Area Experts Discuss What The Brexit Vote Means For Philadelphians
PHILADELPHIA (CBS) -- With the U.S. and world stock markets losing $3 trillion since the Brexit vote.
Companies here in the Philadelphia region are worried over how the world's 5th largest economy will handle leaving the European Union.
"It's certainly for my generation, it's the biggest thing that's ever happened, because people don't know how to react," said Howard Silverstone. "The UK is a significant business partner of this region after Canada and Mexico. We're talking about 26 billion dollars. "
Howard Silverstone is the Philadelphia Chapter former President and current board member of the British American Business Council.
According to Silverstone, his office has been fielded with dozens of calls from worried companies. But he says there's no reason to worry.
"Keep calm and carry on, because there really is no need to panic. Nothing is changing right now."
Voters in Scotland and Northern Ireland who overwhelmingly voted against the exit sure hope that's true.
"Mr. Speaker, let me tell this house and our friends across Europe. We have no intention whatsoever of seeing Scotland taken out of Europe," said Brandon O'Leary. "Could the UK be able to satisfy each of its four constituent units. Could England and Wales leave the EU while Scotland and NI remain inside? I do think that is a possible compromise."
UPenn professor and former EU constitutional advisor Brendan O'Leary sys that compromise will continue for at least two years unless another referendum is voted on.
"It is true that the only way to unwind a referendum result that is democratic is to have another referendum but I think all politicians would be wary of immediately having another referendum for fear of getting an answer they don't like," he said.
So while this uncertainly plays out on the world stage, he says look for the silver lining.
"It certainly is a good moment for Americans, including those in Philadelphia to travel to the UK. They'll find it cheap."
Both Silverstone and O'Leary say once the UK finalizes its divorce from the EU, Philadelphia businesses will have to renegotiate contracts with the county.
