Britons are already worse off after having voted to leave the European Union. So far, the pound has plunged by nearly nine per cent against the dollar, slashing the value of British assets with higher import prices likely to follow.

A few weeks before Britons voted in the referendum, Michael Gove, one of the leaders of the Leave campaign and now in the race to be the next Prime Minister of Britain, was asked why he should be trusted considering the number of economists and internationally renowned authorities who opposed Brexit. And this is what he said: "People in this country have had more than enough of these so-called experts."

Experts are, of course, known to have made mistakes. But in this case, the people who voted for Brexit will pay a bigger price for ignoring economic expertise. The harmful effects of this vote are both immediate and lasting. The prices of property, most British people's main asset, are almost certainly to fall. Central bankers cannot protect the financial system against a continuing economic shock.

Businesses face uncertainty. Britain's economy had already slowed as new investment decisions have been put on hold. Now, a country renowned for its political and legal stability has descended into chaos.  The future prime minister is yet unknown, as is the direction his or her policies will take. The future terms on which Britain will trade with both the European Union and all the countries with which it has negotiated deals on Britain's behalf are uncertain, too.

There is also the prospect of a second referendum on Scottish independence, which may be won this time round. In Northern Ireland, the political party Sinn Fein has called for a referendum on a united Ireland.

The young, the higher educated and other reasonable and dynamic members of Britain's economy, voted to Remain, however, they were outvoted by the old, the less educated and non-city people, who often rely on taxpayer's generosity! Unfortunately, with economic opportunities stunted, everyone will suffer for Leave voters wrongly blamed hard-working, tax-paying European migrants for everything they dislike about modern Britain and trusting charlatans like Michael Gove and Boris Johnson.

Jos Edmond Zarb

Birkirkara