Yesterday was a truly historic moment for Britain and Europe when a referendum on whether the United Kingdom should leave the European Union resulted in a win for the leave camp, which got a 52% of the vote.
Despite living in a country almost 10,000 kilometers (or 6,000 miles) away from the UK, we’re fully aware of the impact it could make.
The main focus of the campaign is the bureaucracy, immigration policies with which the EU has problem in dealing with, and the money which the UK sends to the EU.
We’re going to list them to make it organized:
- Pound losing its value to levels not seen since 1985 (with the pound losing its value remittances of the OFWs will take a severe hit)
- Resignation of David Cameron and the potential rise of anti-immigration UK Independence Party (to readers from the UK please correct my if I’m wrong), whose leader Nigel Farage led the campaign to leave (maybe Boris Johnson)
- On the Scottish side, the Scottish National Party could demand a second independence vote (Scotland last held an independence vote on 2014 and voted overwhelmingly for stay in the recent referedum)
- It could trigger a global recession (UK is the second-largest economy in the EU, 5th in the world)
- Rise of other Eurosceptic parties such as France’s National Front, Germany’s PEGIDA, and others and could trigger a domino effect
- The UK might have a hard time accessing the Common Market with much of its exports going to the EU
UK will not immediately leave after this referendum, it will trigger a 2-year complicated process. And even now, we could all feel the short-term effects. We must say, the United Kingdom made a hard decision (for those in the remain camp it will be negative, those in the leave camp arguing that the UK could be better off), but there’s no turning back.
Brace yourselves, it’s a different world now.