The conservative election which was held in the year 2015 activated the manifesto pledge of the UK to hold a referendum of whether to exit EU or not. David Cameron, the UK’s president was under pressure from the Eurosceptic backbenchers who were in its own party. The elections were held on 23rd June 2016 whereby the UK citizens voted for the exit from the EU. What are the outcomes of the Brexit?
There is No More Budget Contributions
By leaving the EU, an immediate cost saving will be realized. This is because the country will no longer contribute to the EU budget. However, it is very hard to determine whether the financial benefits of being a member such as inward investments, and free trade will outweigh the membership fee.
The EU law states that the UK will not prevent individuals from other member states from coming to live in Britain. In addition to that, the Briton was benefiting from an equivalent right to stay and work anywhere within the European union. After the exit, the immigrants will reduce since there will be low rates of child benefit.
The effect of leaving the UK on the British employment will depend on investment, immigration and trade. The campaigners who wre against the brexit said that three million jobs will be lost if the country will stop being a member of the European Union. If trade and investment will be disadvantage, then some jobs will be lost. However, the employment opportunities will rise if the trade and investment will benefit from the exit.
The inward investment is most likely to slow down as there will be uncertainty of the consequences of brexit.
The European Union is a single market in which no tariffs will be imposed on both the export and imports between its member states. The United Kingdom also benefits from the trade deals. The Britain has a high risk of losing the negotiating powers. However, it would be free to establish its own trading agreement.
Some of the people commented that the membership of the EU involves giving up some controls on our own affairs. The truth behind the British act of pulling from the European Union is that it will not enhance the national sovereignty. This is because the UK. Will still be bound by other membership such as the UN, world trade organization and Nato as well as different types of agreements and treaties of other nations.
The UK’s president, David Cameron said that it will trigger article 50 of the constitution immediately after the brexit vote. After the referendum,, he made a resignation statement saying that the new prime minister will take the decision of undergoing the legal and formal process of leaving the European union. In addition to other outcomes, some of the results of leaving the EU are mentioned above. It can be both advantageous and disadvantageous for the U.K to leave the European Union. The whole Brexit process will take some few years. This is when the U.K. government will have an impact on the changes.