Britain has just voted for Brexit from the (EU) European Union in a decision that will forever transform this nation. But what will really happen next?
What exactly is Brexit?
Britain voted for a Brexit or British exit, from the European Union in a historic referendum on June 23, 2016.
The outcome has provoked excitements among Eurosceptics all over the UK and also sent shockwaves through the entire global economy.
After the outcome, the pound fell to the lowest level now since 1985 and the resignation of David Cameron as the country’s Prime Minister.
Mr Cameron stated that his successor will take up office by October this year, at which point the United Kingdom would embark on a two-year divorce from the European Union.
He said: “As Prime Minister, I will really do all I can to stable the ship in the next coming weeks. But it won’tbe proper for me to attempt to be the one that will steer this nation to its next level.
The next step now is for Britain to let the EU know that it would like to go for the first time in history by making use of EU Article 50 rulebook.
However, there is a short period for reflection before the successor of Mr Cameron’s triggers this legal mechanism that gives United Kingdom two years to leave European Union.
Eurosceptic MP Boris Johnson who’s the favourite to replace Mr Cameron has hailed Brexit as a “glorious medium” for Britain to find its voice again in the world.
The vote for Brexit has sparked calls for another Scottish independence referendum as well as the Labour leader Jeremy Corbyn resignation because of his lukewarm campaign.
Also, Spain’s Government has now called for joint control of Sinn Fein and Gibraltar is demanding a vote to unite Northern Ireland and Ireland.
What does Brexit really mean for the economy?
The victory of Brexit sent economic shockaves through the entire global markets and UK stocks since the finanical crisis had their worst drop on 24th June 2016.
The pound on the above date also fell to a very low level since 1985 and then emergency steps are being taken now to calm the economic disorder.
There is doubt over what will take place when Britain leaves the EU since it has to now make new trade agreements with the entire world.
Governor Mark Carney of the Bank of England said: “Certain market and also economic volatility may be expected with the unfolding of this process. But we are ready for this.”
Brexit supporters argue that European Union countries have each incentive keep trading with the United Kingdom that’s a large goods and services importer.
But Europhiles are bordered that foreign companies are less likely to invest and might relocate their headquarters if only Britain loses access to the single market of the EU.
Woodford Investment Management founder, Neil Woodford described as “bogus” the claims by pro-European that the economy would be damaged.
He said: “I really think it’s a nil-sum game, whether we leave or we stay.”
In the course of the Eurosceptics slammed campaign a Confederation of British Industry really report that claimed it would lead to £100billion “shock” to the economy of UK.
The Treasury was blamed of “doom and gloom” also after forecasting that a Brexit would really cost households about £4,300 yearly by 3030, Britain will be worse off for many years.
Anti-European Union campaigners have even rubbished claims that an exit from EU will really push up the cost of each week’s shop, daily items and even travel abroad.
However, there are concerns regarding what will transpire to Britain’s expats that are living in European countries like Spain and also European footballers that are playing in the United Kingdom.
What will also happen to immigration as Britain leaves the European Union?
Eurosceptics state that Brexit will let Britain to take full control of its borders so as to curb immigration and enhance security.
Britain will not have to agree to movement of people freely’ any longer from Europe, that Brexiteers say will pressurised public services like schools and the NHS.
Brexit campaigners also said Britain will be entirely free to enact an Australian-style system’ to manage immigration as well as fill skill shortages.
However, the Remain campaign also believes Brexit will hit the economy of British which depends on the free movement of European Union migrant workers like health professionals.