Some people are suggesting the Brits are mad, as in mentally unstable, to leave the European Union. Some are suggesting the far right has taken hold and driven the British people over the cliff into a suicidal jump to get away from immigrants, many of whom, by the way, are from eastern Europe. Perhaps they’re right, but there is at least one interesting and positive impact for the 99 percent that the news pundits don’t want you to know about when it comes to Britain leaving the European Union.
The value of the British pound dropped by more than 10 percent last night against other currencies. That means British companies who have shipped jobs overseas will experience a drop in their profits when they export goods from wherever they’re produced and exported into Britain. This is particularly true of those British corporations that have exported British jobs to European Union members in lower wage nations, such as in Eastern Europe. See The Op-ed the liberal and conservative media doesn’t want you to see-JohnHively.wordpress.com
In other words, British corporations that have exported jobs may be enticed or forced to move production back to England if the British pound stays down in value, which will spur job growth in Britain, and enhance the tax base of the British people. Perhaps this is why the stock markets dropped on news of Britain’s exit. British corporate profits are likely to turn downward in the long run unless the British government can somehow manipulate the value of the currency upward.