Brexit’s fallout: A tale of economic reckoning – Matthew A. Winkler

The decision to leave the European Union sent shockwaves through Britain's financial landscape, shattering investor expectations and triggering a historic plunge in the pound's value. Once a beacon of economic prowess, the UK now grapples with dwindling fortunes as its EU counterparts surge ahead. Despite warnings unheeded, the aftermath of Brexit underscores a stark reality: Britain's prosperity, once assured within the EU, now hangs precariously in the balance.

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By Matthew A. Winkler

Leaving the European Union was unlike any event in modern British history. Institutional investors couldn't imagine a majority of Britons voting against their own interest. When they did, the shock was immediate. The pound plummeted a record 8.05% in minutes to a 31-year-low against the dollar. The toll of the June 23, 2016, referendum was more than double any of the eight worst days since 1981, and the almost 13% depreciation in less than a week remains unequaled as a UK foreign-exchange debacle.

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