Most economists have had a near-unified opinion that the vote out will result in a slumped Britain Economy. Frankly speaking, it is collateral damage. The ‘sovereign’ nation is feared to suffer immensely, be it through slowdown in investments or simply losing out on a favourable trade union.
So why did the referendum go on to defy this very logic? We blame this on the psychology of voting. Often our decisions are rational; often they are overpowered by emotions. And the Brexit had a very strong emotion on its side – Xenophobia. The open EU borders have led to a massive influx of European immigrants and the political leaders have very well capitalized on that. Citizens started to fear a loss of identity and control. Once this fear takes over, people are far more gullible, open to rumours and quick to dehumanize the other race.
This setback coupled with the resignation of PM David Cameron leaves Britain at a very fragile state. Public confidence needs to be at a high if the economy aims to achieve financial and political autonomy.
Meanwhile, India is just blown away that you can get Britain to leave by voting.
IRIANS – The Neuroscience Institute