British Black Friday

British Black Friday

Dr. Jassim Taqui

The historic Britain vote to leave the European Union in a landmark referendum has created a tremendous uncertainty in Europe. Europe is witnessing the greatest setback since WWII.

Britain  divorce, the first to exist EU is expected to initiate a crumbling  in Europe as well.

Britain is witnessing a Black Friday where the pound is down over 8 percent against US dollar. Currently, the pound is $1.34, which is the lowest in 31 years.

The biggest drop for the pound was on October 24, 2008, when it declined by 5.9 percent during the global stock market crash.

Britain is now facing a global financial capital crisis especially following two years of chaotic divorce proceedings with the EU.

The referendum is also a vote of no-confidence in the leadership of the British Prime Minister David Cameron especially when he promised the nation to ensure that Britain would stay in EU.

Morally,  Cameron should resign to keep his prestige and the democratic tradition. However, it is expected that he would resist Opposition demand of resignation. He did not resign when his name was included in the Panama Leak in the famous case of  offshore fund named Blairmore Holdings.

Ostensibly, remaining in power is the best way to cover-up political and economic failure and corruption. Thus, Cameron joins the prime minister Nawaz Sharif who is staying in London to avoid accountability over Panama Leaks and involvement in corruption. Seemingly, Cameron’s London has become an inspiration.