I should start saying that there are many other shortfalls but, for the ones below, I would say that not even 1% of the British voters have thought of:
- Privacy regulations
Until now, UK was able to share data with systems in any of the other EU countries. Not any more! UK has two choices: 1) become a trusted entity (something like Switzerland); or 2) pass new privacy laws copy-pasted from the EU General Data Protection Regulation (GDPR). Worst case scenario, if none of the above is done, firms operating in the UK will need to move their data to EU data centers.
- Financial services
European banks probably celebrated the vote. It is most likely that the UK’s banks may lose access to the “passport” rule that allows financial firms regulated in one EU country to operate in every other EU country. EU businesses will most likely not be able to use British banks so European banks will be stepping in.
- Availability of goods
Firms like H&M, Ikea, or Zara will spend time and money on trade rules because firms moving goods between the UK and the EU may face customs tariffs and will bear the cost of international trading bureaucracy. Customer experience will suffer as this is one of the variables they will not have margins to invest and the cost of goods will go up. One may argue that this is a chance for UK to grow local business but I would say this is idealistic. The immigration policy will change and the work force will be more expensive and hard to find. For instance, CIOs will find it even more difficult to recruit already-scarce developers and engineers. Moreover, technology-based start-ups will be set up in other European capitals over London.
I wonder how many voters have considered this step with a pragmatic approach…