BREXIT: The Global Impact

Photo Credit: BBC

-Laura Frank 

On 23rd June 2016 through a referendum UK decided to quit European Union. In referendum 52% voted in favor and 48% opposed the idea to leave EU.
David Cameron, the then PM has already quit and Theresa May has come in power. Theresa herself was against the opinion of leaving but now, she promised to respect the will of the people. Almost 71% votes in total were casted and the difference between the two camps was just 4%. Leave camp faced a strong opposition in several part of UK after the outcome of the referendum result and it shook the stock exchanges all over the world.
There is conflict inside the EU and Britain. A large number of people migrated to Britain from other EU countries and similarly Britons have also migrated outside the their country in other EU nations. The question is what will happen to them and their businesses. There is a law in Britain that provided British Citizenship to a EU migrant after five years. So, despite, Brexit most of them can stay there and claim their citizenship. As The Economist has stated ‘With its current staffing, it would take 140 years to process all existing EU migrants’ requests for permanent residence, says the Migration Observatory at Oxford University.’
The current situation in the post referendum time is very grim. She is not pushing ahead the feeling of referendum with enthusiasm. Her efforts show sluggishness. This has also created confusion among the existing EU nations and the rest of the world.
As the market all across the EU and Britain has regained momentum, it seems that the Brexit ever has gone, at least for the near future. Article 50 of the Treaty of Lisbon gives any EU member nation the right to quit unilaterally, and outlines the procedure for doing so. There was no way to legally leave the EU before the Treaty was signed in 2007. Leaving country is given two years to negotiate an exit deal. Once initiated, it cannot be stopped except by unanimous consent of all the member states. And, further, any deal must be approved by a “qualified majority” of EU member states and can be vetoed by the European Parliament.
In the situation above Brexit is not going to happen soon. It may begin somewhere in mid 2017 and will complete by the end of 2019. The global economy, till then is hardly going to change much by it.

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