David Cameron may go down in British history as the worst prime minister of all time.
Think of it.
He called for a vote that gambled Britain’s membership in the European Union, a vote that took a simple majority, and not a two-thirds margin as would be expected for something this significant. Then, he personally championed to remain in the EU, but as more voters listened to him, they decided to leave.
Talk about a political kick in the ass. It took Cameron four hours after the results were known to announce his resignation. The only question is why it took him so long.
“Leaving the European Union will leave Great Britain diminished on the world stage,” Lord Browne, former CEO of BP wrote in the conservative Wall Street Journal. “Where once we were a world leader in trade and global diplomacy, our exit will see the U.K. reduced to the level of a second- or third-tier nation. Clearly this is an unappealing prospect for the U.K. But it is bad news for the rest of the world too.”
The first wave of the tsunami is financial. The British pound fell today 11 percent to a 31-year low. The Dow plummeted more than 600 points. Japan’s Nikkei 225 average dropped more than 1,200 points, or 8 percent.
But it is more than a one day storm. The uncertainty created by Britain’s exit from the EU could continue for months, if not years. “Britain’s shock vote to leave the EU has unleashed a wave of economic and political uncertainty that likely will drive the UK into recession,” said Samuel Tombs, a chief UK economist.
“Massive institutional uncertainty is now being superimposed on economic fragility and financial fluidity,” said Mohamed A. El-Erian, chief economic adviser at Allianz.
For America there are troubling issues about trade ahead that could damage our economy. More importantly, our best friend in the EU has now left the table in Brussels, lessening our input in a vital part of the world.
After this vote, Scotland and Northern Ireland could soon demand their independence, leaving England a shrinking former world power.
Jihadi forums are praising the UK’s exit from the EU, while Russian President Vladimir Putin is said to also be pleased.
All of this could have been avoided had Cameron simply led his nation instead of relinquishing his role. Thankfully, the framers of our constitution did not include national ballot initiatives or referendum.
What’s particularly troubling is the overwhelming support of young Brits to stay in the EU. In urban areas where the average age was 35 and under, electoral commission data showed overwhelming support — in many cases above 70 percent — for remaining.
Look at the graph above. It’s very telling. According to YouGov 64 percent of under-25s said they wanted the UK to remain. With a life expectancy for that generation of 90, younger voters have approximately eight more decades to live compared with the voters who most favored leaving.
But they were outgunned by older voters concerned primarily about immigration who favored leaving with 58 percent. “Too many new faces,” said many older voters.
Boris Johnson, the Donald Trump of British politics, led the leave effort, and could become the conservative party’s next leader. Knowing young voters are going to be around a long time, Johnson is obviously concerned.
“I want to speak directly to the millions of people who did not vote for this outcome, especially young people, who may feel that this decision involves somehow pulling up the drawbridge,” said Johnson after the vote. “We cannot turn our backs on Europe, we are part of Europe, our children and our grandchildren will continue to have a wonderful future as Europeans.”
Yes, but clearly in a diminished role.
One leave leader claimed that June 23 would be remembered as the UK’s “independence day.” In fact, the UK is likely to become more isolated, withdrawn and economically outcast. Younger voters already know it.
But soon to be former Prime Minister David Cameron will be somewhere in retirement, trying to forget the historic mess he got Britain into.