A panel discussion on “Brexit and Its Implications for the UK and Rest of the World” was organised by the Panjab University Department of Public Administration in collaboration with IIPA regional branch, Punjab and Chandigarh.
Discussing the consequences of Brexit, senior lecturer at the Department of Politics and International Relations in Cardiff University, Wales, Stephen Thornton said that Brexit could lead to a new relationship with EU, new innovations in domestic policies and possible break-up of the UK and changes in its political system.
He discussed at length the voting behaviour of British nationals across geography, gender, age and economic class. England (minus London) and Wales voted strongly for Brexit. Scotland and Northern Ireland backed staying in the EU. Young people as compared to old favoured to remain with EU. Industrial workers were also broadly in favour of exit. He discussed the role of national and international leaders in the referendum. According to him the fear of glut of immigrants, loss in jobs and stagnating economy of the UK were the major reasons for Brexit.
Director, Institute for Development and Communication, Chandigarh, Professor Pramod Kumar emphasised that Brexit has major consequences for the process of globalisation narrowing the definition of sovereignty and democracy. Referring to Brexit as crises of post capitalism surfacing and resurfacing in different forms, he highlighted that the present phase of globalisation is more about GDP rather than focusing on citizen’s well being.
Another panelist, Prof BS Ghuman discussed at length the impact of Brexit on India. According to him, uncertainty is looming large after Brexit and India may gain as an FDI destination from UK but vice-versa is not valid as Indian firms would be reluctant to invest in
The Indian diaspora may also suffer on account of deceleration in the economy and jobs, however, tourism may get temporary fillip in the short run, he said.