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What Is Brexit And What Is Going To Happen Now That Britain Has Voted To LEAVE ? - Foreign Affairs - Nairaland

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What Is Brexit And What Is Going To Happen Now That Britain Has Voted To LEAVE ? by beejaychinedu(m): 2:55pm On Jun 24, 2016
[size=25pt]THE people of Britain have voted for Brexit in a decision which will transform this nation forever. But what will happen next? [/size]

What is Brexit?

The people of Britain voted for a British exit, or Brexit, from the EU in a historic referendum on Thursday June 23.

The outcome has prompted jubilant celebrations among Eurosceptics around the UK and sent shockwaves through the global economy.

After the result, the pound fell to its worst levels since 1985 and David Cameron resigned as Prime Minister of Britain.

Mr Cameron said his successor should take up office by October, at which point the UK would embark on its two-year political divorce from the EU.

The next step is for Britain to tell the EU that it wants to go by using Article 50 of the EU rulebook for the first time in history.

But there will now be a short delay before using the legal mechanism, which starts the timer on two years of talks before the UK must leave the bloc.

Mr Cameron said the next Prime Minster should decide when to trigger Article 50, but he will tell the EU about Britain's decision at a summit in Brussels on Tuesday.

Re: What Is Brexit And What Is Going To Happen Now That Britain Has Voted To LEAVE ? by beejaychinedu(m): 2:57pm On Jun 24, 2016
What are economic views on Brexit?

The most immediate risk to global markets was Britain leaving the EU, warned Bank of England Governor Mark Carney recently warned.

The pound this morning fell to the lowest level since 1985 and emergency steps are now being taken to calm the economic turmoil.

There is uncertainty over what will happen when Britain leaves the EU because it has to make new trade agreements with the rest of the world.

Supporters of Brexit argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services.

But Europhiles worry that foreign companies will be less likely to invest here and could move their headquarters out if Britain loses access to the single market.

Ahead of the referendum, investor Neil Woodford, founder of Woodford Investment Management, described pro-European claims that the economy would be damaged as “bogus”.

Mr Woodford said: “I think it's a nil-sum game frankly, whether we stay or whether we leave."

Ukip Nigel Farage has also said the Brexit vote is good news for exporters who have struggled with the high value of the pound.

Now Britain has voted to leave the EU, it will no longer have to contribute billions of pounds a year towards the European Union's budget.

In March Eurosceptics slammed a Confederation of British Industry (CBI) report that claimed that Brexit would cause a £100billion “shock” to the UK economy.

The Treasury was also accused of “doom and gloom” after predicting that a Brexit would cost households £4,300 a year by 3030, leaving Britain worse off for decades.

Anti-EU campaigners have rubbished claims that it will push up the cost of the weekly shop, imported goods and travel abroad.

There are also concerns about what will happen to Britain's expats living in European countries such as Spain and foreign footballers playing in the UK.

But Eurosceptics argue that the referendum was a historic opportunity to take back control of Britain's borders in order to curb immigration.

Re: What Is Brexit And What Is Going To Happen Now That Britain Has Voted To LEAVE ? by beejaychinedu(m): 2:59pm On Jun 24, 2016
What will happen to the immigration when Britain leaves the EU?

Eurosceptics say that leaving the EU will allow Britain tackle soaring immigration and increase security at its borders.

Britain will no longer have to accept ‘free movement of people’ from Europe, which Brexit campaigners argue puts pressure on public services such as the NHS and schools.

Brexit campaigners have said Britain can now get an ‘Australian-style points system’ to better manage immigration and fill skill shortages.

But the Remain campaign argue that the British economy will no longer benefit from the free movement of foreign workers, such as health professionals, in the EU.

Some Europhiles have also said that Brexit would compromise the UK’s ability to fight cross-border crime and terrorism.

Mr Cameron has even said he suspects that ISIS leader Abu Bakr al-Baghdadi “would be happy” when Britain leaves the EU.
Re: What Is Brexit And What Is Going To Happen Now That Britain Has Voted To LEAVE ? by beejaychinedu(m): 3:01pm On Jun 24, 2016
What will happen to sovereignty when Britain leaves the EU?

The Brexit campaign argue that the EU referendum was a once-in-a-lifetime opportunity for Britain to restore its sovereignty.

Eurosceptics see EU institutions as inherently undemocratic and argue that laws that affect the UK should not be decided by bureaucrats in Brussels.

Leading Brexit figure Boris Johnson said that the EU had “very greatly eroded” the public’s ability to elect politicians to pass laws that matter to them.

Europhiles argue that the UK will now wield less power to act internationally outside the EU and workers will lose rights enshrined under EU law.

Source: http://www.express.co.uk/news/politics/645667/Brexit-EU-European-Union-Referendum-David-Cameron-Economic-Impact-UK-EU-exit-leave

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