Brexit vote very close Leave side ahead 51.3 % to 48.7% for Remain as count continues with 266 of 382 regions counted and declared

As of 11:20 Montreal time Thursday evening the Leave side is headed it would seem to a narrow victory in the Brexit referendum.They are currently ahead by 11,098 011 votes to 10 477 662 votes for Remain. The turnout was 72 % there are still 40 % of the votes to be counted. Scotland and most of London has voted overwhelmingly to remain but the rest of England and Wales largely voted to leave. This deep division in the country will test the political skills of British politicians to prevent further political disintegration in the UK. The initial impact on the exchange rate on the pound has been substantial but that may well turn out to be a temporary phenomenon. The prediction of many experts has been a major negative impact on stock and financial markets but we shall have to see if this actually occurs. The European union’s problems will now grow with the apparent British exit if this vote count holds in the end and a very deep reconsideration will be essential. In my view the real culprit has been the deeply reactionary and dogmatic stance of the European central bank in the past and austerity obsessed bureaucrats. But rising right wing nativism cannot also be ignored in the vote.

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About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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