Brexit: The Fall of the Titans

Are we going? Are we staying? Petitions for a second referendum, Google searches for ‘What is EU’, added to the emotions. The world collectively waited with bated breath, as UK decided to Brexit.

I will not talk about the politics, nor about the economic impact of Brexit; am I instead intrigued by the Leadership demonstrated by the country’s most visible and powerful leaders. Here is a classic case of how the mighty fell. The overarching responsibility of the elected to lead a might nation into its future succumbed to personal beliefs.

The Background

David Cameron retained the keys to 10 Downing Street, with an outright majority. The Conservative party’s economic message "Let's stay on the road to a stronger economy" resonated with the masses and there seemed to be a clear direction for the future.  Yet, in an audacious gamble, David Cameron decided to fulfill his election promise of a referendum and here’s where all hell broke loose.

Here are my top 3 leadership lessons from this dramatic episode:

1) Leaders lead, overcome failure – they don’t become options

David Cameron passionately campaigned to ‘Remain’, he pleaded for voters to “put jobs first, put the economy first”. By doing so he became an option and not the elected leader. He played to the gallery and emotions.  He chose to choose an option, rather than lead. Ultimately when the results came in, he decided to quit paving the way for Brexit leaders to take charge.  He was the elected leader, he needed to steer course regardless of the outcome. Leaders face crisis situations and when don’t quit decisions don’t go their way. They introspect, respect the outcome, learn and take charge. They don’t give up. Leadership is equally about how you emerge from the lows and rise to lead again. Your teams look up to you for guidance, encouragement and vision. Failures contribute to future successes, provided you overcome these.

2) Have a 360degree View

Older voters were responsible in swinging the vote in favor of Brexit. National identity, costs of living were some of the factors which contributed to their decision. Younger voters desperately argued and voted to Remain. The future belongs to the teenagers, they will inherit the consequences of this decision and they passionately believe in EU, yet couldn’t vote. Scotland wanted to stay in the EU, and although it had earlier voted to stay with UK, this was a different matter. These contrasting views and data were not factored into the campaign spiel and ultimately resulted in an irreversible decision. The leaders needed to sell, convince and convert the older/younger voters and here the strategy fell short. The campaign though had its economic tone, at the heart of it completely missed this audience.

3) Recognize Emotions, Respect Data

As per the Guardian, Forecast group EY Item Club says business investment and consumer spending will be held back because of uncertainty. In April, Item said the UK’s GDP would grow by 2.6% in 2017 – a figure it now expects to be barely 0.4%. It expects the pound to have fallen 15% in a year by the end of 2016, and decline further through the decade. Unemployment is forecast to rise from 5% to 7.1% by the end of 2019, cutting household disposable income. Consumer spending is expected to fall next year – the first decline since 2011. The leadership overlooked the short term financial repercussions, confidence of foreign investors and whether London would lose its tag as the most competitive financial center. How the new leadership rides this wave of uncertainty will lay the foundation for the EU free future.

The country will emerge, although not emotionally and financially unscathed from this decision; it is over the next 3 to 5 years that the clear picture will unveil. The new leader has her task cut out for her and she has chosen to respect the outcome and move forward, despite her personal beliefs. It will be interesting to see how she steers course. 'I shall be telling this with a sigh, Somewhere ages  and ages hence: Two roads diverged in a wood, and I—  I took the one less traveled by,  And that has made all the difference’… Robert Frost

I'd love to hear from you on what are your 3 top leadership lessons from this episode.

These are independent views of the author and do not represent the sentiments or views of the organization