Brexit becomes a reality today

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Brexit becomes a reality today

United Kingdom’s much-discussed demand to leave from the European Union(EU) had caused many squabbles in news . After being a part of the EU for 43 years since 1972 UK took a referendum to exit from this 28 member states fraternity, European Union. Much has been in question as to why and what has led to these circumstances. Till yesterday, the people emotions had been mixed on the question of Britain leaving the Union, as the nation was split almost equally over Brexit(Britain’s Exit) and Bremen (Britain to remain) from EU. Yesterday on 23rd June UK held its referendum for the vote and the results are out. Brexit has won over Bremain, with the “leave” campaign securing 51.8 per cent of the vote. Now that Brexit is a reality what is going to happen next. Here’s what we think all should know:

What was happening?

Britain was dealing with a love-hate relationship with the EU for decades. This decision of Britain to self-eject from EU is not a culmination of just 4 months of a heady campaign but 4 decades of latent Euroscepticism. So PM Cameron led the referendum as he had promised that he would after winning 2015 general election i.e., to decide whether to stay or to leave the EU. The election took place yesterday June 23, and as the counting process is complete today the result is in favour of Britain to exit from EU.

Why was the referendum needed?

Prime Minister David Cameron promised to hold a referendum if he won the 2015 general elections, in response to growing calls from his own Conservative MPs and the UK Independence Party (UKIP), who argued that Britain had not had a say since 1975, when it voted to stay in the EU in a referendum. The EU has changed a lot since then, gaining more control over their daily lives, they argued. Mr. Cameron said: “It is time for the British people to have their say. It is time to settle this European question in British politics.”

Major Factors that led to Brexit

The “leave” campaign of Britain mostly focused on emotional arguments about immigration, but there are many other reasons which we think were considered as would benefit UK if it left EU.

  • The EU was seen as a threat to the British sovereignty, as this also was very openly expressed by the majority Conservative politicians. Over the past few decades, a series of EU treaties had shifted a growing amount of power from individual member states to the central EU bureaucracy in Brussels. On subjects where the EU had been granted authority such as competition policy, agriculture, and copyright and patent law, it overrode the national laws.
  • The EU was said to be strangling the UK in burdensome regulations, leading many critics to state that EU’s regulations were becoming increasingly onerous.
  • Many British Conservatives saw EU as an imposing left-wing, big-government policies on Britain, whereas some other on the British Left saw that EU’s antidemocratic structure gave too much power to the corporate elites and prevented the British Left from making significant gains.
  • EU law guaranteed that citizens of one EU country had the right to travel to another without any difficulty for living or job necessities. But the British people felt the impact of this rule increasingly since the 2008 financial crisis. The Eurozone had struggled economically which led the workers from Eurozone countries to flock in the UK in search of work. But this led to the decrease in the job opportunities for the native working population, hence, the immigration became such a politicized issue in Britain.
  • While many Brexit supporters simply wanted to reduce the amount of immigration overall, many others argued that the UK could have a more sensible immigration system. EU rules require the UK to admit all EU citizens who want to move to Britain, whether or not they have good job prospects or English skills. This “leave” campaign advocated the admission of immigrants who would bring valuable skills to the country who could integrate well into the culture of Britishers.
  • The UK could keep the money it currently sends to EU, that being said, currently the UK’s contribution is about $19 million per year. The EU doesn’t have the power to directly collect taxes, but it requires member states to make contribution annually to the EU Central Budget. While much of the money that the UK contributes is used in the services of the UK itself but Brexit supporters argued that it would be better for the UK to simply keep the money and let Parliament decide how to spend it.

What is the scene now?

Well, as a result of the referendum, after Brexit won maximum votes, Prime Minister David Cameron resigned today saying Britain requires a new PM to lead from now. The Cabinet will meet on Monday and a timetable for him stepping down will be drawn up. It is uncertain what will happen hereafter, since no country has left the EU before and the rules for exit are brief in the Article 50 of the Treaty of Lisbon. The Pound has crashed to the lowest since 1985 as sterling fell below $1.35 as London market opened today. Even France’s economy has taken over UK’s sending investors to flee to the safe haven of gold. This fall seems to be the worst in history.

Now, it will take a minimum two years for UK to leave the EU. During which it can continue to abide by the EU treaties and laws, however, won’t be able to participate in any decision making. It will have to thrash out the terms of its departure. Issues will include what financial regulations will still apply to the City of London, trade tariffs and movement rights of EU citizens and UK nationals. The agreement will have to be ratified both by the European council and the parliament in Strasbourg.

Well, the consequences are very much uncertain now but according to many people in the EU, community believes that Britain quitting its membership can encourage other nations to follow suit with referendums of their own or deals of their own.

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Priya Xaxa, 22, Literature student, Content Writer at Digit Bazar, is a nature enthusiast and supports gender equality. A free-spirit and loves travelling. Open to criticisms and interested in learning and exploring new fields and ready for challenges. Sincerely hopes of contributing something new to your everyday life through her work.

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