In a completely unprecedented event, the United Kingdom has decided to leave the European Union. In a referendum known as Brexit, UK voters turned up in remarkable numbers to cast their votes. After much campaigning from both sides of the issue over the past several months, constituents in favor of leaving have made their voices heard. Like most political bombs, much of the impact is yet to be seen. The unknown is perhaps what scares people the most. Although much still remains to be seen, there is no doubt that the decision has already had an impact on the world. While we sit and wait to see what is to come, we thought we would share with you this list of a few cursory facts on Brexit and some of its immediate effects. Here are 10 Things You Might Want to Know About Brexit.
10
Brexit is a combination of the words Britian and exit, and it stands for the Referendum of the United Kingdom’s membership of the European Union. In layman’s terms, the decision whether the UK should stay or leave the EU was put to a vote. With a vote of 52% to 48%, the UK has decided to leave the EU.
Source: investopedia.com, bbc.com; image: youtube.com
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The Brexit referendum has had a significant adverse impact on the global market.The stock markets have plummeted and the British pound has fallen, impacting the FTSE and several financial industries, including the house building sector. Even in the US, the Dow Jones fell 2.6% in the opening minutes.
Source: investopedia.com, bbc.com; image: pixabay.com
8
The voter turnout for the referendum was 71.8%, the highest voter turnout since 1992’s general election.
Source: bcc.com; image: commons.wikimedia.org
7
Despite the decision to leave the EU, the actual process of Britain leaving will take some time as there are official steps to be taken now that the decision has been made. There are many things still unknown.
Source: bcc.com; image: pexels.com
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Until a departure treaty is signed, Britain remains, in principle, a full member of the EU. However, Britain will be excluded from discussions affecting its exit terms.
Source: Ndtv.com; image: commons.wikimedia
5
Article 50 of the Treaty on European Union establishes the procedure for negotiations between the EU and the member that wishes to leave. After the UK officially notifies the EU of their desire to leave, there is a two-year period in which both parties can reach an agreement on several issues of political and economical import.
Source: Vox.com; image: en.wikipedia
4
British Prime Minister, David Cameron, who was in favor of staying with the EU, has announced that he will step down in October.
Source: investopedia.com; image: en.wikipedia.org
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Most of the voters in Scotland voted in favor of staying with the EU. The decision to leave the EU has prompted the First Minister in Scotland, Nicola Sturgeon, to investigate ways for Scotland to stay within the EU.
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According to the Wall Street Journal, Brexit would interrupt nearly 60 years of British expansion, endangering the economic gains it has made since joining.
Source: WSJ.com; image: Images Money via Flickr
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It’s yet to be seen whether this is an advantageous move on Britain’s part. However, there are 13 separate studies; eight say that Britain would be worse off, and three say it would be better off. The remaining two saw mixed effects.
Source; WSJ.com; image: commons.wikimedia
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