On Thursday June 23, Britain shocked the world with their vote to leave the European Union (EU). This is now known as Brexit (Britain Exit) where 71.8 percent of the voting population came out to make sure their voice was heard. The vote of more than 30 million people was extremely close. The vote to leave won at 52 to 48 percent. Britain is going to be the first country to ever leave the EU.
So, what is the EU and what does leaving it mean for Britain?
The EU was made up of 28 countries. The EU has only existed for 60 years and was formed to benefit and help the economy of all 28 countries within the organization. It created the European Euro, a type of currency acceptable in all 28 countries. This union also allows for a Common Market where all 28 countries can trade without fear of high tariffs. The EU also allowed citizens to travel to the 28 countries while being able to find work and retain their benefits. This, of course, was funded by each Country. With Britain paying 12.57 percent of what is in the EU’s treasury making Britain the third highest contributing country. This has lead to an increase in trade among the 28 countries, cheaper transportation and more investment in education, poor areas and security.
Though this brief explanation sounds like the Union would be a great benefit to any country, it wasn’t great for 52 percent of the British population. As with any Union there are flaws. The amount of money the population was paying to be a part of the EU was too high with too little reward. By leaving, it was estimated that 350 million pounds a week would be saved and spent on British citizens. The EU also lead to higher levels of immigration. The country was unprepared to support the amount of immigrant workers and were worried in the long run the EU would hurt their economy.
Since the vote, Google has seen an increase in questions about the EU across the world, especially in Britain. Google reports the research in Britain tripled after the vote ended when the effects of the vote started to take effect. Not only that, but research in the EU increased some voters are questioning their choice. In a ITV News interview taken after the vote, one British voter states:"If I'd had the opportunity to vote again, it would be to stay."
Why are people doubting their vote?
The pound has decreased in value. It has reached a 30 year low, plummeting below 1.35. This is a high 11 percent decrease that occurred over one night. The British banks stocks were down as high as 32 percent.
Not only has their economy suffered, Prime Minister David Cameron announced he was stepping down as Prime Minister. He was a known supporter of the EU but his announcement shocked all of Britain and the world. In a time of uncertainty, the British people look to their leader and he backed down.
Scotland and Northern Ireland are also hurting. Both British ran countries voted to stay in the EU and now are to be removed. Now both are wanting a vote for independence from Britain to take place.
What happens next?
We wait. Leaving the EU won’t be easy. It could take anywhere from a few months to a few years. What Britain needs now is a strong leader to guide them through this uncertainty and unite their divided population. They need someone who will fight for their country, to help stabilize the value of the pound and increase trade with countries other than the other 27 in the EU. Basically, they need another Winston Churchill.
Why YOU should care!
The world’s economy is connected. If the British economy continues to fall it can negatively impact our own economy the way Germany’s did during the Great Depression. Our stock market has already seen some of the effects as we saw the worst drop in 10 months.
We should also learn from what happened to Britain in our upcoming election. Every vote counts and every voice matters! Make sure yours is heard in the upcoming election! You should vote but you should do your research BEFORE voting! Know what policy or candidate you are truly voting for and make the decision you feel is right for our country despite what others say or feel.
