10 Important Facts About the UK's Historic Decision to Leave the European Union

A very close 51.89% of England has voted to leave the European Union. Here are important fact you need to know to understand exactly what happened and the effects.

Emma
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On Jun 27, 2016
1

Prime Minister David Cameron Resigned

Upon election, David Cameron facilitated a vote to see whether the UK was going to remain part of the EU. After his campaign, "Bremain", lost and "Brexit" won by 3.78%, David Cameron resigned stating "it would not be right for me to be the captain that steers our country in the next direction."

2

Leaving the EU Will Take a Long Time

When the UK formally notifies the EU of it's intent to leave, they have 2 years to make a formal agreement governed by Article 50 of the Treaty of Lisbon. This accord will unravelling legal frameworks, financial obligations and other knots binding the UK to the EU.

3

Leaving the EU Could Potentially Start a Trend

The UK was one of the more powerful forces in the EU. As they exit, it would not be surprising to see other countries follow them. Greece, for example, has been eyeing the door for a while.

4

The UK is Divided

The UK encompasses England, Wales, Scotland and Northern Ireland. A majority of Scots who wish to stay in the EU are planning on calling a referendum of their own independence.

5

Fear of Economic Disaster

Since EU was the UK's largest trading partner, the divorce can ultimately tip the UK into a recession and lead to an increase in unemployment. As the 5th largest global economy, any type of slowdown in the UK will hurt global growth.

6

Investors Freaked Out

Besides the Financial Times Stock Exchange's disastrous opening, the pound has plunged more then 12%, equalling $1.34, which is the lowest it had been since 1985. The effects of the UK's decision can be felt around the world.

7

Donald Trump is a Brexit Fan

Donald Trump strongly supports the UK's decision to "reassert control over their own politics, borders, and economy." He promised, if elected, to "strengthen ties with the free, independent Britain."

8

Hillary Clinton's Brexit Response

Along with President Obama and the majority of British Leaders, Clinton supported "Bremain". In the midst of economic uncertainty, Clinton “underscores the need for calm, steady, experienced leadership in the White House.”

9

The Positive Results From Brexit

Gaining back power, avoiding the membership fee of £8.5bn, re-establishing control of the boarders, and potentially creating a supercharged economy are the positives of leaving the EU.

10

The Negative Consequences of Brexit

New trade costs, lack of national sovereignty, a potential depleting economy, job loss, and difficulty to travel within the 27 EU member states for work are the negatives of leaving the EU.

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