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by Will Teja on 06/27/2016 at 11:55 AM

Confusion Hits Britain after Brexit Vote

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Britain is rocked by confusion four days after the decisive vote to leave the European Union. Many questions have arisen with observers awaiting the moment when Britain will depart from the bloc.

Increasingly, many doubt whether Britain will eventually withdraw from the European Union.

Last Thursday’s referendum outcome did not yield the promised clarity but a grand political chaos and a policy gap that led to more uncertainty and confusion in the financial markets in Britain and the greater Europe.

Both sides perceive no practical option but to maneuver steadily through the withdrawal process. Until now, signs are hinting at the possibility of the turmoil taking longer than anticipated leading to solid economic and political damage that can trigger negotiation for a new understanding between the European Union and Britain eliminating the need for a formal withdrawal or at least cushion against the effects of the withdraw.

The leaders supporting the Brexit vote insist that they are not in a hurry to enter into formal negotiation talks on withdrawal. This comes in response to continued pressure from the European leaders to get on with the withdrawal.

In a Berlin meeting between Chancellor Angela Merkel of Germany and her French and Italian counterparts on Monday, a hint was issued signaling that any decision on how to negotiate a withdrawal would need to wait until after a meeting of all 28 European Union Nations on Tuesday and Wednesday in Brussels.

Brexit Vote Financial Bite

Since the Brexit vote, the British financial markets have been on a downward trend with pummeling stocks and the British Pound hitting a 31 year lowest value on Monday. For many, reality of the vote has begun to bite with Standard and Poor’s rating agency downgrading Britain’s credit rating. This is another signal economic implication of the Brexit vote.

The Prime Minister Mr. Cameron stated that he will be stepping down. The governing Conservative Party and the Labor Party (opposition) engaged in a heated confrontation on Monday exposing the country’s too weak leadership amidst emerging demands for a referendum on independence for Scotland.

Pro-leave campaigners leave a trail of confusion in Britain

The former London Mayor, Boris Johnson, and his fellow Pro-leave campaigners remarkably modulated their tone and some of their positions in Europe leaving a trail of confusion regarding the issues they intend to address via a withdrawal. Boris Johnson is now a leading candidate in Cameron’s succession campaign.

The Problems Plaguing European Union

The state of chaotic paralysis clearly illustrated two major challenges that have been plaguing the EU in the last decade. First is the problem of balancing democratic accountability against its institutional drive to further the cause of unity.  And secondly, inability to respond abruptly and resolutely to deal with the crises that regularly weakens self-confidence among voters and in the markets.

Latest developments on Monday highlighted the urgent demand from all sides to agree on a way forward to restore a sense of unity in Britain and the entire Europe.

With all the turmoil, some Conservative Party leaders hope to call a second referendum in a bid to override the Brexit vote. This is in spite of Mr. Cameron brushing off such ideas. However, Mr. Cameron stated that he would not be the one in charge of Britain’s messy divorce from Europe.

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Brexit Vote Britain European Union Mr. Cameron

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