Britain must now calm anxious financial markets

The Britons have spoken. They voted to leave the European Union (EU) after being a member of the huge economic and political bloc since 1973. After a bitter campaign between those who wanted to remain in the EU and those that favoured an exit, Friday’s historic referendum gave a verdict. As expected, the results were close, but a verdict was delivered nonetheless.

Some 17,410,742 voters in the United Kingdom, representing 48.1 per cent of the votes cast, said they want out of the EU, while 16,141,241 voters, representing 51.9 per cent, wanted UK to remain.

Immediately after the results were announced, British Prime Minister David Cameron announced that he would be leaving office in three months’ time to allow a new leader to steer the ship. His government had opposed what became to be known as Brexit, insisting that UK would be better of being a member of the EU. Mr Cameron campaigned for the side that wanted to remain, but after the side he backed lost, it was clear that his position as Prime Minister had become untenable.

The Prime Minister read the script right — democracy is such that the majority have their way as the minority have their say.

That said, the UK will now have to navigate through complexities of leaving the EU even as it tweaks diplomatic and trade relations with other countries. And due to the close vote, the government must now calm nerves, especially in the financial markets, even as British citizens come to terms with the new reality.

The other countries across the world are also waiting to see how the UK will engage with them. They will be anxious to see Britain’s new foreign policy direction even as they forge new trade relations.

Kenyans too will be anxious to know how relations with their former coloniser will be affected by Britain’s exit. Already, Kenya’s horticultural products have the EU as one of their largest market. With Britain now set to act alone, how will that trade be affected? Kenyans will want to know how travel, immigration, politics and protocol issues will be affected by the outcome. For instance, the Prime Minister was scheduled to visit Kenya next month. Will he still visit the country?

That will be answered in coming days as the impact of Brexit unfolds. For now, democracy has carried the day.