Brexit: What has happened so far after the UK leaving the EU
The United Kingdom voted to leave the European Union sometimes back. This article targets at easily taking you through some of the important occurrences after the UK leaving the EU.
The term Brexit is a shorthand word that has been used to mean “UK leaving the EU.” It is a word that is derived from two other words – Britain and exit thus giving us Brexit. That can be compared to the way the Greek sometimes back left the euro and the move was called Grexit.
For Britain to come to the point where it is leaving the EU, a referendum was held on Thursday 23 June. There were two groups in this referendum – the Leave Camp and the Stay Camp. Some notable persons in the Stay Camp are the former PM, David Cameron and the current PM Theresa May. The Leave also had conspicuous politicians like DASH and DASH. Upon tallying the final results, the Leave won by 52 percent to 48 percent. The turnout for this referendum was 71.8 percent in which more than 30 million people participated.
After the UK leaving the EU, what has happened?
David Cameron handed in his resignation to honor a promise that he made. The former PM had stated that if he fails to help the UK remain in the EU, he would step aside. That is exactly what he did, saying that he was not the man to steer Britain to its next destination.
Upon his resignation, Mr. Cameron was replaced by his former home secretary – Theresa May. Mrs May came into power despite having opposed the UK leaving the EU. But on her very first speech as the post-Brexit prime minister, she said that to her “Brexit means Brexit.” A lot of debate is still existent on how she is implementing this.
Brexit Impact on the Economy
During the first instances of Brexit vote, the UK economy seems to have weathered. The pound remains at near a 30-year low. However, most experts forecast a boom in the economy once the UK settles down free from the EU. Of course firms have complained, including the big ones like John Lewis and EasyJet that report increase in cost sales.
At the moment, the government borrowing cost is higher after Britain losing its AAA credit rating. But as time goes on, the prices of shares also continue to recover. The most immediate effect of the Brexit vote was a decline in share prices and the sterling pound slump. They both are on the path of recovery.
To help fix the problem, the Bank of England lowered the interest rate from 0.5 percent to 0.25 percent. This is a record low cut since 2009. The bank’s hope is that the decision will help combat recession and encourage investment.
Theresa May still has tough decisions facing her. She has to help Britain go through some challenging negotiations. Immigration is one factor that motivated most of the votes for the UK leaving the EU. We will have to watch if indeed there will be a reduction in immigration.
UK leaving the EU High court Judges
Lord Chief Justice ruled that the government’s arguments are “contrary to fundamental constitutional principles of the sovereignty of parliament”. Therefore the triggering of Article 50 will no have to go to a Europhile house of commons for approval. What is means is that freedom of movement could remain and the UK will be the the European Union in all but name.
UK leaving the EU – Jeremy Corbyn:
Jeremy Corbyn, the unpopular Labour leader who has been subject to multiple attempts at removal today has given 4 red lines for triggering of Article 50. They include:
- UK access to 500 million customers in Europe’s single market.
- No watering down of EU workplace rights.
- Guarantees on safeguarding consumers and the environment.
- A promise that Britain will pick up the tab for any EU capital investment lost as a result of Brexit.
Will Brexit supports go quietly as their dreams of Independence are washed away? Or will this fly in the face of democracy move by Corybyn trigger a General Election and ultimately the inevitable demise of the Labour Party.