Brexit: A tale of tragedy

A Story by Ibrahim Shah

This is an article about the referendum to leave the UK, its result and its aftermath

Just a month back, the unthinkable became irreversible, in 2015 Britons were whinging about silly rules, bloated budgets and overbearing bureaucrats. The United Kingdom (UK) never imagined that this bunch of whiners would actually (successfully) vote for the UK to leave the European Union (EU). During the early hours of June 24^th 2016 the nerve-wrecking referendum of the UK’s EU membership was held. It was reported at 11:11 AM on June the 24^th the majority of 51.9% of the people voted to leave the UK with a neck-to neck vote of 48.1% of votes to remain in the European Union.

The votes to “Leave” the EU were mainly from the North East (58.0%), West Midlands (59.3%) and East Midlands (58.8%).

The UK economy is the fifth largest economy in the world and was the second largest economy in the EU straight after Germany[1]. The exports of the UK to the EU account for 44 per cent of the total exports of the UK while 56 percent of the UK’s exports are exported to the rest of the world. In 2015, the net worth of UK exports to the EU amounted to £ 223 billion and the UK’s global exports amounted to a net worth of £ 288 billion.

But on the bright side of the UK leaving the EU we have to look at the fact that the UK’s imports from the EU amounted to £ 291 billion resulting in a £ 68 billion deficit.

While the UK was still part of the EU, it operated under the EU single market, which means that there were no barriers to trade between EU countries (tariffs, quotas…). Also while maintaining its EU membership it was protected by a set of rules and standards provided by the European Court of Justice, this made it difficult for other countries to discriminate against the UK.

The UK plunged into depression as the departure of the UK from the EU offered a taste of 30-year lows. Just after the referendum, the exchange rate of the British pound is predicted to devaluate from its current rate of 142.51 PKR to 138.00 PKR in due time.

After the UK left the EU it received a blow by the departure of its Prime Minister: - David Cameroon. Although yesterday, the subject roused great verbal conflict- a great debate between several MP’s, Labour and Conservative Party Members and Sadiq Khan, mayor of London,

Was held about whether to leave the EU or to stay.

MP and Labour Party member Ela Stuart voted to leave the EU she addressed the audience that: - “in the last century the EU was a noble dream but now it had turned into a nightmare and that the UK was losing control of billions of pounds (GBP)…” and commented that “…the only continent that had an economic growth rate lower than the European Union was Antarctica. The only way to take back control of everything is to leave the EU”.

Sadiq Khan, Mayor of London, who along with his other colleagues voted to stay, he quoted that if the UK were to stay “people would be safer and better off, their jobs would be more secure and their wages would be higher, the prices paid at shops would be lower and people’s rights would be protected”.

The vote to leave the EU outpoured fury; from the U.S. President Barack Obama to the heads of NATO supported the UK to embrace the EU.

Former Executive of “Sainsbury’s” supermarket chain, Justin King voted in the debate to remain because he said that the UK had a great place in the EU and would prosper if it were to remain.

According to www.vox.com Britain’s vote to leave the EU is not legally binding and there are a few ways in which it could be theoretically blocked or overturned. However as the BBC notes that it would be seen as political suicide to go against the will of the people as expressed in a referendum