In a completely unprecedented event, the United Kingdom has decided to leave the European Union. In a referendum known as Brexit, UK voters turned up in remarkable numbers to cast their votes. After much campaigning from both sides of the issue over the past several months, constituents in favor of leaving have made their voices heard. Like most political bombs, much of the impact is yet to be seen. The unknown is perhaps what scares people the most. Although much still remains to be seen, there is no doubt that the decision has already had an impact on the world. While we sit and wait to see what is to come, we thought we would share with you this list of a few cursory facts on Brexit and some of its immediate effects. Here are 25 Things You Might Want to Know About Brexit.
Feature image: youtube.com
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Brexit is a combination of the words Britian and exit, and it stands for the Referendum of the United Kingdom's membership of the European Union. In layman's terms, the decision whether the UK should stay or leave the EU was put to a vote. With a vote of 52% to 48%, the UK has decided to leave the EU.
Source: investopedia.com, bbc.com; image: youtube.com 24
The Brexit referendum has had a significant adverse impact on the global market.The stock markets have plummeted and the British pound has fallen, impacting the FTSE and several financial industries, including the house building sector. Even in the US, the Dow Jones fell 2.6% in the opening minutes.
Source: investopedia.com, bbc.com; image: pixabay.com 23
The voter turnout for the referendum was 71.8%, the highest voter turnout since 1992's general election.
Source: bcc.com; image: commons.wikimedia.org 22
Despite the decision to leave the EU, the actual process of Britain leaving will take some time as there are official steps to be taken now that the decision has been made. There are many things still unknown.
Source: bcc.com; image: pexels.com 21
Until a departure treaty is signed, Britain remains, in principle, a full member of the EU. However, Britain will be excluded from discussions affecting its exit terms.
Source: Ndtv.com; image: commons.wikimedia 20
Article 50 of the Treaty on European Union establishes the procedure for negotiations between the EU and the member that wishes to leave. After the UK officially notifies the EU of their desire to leave, there is a two-year period in which both parties can reach an agreement on several issues of political and economical import.
Source: Vox.com; image: en.wikipedia 19
British Prime Minister, David Cameron, who was in favor of staying with the EU, has announced that he will step down in October.
Source: investopedia.com; image: en.wikipedia.org 18
Most of the voters in Scotland voted in favor of staying with the EU. The decision to leave the EU has prompted the First Minister in Scotland, Nicola Sturgeon, to investigate ways for Scotland to stay within the EU.
image: en.wikipedia.org; image: en.wikipedia You can read her statements here.
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According to the Wall Street Journal, Brexit would interrupt nearly 60 years of British expansion, endangering the economic gains it has made since joining.
Source: WSJ.com; image: Images Money via Flickr 16
It's yet to be seen whether this is an advantageous move on Britain's part. However, there are 13 separate studies; eight say that Britain would be worse off, and three say it would be better off. The remaining two saw mixed effects.
Source; WSJ.com; image: commons.wikimedia 15
There is a global concern that Britain's exit from the EU could be the first of more EU countries to follow suit. However, some experts caution that such fears are overblown.
Source: CNN.com; image: youtube 14
Brexit could negatively impact US economy by introducing the fear of a weak stock market. This can affect American business owners and consumers' confidence, leading to less spending.
Source: Money.cnn.com image: en.wikipedia 13
As the British pound and other European currencies shed value against the U.S. dollar, trips to the U.K. and the rest of Europe will likely become cheaper for U.S. citizens.
Source: abcnews.go.com; image: commons.wikimedia 12
The Brexit is unprecedented. No member state has ever left the EU.
Source: Vox.com Image: Shutterstock 11
The weaker pound will drive down the cost of goods imported from Britain. In other words, your favorite British tea might just be cheaper.
Source: nbcnews.com; image: en.wikipedia 10
According to NBC news, many pro-Brexit voters are regretting their decision after seeing it's economic and political consequences. Mainly, the resignation of Prime Minister David Cameron. There is even a hashtag devoted to this sentiment: #WhatHaveWeDone.
nbcnews.com; image: commons.wikimedia.org 9
According to Forbes, the Brexit vote was not legally binding. The formal notification of the U.K. leaving the E.U only happens when British officials invoke Article 50 of the Treaty of the European Union. This means that, theoretically, it's possible for the U.K. to change its mind during the negotiation process.
Forbes.com 8
According to the Financial Times, Cameron made the decision to hold a Brexit vote at the Chicago O' Hare International Airport while meeting with British foreign secretary William Hague and Downing Street chief of staff Ed Llewellyn.
Source: Qz.com Image: Sorbis / Shutterstock.com 7
Despite the current scare with the value of the pound, one of the main reasons that the "Leave campaign" wanted to exit from the EU was for economic issues. Funds from the UK are sent to EU's headquarters in Brussels to be redistributed among other member countries.
Bustle.com 6
Like many other places in the world today, immigration is a huge debate within the UK. EU members are free to live and work within other member states without needing a visa. For those wanting stricter immigration laws, Brexit seems like a good option.
source: Bustle.com 5
The third reason that people supported the "Leave campaign" was for national identity. Apparently, many people in the UK don't even see themselves as European. There is also the desire to take back more control over their own laws and government. As a member of the EU, Britain is required to abide by certain rules and regulations that many feel shouldn't apply.
source: bustle.com 4
Economy was also a reason that many others voted to stay within the EU. The campaign to stay, "stronger in," claims that for every pound sent to the EU, the UK gets 10 back through trade, jobs, and investments.
source: strongerin.co.uk 3
Those in favor of staying also sited the large number of jobs created by working with the EU. Many UK companies work or trade with other EU nations.
source: strongerin.co.uk 2
The European Arrest Warrant, which requires other member nations to arrest and transfer criminals back to the issuing state, was another reason some wanted to stay.
sources: strongerin.co.uk; wikipedia; image: pixabay.com 1
Despite what you might expect, party affiliation didn't impact which side of the debate politicians supported. For instance, PM David Cameron campaigned in favor of staying, while former London mayor, Boris Johnson campaigned for leaving. Both Cameron and Johnson are from the same Conservative Party.
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