David Cameron, the prime minister of the U.K. was under pressure by his own party to hold an EU referendum. The EU referendum would decide whether to stay or leave the European Union. The European Union is a union of countries that share tariff free trade lines, work together to progress in disease studies, and much more. In simple terms, it is a group of countries working together. What is most significant is that no country has ever left the EU, Britain would be doing something that has never been done before. This campaign to leave would forever be known as the British Exit or Brexit.
Prime Minister Cameron went to the EU capital to negotiate the U.K.'s place in the EU. He, along with the Labour Party's leader Jeremy Corbyn, supperted the Stay In vote. Versus former mayor of London, Boris Johnson and the U.K. Independence Party to put some big names to the vote.
What are the pros and cons of remaining in the EU? It is unforeseeable how Britain will adapt if they do leave the EU because no country has ever left. What is certain is that if they leave, the British would be able to spend their money how they wish. Instantly, they would not have to pay money to the EU's budget, which was £13bn (13 billion British Pounds). Prior to the vote we could not properly predict what would happen to their economy. The next area that is effected is immigration standards. A major issue in Britain is that the EU makes Britain take anyone from a fellow Union country in. This has increased the amount of immigrants from eastern and southern Europe. Leaving would allow them to control their intake of immigrants better but make it more difficult for British citizens to travel around. Closing the border through Brexit would help secure their borders from potential terrorist attacks. A final part of British life that would be effected is trade. The EU has no tariffs on imports and exports. By leaving the EU, this will change along with not being in the loop when it comes to exchanging research and aid.
Based on these pros and con, what would you decide?
Well on Thursday, June 23, 2016, the U.K. voted 52% - 48% in favor of Brexit. Britain has officially left the EU.
As a result of the Leave vote, the British pound has fallen to its lowest in 30+ years ($1.50 - $1.35 compared to American dollar). The British FTSE stocks have seen the largest 1-day drop since the financial crisis. According to the London stock market, they have lost $150 billion in value. The United States stock markets are also expected to drop.
David Cameron, "former" prime minister quit his position as a result of this vote. This anti-EU/anti-immigration move has sent the world into turmoil. We can only wait and see what long term effects Brexit will have on the U.K. and the world.