It's not the end of the world, but I think a lot of British got suckered into rah-rah nationalism.
The fact is the UK had a very, very sweet deal in the EU where they basically got all the benefits of it without many or even any of the downsides. They got to keep their own currency, they got free movement (over 1 million Brits reside elsewhere in Europe, millions more enjoy visa free travel; see those drunken British going on stag parties in Amsterdam and Prague), they got favorable trade deals, and they even were able to control their own borders, for example they admitted basically no refugees from Syria. They didn't have to pay much of anything to Greece.
They're basically the kid who gets to come over, play with all the toys, but doesn't have to stay for any of the clean up.
The only thing that will change now is they are going to basically get a worse deal from the EU, the EU cannot give them the same deal as before because it would encourage other countries to do the same. That and their economy is going to be under a large black cloud for a while because too many businesses are going to be weighed under by uncertainty.
Also now the UK basically has no say in European policy at all, they've basically (stupidly IMO) locked themselves out of that. No one's going to listen to them now, they wanted this, well ok, now you can have it. You have basically no say in Europe going forward. A country like Bulgaria can have more say going forward in the future of Europe than big, proud Britain can.
And they're likely to lose Scotland and possibly Northern Ireland too going forward, which effectively ends the UK basically as an entity.
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