One can assume that everyone has seen the results of the Brexit referendum to leave the EU, with the LEAVE winning at 52% vs 48% who wanted to remain. This is one of the biggest moments in the history of the UK and most people will be confused as to what it actually means for everyone.
I will iterate through a few salient points to help understand what things actually mean for us along with the immediate repercussions of the Brexit outcome.
– PM Cameron Resigns
– Scotland & N. Ireland have shown intent for an independence referendum
– £GBP is at its lowest it has been for 40 years
– Corbyn, the Labour leader may face a vote of no confidence for he’s ‘unclear message on the campaign’
– 75% of young people voted to REMAIN and are dissatisfied with the result
Whilst I am and was a REMAIN supporter, and it is easy to blow the above out of proportion, I would say – stay calm. These things were bound to happen. History teaches us change is not easily digested. Certainty (or the perception of it) is what the world depends on and the moment we have uncertainty, we go into a frenzy – hang tight and everything will settle.
Cameron did the honourable thing in resigning. He’s gamble didn’t work out and he took it on the chin. Due to risk of further instability, he will welcome the next PM after the Tory election before leaving.
With Corbyn, it is difficult to see if the motion will gain momentum. If he’s incoming is anything to go by – he doesn’t have a lot to worry about. Whilst Scotland and N.I can and should exercise their rights to request independence as their majority vote was for REMAIN.
When Do We Leave?
It’s not an overnight thing. Juncker, President – EC Commission, has said he wants it sorted ASAP but Cameron has left the decision to the incoming PM who will decide when to invoke Article 50 of the Lisbon Treaty which would start the legal procedure for UK to leave. Even so, there is a lot to be negotiated before any solid timelines are provided, which are discussed below.
Although unlikely, it is also possible and legal that the incoming PM ignores the outcome of the referendum.
What Happens to the Overseas Workers and EU Expats
Contrary to what some people are claiming, it is extremely difficult to predict what will happen. Most likely the UK may ask all EU citizens to provide proof of residence for x amount of time and issue indefinite leave to remain to them, whilst anyone not meeting the criteria may have to go back and re-enter under the new legislation. Whatever the Govt opts for, we must remember we have UK citizens in EU member states and negotiations will work both ways. Moreover, issues like workers rights, benefits, medical cover etc. will need to be ironed out too before any steps are taken.
What Will Happen in Daily UK Life
Immediately we will see the £ value drop meaning things will be slightly more expensive, and the housing market may drop. These things will fluctuate now and steady a little in the interim and may fluctuate again based on negotiations with the EU, and more so when the timeline and exit procedure is in action. What we will do with the promised money that we saved is yet to be seen.
Other than that time will only tell who was right and wrong in this debate which divided the nation. Its a big gamble, but the nation has voted and we shall sit it out watch with anticipation whilst the fruits of democracy flourish.