retail news in context, analysis with attitude

Reuters reports that just days after registered UK voters cast their ballots in favor of leaving the European Union, "quit the European Union hit sterling and raised the prospect of another recession," retailers saw both their sales and stock prices fall. At the same time, expectations are that the Brexit vote also could impact any new merger-and-acquisition activity that might take place in the UK.

And, the story says, "though a weak pound makes British goods cheaper abroad, helping British retailers with international operations, the Brexit vote will also raise questions about unfettered access to the EU market."
KC's View:
Lots of questions about what's going to happen now, and very few solid answers ... though just the immediate impact on the UK economy appears to have created some buyer's remorse. (John Oliver did a wonderful job of explaining - and deconstructing - the Brexit situation on last night's edition of "Last Week Tonight" on HBO.)

I can understand some of the emotions that might have led some British people to vote to abandon the European Union; globalization can be a scary thing, especially if you see your job being threatened. But it seems to me that expecting that a vote and a political statement can hold back the forces of globalization is akin to expecting that one can vote to change the weather. I just don't think it is possible to put that particular genie back in the bottle ... and my guess is that the countries, companies and people who figure out how to make globalization work for them, as opposed to using to create fear and loathing, will be the ones that are most successful in the long run.