The Australian argues in its recent editorial that some aspects of life for its citizens, for Europe and for the world will be changed. But, people should not overreact or panic because the UK will keep calm and
Both the Leave and Remain cases exaggerated the risks of voting for the other. In reality the differences in economic outlook between staying or exiting the EU are likely to be minor.
Even estimates compiled by the British Treasury and the OECD suggest the negative impact on UK gross domestic product of exiting would be 0.3 per cent annually.
This voluntary return to the sovereignty of the nation-state will have implications elsewhere. A Pew poll has shown disenchantment towards Brussels among other EU nations, with France leading the way with 61 per cent opposed to the EU, and eight other countries, including Italy, The Netherlands, Spain, Greece and Hungary, similarly unhappy.
The EU, if it is to survive Britains exit, must change. Even Donald Tusk, president of the European Council, concedes that we have failed to notice that ordinary people dont share out Euro-enthusiasm. Apart from mass migration, the most potent issue in causing the disaffection in Britain was interference by the European Court of Human Rights in the British judicial system, frequently in support of radical Islamist imams held under Londons terrorist laws.
For Australia, continuity is also key. Britain remains our strong security ally, economic partner and cultural cousin. New opportunities now arise to strike a free-trade deal and act in concert on matters of diplomacy and strategic affairs. The UK remains a crucial player in NATO, a permanent member of the UN Security Council, the fifth largest economy and therefore one of the most influential nations. That will not diminish.
