Pierre: Too early to judge ‘Brexit’ vote impact

Opposition leader, Philip J. Pierre, believes it is too early to determine what the impact of a vote by the UK to leave the European Union will have on the Caribbean.

However Pierre has noted that the vote on the so called ‘Brexit’, has had some effect on the stock markets and the value of the British pound.

He recalled that British Prime Minister, David Cameron, who has announced that he will be stepping down in October as a result of the ‘Brexit” vote, had promised substantial aid to the region.

The Saint Lucia opposition leader told the Times Cameron saw the ‘Brexit’ vote as one of no confidence in him, since he had campaigned to have the UK remain in the European Union.

Cameron had urged his countrymen to vote Remain, but was defeated by 52% to 48% despite London, Scotland and Northern Ireland backing staying in.

“Since they plan to leave Europe, whether it will lead to internal budget changes or whether they will become a little more insular, the jury is still out on that,” Pierre asserted.

He told the Times it would be interesting to see what happens, since Britain will now have a smaller space from which to operate.

A former Tourism Minister, Pierre observed that the immediate effect of the UK vote to leave the European Union was a decrease in the value of the pound.

He stated that if the pounds stays down, UK visitors will have less money to spend because their currency will be worth less.

The UK is Saint Lucia’s third largest tourism market.

 

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