The normally fragmented European Union is uniting behind the goal of making an example out of Britain, seeking to punish the island nation for Brexit. According to Guy Verhofstadt, Britain must end up "worse off" after leaving otherwise there is “no point” in having the European Union anymore.
But the British population is also uniting. According to new polls, a whopping 2/3rds of British voters now support Brexit due to a new movement termed the “Re-Leavers” – formerly remain voters who believe the government has the duty to carry out the will of the people. This is good news for the United Kingdom because the health of the British Economy will largely depend on consumer optimism. If the people unite behind their government’s policy, the U.K should be better able to hold its own against increasingly hostile EU negotiators.
Nevertheless, the polls contain somewhat loaded language, and should not be taken at face value.
The defeat of Le Pen in France has breathed new life into the European Union and the single currency. And unfortunately for Britain, this means the Euro is likely to continue rising against the pound and further downside in the British currency should be expected. As always, the best way to protect against currency decline is through precious metals investing.