I sincerely hope England is prepared to deal with the consequences of its actions, after choosing to leave the largest economic and monetary union formed to date.
For what? What are the costs and benefits. Is immigration a large enough issue to shatter the stability of national and global economies?
And as for Australia, I suggest we become a republic, because apart from the fact that we get a long weekend for the queen’s birthday, there isn’t much else we can rely on now. Our safe and stable entry to the EU for trade is screwed. Our stocks have fallen, our dollar has fallen. And the fact that many of the pro-Brexit supporters were honing in on feelings of nationalism and the return of England as a colonising power speaks volumes about the consequences of the decision to leave the EU.
Our trade with England might become easier because we wouldn’t have to deal with the trading obligations enforced by the EU, but we’ve lost a lot more business in Western Europe.
There will be extreme short term volatility, not just here in Australia, but globally. Volatility not seen since the GFC is predicted to occur, and if that does happen, Australia will suffer in trying to gain funding for debt bail outs from other nations. Exports – one of our major growth factors will decline significantly, slowing our already abysmal GDP growth.
I do believe that Australia should seek to become a republic. We have no strong ties left to the rest of Europe. Our access point to Europe has basically dissolved. Any form of trade agreement between the EU and Australia will be highly unlikely because of our commonwealth ties. Our reliance on the commonwealth has essentially amounted to nothing now. Our economy is not as strong as they say. Reassurances are weak and the loss of trade, of both goods and services, will impact us on many levels. Also, travel will be a new concern, as well as migration between the two nations, and to western Europe more generally.
The aftershocks of Brexit lie in the fact that not one, but two strong economic unions will be broken. One, the UK’s link to the EU. And two, Scotland, and later Ireland and Wales, will seek independence as well.
If this was the way the UK believed a return to nationalist strength and the power they once possessed could be successfully and stably done through leaving the EU, I think a lot more consideration needed to occur.