Experts are, of course, known to make mistakes. But in this case, the people who voted for Brexit will pay a big price for ignoring economic expertise. The harmful effects of this vote are both immediate and lasting.
Britons are already worse off. The pound has — so far — plunged by nearly 9 percent against the dollar, slashing the value of British assets, with higher import prices likely to follow. The stock market has also taken a hit. The prices of property, most British people’s main asset, are almost certain to fall, too. While Mark Carney, the governor of the Bank of England, has already pledged 250 billion pounds (about $345 billion) to support the financial system and has said he could offer more if necessary, central bankers cannot protect against an enduring economic shock.
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The young, the higher educated and city dwellers, the most dynamic members of Britain’s economy, voted to Remain. They were outvoted by the old, the less educated and non-urban English, who often rely on taxpayer largess. With economic opportunities stunted, everyone will suffer for Leave voters wrongly blaming hard-working, taxpaying European migrants for everything they dislike about modern Britain and wrongly trusting economic charlatans like Mr. Gove.
