Numbers in Democracy
14 July 2016
a) The UK leaving the European Union EU (Brexit)
In the1975 referendum to test United Kingdom membership ,the result 67% in favour, 33% against in a 65% turnout.
In June 2016 the Brits elected to leave with 52% majority, 48% to remain in a 72% turnout. The result caused wide spread turmoil.
Some “Numbers” comments:
- 2009 recession could return to UK.
- Drop of 6% in GDP in UK is muted as a possibility.
- Will affect South African GDP by + 0.2%.
- Petition is doing the rounds for a repeat the referendum.
- A call for a two thirds majority for referendums of this nature..
- The pound dropped by 10% against the US dollar.
- Stock exchanges dropped and then rebounded, JSE dropped by 3%.
- The EU 28 members might lose more members if referendums are held in other countries.
The IMF rates the UK the 5th largest economy in the world, contributing 3.9% to the world’s GDP, Germany, contributing 4.6%. The EU represents 23% of world GDP the USA 25%.The UK is second largest contributor of GDP in the EU. Germany is the largest….