What does Brexit mean for Europe?
As Britain gears up to exit the European Union before the end of 2017, Europe and the rest of the world eagerly wait to see what the impacts of the exit will be. The E.U. is a political and economic partnership between 28 European nations. It has over the recent years, however, experience some discord as distrust and founds its way among the union’s members. The distrust is a key reason for Britain’s decision to break from the association.
The move to exit did have its fair share of support and disapproval with a few being undecided. The Electoral Commission, with the approval of Cameron, did a poll based on the question – if the U.K. should exit or remain in the E. U. The outcome of the referendum has 45.6% of the respondents support the exit and 54.4% voted for the United Kingdom to stay. The exit is a big move, one that Britain says it will not back out from and will ensure there are no attempts to rejoin the European Union in future.
The U.K will have two years to determine come up with solid terms of its exit. And, after the exist, the nation will have a few more years to forge new economic relationships with the remaining European Union countries. The process of establishing new economic partnerships and agreements with the those left in the consortium may take around ten years. As such, new and existing enterprises in Britain may face uncertain times in the few years to come.
On top of the issues raised that lead to the exit is that of immigration. Many British citizens raised concerns about the influx of immigrants into the country, which has affect various economic elements such as housing and availability of jobs. The refugee crisis fueled the growing push for the exit. As such, Brexit would have a significant impact of immigration and this would see some notable changes in the existing immigration laws and policies for the U.K. and which would affect the rest of Europe.
What direction things take remains only to be seen after Brexit takes effect. The European Union members and other European nations as well as the rest of the world are keen on knowing where Britain stands (what kind of relationship it has with the E.U.).
The impacts of Brexit on the United Kingdom and the larger Europe will mostly be felt in the economy. The breakaway will solicit positive and negative outcomes much of which will be based on how the consortium members and the rest of the world will react after the exit. A majority of the E.U. members fear that issues of job losses and economic uncertainty will be Britain’s undoing after their exit from the union.
On the positive side, the exit will mean that Britain will have a more freedom to trade with other nations and global companies. Businesses in other parts of Europe and the world, both new and existing, will be more inclined to trade with Great Britain. Emerging enterprises in the E.U. nations will, however, be reluctant to do business with British companies.