It’s done.
The majority of the British people (albeit a very slim majority) voted to exit the European Union and, at this stage, there is no going back, no do-overs.
So rather than dwelling on how Brexit is going to lead to the economic and political collapse of the United Kingdom (or even the entire world market), it is time to accept the reality of British non-membership in the European club and move forward, focusing on the potential upsides of the unprecedented departure.
Despite the exaggerated nightmare scenarios that naysaying fear-mongers have been peddling to the media and political pundits, both Britain and the European Union will most certainly survive the separation, and will, once flared tempers have calmed, find a path to an amiable divorce that won’t seriously impact trade or investment on either side.
Yes, the global stock markets are now in free-fall, and the British pound sterling has lost about 12 percent of its international buying power, but, as any seasoned broker will tell you, the markets react negatively to any political or economic uncertainty, and once the inevitability of a British exit from the EU and the reality of life after Brexit sinks in, market values will begin to tick upward again.
As for the devalued pound, it can translate into more competitiveness for British products on the international market and increased tourism, and as fears about an economic collapse begin to fade, the pound sterling will also begin to regain its global value.
Moreover, the separation process is going to be slow and tedious, lasting at least two years, and that is after the United Kingdom officially invokes Article 50 of the Lisbon Treaty, which allows member states to un-join the EU.
Since David Cameron has already announced his departure as Britain’s prime minister come autumn, there is unlikely to be any action by Parliament to move forward with the invocation until a new head of government is chosen and firmly in place.
And because there has never before been a case of an EU member petitioning to leave the bloc, there will have to be a lot of negotiating as to the specific terms of the divide.
Once the dust settles and the other European leaders’ initial indignation passes, it is very likely that Britain and the EU will iron out a way to keep bilateral business booming similar to how Switzerland and the EU operate.
After all, Britain represents about a sixth of the European Union’s total economic output and about 44 percent of British exports are sold to the EU.
Neither side wants to jeopardize their economies, so some sort of two-way trade agreement will inevitably be reached.
In other words, Brexit at this point in time is a theoretical concept.
No terms have been specified or negotiated, and the resulting agreement may not end up being very different than the current commercial and investment regulations.
And, of course, Brexit means that Britain can now control its own internal and external affairs such immigration and commerce with less bureaucracy and with regulations specifically tailored to its own economy and culture.
An independent Britain can negotiate trade pacts with new and emerging markets without the cumbersome paperwork of Brussels and its mismanaged budgets.
Certainly, independence from the European Union is going to carry a price, but Brexit is not and will not be the equivalent of global economic Armageddon.
The rash reactions of the global markets are transitory, and, yes, there will be life after Brexit.
