Since the Brexit referendum in 2016, Britain’s stock market is only up about 10% as many investors have stayed on the sidelines amid the uncertainty. In the same period, U.S. stocks are up more than 30% and French stocks are up more than 25%.
But for the U.K., a country that has a seat at the table for most of the world’s major decisions, Brexit is also about national identity and pride.
Great Britain brought forth the world's first bill of rights — the Magna Carta — in 1215, and now its own commitment to democracy is in question. So is the famous British “stiff upper lip,” which now appears to be quivering amid the uncertainty about the road ahead.
The public’s only vote on Europe before Brexit was a referendum in 1973 to remain a part of the European community, which would eventually become the European Union.
Now that the U.K. has another Brexit extension and an election coming up in December, issues like the Irish border will no doubt resurface.
There are plenty of political divisions on the road ahead. But history is written — and it’s a reminder of how high the stakes are with Brexit.