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Now That Brexit Has Happened, What Could Be The Implications?

Now That Brexit Has Happened, What Could Be The Implications? image

Photocredit: politicsmadepublic.com

Britain has voted to exit the European Union following a referendum held on Thursday. The decision to leave the European Union is believed to be what’s best for the nation in terms of moving forward, re-establishing the nation and redefining its place in the world. Although the re-establishment has begun following this decision, it hasn’t been for the best so far.

 

What is the European Union?

The European Union began in 1951 as the European Coal and Steel Community after the World War II, it was an effort by six nations to foster unity through duty-free trade. Six years on, the Treaty of Rome created the European Economic Community, or Common Market.

Britain tried to join later, but President Charles de Gaulle of France vetoed its application in 1963 and in 1967. Britain finally joined in 1973.

 

 

Why Brexit?

 

The referendum asked voters whether Britain should remain a part of the European Union or not.

The reason is this; those who voted to stay think that in order for Britain to have any real influence on the world, the nation has to be a part of a larger piece consisting of other likeminded countries that have the same goal but cannot function as efficient if standing alone.

Those who voted to leave share the thought that European Union has been reformed over the last four decades with regard to the size and the reach of its bureaucracy, diminishing British influence and sovereignty... Here is where the problem lies; both parties have pretty genuine reasons to believe they are right.

Leading the campaign to remain is Prime Minister David Cameron who later resigned after Britain decided to leave. Although with the backing of the Labour Party, the Liberal Democrats and the Scottish National Party, the campaign to leave edged them out having 51.9% of the total votes.

The leave camp was led by Michael Gove, the justice minister, and Boris Johnson, the former mayor of London, over half the Conservative members of Parliament , and the members of the U.K. Independence Party, or UKIP, and its leader, Nigel Farage. Their main concern being sovereignty and immigration.

 

Who Voted

 

  • British citizens 18 and older.
  • Citizens abroad who have been registered to vote at home in the last 15 years.
  • Residents of Britain who are citizens of Ireland or of the Commonwealth which consists of 53 countries, including Nigeria.

 

What has happened since Brexit?

 

The pound plunged to its lowest level since 1985.

• Investors fled risky assets and turned to the dollar and the yen.

• The Bank of England earmarked £250 billion, about $344 billion, for potential stability measures.

Oh, yeah, Asos crashed due to Nigerians and other opportunistic set of individuals taking advantage of the precarious currency sway.

 

What happens to British tourists visiting Europe?

 

“Open skies” represents one of the most tangible benefits of European Union membership. Since 1994, any EU airline has been free to fly between any two points in Europe. If Britain is to continue enjoying this benefit, Britain must rejoin the European Economic Area and negotiate terms based on bilateral benefits.

That’s just one, accommodation will be a lot more expensive, passenger rights could be affected and British citizens might need to queue up at embassies to obtain a visa.

 

Looking Forward, What is Article 50?

 

Before any state can leave the European Union, the rules for exit which are contained in Article 50 of the Treaty of Lisbon must be satisfied. Triggering Article 50 by formally notifying the intension to withdraw, it starts a two-year clock running. After that, the Treaties that govern membership no longer apply to Britain and according to Telegraph, the terms of exit will be negotiated between Britain’s 27 counterparts, and each will have a veto over the conditions.

 



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