Brexit Pros and Cons. What Will the Aftermath be?
Brexit is short for British exit from the European Union which came about when on June 23rd 2016, British citizens decided to vote and remove Britain from the European Union. Under article fifty which states that any member state can remove themselves from the union based on their own constitutional requirements. what Brexit pros and cons and its effects to UK and EU
It appeared that the Prime Minister, David Cameron, was against the exit of Britain from the union, and even made a remark immediately following the close of voting on that Thursday, that the voting proved to be successful in remaining in the union. His resignation came after the results came in that, in fact, the voting had proved to be for the exit of Britain from the union.
The then British Home Secretary, Theresa May, took over as acting Prime Minister after Cameron resigned. She came into office with over 40% approval for Britain staying in the union and has now enacted article fifty of the treaty to leave no later than March of next year. There could be major consequences to the job market, housing market, and even food prices if Britain is actually removed from the European Union, after all, the currency has bottomed out already, seeing it at its lowest since 1985.
The immediate savings of costs associated with paying dues to the union would most likely outweigh the exit implications to the country. Britain provides over seven percent of what the government provides in aide and payment for the National Health Service for the entirety of the European Union.
Trading power would be re-established based on Britain’s own needs and without union laws forbidding certain trade actions, would be able to establish their own. They feel that by following other countries leads, for example, Norway, who have access to the single market but are not hindered by EU laws, would have free reign throughout agriculture, judicial and home land affairs.
The automotive and financial industries will suffer greatly with the exit of Britain from the European Union. With the threats from BMW on pulling out their Rolls-Royce and Mini production from the UK economy because the tax-free exports option will no longer be available. Banks and other financial institutions would bottom out their tax revenues if the UK was no longer in the union.
Trading would become extremely hard and require large amounts of campaigning to regain a foothold in different world markets. If the UK remained in the EU, then they would be a huge part of the new negotiations with the US on creating the world’s largest free trade zone.
While being a part of EU allows for immigration of nationals between member countries, the removal of Britain from the EU would mean that individuals born in the UK would no longer be able to stay in their current immigration country. They would have to return to the UK or be threatened with extradition.
There are different viewpoints on Brexit, and most of the conservative party agrees that it is for the best. No one can be quite sure what will actually happen, but as they move forward with the campaigns; all onlookers will live in uncertainty, as the world slowly turns the hands of time.