News broke late last night that the United Kingdom (U.K.) voted to leave the European Union (E.U.) What exactly does that mean–#Roommates have been asking.
Basically, the U.K., the worlds fifth largest economy, will now celebrate their very own Independence Day on the 23rd of June.
To be more specific, the E.U., which before yesterday was comprised of 28 member states; most of which are in the U.K., voted 52% to 48% to leave that union.
This is such a big deal because not only is the U.K. the first member to depart the Union, but because that means high risk, as well as a number of advantages. More than anything, their departure serves as a victory.
“This will be a victory for real people, a victory for ordinary people, a victory for decent people,” Nigel Farage, the leader of the U.K. Independence Party, told BBC Radio.
“We will have done it without having to fight, without a single bullet being fired, we’ll have done it by damn hard work on the ground.”
But what does the departure really mean for the U.K.?
Firstly, according to BBC News, they’ll have to separately begin new negotiations on how they trade with the rest of the world.
“[They] must agree new trade terms with the E.U. if it wants access to the bloc’s single market. And, as the U.K. currently relies on E.U.-negotiated agreements to govern its trade with most countries, including the United States, the British government will also have to reach new deals with those nations.”
Ready for a plot twist? According to Article 50 of the Lisbon Treaty, there’s an exit clause that “allows for a two-year period of negotiations over the terms of Britain’s exit.” So basically it’s over, but it’s not done with.
Moving forward, the U.K. will be looking forward to their key reasons for their independence.
1. They won’t have to comply with E.U. Regulations
2. They will have much more control over their trade flexibility. The E.U. Reportedly handles over half of the trades over there as of now.
3. Better regulation of work availability for migrants. While under the E.U. migrants had the right to find work within the 28 member states–pushing down wages for Britain workers.
4. More jobs! According to the Economic Times, the departure will open up a world of opportunities from investors outside of the E.U.
5. The U.K. will make their own decisions on how it spends its money–seeing as how it’s a net contributor to the E.U. budget.
As we said before, the favorable vote to depart from the U.K. has its fair share of pros and cons.
TSR would like to congratulate them on their independence!
TSR STAFF: Chantel P.! @_popchanny on IG!
source: BBC, Economic Times, https://www.google.com/amp/www.bbc.co.uk/news/amp/36615028?client=safari#, https://www.google.com/amp/m.economictimes.com/news/international/world-news/why-has-britain-opted-out-of-the-european-union/amp_articleshow/52896048.cms?client=safari#
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