Daniel Hannan on BBC, a British politician who represents South East England for the Conservative party, claimed "Reclaiming our laws doesn't in any sense mean walking away from our friends in Europe. We're still going to be constructively engaged..." On BBC Newnight, he claims that outside of the EU's rules, England will be able to freely endeavor back into clinical trials for medical research, become yet again the "software capital", have great financial service, innovative farmers who will export all over the world and "the fishing grounds have become a great renewable resource and fuel prices have fallen back to world levels" leading to a revival of many products. Therefore, if they are still participating in the common market, why is the world worried about the economy plummeting because of Britain's independence from the union?
Naturally over a decade, or so, an economy will go through cycles of expansion and recession (if you don't understand how an economy works check out this video #getafreeeducation). Therefore, because Britain's economy will enter a decent for the time being they will no longer be credit worthy, which has negative effects, but can still be managed and turned around - especially if their freedom is all that Hannan claims it will be.
It is also commonly known that financially the EU has become stagnant, which has been causing problems, and may have been the biggest motivation for Britain to brexit. Economically, Britain will go through the economic cycle, however, the question remains as to whether or not they will survive in their independence.
Stephanie Flander, in her Opinion article, The economic shock of brexit is the lesser problem, claims, "There will be an economic and financial impact on the rest of the world, and especially Europe, but it should be manageable." Being not credit worthy inherently means that Britain will not be able to participate in the market because they pose too much of a debt risk, but again, if Hannan is correct that their productivity will make it so they survive the severing, then they will make it by staying credit worthy.
In conclusion, Britain needs to start implementing the plans they have for their productivity soon; they need to have a plan for if a recession hits and they need to make that plan known to the people. Change is not always a bad thing, but it definitely takes a toll on everyone else.
