A week after UK voters chose to leave the EU, a growing number of market commentators are arguing that the media, politicians and some economists exaggerated the impact that a “Brexit” vote would have on the UK economy and British assets. The frequent stream of reports about a second referendum, Scotland vetoing the decision to leave the EU, political infighting and UK never planning to invoke Article 50, suggest the financial media were firmly biased to the “remain” camp.
In addition, caustic comments from EU officials about how to renegotiate trade and security agreements with the UK suggests that many well pensioned bureaucrats on the continent are very angry that: 1) a majority of UK voters were willing to fight the EU status quo. And 2) The UK Government is willing to honor the will of the UK voters. It’s clear that this type of pure democratic process doesn’t sit well with the unelected policymakers in Brussels.
Social Media, on the other hand, has largely celebrated the “Brexit” vote as a revolution of grassroots politics and consolidating objections about wage stagnation, immigration politics and the lack of self-governance. This rebellious timbre of the referendum has reverberated into other regions of the world where similar anti-status quo movements are gaining popularity.