My family and I are in Germany, visiting family and friends. When we booked this trip months ago, we had no idea we would be on the “other side of the pond” during such a momentous occasion in international affairs. In less than 24 hours, the #Brexit vote is already having a stunning impact on politics and the global market.
The British Pound started taking a beating almost immediately. It has hit a 30-year low, stunning world markets. The UK became poorer than France in less than a day. The Bank of England has set aside £250 billion for potential measures to stabilize the economy. The FTSE suffered a 5pc drop from the start of the trading day. US markets are almost guaranteed to open lower than expected. Some are anticipating a Black Friday for world markets. Future economic impacts of the Brexit have been discussed for some time.
Additionally, Prime Minister David Cameron has decided to step down. This has only exacerbated an already unstable situation. The social and economic climate in the UK has been fraying for some time, in the years following terrorist attacks in the west. Here in Germany, most of the people I have spoken to have a wait-and-see attitude about #Brexit: It is out of their hands. They will prepare for the worst and hope for the best. As we all should.