Brexit and Breckage

What hath we wrought, indeed.

It is 8:26 in the morning, and David Cameron has just resigned.  That is not the first fallout from yesterday’s vote for the UK to leave the EU.

“A seismic moment for Britain.” “A crushing, crushing defeat for Britain and for Europe.”  That’s just two of the responses heard on the BBC.

“Shares in Barclays and Royal Bank of Scotland have both fallen by 25%.” shouts the Guardian.  “…the FTSE 100 is now ‘only’ down 400 points, or 6.4%.”

Things started off on a good foot for Remain, with Gibralter coming in at midnight with 19,000 Remain and 822 Leave.  But then came the narrow lead in Newcastle on Tyne, at just 51/49%, much lower than expected; then Sunderland, with a significant triumph for Leave.  With turnout numbers of 65 – 75% across the board.

By 01:00, the pound was in free fall.  After having been bid up to $1.50/£, it quickly fell to $1.34.  This has stabilized slightly, but still hovers near that 30 year low.  Not even during the financial crisis in 2008 did it suffer so.  Gold, on the other hand, and the dollar, are bolstered.

The shit storm here has only just begun.  I worry for my friends. A, Australian by birth, not seeing a future for herself in a non-European UK, talks of returning down under.  El & Is, the brilliant women behind Artellite — parent company of Degree Art and Contemporary Collection — have built a thriving business due in no small part to the open borders and markets of the EU.  Will they be able to continue to exhibit across the continent as they have?  Fraught times ahead.

For myself?  I will mourn the loss my EU citizenship.  I am proud of my UK passport’s banner heading, European Union.  It feels good to be a citizen of these two large democratic blocs, the US & EU. I have not exercised EU citizenship much — visits to the Czech Republic and Netherlands not withstanding — but this Sunday, as I disembark from the ferry in Holland, I will once again exercise the freedom of movement so central to the EU dream.  My UK passport expires April 2017.  Will its replacement contain that EU banner? This is not yet known.  British PM Cameron is expected to invoke a clause to grant a 2 year period during which the ties between UK & EU are fully severed, and my renewal comes during that window.

Enough for now.  “A new day has dawned, in Britain,” the BBC news reader, who has been up all night, just intoned.  Indeed, and that way monsters lay.

My next stop on this European tour is Holland, widely considered to be the next most likely to vote for EU exit.  Sigh…

 

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