The United Kingdom voted to leave the European Union. It happened on Thursday, June 23rd. 51.9 percent of Britons voted to exit the European Union. Commonly dubbed "Brexit" (combining the terms Britain and exit), the UK's decision to leave will have a large impact. Here's what you need to know:
What is a referendum?
The term referendum refers to a general vote in which people who are of legal voting age can participate -- a popular. This means that those age 18 and older who are a resident of the United Kingdom were eligible to vote.
What were the results?
The referendum resulted in 52 percent of the UK voting to leave the EU. Breaking the results down by nation, we find some dissent. England voted with 53.4 percent in favor of leaving, with Wales in agreement with 52.5 percent in favor of exiting the EU. Northern Ireland and Scotland were both in favor of remaining, with 55.8 percent and 62.0 percent of voters in favor of staying in the European Union.
What does this mean?
Well, the result of this referendum could be catastrophic. Economically, the UK will potentially be pushed into a recession, leading to unemployment and inflation. Two analyses published by the HM Treasury estimate unemployment to rise from 500,000 to 800,000. The referendum could also impact trade. Currently, the EU does not impose tariffs on imports/exports between states that are members. Britain's departure may result in tariffs being enforced on imports and exports, which will be potentially costly, as "more than 50 percent of [Britain's] exports go to EU countries." as reported by The Week. Another issue that may possibly arise, according to BBC News, is Northern Ireland seeking a border poll to reunite Ireland in order to remain in the EU.
Why do we care?
So what does it matter that a foreign nation decided to leave a Union that the USA isn't a part of? Why should Americans care? Well, Britain is a large player in the UN. One of five nations who are permanent UN Security Council Members. This means that while current security structures will remain under NATO, Britain will be searching for new leadership for an unknown length of time. Rupert Cornwall of "Independent" reports that "The Brexit shockwaves ensure it will be inward-looking and of uncertain leadership for months, probably years, distracted by the vastly complicated process of withdrawal from the EU," causing a major distraction regarding national and international security, which could be disastrous for everyone.
The verdict
It's too soon to state any certainties, but Brexit has the potential to cause many problems not only for citizens of the United Kingdom, but for the countries who interact with the UK as well. There are many unknowns in regards to leaving the EU that have yet to be discussed, but one thing is for certain: the consequences of Britain's decision will leave a large impact on the world.
