Britain is the 5th largest country in the world and 2nd largest one in EU. Though for a time nothing much is expected to happen, its exit will have far-reaching repercussions in EU and at a global level. The immediate perception that Britain will be weakened has led to the drastic fall in the Pound. Markets all over the world are reacting to this perceived weakness. Due to Britain’s deep involvement in sectors like finance, these sectors will be affected. Though details are yet to come, in India stock exchanges, financial markets and currency, for example have already experienced a plunge. This development should be seen as part of the sharp right wing shift taking place around the world.
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