Brexit fuse is fizzing
The success of the ‘LEAVE’ campaign has opened a pandora’s box of issues. Already, it has claimed the scalp of the British Prime Minister David Cameron, and no doubt other ministers will follow. But the surprising development has been the chorus line of disapproval for the Labour leader Jeremy Corbyn. Following his sacking of Shadow Foreign Secretary, The Rt Hon Hilary Benn, up to 11 other shadow ministers are intending to resign according to press reports.
The reaction in Europe has been equally chaotic. European Commission president Jean Claude Juncker wants a rapid response, Christine Lagarde of the IMF wants BREXIT completed as soon as possible, while Angela Merkel is urging calm and says that there is “no reason to be particularly nasty” which is a road some would like to tread. One result has been a chaotic reaction from markets around the world. Even here in Australia fifty billion dollars was wiped from the value of our sharemarket shortly after the decision to Brexit had dawned. There are now almost 3 million signatories for a rescission of the Brexit decision, and there is actually a precedent for this, as Ireland had two referenda prior to their entry into the EU.