This past June, the UK narrowly voted to leave the European Union. Britain’s exit, or Brexit, subsequently led to the pound dropping to its lowest value in recent years, as well as alienating nations and putting EU foreign nationals residing within the UK in jeopardy.
Because of Brexit, the British Pound dropped to its lowest value in over 50 years. The reason why this happened is that Brexit released the UK from EU trade partnerships, making it more difficult for UK businesses to maintain a presence outside of the UK.
As a result, the UK economy plummeted, dragging the value of the pound with it. This in turn leads to a vacuum of wealth, as people no longer have the spending power that they used to. This leads to stagnant consumer growth and the vicious cycle continues until the pound somehow regains some value.
Several nations have distanced themselves from the UK following Brexit. Since the EU is a military alliance as well as an economic one, many EU nations feel betrayed by the UK and now are on colder diplomatic terms.
This will in turn lead to nations refusing to hear the UK if they call for aid in the future. Brexit also caused some internal strife. Scotland, which voted to remain in the EU, was forced to leave with the rest of the UK after the vote. As a result, Scottish nationalism is on the rise, and a referendum for Scottish independence is imminent. Scotland leaving the UK and re-entering the EU could have additional devastating effects on the UK’s economy.
Many EU foreign nationals who reside in the UK are now in jeopardy as a direct result of Brexit. One of Brexit’s key aims was to keep the UK full of UK citizens and no one else. This resulted in an exodus of foreign nationals, many of whom had good-paying jobs, back to their homelands. Additionally, foreign national college students, who took advantage of EU citizenship for free college in the UK, face the boot as they will no longer receive free tuition as a result of their EU citizenship. This will lead to a “brain drain” as it’s known, which occurs when bright young minds leave a country en masse, depriving it of its future.
In conclusion, Brexit had many devastating effects on the UK from an economic standpoint, as well as a military standpoint and a social standpoint. Many are questioning the decision to leave the EU and some wonder whether the UK will ever be restored to its former level of influence and economic power.