland, which voted overwhelmingly to “Remain,” finally leave the United Kingdom and rejoin the European Union, thereby ripping Britain apart. Add to that the ramifications for Northern Ireland, or the renewed Spanish questioning of the sovereignty of Gibraltar. The immediate crash of the Pound and the FTSE forebode financial turmoil to come as trade between the UK and its neighbors is threatened with a significantly less liberal trading regime, which even in a best case scenario will see transfer costs increase. Further, there will be much uncertainty regarding the future ability of millions of British citizens to live and work easily across 27 other countries – or that of millions of Europeans who attend British universities or staff its hospitality, trade, and financial sectors.