THE people of Britain have voted for Brexit from the European Union (EU) in a decision which will transform this nation forever. But what will happen next?
The outcome has prompted jubilant celebrations among Eurosceptics around Europe and sent shockwaves through the global economy. After the result, the pound fell to its lowest level since 1985. David Cameron said: “I will do everything I can as Prime Minister to steady the ship over the coming weeks and months.”But I do not think it would be right for me to try to be the captain that steers our country to its next destination.”
The next Prime Minister, who will be in place by September 9, will decide when to tell the EU that Britain wants to go using Article 50. The Brexit victory sent economic shockwaves through global markets and UK stocks on Friday had their worst drop since the finanical crisis. The pound fell to its lowest level since 1985 and emergency steps are now being taken to calm the economic turmoil. There is ongoing uncertainty over what will happen when Britain leaves the EU because it has to make new trade agreements with the rest of the world.
Supporters of Brexit argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services. Here are also fears that British workers, expats and travelers will lose key rights currently enshrined under EU law. EU chiefs have been forced into damage control to defend the integrity of the European bloc amid fears that Brexit could tear Europe apart. Eurosceptic populist parties across the Continent have delightedly seized on Brexit to further their own campaigns for independence. European Parliament President Martin Schulz said they were not “shocked” by the referendum result and are ”well-prepared” to deal with Brexit Aftershocls.
But Europhiles worry that foreign companies will be less likely to invest here and could relocate their headquarters if Britain loses access to the EU’s single market. Eurosceptics say Brexit will allow Britain to take back control of its borders in order to curb immigration and increase security. Britain will no longer have to accept ‘free movement of people’ from Europe, which Brexiteers say puts pressure on public services such as the NHS and schools.Brexit campaigners have said that Britain will be free to impose an ‘Australian-style points system’ to better manage immigration and fill skill shortages here. But the Remain campaign believes that Brexit will hit the British economy, which relies on the free movement of EU migrant workers such as health professionals. Fear of the new changes is to the utmost!! The repercussions shall be tremendous for every exit comes with a cost.