Like dominoes, Britain leaving the European Union could prompt others to follow in its footsteps.
But before that happens, Britain may be dealing with another Brexit on their hands: this one from within their own country.
The Mirror reports:
Londoners have called for the capital of England to breakaway away from the rest of Britain following today’s vote to leave the European Union.
The city went against the national trend by voting in favor of Remain – unlike vast swathes of the north of England and some Tory heartlands in the south. More than 2.2million London voters backed Remain compared to 1.5 million in favour of Leave.Frustrated Londoners have now taken to social media to ask London mayor Sadiq Khan to declare the city independent from the rest of the UK and stay in the EU.
A petition on“Let’s face it – the rest of the country disagrees. So rather than passive aggressively vote against each other at every election, let’s make the divorce official and move in with our friends on the continent.” started by James O’Malley states: “London is an international city, and we want to remain at the heart of Europe.
Admittedly, I (The Analytical Economist) have no idea if something like this is even possible, but those in London may have a point. As a financial center, the main concern is that the city will lose jobs to their neighbors across the sea. Morgan Stanley and JP Morgan both had plans to relocate jobs if Britain left the EU. You don’t have to look any further than British financial stocks to see the panic. Barclays tanked 20% today, HSBC lost 9%, and the Royal Bank of Scotland lost nearly 30%.
Meanwhile, the city’s first Muslim mayor called for unity, even after the vote to break away from the EU:
“I still believe that our country is better off within the European Union, but there is no doubt that London will continue to be the successful city it is today. Our city and our country will continue to be the best place in the world to do business. And we will continue to look outwards and trade and engage with the entire world – including the European Union.
“Although we will be outside the EU, it is crucial that we remain part of the single market. Leaving the single market of 500 million people – with its free-trade benefits – would be a mistake. I will be pushing the Government to ensure this is the cornerstone of the negotiations with the EU. It is crucial that London has a voice at the table during those renegotiations, alongside Scotland and Northern Ireland.
“We all have a responsibility to now seek to heal the divisions that have emerged throughout this campaign – and to focus on that which unites us, rather than that which divides us.”
To say the reverberations from this will be felt for a long time may be an understatement.
[Note: This post was authored by The Analytical Economist]