Uncertainty prevails as S&P downgrades U.K.'s credit rating after Brexit
LONDON (Sinclair Broadcast Group) —
The rating agency Standard & Poor's stripped the UK of its AAA credit rating Monday, a result of Great Britain's vote to leave the European Union. The Dow experienced another bad day on the market, dropping over uncertainty of what may happen next. Other nations are questioning their own futures or participation in the E.U.
Stability is hard to come by since the U.K.'s historic vote.
Do however, the ends justify the means?
Victors behind "Brexit" said during interviews just prior to the vote that leaving the EU leaves them and their country more secure, with greater say over refugees and in the war on terror.
"Tragically, we've seen the events of Paris and Brussels and people coming in who are pretending to be refugees but who are actually ISIS, who are terrorists," said David Kurten, a member of the UK Independence Party. "And if we don't control our borders, if we allow free movement from all those people who perhaps have criminal records or terrorist intent, evil intent, to have free movement, then we're going to have terrorist attacks."
Others have warned this now looming divorce between the UK and the rest of Europe may actually make each side slightly more vulnerable to attacks.
"There are hurdles which might go up, which might just make it that little more difficult [to] share information, said Raffaello Pantucci, Director of International Security Studies at the Royal United Services Institute, "which might make it that little more difficult to deport people, which might make it that little more difficult to interact and cooperate with European partners."
One of the biggest reasons Americans should care about what happens in Britain, analysts said, is that Brexit could become a trend, with other nations following suit and leaving the EU.
Politicians from Denmark, the Netherlands and beyond are considering similar breakups.
The financial freefall from Brexit alone has already caused worldwide alarm.
"Top of the list in terms of current worries is general uncertainty," said Jeffries Briginshaw. "Business does not like uncertainty."
Briginshaw, head of British American Business, a group representing the concerns of major U.S. companies like IBM, Citi and JP Morgan, said that businesses have multiple concerns over their investments in the UK.
"Particularly for those American companies invested in the UK, and there are a lot of them, and they represent a significant amount of money. A trillion dollars(of fixed U.S. investment in the United Kingdom)."