It has been the world’s most popular headline: the Brexit, a term coined for “the British exit”. After 43 years in the European Union, the U.K. has opted to leave the EU.
The voting of the referendum took place on Wednesday, June 23, while the results were revealed on the morning of June 24. 52 percent of British people voted to leave the EU. Stock prices around the world dropped dramatically, and soon it became a controversial topic that everyone suddenly had an opinion on. However how can you form an opinion on something without knowing the whole story first?
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Here is a simple guide to learn about what the Brexit really is…
The David Cameron Backstory
David Cameron is the current conservative prime minister of the U.K. In 2015, when he was running for reelection, he was worried about losing the anti-immigration voters within his own party. Therefore, he promised that if he was reelected, he would hold a referendum vote on the British exit from the EU. Cameron won the election in 2015, and the referendum was scheduled to occur in 2016. However, Cameron did not support the Brexit.
Why do people want the U.K. to leave the EU?
There are many reasons, but I believe that these are some of the most popular.
- People in the U.K. want to regain border control, since the EU has a law that allows anyone from an EU country to live and work in another EU country.
- Leaving the EU could allow the U.K. to reestablish itself in the world.
- Some Britons worry about security. Staying in the EU with an open door policy could lead to more terrorists entering the country. By leaving the EU, the U.K. can determine their own border rules and who can and cannot enter their country.
- The U.K. could establish its own trade agreements with other countries, instead of abiding by the EU laws and regulations
Why do people want to stay?
Once again, there are many reasons why people want to stay, but here are some of the most popular arguments.
- Economic benefits. The U.K. is part of one of the largest free-trade zones, and leaving could lead to economic disruption, both in the U.K. and in other countries in the EU.
- People believe that being a member in the EU has security benefits, since countries can communicate with other European law enforcement agencies.
- Easy travel to other countries in the EU.
- Many jobs have been created thanks to the U.K.’s membership in the EU.
Is the U.K. officially out of the EU now?
Not exactly. Negotiations over new rules and post-exit relations could drag out for years. The EU specifies that the parties (the U.K. and EU) will have two years to negotiate new rules for the U.K.
Why should you care?
The entire world’s stock markets dropped when the results of referendum were announced. The U.K. is one of the US’s strongest allies, so the US economy could be significantly lower due to this decision. The British also provide the US valuable security information about the EU, and the US could now potentially be cut off.
I’ve heard many opinions about this topic while being abroad in Europe, and many people in Spain seem to be upset about the results of the referendum. It has caused the stock markets to drop, and people believe that there could be long-term economic consequences with this decision. Will the U.K. and EU be able to negotiate exit terms peacefully and in a timely manner? I guess the world will have to wait and see.
