Brexit's Impact on Britain and the World | The Odyssey Online
Start writing a post
Politics

Brexit's Impact on Britain and the World

Britain exits the European Union stage left and stuns the global economy.

7
Brexit's Impact on Britain and the World
Shutterstock

On June 23, the decision was made for Britain to exit the European Union, a move best known as “Brexit”. With an uncomfortably close vote of 48.1 percent in favor of remaining versus 51.9 percent opting to leave, there have begun discussions of a redo. But what exactly does exiting the European Union do for Britain? Its prime minister, David Cameron, resigned from his position a short day after the vote was announced, and was quoted saying, “I will do everything I can…to steady the ship over the coming weeks and months. But I do not think it would be right… to try to be the captain that steers our country to its next destination.”

Britain’s two-year-long separation from the EU is predicted to start when Cameron’s successor takes over on September 2nd of this year. Article 50 of the European Union, which specifies the actions a state must take when departing the union, offers the two-year window as time to negotiate a new treaty in place of Britain’s EU membership. This already seems to be a necessity, as Britain has a great deal of political and economic business to sort out, including trade tariffs and policies on immigration.

For example, its exit from the EU means that it must make new trade agreements with the rest of the world, something that was kept in mind while Priti Patel, minister of state for employment, voted for leaving the EU. Patel cites Brexit as a decision that would “set Britain free” in terms of trading, as Patel has said EU regulations stifled business for the UK.

In a very interesting twist, this new opening for trade regulations and deals also means that the UK will have to make negotiations with the EU themselves. Example trade models have been presented as possibilities for Britain to adhere to, including the Norway, Switzerland, South Korea, Turkey, Canada and WTO models. Each has its own rules on tariffs, trade barriers and free movement of both goods and people, making this economic call for Britain an increasingly important one. Despite Brexit demanding attention from the entire world, the vote itself did not serve as formal notification for Britain’s departure from the union.

That would come at a later time. Official or not, leader of the UK Independence Party Nigel Farage saw this vote as a sure reason to celebrate, even calling June 23 Britain’s independence day. Independent, maybe. Stable, certainly not. Britain’s currency, the pound, is at its lowest value in comparison to the U.S. dollar since 1985 and foreshadows continuing economic turmoil for the country in the future; a disappointment to those who supported Brexit in hopes of achieving a better British economy that worked for the people. Though much of the world is rocked by Britain’s departure from the union, none are as affected as those states remaining within the the EU, holding their breath, hoping no one else Brexits stage left.


Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Taylor Swift in orange dress playing a moss-covered piano on stage with bright lights.

A three-and-a-half-hour runtime. Nine Eras. Eleven outfit changes. Three surprise songs. Zero breaks. One unforgettable evening. In the past century, no other performer has put on an electric performance quite like Taylor Swift, surpassing her fans ‘wildest dreams’. It is the reason supporters keep coming back to her shows each year. Days later, I’m still in awe of the spectacle ‘Miss Americana’ puts on every few days in a new city. And, like one of Taylor’s exes, has me smiling as I reminisce about the memories of the night we spent together.

Keep Reading...Show less
Student Life

A Few Thoughts Every College Freshman Has

The transition into adulthood is never easy

24396
Mays Island
Courtney Jones

Today I started my third week of college at Minnesota State Moorhead. I have survived welcome week, finding my classes on the first day, and being an awkward loner in the dining hall. Even though I have yet to be here for a month, I have already experienced many thoughts and problems that only a new college student can relate to.

Keep Reading...Show less
Students walking on a sunny college campus with trees and buildings.

"Make sure to get involved when you're in college!"

We've all heard some variation of this phrase, whether it came from parents, other family members, friends, RAs, or college-related articles. And, like many clichés, it's true for the most part. Getting involved during your college years can help you make friends, build your resume, and feel connected to your campus. However, these commitments can get stressful if you're dealing with personal issues, need to work, or aren't sure how to balance classes and everything else going on during the semester.

Keep Reading...Show less
Relationships

9 Reasons Why Friends Are Essential In College

College without friends is like peanut butter without jelly.

10192
Bridgaline Liberati and friends
Bridgaline Liberati

In college, one of the essential things to have is friends. Yes, textbooks, a laptop, and other school supplies are important but friends are essential. Friends are that support system everybody needs. The more friends you have the better the support system you have. But you also have someone to share experiences with. And don’t settle for just one or two friends because 8 out of 10 times they are busy and you are studying all alone. Or they have other friend groups that do not include you. Don’t settle for just one or two friends; make as many friends as you can. After the first couple of weeks of college, most friend groups are set and you may be without friends.

Keep Reading...Show less
Lifestyle

The Power of Dressing Up

Why it pays to leave the hoodie at home.

7480
sneakers and heels
Sister | Brother Style - Word Press

For a moment your world is spinning. The phone alarm has just scared you awake and you’re flooded by daunting thoughts of the day ahead. You have three assignments due and little time to work on them because of your job. You’re running late because you’ve hit snooze one to many times after yesterday’s long hours. You dizzily reach for a hoodie, craving its comfort, and rush for a speedy exit, praying you will have time to pick up coffee. Does this sound familiar?

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments