Cameron submits before people’s verdict
THE decision of the Britons to leave the European Union has sent shock-waves not only to 27-member block but also to all corners of the globe because of its political and economic ramifications. Though there was neck to neck fight between those in favour of leaving the EU and those wanted to remain within but the clear cut edge that Brexit got in the Referendum is hard to digest for many of the British people and those in Europe and other countries of the world.
It will obviously take some time to analyse fuller impact of the verdict to pull out of the EU but the way different stock markets and currencies reacted is clear manifestation of the negative fallout. Uncertainty prevails even among Britons who are not fully sure whether or not they would be well off by disassociating from the organization. The outcome of the verdict highlighted regional split within the UK as well with Scotland asserting that it cannot be forced to leave the EU against will of its people who voted in favour of remaining within the Union and there were immediate demands for another vote for independence from UK. There are also question marks about future of the EU itself as demands surface in different member countries to have Referendum there as well on the issue of remaining or leaving the Union. Apart from negative impact of the verdict on UK and the EU, countries like Pakistan would also suffer in terms of trade and immigration as appreciation of Japanese Yen and depreciation of Euro and Sterling mean unforeseen trade losses besides difficulties for Pakistani nationals in the backdrop of possibility of harsher immigration rules by UK in post-EU phase. In the meanwhile, UK’s Prime Minister David Cameron announced to quit in few months following defeat of the camp that wanted to remain within the EU. Although it was not a personal defeat for him but on high moral grounds he thought there was no point for him to stay in power after defeat of his point of view. Strictly speaking, in any third world country a Prime Minister would have dragged on claiming it was a vote on a particular issue and had nothing to do with his own person. But Britain is considered to be mother of democracy and Cameron has upheld democratic traditions by announcing to bow before verdict of the people. This is real democracy.