The United Kingdom exit from the European Union has been a move termed as Brexit. A move which has come to pass after a referendum conducted in less than 72 hours had the majority vote for her exit from the union. This came amid a raised concern by some of the Britons of the uncontrollable immigration to their borders that had happened.
Hence prompting the outgoing Prime Minister David Cameron to promise of a referendum that was meant to address this issue and other related matters that the Britons felt were not okay. All this was to happen after his re-election back to serve the country, a promise indeed he has kept. However now that the referendum has been conducted, and the “exist vote” has carried the day the following are the likely effects of this;
The European Union has been a single market with no tariffs on imports or exports between the member countries. This has facilitated smooth movement of goods and services from one country to another. Being a member to the union member, the member countries have had the chance of having a say in the drawing up of the trading rules. Therefore the exit of the UK will have the nation lose its bargaining power in the drawing of trade rules. It will have to make its independent trade rules with other countries, a process which will be time-consuming and with no surety of better trading partnerships. Its currency, the pound, is expected to lose value in relation to other trading currencies.
A critical issue that the Brexit referendum was to address is affected with the given results seen. For some time now citizens of the member states of EU have had the freedom to move and work freely in any country. The UK has been a host and same to its citizens who are national elsewhere. Therefore its exit from the EU will have some of its citizens worry about residential rules and passport issues, as their free movement and working in and out of Britain will be limited. With the other possible result that those immigrants in the UK will lose their residential rights and working rights a situation forcing them to be deported.
For the international students those that the UK hosts and those Briton students in other countries, will have no option but clear up their studies in those respective countries and go back home. This is because they won’t have that priority in job selection and absorption that they always had.
In conclusion, the move made by the UK will not be felt at the moment, but its effects will be seen and felt in few years to come.