Britain exits EU

A52-48 split in vote in favour to exit the European Union; it will have tremendous multifaceted implications for Great Britain. Obviously, it is a huge blow to the European experiment in post-second world war. Prime Minister Cameron stated in his post-referandum speech "I was absolutely clear [in the referendum] about my belief that Britain is stronger, safer and better off inside the European Union…But the British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction." The sterling fell by ten percent and European shares by 8 percent in one day. In the days to come a clearer image will emerge on the economic and political impact of the referendum. The public seemed to have focused mostly on the migration issue and this phobia may lead to a more inward-looking Britain as opposed to the multi-cultural British society we are accustomed to.

We in Bangladesh must carefully gauge the verdict. The immediate impact will be remittance as Britain is the third largest source (after the Middle Eastern countries and the United States) and the initial shock of devaluation of the sterling will have an adverse impact. The markets may rebound in the midterm but that is something we will have to wait to see. Till today we had 0% tariff access to the British market as Britain was part of EU. Now we will have to renegotiate market access all over again. The government must make all efforts through diplomatic channels to ensure that the trade facility remains intact with Great Britain. Yes, we have some time before UK's exit from EU is finalised, but there is no time to waste for policymakers to do the needful to ensure our interests.