It was confirmed that Britain had left the European Union, called Brexit. The European Union is a political and economic partnership between 28 countries in Europe that shares similar interest. This Brexit referendum was a non-binding referendum that happened on the 23rd of June, 2016 in the UK. This was to gauge the support for the country’s continued membership in the European Union.
Mr Corbyn’s is the leadership over the EU referendum. This referendum is only advisory, and it is a decision to invoke Article 50 of the Treaty on the European Union. This decision of leaving the European Union can be taken only by the United Kingdom.
Brexit, Why did Britain leave EU?
Britain made the decision to leave the European Union due to the following reasons:-
Economical: – The UK usually sends money to the European headquarters, the money being sent is approximately £12 million (which is more than their yearly spendings). This money is then disbursed to the various European Union members. Those who are in support of the Brexit campaign are not happy with the fact that Britain uses their public money to fund the European Union programs. Britain also sells goods to members of the EU in a more favorable term, reduces their economy. They want to be able to take total control over their trade deals and save more money, rather than wasting them on EU.
IMMIGRATION:-n As a member of the European Union, any citizen from any of these countries in the union can migrate and work in the UK without requiring a visa. An economist would agree that it is good for the national economy, but there are disadvantages too. Immigrants also share in the not sufficient public resources, such as the National Health Service and the welfare too.
IDENTITY: – Britain doesn’t fully support the EU thing from the beginning. As a member of the EU, UK has to abide by the EU policies, and some of these policies might be ridiculous or over strictly to them. Policies like the pet horses, bananas and the rest of them.
Britain thinks leaving the EU would make them take back full control over UK’s laws, and make them the GREAT BRITAIN again.
Leaders role on Referendum
Boris Johnson says the UK will continue to “intensify” cooperation with the EU following the country’s vote to leave.
Scotland’s First Minister Nicola Sturgeon says Holyrood could try to block the UK’s exit from the EU. The House of Commons petitions committee says it is investigating allegations of fraud in connection with a petition calling for a second EU referendum, There were mass resignations. Foreign secretary Hilary Benn was sacked. Bryant warned Mr Corbyn that he was in danger of going down in history as “the man who broke the Labour Party”.
Effect of Britain exit on other members of the EU
Britain leaving EU would affect other members, and Britain itself. The European Union members won’t enjoy several rights being offered being provided by Britain. These rights includes:-
They would need visa to travel to Britain
Britain might introduce work permit to their system, which might limit other EU members from working in Britain
the EU will be less of a global force
Some members of the EU would likely leave EU too.
Affect Foreign investors in Britain
Drop in investment caused by uncertainty
Effect of Brexit on other Countries
If Brexit wins in a country as stable and politically phlegmatic as Britain, financial markets and businesses around the world will be shaken out of their complacency about populist insurgencies in the rest of Europe and the US.
Brexit vote could be the catalyst for another global crisis, which leads to the workers to lose their jobs, homeowners trapped in negative equity and pensioners to lose their savings.
There would be instability in the world financial market.
The french and Germany might take over the market, due to drop in british market.
Dollar would become stronger than pounds, which would likely lead to lead to trade deficit
Effect of Brexit on Pounds
Not long ago after the Brexit result, British Pounds reduced by 10% of its value since 1985. This also affects Euros which is the major currency being used by 19 members of the European Union. Analysts predict that there would be months of political and economic turmoil, and this would lead to the constant depreciation of the British pounds in the exchange market.
Brexit polls result
According to BBC, Brexit poll is as follows:-
51.9% votes on leave, while 48.1% votes on stay. 17,410,742 is the actual number of those that votes on leave, and 16,141,241 are those that voted to stay.
Now that it has been confirmed that Britain is out from the European Union (although there some pending decisions that they might withdraw the exit), let’s watch and see what happens next.
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