There’s a lot of blame to go around for the outcome of the Brexit vote, and I’d put fiscal austerity near the top of the list.
Great article in the Washington post where the journalist rises above the rhetoric of almost all other news organizations and shows that Brexit was not the result of a stupid population voting, but that bad austerity measures played a very significant role.
Austerity leads to high unemployment as is demonstrated in the chart below:
The EU has been unnecessarily forcing high austerity and privatizations on all member states. The EU continues to ignore unemployment rates of its member states. This is failed economics, and the UK now has an opportunity to decide its own level of austerity, and if they are smart, they will cut back on austerity programs and use their own economic policy to get people back to work. Being free of the EU’s failed policies will allow the UK to do just that. Whether they do it or not, well, that’s another story.