What Will be the Consequences of Brexit?
- Valentina (Argentina)
- Sep 22, 2016
- 2 min read
The UK has voted Brexit. The European Union has lost one of the biggest and most productive countries. What will be the consequences of this? There are different possibilities of what may happen politically and economically in Europe and the World.
Great Britain's exit will not be easy to handle. In order to control the situation, there must be a reasonable agreement among the European Union members, in which terms the UK will leave. What the process will be like, and whether the different countries will come to an agreement or not is uncertain, as this had never happened before.
Will it be the start of a complete dissolution of the EU? Maybe. It is indeed a revolution, which may persuade other countries to do the same, like a domino effect. WIll the EU be able to survive and still be effective without UK? We do not know this either, but UK was one of the biggest economic contributor to the EU, which means the union will have a big loss in this aspect.
In the moment of the exit of Great Britain from the EU the markets collapsed, the UK stocks were at their lowest since the financial crises. A big quantity of the goods imported to the UK where through the EU. Brexit means that UK will have to create new trade agreements, in order to find out whether this will affect them positively or negatively, we will have to let this new period start. In addition, the EU is not only a union of trade, but also of migration, how this will change depends on the new agreement created between the UK kin and the EU. If this is the start of a crisis or an improvement for GB, is an uncertainty. Those who voted for leaving the EU believe that GB gave more to the EU than what they received from being part of the union, hence they believe that after brexit they will be better off.
Even though the decision of brexit was through a referendum, still many citizens of the United Kingdom may not agree with the decision, hence possibly causing social issues in the country. Many people also think that this may be an incentive for Scotland to leave the United Kingdom, as the majority of them voted for GB to stay in the EU, the results may be a trigger for their independence.
Overall, the results of brexit are unknown but It will definitely affect Great Britain economically and socially, but it is uncertain if positively or negatively. Brexit will also have consequences for the EU, which received a lot of income from GB. The EU will continue for the meantime, but there are many different possibilities in respect to its future; it may cause some other countries exit; and it will affect them economically. Personally, I do not think it will be good either for GB or for the EU. The agreement between these caused easy trade and easy movement between the different countries, I believe it was a great union.
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