During his 2015 campaign, Prime Minster David Cameron announced that he would renegotiate with the European Union and hold a vote that would be put in the hands of the people of England.
Basically, it was up to them if they chose to leave or not and the date for this vote would be on June 23, 2016. When the date finally came and people went to vote it went down as a historic vote as they voted to leave the EU by a vote of 51.89 % for leaving to 48.11% to stay.
The vote came down as a surprise as the people of England did not expect it to go as it did. One of the first questions that came from this was why should people outside of England care that they left the EU.
Well one of the first reasons you should care is that your future trip to Europe will be much cheaper. When the news came down that the UK was going to leave the EU, the British pound fell to a thirty-one year low against the dollar and the Euro also remained weak as investors ended up pulling out their money.
Samuel Rines, a senior economist for Avalon Advisors LLC in Houston had a remark on the drop in the pound and the rise in the US dollar. He said, “ A stronger dollar makes it cheaper to travel.” Other ways that Britain leaving the European Union are that CD and Bond Yields could fall, mortgage rates are falling, stocks fall sharply, and jobs to immigrants could be eliminated.
What seems to be forgotten is that the United States economy will be able to slowly bounce back from this but the global market and the European market will have a tougher road to rebound from this. One scare that came out of this was that people were thinking that if Britain was able to vote to leave the European Union, would other nations decide to leave.
So in basic terms with Britain leaving the EU, are we seeing the end of the European Union as a whole. In the next few months, other nations in Europe like France, Switzerland, and others are planning on having a vote to decide their future in the European Union.
There was a poll that came out trying to get Americans view on Brexit.
By an overwhelming 4-1 margin end up agreeing that the UK’s vote to leave the EU was a sign of anger. There was 16% who thought it was an isolated issue. One group of individuals who feel it was the right move for this to happen are your Trump supporters.
Sandra Lueder, 68 years old and is planning on voting from Trump in the election later this year said, “I think it is an indication of a broader feeling among people around the world, where they are feeling more and more helpless about controlling things in their own countries.” In the United States about a week after the news came from England of how voters from the different political parties view what happened.
The numbers came back as 75% of Republicans, 72% of Independents, and 59% Democrats are in favor of Britain leaving the European Union. Another survey done because of Brexit was that 40% of Americans do not believe it has any impact on the elections later this year and 26% of the Democratic supporters feel this will hurt the Republican candidate Donald Trump’s chance in November.
Talking about the Trump supporters, 37% feel it will benefit his campaign while just 5% think it will hurt him. 34% think it won’t make a difference at all. Tim Cook, 61 years old and a Trump supporter said, “It kind of makes the case for the fact that a lot of people are unhappy with the status quo, not just here in America.”
What will be interesting to see is when the debates come between Donald Trump and Hilary Clinton in the next few months is do one of them use it to attack the opposing party.