Brexit- Britain exit- a final act by the UK to seal shut their borders, to put an end to the growing fears of Terrorism, to retain the 350 mn pounds a week, which went as Membership fees to the EU and well, to be in charge of making their own laws and relationships. All the above and then some more were the reasons cited by some civilians and the far right parties for being Pro-Brexit.
There are always two sides to a coin. In this case there was a side, which resulted in Sensex plummeting down, Pound dropping down to levels not seen since 1985 and then the silver lining -Immigration being controlled. And then there was the side of the progressive citizens, the ones believing in Co-operation and not confrontation, a side, which believed in pulling together because without immigrants UK will collapse. On Thursday, June 23, UK saw the former being voted by 51.9% of the population.
Currently, UK is in the state of mourning and there's an atmosphere of politic toxicity. While the world was still trying to wrap their head around the recent separation, David Cameron, British Prime minister announced his resignation saying, "I do not think it would be right for me to try to be the captain that steers our country to its next destination". Nigel Farage, leader of the UK Independence Party publicly retracted his claim that there'd be £350M a week set out for NHS (National Health Service) after the outcome of Brexit, after 17 million people voted to leave, some solely based on that piece of information. And all of the above happened in 24 hours. Phew!
Brexit (Representational IMage) Image source: The Street
Some would argue that Brexit was a boiling pot waiting to explode, that the resentment of the public in UK had reached its 'Breaking Point'- headline of a controversial poster showing a vast queue of refugees which was unveiled by Nigel-and that the wrong doing of the government, the unemployment scene and the anti-immigrant feeling, all of it together had resulted in what UK stands as today. Separated but failed.
Impact on the Indian Market
"India remains a haven of stability in the risk environment" says Jayant Sinha, Minister of State for Finance. Even as he spoke, the fact that Brexit knocked off Rs. 4 Lakh crore from Indian Stock market remained a fact. Tata Motors and Tata Steel have the most significant exposure to UK and fell over 10% on Thursday,June 23, due to Brexit snowball effect. Needless to say Indian owned Businesses in the UK would also feel the heat.
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Situation Today
There's a petition doing the rounds that is demanding for a second EU referendum. This petition was introduced by William Oliver Healey and it reads, "We the undersigned call upon HM Government to implement a rule that if the Remain or Leave vote is less than 60 per cent based a turnout less than 75 per cent there should be another referendum." It's already signed by more than a million people and the numbers just seem to be going up. The response of the Government on the above matter is still pending.
As of now we can simply go by the statement, 'The British people have spoken and the decision shall be respected.'
-This report is compiled by a Staff-writer at NewsGram.
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