In a historic vote, Britain has voted to leave the European Union. Story is still developing, as UK Prime Minister David Cameron resigned during a live press conference. Emergency session of Parliament has been scheduled for Tuesday and the Bank of England has announced contingency plans. Here’s your 5 fast facts about the historic results and what it could mean.
1) How long will the process take?
The process of the UK leaving will take about 2 years. There’s a lot of changes and new policies that have to be determined including new treaties and laws. The laws in place now will remain effective throughout the transition.
2) What impact does Brexit have on the EU?
The impact is massive because the vote means that the UK voted to become completely independent. So today basically marks the UK’s Independence Day. Other nations may decided to vote for independence to develop their own regulations and governance. The vote today has already had an impact on world finance, causing the value of the Euro to take a significant dive. It is expected to have an impact on the US Markets as well.
3) What is expected to happen during the 2 year transition period?
Financial regulations , trade agreements, travel regulations and/or restrictions have to be established.
4) What effects will Brexit have on tourists?
Brexit has significantly weakened not only the Euro but the GBP, the costs to travel to and within the UK may be a little less as a result. Also as a result, airfare will most likely remain unchanged at this time.
5) What countries may leave the EU now?
There’s been a lot of speculation that Spain, Germany, and even Ireland may consider leaving to establish independence. Those countries may in fact break away and transition.
Its still early in this historic moment for the UK, there are concerns about immigration, jobs, and the economy as a whole which led to the people voting for change. There are some similarities of this historic moment of change that coincide with the same concerns of the people here in the USA. Story is developing as the world watches to see what happens next.