The pound has tanked since the Brexit vote, which is irksome for those looking to go on foreign holidays, but overall people haven’t felt too many ill effects. The FTSE (mainly on the back of listed foreign companies benefitting from the fall in the pound) has gone up.
That said, it is a little irksome – my word of the day – when pro-Brexit politicians and newspapers point to this to show that ‘Project Fear’ was misguided, and that Brexit wasn’t as bad as people feared. The key point, however, is that: Brexit hasn’t happened yet.
All that has happened is a vote on Brexit – and everyone (including the Market) realises that there is no point panicking yet for something that is so far away in the future. However, the view that overall Brexit will be bad for the economy is as strong as ever.
I am no fan of European institution, but I voted to Remain, and if I had the chance to do so again, would vote in the same way.
That said the Democratic will of the people decided otherwise. The manoeuvres of Labour politicians, and various pressure and lobby groups (and ex-prime ministers) is very disturbing – or at least irksome. Democracy isn’t democracy if those at the top can just overturn a vote if they don’t like the outcome.
Equally, the view that we were ‘lied’ to – or that new information has come to light -is irrelevant. It was clear at the time that the claims were lies – and it was pointed out by the Remain campaign. There isn’t really any new information that people were not being told.
Of course, democracy requires an element of trust in the electorate, and their collective rationality or sense. It means you buy into the fact that a few people cannot – in a paternalistic fashion – know ‘what is best’ for people – against their explicitly stated point of view. Sometimes that trust isn’t founded or rewarded.
However, in the long run, playing fast and loose with democracy will be more than irksome.
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