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Brexit caused by economic insecurity: Pundit

Friday, 21 October 2016 6:19 PM [ Last Update: Friday, 21 October 2016 6:21 PM ]

A photo taken on June 24, 2016 shows the UK and EU flags in front of the UK Representation to the EU in Brussels. (Photo by AFP)

Britain voted to exit the European Union in a referendum on June 23 after 43 years of membership. The vote called 'Brexit' has triggered concerns that other EU nations may follow suit, challenging the political fabric of an alliance that has been constructed among nearly 30 very different countries.

A professor of economics told Press TV on Friday that Brexit was essentially caused by the economic insecurity amongst the British people, adding that this insecurity is greater in the other European countries.

“If they [European leaders] put on their glasses, they will a see... that their own populations are very angry about the crux of this matter which is the economic failure of Europe,” said Rodney Shakespeare.

The academic also argued that countries such as Greece, the Czech Republic, Slovakia, Hungary, France and Italy may have their own version of Brexit because they feel economically insecure.

Elsewhere in his remarks, Shakespeare said the media assault on Russia is a direct result of what is now an increasing failure of the Western global financial system.

He also noted that EU leaders are picking upon Russia in an attempt to find an explanation for their own failure.

“But they are going to lose, because Russia is winning diplomatically in the Middle East and on the global economic front. The Western leaders do not have an effective solution,” he added.

Britain and the EU are at odds over a string of issues, particularly the UK’s inclination to remain a member of the European single market after leaving the bloc.

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