I have never heard of the term "Brexit" until the other morning, when I opened up Twitter and was bombarded with tweets on this issue that was unfolding right in front of my eyes. I was extremely confused, and still am trying to make sense of everything that is happening - but one thing I know for sure, is that this is a monumental event that will be in the history textbooks.
So, what on Earth is Brexit and why should you care about it?
"Brexit" is a combination of two words, Britain and Exit.
A referendum was held on Thursday, June 23rd, with the question being, "Should the United Kingdom remain a member of the European Union or leave the European Union?" Decisions were clearly split, which is seen in the near tie in votes. 51.9% of voters voted in favor of leaving the European Union, whereas 48.1% of voters wanted to remain a part of the European Union. According to BBC, the referendum turnout was 71.8%, with more than 30 million people voting. It was the highest turnout in a UK-wide vote since the 1992 general election. This just shows how huge of a deal this is, with almost three fourths of the United Kingdom voting on a highly divisive issue.
You should care about this because it could impact the economy, travel and foreign relations that the United States has across the pond. Also, it's history being made, right here and right now!
What is the European Union?
The European Union, or the EU, was founded after World War II in order to foster economic cooperation - the idea being that countries that trade with one another become economically interdependent and so more likely to avoid conflict. The EU involves 28 (well, now 27) European countries, and involves four key institutions, the European Commission, European Parliament, European Council, and the Court of Justice. Overall, being a member of the EU sounds like a pretty sweet deal.
If being part of the EU seems beneficial, why does the UK want to leave?
There are several factors as to why the UK would want to secede - some being immigration, economics, and upholding a national identity. With immigration at an all time high, Brexit supporters claim that non-UK citizens are claiming their already scarce resources, and as long as they're in the EU, they have to allow anyone from the bloc to live and work there. The economic issue is that the UK sends money to Brussels, the EU Headquarters. This money then gets redistributed to the other members of the EU. Finally, the concept of identity is a poignant one. Brexit supporters want to claim the sovereignty of their nation, in order to forge an "ever closer union" of the peoples of Europe so it will not be drawn into further political integration. Presidential nominee Donald Trump is a supporter of Brexit, claiming that "They [the United Kingdom] took their country back, just like we will take America back."
Why do some UK citizens oppose Brexit?
According to BBC, those who wanted the UK to stay part of the EU claim that it gets a boost from membership - it makes selling things to other EU countries easier. Also, the surge of immigrants help fuel economic growth. Supporters also said UK's status in the world would be damaged by leaving and that they are more secure as part of the EU. Most big businesses were in favor of the UK staying in the EU because it makes it easier for them to move money, people and products around the world.
Brexit is a highly divisive issue, seen in how the referendum results were practically 50/50. Keep in mind that plenty of people are unhappy about this, such as most of Scotland and Northern Island. The Brexit vote may influence the US stock market, interest rates and US-UK imports.
Since this is a developing story, I highly recommend staying educated on the effects of Brexit, short term and long term. Watch the news, read the paper and ask questions! This is a complicated issue and can get confusing, but this is definitely something that you should keep tabs on, since this is pretty huge news.
