The Brexit is short for “Britain’s Exit” as Britain is now preparing to leave the European Union. But everyone understands why. The referendum was held on June 23, 2016, as voters made the decision as to whether the United Kingdom should leave or stay in the European Union.
As the total 52% of voters made the decision to leave, England was the first to vote out. To follow, Wales voted to leave with a mere 52.5^, while Northern Ireland and Scotland voted to stay.
What has happened since the primary vote?
Since then, Theresa May became Britain’s new Prime Minister as the former home secretary took over office the day David Camera resigned within 24 hours of losing the referendum. However, Theresa May was also against leaving the EU as she still chose to respect the decision. There is still plenty of debate as to what will go into the practice of how British firms will do business with the European Union and the rights of European Union nationals to live still in the UK.
What will happen to the economy?
It appears that the UK economy experienced the financial shock of the Brexit as the value of the pound remains low. Britain also lost their top AAA credit rate as the cost of government loans will become high. However, the share prices recovered with British businesses trading more than before the vote.
Will Britain leave the EU?
The decision to leave the EU create an agreement called the Article 50 of the Lisbon Treaty which will provide two sides a period of two years to agree to terms of the separation. According to Theresa May, she plans to end the process and reach terms by April of 2017.
What will happen to EU citizens who reside in the UK?
The government has yet to provide firm details about the status of EU nationals who live in the UK. However, EU citizens do have a right to permanent residence after living in the UK for five years.
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