The vote for Brexit happened on Thursday June 23, 2016 and the markets tumbled like there was no support.
It did not help that even the ones we think are professionals were unprepared for the EXIT vote.
One Briton said “I voted no but did not think my vote mattered”. Reason why you should always only vote for what you truly believe in.
The biggest petition asking for a second referendum has garnered more than 2.6 million signatures and in fact, it crashed the House of Commons website in UK.
The Brexit vote wiped $2 trillion off the markets and was the worst drop in one day ever. EVER.
The few who read the Business report at The Insider knew for weeks that we were talking about hedging for a YES or Non vote. Sadly not even non #Ugandans bothered to read.
The Brexit stripped the world’s 400 richest people of some $127 billion in one day (Bloomberg).
Some investor made $200+ million in one day because of hedging.
As if all the uncertainty was insufficient, now there are many companies thinking of exiting UK. Well, can we blame them? They lost a lot of money with just one vote which was not even mandatory. https://www.theguardian.com/business/2016/jun/26/city-of-london-expecting-further-post-brexit-losses-when-trade-reopens
Then of course we have the EU demanding that UK exit asap.
There is also Scotland which voted overwhelmingly to stay in the EU and they could veto the UK vote to protect their membership in the EU.
The fact is this vote meant so much more and people just did not read the implications of the vote.
As much as the Britons wanted their independence, many did not realise that most countries have signed bilateral agreements with UK based on their membership in the EU.
Sure, UK is strong enough to survive outside of the EU but we are looking at pain before things settle in and the contracts are reviewed.
You already have the right wingers saying other countries in the EU should also exit. Merkel might be left alone but the Deutschmark was very strong on its own too.
What the EU did was harmonize social security, international relations, labour relations, minimum wage, working hours and social security. This besides being a strong voice in the world to act together with harmony to deal with world issues.
For a fact, all friends in UK, do not lose heart. UK has always been strong on its own and UK will survive. We are just going through growing pains (maybe divorce and separation and these things are never easy).
Canada, USA and the other trading partners of UK and EU are terribly concerned and they should be.
Martha Leah Nangalama
I have an IT and business background. I contribute to the Business, World News and Special Reports for The Insider ( an online news website in Uganda) pro-bono.
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