Why the Remain Campaign Lost the Brexit Vote

To many people around the world, the United Kingdom’s vote, on Thursday, to quit the European Union came as a great shock. But the result, with fifty-two per cent of voters in favor leaving the E.U., shouldn’t have been such a surprise. The fact is, the E.U. has never been particularly popular with ordinary people in the U.K., particularly England, and in the weeks leading up to the vote many opinion polls showed the Leave side with a narrow lead. The financial markets and most commentators, myself included, were assuming that, at the last minute, prudence and risk aversion would generate a swing in favor of Remain. That didn’t happen.