Yesterday the U.K. voted to leave the European Union, and the long-discussed Brexit became a reality. Many authors and publishers have taken to twitter to voice their concern and disapproval, equating the Brexit as a move away from inclusiveness and tolerance.
Goodbye, UK. https://t.co/HMRA0AnlWR
— J.K. Rowling (@jk_rowling) June 24, 2016
I am afraid you are going to need it,
— Neil Gaiman (@neilhimself) June 24, 2016
While the cultural and social implications for the U.K. are significant, the impact of the Brexit will also hit U.K. businesses. In the near-term, markets took a dive yesterday due to uncertainty about the U.K.’s future. Book publishers too will feel the effect of this split. Already several publishing professionals have voiced questions about the decision. How will the VAT on ebooks be handled? Will a new tax emerge? Will international book sales decline for U.K. publishers? What will be the effect on copyright?
Several pundits have tried to suss out the pros and cons of the move. Below are some of those arguments. Admittedly, many are struggling to see the silver lining in the Brexit cloud that now hangs over the U.K.