Brexit News: Is The UK Losing Its Global Influence After Decision To Leave The EU?

The European Union's top diplomat said this week at a security conference in Singapore that the U.K.'s role in global politics is eroding due to its decision to leave the E.U., according to reports.

"I see and, I regret, that this is weakening the U.K.'s role in the world but I think it doesn't affect the European Union's role in the world," Federica Mogherini said at the Shangri-La Dialogue, where influential policymakers gather to discuss their views on developments in the Asia-Pacific region.

Mogherini's statements come after the recent European Parliament elections in which the ruling Conservative Party and the Labor Party recorded their worst results in decades due to being perceived by voters as having mismanaged the Brexit negotiations. On the other hand, The Brexit Party, founded by anti-E.U. activist Nigel Farage, became one of the biggest parties in the parliament, with 29 members.

The U.K.'s inability to draw a deal with the E.U. has caused turmoil, with Prime Minister Theresa May stepping down last week. The U.K. now has until Oct. 31 to exit the bloc.

Brexit has long been viewed as a political gamble.

Over the years, the center-right Conservative Party began to draw Eurosceptic support and in 2013 Conservative Prime Minister David Cameron called for a referendum on whether the U.K. should stay or leave the E.U.

Cameron called for the referendum so that he could continue to draw support from the Eurosceptic faction of his party and remain in power, yet he himself wanted the U.K. to remain a member. Cameron's gamble backfired in June 2016, when the British public voted to leave, prompting Cameron's resignation and setting off multiple years of negotiations on how the U.K. would divorce itself from the bloc.