The United Kingdom needs a plan. The lack of belief that the Leave campaign would actually win in last week’s vote perhaps caught many of its architects by surprise, which precluded the formulation of a coherent exit strategy. Whatever the reason — or the excuse — for the lack of planning, now is the time for the UK’s politicians to step up and lead their country out of the dismal situation they now find themselves in.
The Brexiters perhaps didn’t think this through. If they had, they would have seen that a falling pound, a slashed credit rating, surging inflation and country-wide cultural strife were an inevitability. So far, each of those — with the exception of inflation — has come to pass, and with a much-devalued pound, the inflation is guaranteed. And there is likely worse to follow.
There are those who claim that all the damage is worth the return of their “sovereignty” and “having their country back”, two phrases that, in retrospect, appear to be utterly meaningless without a healthy economy and impossible to enjoy given the current levels of anger. And there has been endless talk about the anger over the vote and the voters who now feel they have been lied to. But that anger will end, as it always does.
Calm and rational thought needs to be the new watchword for the British people. Calm for the markets is needed first. Chancellor of the Exchequer George Osborne, regardless of his views on other matters, is correct in stating that the UK’s economy is strong enough to weather the Brexit. It is, and investors should remember that before recklessly pulling their money from any industry with a Union Flag on it.
Rational thought will now need to be applied, both by whoever receives the mantle of Prime Minister from David Cameron and the British people as a whole. Just how this Brexit will — or even if — play out is still very unclear and clear heads will be needed.
If the UK leaves rationality behind for unbridled emotion, then volatility — both for the economy and the British people — will be dominant, which is good for no one.
This is not too much to ask of the British people. They have voiced their opinions in a general election in a way that many view reactionary. That doesn’t mean they need to continue to act that way.
