Brexit results were announced early this morning, the majority vote is OUT, 52% chose to LEAVE and so Britain leaving the EU is what will happen. It was at 6am this morning that the shocking result was announced and since then questions are being fired left right and center.
One of the most important messages to understand is that Britain leaving the EU is not something that will have immediate effect. It will take a lot of time for the UK to leave; most likely it will take several years.
Brexit results in David Cameron’s resignation
There have been two major changes in Britain today, the first being the official decision to exit the EU and the second being No 10 Downing Street’s PM David Cameron announcing his resignation..
Arguably only one of the two comes as a big shock; that being the decision to Leave. Many voters and campaigners knew that there was a strong possibility that the Leave campaign would win the referendum but many people no doubt thought that there was a chance that voters would last minute change their minds or adapt their vote for fear of the unknown. Therefore it is the Prime Minister’s resignation that does not come as much of a surprise.
The reason being that although it was Cameron who allowed there to be a referendum, he certainly was not in favor of Brexit, he campaigned hard to encourage citizens to choose to Remain in the EU. Members of the public accused the PM of scaremongering voters and holding back information, but David Cameron has revealed that he was honest throughout the whole campaign and that he meant every word. Therefore, being against the decision to leave the EU, if the British Prime Minister were to maintain his position on Downing Street he would be leading Britain in something that he personally does not believe is the right thing.
It is expected that there will be a new Prime Minister by the end of September.
Brexit has immediate effect on market
The value of the pound has fallen rather quickly and hits its all-time low since 1985; it has so far fallen more than 10% and is expected to continue to drop.
Brexit negotiations with the EU
Britain will now face countless difficult negotiations with the EU in order to see how the UK will move forward and out. The remaining members of the EU were hoping that the referendum would favor staying in the EU and are devastated by the result, making the future of the European Union unknown. The UK will have to make announcements on its position in major issues such as free movement which has sent millions of EU citizens into panic, in fear of being deported.
Brexit- could Britain ever re-join?
A huge legal practice will begin once Article 50 has been activated and Britain would no longer be able to re-join the European Union unless all remaining members of the Union give a unanimous consent for the state to do so.