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Politics

Britain Breaks With European Union

What you need to know and how it will affect you.

Erin Jones

Jun 24, 2016

University of Tulsa

conservativehome.com

The results from the referendum are in, and wow, they are shocking—and you might be affected. On Thursday, June 23, 2016, a vote was held to decide whether the United Kingdom should leave or stay in the European Union. After 43 years, Britain has opted to exit, or what some are now deeming "Brexit."

Even though the margin was small, the outcome of this recession and the overall influence that this decision has made will greatly affect the UK, the EU and the international marketplace. 52% of the UK voted to leave the EU, leaving 48% wanting to remain a member. The voting turnout was large as well: nearly 72%. That translates to more than 30 million people, the largest turnout for a UK-wide vote since 1992. But the UK was divided on this vote. England and Wales fueled the Leave decision, while Scotland and Northern Ireland united on the Remain front.

In addition, the immediate effects of the decision are staggering. When the British markets opened Friday morning, the UK watched as stocks and numbers plummeted by nearly 9%. But the effects did not stop there. The United States saw red this morning as the Dow Jones industrial average lose more than 500 points within the first minutes of trading. The S&P index and the Nasdaq both fell more than 2%. This monumental decision led international economic policymakers to release the warning that "financial volatility could have adverse implications for financial and economic stability." The British pound also took a hit with this decision: it saw a decrease in more than 10 percent over the course of 6 hours.

And if that wasn't enough. David Cameron, Prime Minister, announced his resignation early Friday morning and stated that the country was now in need of "fresh leadership." During his speech, Cameron stated: "I will do everything I can as Prime Minister to steady the ship over the coming weeks and months but I do not think it would be right for me to try to be the captain that steers our country to its next destination."

Scotland was not pleased with the decision of the UK. First Minister of Scotland, Nicola Sturgeon, stated that it was "democratically unacceptable" for Scotland to be forced to leave the EU against its will. The country was in favor of the Remain vote with roughly 62% of the country opting to stay. She also mentioned that the country would begin drafting legislation to seek independence from England. Northern Ireland is also in favor of breaking from the UK due to its support in the Stay vote.

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