For anyone that woke up and got bombarded by the word ‘Brexit’,
your aren’t alone.There is actually NO shame in saying
“I didn’t know anything about Brexit”
I would like to give a summary of what I have read about this brouhaha …
First of all, Brexit isn’t a word off an English, Spanish or French dictionary it is an abbreviation for “British Exit”
Apparently, Britain held an in/out referendum on its European union membership on June 23, 2016 and the votes are in favour of out. In essence, the majority voted for Britain to withdraw from the European Union.
The exit isn’t going to be immediate as the UK has two years of talks/ negotiations before it must leave the EU. The two years will begin to count once the EU is informed that Britain wants to exit by virtue of Article 50. (Lisbon Treaty 2009)
Britain had in the past opted out of the European Union’s monetary union. Hence you would notice the use of the British Pounds rather than the Euros.
If you are wondering how this will affect Britain’s economy, well, businesses based in the Uk wouldn’t be able to trade freely in the EU zone because they would now be required to go through a different set of safety certification.
If ABC Biscuit is produced in the UK, it is allowed to sell everywhere in the European market because the safety and environmental standards are the same however, if Britain exist the EU, this freedom of sale may cease to exit.
Immigration is another area that may be affected by this exit. As at now, EU citizens are free to reside or work anywhere in the EU region with minimum paper work However, this exit may hinder this privilege.
If you heard something about Scotland, it’s because the UK is made up of England, Scotland, Wales and Northern Ireland. Scotland had in the past sought independence from the UK but polls show that the Scottish preferred to remain in the EU.
Well, fears are that Scotland would try to be independent again from the UK. If they do and succeed, they may petition to join the EU as an independent nation and this would weaken the British economy further.
Nothing is certain yet. Negotiations will determine what the outcome of this exit will be. However, the popular opinion is that the EU may decide to strike a hard bargain to discourage other countries from leaving the EU
Those in favour of the exit (“Outers”) have argued that Brussels bureaucracy is a drag in the British economy as its laws and regulations are a threat to British sovereignty. They have further stated that Britain will save billions of pounds since they wouldn’t need to contribute towards the European union budget.
So far, the pound has fallen to its worst levels since 1985 and the Prime minister; David Cameron has put in his resignation.
This isn’t a great start to Brexit, but who knows?