From Great Britain to Little England

Finally, the Brexit won. The historic decision to leave the European Union trade bloc will have far reaching impact on British economy and pave the way to hold another referendum in coming years to grant independence to Scotland that will virtually reshape the 'Great Britain to Little England'. 
It is obvious that Brexit will inevitably affect the British and the European economies and the wider global financial markets. Infect, the referendum results put the global economy on verge of another recession as the US and Europe are still yet to recover fully from 2008 global financial crisis. The move will also trigger many more to exit the trade bloc may eventually collapse the European Union and single currency euro.  
It is too early to calculate Brexit impact on approximately 2.4 million EU citizens in Britain and nearly two million Britons estimated to be living in EU countries. But it is clear that tough time is ahead for Britain. The UK government is fully aware of the consequences of Brexit and estimated that existing the European trade bloc will cut short the size of British economy at least 3.8 per cent to 7.5 per cent by 2030.
Currently, around 80 per cent of British trade is with its European Union partners and now it will have to renegotiate the trade deals with every country. As per an estimate, the UK economy will suffer the most in terms of trade and financial loss which may easily amount to £150 billion to £175 billion.
IHS Global Insight has announced a substantial cut in UK gross domestic product (GDP) for next two year when the government will be negotiating the terms and conditions to leave the European trade bloc. Its GDP will hit as low as 0.2 per cent in 2017 compared to projected 2.4 per cent while only 1.3 per cent growth is likely in 2018 as against 2.3 per cent predicted earlier. For 2016, UK GDP will lower to 1.5 per cent from two per cent projected early this year.
The Brexit will also have a political aspect and the Prime Minister David Cameron's decision to step down by October 2016 is likely to see a strong challenge by Leave campaign leaders for the party leadership. London-based IHS Country Risk analyst Jan Gerhard said the Scottish National Party is likely to seek another independence vote during the UK government's post-2020 mandate, significantly raising the risk that the UK will break up. 
"Today's result is also likely to create serious regulatory and political difficulties for Northern Ireland, including on current arrangements with the Republic of Ireland, and EU funds supporting the peace process in the region," he said in a note on Friday.