A full insight on current situation of Brexit given by our exclusive speaker, Dr Daniel Thorniley, answering on questions “What were the drivers of Brexit?” and “What went wrong?”.
In his report on Brexit Dr Daniel Thorniley speaks about the hard facts and economic business consequences of Brexit for the global economy, the EU and the UK, and examines in brief the disturbing topic of uncontrolled migration which when combined with long-term austerity programs is at the root of Brexit and much else.
The reasons why Britain left the EU and why the EU could implode are the following:
1) Deep, obsessive austerity programs destroyed GDP growth (or spread growth unevenly across the country in the case of the UK) and deepened and lengthened the crisis. Most commentators and the IMF now accept this.
2) Such austerity destroyed job security and created a new “precariat” society (precarious) of part-timers and self-employed or put in economic jargon: “the unequal effects of globalisation and “social dumping” in post-industrial communities”.
3) Real wages (after inflation) have been flat or negative or below-par in the UK, EU and the USA for the last 5-10-25 years (this is the key economic factor behind social and political alienation: Brexit, Austrian presidential elections, Donald Trump, Marine le Pen).
4) Parents have seen the future of their children eroded with no decent outlook for pensions, jobs, welfare.
5) People have become more disgusted by manifest corporate and governmental corruption (“taxes are for poor people”), rising social inequality.
But these commercial and corporate consequences have now morphed into deep and vicious political consequences. Because added to the above mix of financial and economic factors (the gunpowder) has been added the “spark” (uncontrolled migration).
6) It is uncontrolled migration and the perception that the political elites are comfortable with it or cannot prevent it that alienates large swathes and actual majorities of the electorate.