The British withdrawal from the European Union topped headlines this week. Opinions from left to right ran strong about what Brexit means for issues like immigration, racism, the world economy, and the US presidential election. This week we bring you some contrasting Brexit stories from three different sides of the political news spectrum.
Snippets from the Left Leaning
Los Angeles Times
“We find ourselves in a moment of global fear. The democratic identities of Britain and the United States are under threat — not from immigrants or even changing values, but from nationalists and xenophobes exploiting citizens' darkest worries with populist projects, including Donald Trump’s campaign for the U.S. presidency and Brexit. To many voters, the world is a scary place… Unsurprisingly, politicians of many stripes are capitalizing on our fears to rally voters against trade, immigration and international cooperation.
The costs will be substantial. Economists, business leaders and scholars almost universally agree that Britain's retreat from the EU is a self-inflicted economic blunder. Recessions are contagious, and given London’s place as a global financial hub, Brexit will give Britain a particularly virulent cough. The pound’s value will likely tumble. The British treasury estimates that the nation’s households each stand to lose an average of £4,300, or about $7,000. And yet, tens of millions of voters were willing to take that hit.”
Snippets from the Right
As Financial Leaders Heed Economic Repercussions of Brexit, Supporters Deem It a Short-Term Price for Greater Policy Control
“At First Property Group, a London-based real estate investment firm, Chief Executive Ben Habib, who backed leaving the EU, said the vote means Britain will now be able to drive a better deal with the rest of Europe.
Supporters of the ‘leave’ campaign had accepted that there was a potential economic cost to leaving the EU, but have claimed it is a short-term price to pay in exchange for greater control of policies like immigration and borders.
‘We now have the foundations for a very good negotiation with the EU,’ he said, while minimizing the market turmoil. ‘The markets are gyrating, but these are gyrations and will not materially affect our economy.’
Habib said the drop in the pound would help British exporters by making their goods cheaper and more competitive in the global marketplace.”
Snippets from the Center
“Could there be another vote? It looks unlikely. Even though a referendum result is not legally binding, the government would become very unpopular if it ignored the will of the people.
Can the Leave camp deliver? Leading politicians in the campaign to pull the UK out of the European Union appeared to back pedal Monday -- particularly on money for health care.
What does the EU think? Leaders, including German Chancellor Angela Merkel, have made it clear they want the separation to move as soon as possible and warned the UK it can't cherry pick EU privileges while shirking responsibilities.
Market jitters: European stocks and the pound were hammered Monday, though they showed signs of recovery Tuesday. Nonetheless, Britain lost its top-notch credit ratings from Standard & Poor's and Fitch, while Moody's changed its outlook on Britain to ‘negative.’ UK Treasury chief George Osborne broke the bad news that a Brexit would mean spending cuts and higher taxes for Britain.”
- John and the AllSides team