Here is a comprehensive guide to the massive impact that Brexit has made on the world so far.
With only 36 per cent of 18-24 year olds turning out to vote last week, the results of the Brexit vote have posed a paradox. Those who will live longest with the result of the referendum had the smallest turn out, as opposed to the 83 per cent of citizens over the age of 65 who had their say. The young people who voted to stay are faced with an uncertain future that many feel has been decided for them, with fears of job losses and the value of the British pound dropping so low that they may not be able to afford to eat or pay rent.
29-year-old London IT assistant, Steve Page, says he is “appalled really that only 34 per cent of young people voted” in the referendum.
“Jobs are now at risk, house prices will have a turbulent time and just the cost of living will rise.”
Without free travel between Britain and the EU, things will certainly be more difficult for the many students and young adults who wish to live, travel and work within Britain and the EU. Migrants without British citizenship have voiced grave concerns for the security of their jobs, homes and the futures of their children. Many don’t know what will happen to them now that travel between Britain and the EU may no longer be viable.
The anti-immigrant overtones of the Leave campaign have also heightened xenophobia and racism within the UK, with a sudden surge of bitterness against the Polish community in particular and a general mistrust of foreigners.
Photo of a protest in Newcastle on June 25 from Dr Shibley Rahman’s Twitter account.
Analysts at Citibank have predicted that it will be at least two years before Britain exits the EU. In their Post-Brexit Outlook article they note that Prime Minister David Cameron has to be replaced and this may trigger a general election. Once the Conservative Party’s new leader is appointed, the UK can formally notify the EU of its withdrawal by invoking Article 50 of the Lisbon Treaty. The Lisbon Treaty states that a country wishing to withdraw from the EU must give a two year notice period. The two year period can be extended if agreed to unanimously by the remaining 27 EU members and the UK.
Bill Durodie, professor of international relations at the University of Bath, says that the future of the EU is uncertain and that countries will almost certainly demand their own referendums in an attempt to follow the UK and leave the EU.
Over 50 per cent of citizens in Italy and France believe their country should hold a similar exit vote.
While Ireland has made no decision to leave the EU, an expert has said they will leave within five years. Ireland is now the only English-as-a-first-language country in the EU, which could trigger an influx of three million English-speaking migrants to enter the country, which could in turn cause a referendum.
Conversely, Scotland has already decided, and Northern Ireland may undertake, a second referendum to gain independence from the UK and stay with the EU.
Scottish First Minister Nicola Sturgeon made an appearance at a hearing in Brussels to appeal for Scotland to remain in the EU on Friday, just hours after David Cameron had announced the UK’s decision to leave. Scotland voted overwhelmingly in favour of staying within the EU by 62 per cent to 38 per cent.
Leader of the Scottish National Party Angus Robertson also announced in the House of Commons on Tuesday that the SNP have no intention of seeing Scotland removed from Europe. “It really, really matters to us that we live in an outward looking country, not a diminished little Britain,” Mr Robertson said.
Video from RT UK’s Youtube account
The Brexit result effectively poses another recession on the economy, and at the moment it is not determined how far it will reach. According to the CitiBank’s report, Brexit will likely lead to a period of uncertainty in the global markets that could last up until 2025 or maybe even longer before it stabilises. Although the British pound has mostly recovered from its lowest dip in value after the referendum, many other economies will be hit. Stocks in Asia have already plummeted, with economists’ predictions saying that Germany could have a sharp decrease in stock return and the US will also be hit hard.
Another terrifying prospect is the effect of the EU’s subsidies into industries being withdrawn. Subsidies are monetary payments made to industries to keep them afloat as well as to keep the selling price reasonably low. As a part of the EU, England gave subsidies into other European countries, as well as receiving them in return to keep their own industries afloat. England, and for now Ireland, will no longer receive these payments so governments will have to pick up the slack and start funding their own industries; an unsustainable play for the long term. Primary industries will take a big hit, leading to a lack of resources and the possibility of factories closing down due to not being able to make ends meet with dwindling subsidies to cover their expenses, and jobs would be cut. Leaving another recession that could effect the entire world, similar to the late 2000’s.
Without a (complete) overload of information, that was your guide to Brexit’s effect thus far. – compiled from web sources by Ariana Norton, Samantha Besgrove, Zabrina Potestas and Jessica Holmes.