Brexit: An Economic dilemma for Britain.

The world was left in absolute shock when the Brexit referendum results were announced in June 2016. Not only was it perceived to be unrealistic, but also highly unlikely given the polls taken at the time.

Having a background in economics, a friend of mine later sought for my opinion on this Brexit phenomenon. She went ahead to ask me its economic impact on Britain and Europe.

In response to her question, I explained along the lines of economic integration, free movement of goods, services, capital and people within Europe. Ironically, I wasn’t entirely convinced with my explanation.

This was no alien feeling since other European Union members were faced with a similar hurdle in trying to figure out the real meaning of Brexit. It’s quite notable that “Brexit” was the most searched word on the internet at the time.

Many people feared that leaving the EU would deeply hurt Britain’s economy. Theresa May made it clear during the referendum that  if UK left the EU, Britain would be left worse off. However, now as UK’s Prime Minister, May has become the leading advocate for Brexit. During a press briefing, she said;

“No deal for Britain is better than a bad deal for Britain-because we would still be able to trade with Europe, we would strike trade deals across the world and we would have the freedom to set competitive tax rates and embrace policies that would attract the world’s best companies and biggest investors to Britain.”

The house of commons overwhelmingly voted in favor of the Brexit bill yesterday (9th Feb 2017), thus it will now have to go through the house of lords.

With Brexit being such an anomaly, will it really boost Britain’s economy?…Or is it flattering to deceive?

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