The Past, Present, and Future of the British Exit

The 43-year relationship of Great Britain and the European Union is about to end because of the result of the recent referendum held in the country. The electoral process revealed that Britons want their country to be out of the politico-economic union that is composed of 28 European countries. Because of this, Great Britain may become the first nation to ever leave the European Union.

Experts predict that a lot of changes, and possibly, new problems may arise in the future because the British Exit, also known as Brexit, is only the beginning. Two years of negotiation regarding the political, economic, constitutional, and diplomatic changes between Britain and the European Union is expected.

They add that the anticipated positive results of the Brexit such as economic stability, a better control of borders, and more employment opportunities for locals may come later than expected. This is because Great Britain still needs to follow the rules and laws imposed by the European Union while the separation is being processed. Major changes that Britons want to be implemented once they are out of the union can only be done after the separation has been finalized.

Right now, Great Britain, the members of the European Union, and many other countries around the world have Brexit-related issues that they have to deal with. For example, hours after the announcement of the voting results, David Cameron resigned from his position as the country’s prime minister. A lot of other politicians followed him while those who stayed continue to have misunderstandings.

In terms of the economy, the Brexit also had immediate grave effects. The euro plunged more than 10 percent against the dollar which is its lowest since 1985. The status of the euro continues to fluctuate as days pass. This causes major economic instability in countries that have the euro as their currency.

Moreover, investors seemed to have had an exodus from the European Union as they pulled out plenty of their investments or assets and fled to other countries like Japan. They say that taking business-related risks in European countries is not a very wise thing to do during this time of uncertainty in the area.

There are a lot of other major effects that can be expected from the Brexit. However, for now, the rest of the world can only wait for the next step that will be done by Great Britain and the European Union. Some say there might be a second referendum while others say the process of separation should start as soon as possible.