THINGS YOU MIGHT WANT TO KNOW ABOUT BREXIT
Added on: 19th Dec 2016
BREXIT IS A COMBINATION OF THE WORDS BRITAIN
AND EXIT AND IT STANDS FOR THE REFERENDUM
OF THE UNITED KINGDOM'S MEMBERSHIP OF
THE EUROPEAN UNION. IN LAYMAN'S TERMS,
THE DECISION WHETHER THE UK SHOULD STAY
OR LEAVE THE EU WAS PUT TO A VOTE. WITH
A VOTE OF 52% TO 48%, THE UK HAS DECIDED
TO LEAVE THE EU
THE BREXIT REFERENDUM HAS HAD A SIGNIFICANT
ADVERSE IMPACT ON THE GLOBAL MARKET. THE
STOCK MARKETS HAVE PLUMMETED AND THE
BRITISH POUND HAS FALLEN, IMPACTING THE
FTSE AND SEVERAL FINANCIAL INDUSTRIES,
INCLUDING THE HOUSE BUILDING SECTOR. EVEN
IN THE US, THE DOW JONES FELL 2.6% IN THE
OPENING MINUTES
THE VOTER TURNOUT FOR THE REFERENDUM WAS
71.8%, THE HIGHEST VOTER TURNOUT SINCE
1992'S GENERAL ELECTION
DESPITE THE DECISION TO LEAVE THE EU, THE
ACTUAL PROCESS OF BRITAIN LEAVING WILL TAKE
SOME TIME AS THERE ARE OFFICIAL STEPS TO BE
TAKEN NOW THAT THE DECISION HAS BEEN MADE.
THERE ARE MANY THINGS STILL UNKNOWN
UNTIL A DEPARTURE TREATY IS SIGNED, BRITAIN
REMAINS, IN PRINCIPLE, A FULL MEMBER OF THE EU.
HOWEVER, BRITAIN WILL BE EXCLUDED FROM
DISCUSSIONS AFFECTING ITS EXIT TERMS
ARTICLE 50 OF THE TREATY ON EUROPEAN
UNION ESTABLISHES THE PROCEDURE FOR
NEGOTIATIONS BETWEEN THE EU AND THE
MEMBER THAT WISHES TO LEAVE. AFTER THE
UK OFFICIALLY NOTIFIES THE EU OF THEIR
DESIRE TO LEAVE, THERE IS A TWO-YEAR
PERIOD IN WHICH BOTH PARTIES CAN REACH
AN AGREEMENT ON SEVERAL ISSUES OF
POLITICAL AND ECONOMICAL IMPORT
BRITISH PRIME MINISTER, DAVID CAMERON, WHO
WAS IN FAVOUR OF STAYING WITH THE EU,
STOOD DOWN IN OCTOBER
MOST OF THE VOTERS IN SCOTLAND VOTED IN
FAVOUR OF STAYING WITH THE EU. THE
DECISION TO LEAVE THE EU HAS PROMPTED
THE FIRST MINISTER IN SCOTLAND, NICOLA
STURGEON, TO INVESTIGATE WAYS FOR
SCOTLAND TO STAY WITHIN THE EU
ACCORDING TO THE WALL STREET JOURNAL,
BREXIT WOULD INTERRUPT NEARLY 60 YEARS
OF BRITISH EXPANSION, ENDANGERING THE
ECONOMIC GAINS IT HAS MADE SINCE JOINING
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