Finally, someone has got it right about Brexit:
Although the past three years have seen torrents of ink spilled about the implications for Britain, there has been very little commentary about the consequences for the EU.
On January 31, the EU will lose its second-largest economy, after Germany, and the fifth-largest economy in the world, representing about 13 per cent of its total GDP. It will lose its third most populous state, its most important military power and a significant source of diplomatic and cultural influence.
Yup. As the man said, follow the money — and foreign investment is pouring into London, not into Paris, Frankfurt, or Brussels. Especially not Brussels.
Face it: an independent Britain has only one sick economy to worry about (Scotland). The post-Brexit EU has the basket cases of Italy, Greece, Portugal, Spain and… Ireland to worry about. And, as Sandbrook points out, without Britain’s economy and just as importantly, Britain’s annual “member contribution” of about $10 billion.
But most of all, the Brits are feeling like what one of my Brit buddies said in reply to my email wishing him a Happy Brexit Year:
“Brexit — the air’s cleaner over here now that cloud has been lifted!”
And Mr. Free Market’s opinion of the threats of independence from Scotland is even more succinct:
I think things are going to be just fine, Over There.