Top of Mind

What Would Brexit Mean?

Brexit once seemed unlikely, but new polls indicate that Britain’s referendum on staying in the European Union on June 23 could go either way. The New York Times' assessment of the potential impact of a “Leave” vote: “It could batter global markets, weigh on economic growth, alter the balance of power in Europe, and affect the United States’ relations with the Continent.”

Looking beyond short-term impacts, the British Treasury estimated that upon leaving the EU, “Britain would be permanently poorer by the equivalent of £4,300 per household by 2030 and every year thereafter.”

Why risk such economic upheaval? Frustration with immigration, terrorism, the refugee crisis, and the cost of funding a union that is perceived as lurching from crisis to crisis. The Guardian sees many in Britain and around the EU wondering, “What if the European project is an edifice with fatally flawed foundations?”