BREXIT: The Debate, the Decision, and the Aftermath
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Case Code: ECON059 Case Length: 18 Pages Period: 2016 Pub Date: 2017 Teaching Note: Available |
Price: Rs.600 Organization : - Industry : Government & Non-Profit Organisations Countries : European Union Themes: Business Economics |
Abstract Case Intro 1 Excerpts
Introduction
A referendum on the issue of Britain’s membership of the European Union (EU) was held on June 23, 2016, wherein Britain decided to leave the bloc by a majority of 1,269,501 votes. As an immediate outcome of the decision, the global financial market plunged into turmoil, with the British pound sinking sharply to its lowest level against the dollar since 1985. For decades, the UK’s bitter relationship with the bloc had been mobilizing a group of euroskeptics in Britain who questioned the value of its membership in the EU. The movement to leave the EU got a boost when the then British Prime Minister declared that a referendum would be held on the issue of Britain's membership in the bloc. While the Prime Minister aimed to negotiate a better deal with the EU through the referendum, the growing euroskepticism in Britain promoted an anti-EU group, known as 'Brexit', who demanded liberation of the country from the over-regulated and protectionist-minded EU. The Brexit debate divided the voters who were caught in a dilemma of whether the UK should remain a member or leave the bloc. Finally, the decision to leave the bloc left the country grappling with uncertainty over its future prosperity and economic growth amid the upcoming possibilities of trade arrangements withthe EU.
Critics alleged that the UK’s decision to leave the bloc would not only hit its economy in the short term, but also damage its growth prospects for many years to come. Concerned about the fallout of Brexit, Barack Obama (Obama), President of the US, said Brexit raised "longer-term concerns about global growth." Since the UK was a strong member of the EU and highly associated with the bloc in terms of trade, investment, migration, and financial services, its withdrawal would jeopardize the interests of both the parties and weaken the EU, both economically and politically, analysts said. On the other hand, the Brexiteers believed that leaving the bloc would benefit the country by way of additional regulatory freedom to negotiate its own trade deals with other nations, which would enable Britain to build a competitive economy with lower prices and additional job opportunities...
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