What is the Brexit Referendum all about?
The Brexit Referendum had then caused a lot of uncertainty about what will happen once Britain leaves the EU. We saw dramatic falls in the value of the pound and the potential for an impact on the stock market. This article will look into Brexit news, what the Brexit Referendum is all about.
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What is the Brexit Referendum?
The United Kingdom (UK) entered into the European Union (EU) in 1973. Whilst still maintaining their laws and government, cooperation became important to the UK as they received the added benefit of trade and workforce mobility amongst other EU members. However, with an increasing number of new countries entering the EU in 2004 (ten altogether), this increased immigration and led to a doubling of immigrants coming to live and work within EU member states such as the UK; with most citizens opting for employment opportunities prevalent in Great Britain.
Following the global financial crisis in 2008, the United Kingdom faced challenges to its economy, employment levels, and wage growth. This unrest over the struggling British economy led many people to blame immigrants for taking jobs from native Britons and inflaming competition for public services such as schools and hospitals.
In 2015, British Prime Minister David Cameron, who was opposed to Brexit, called a referendum that would ask UK citizens whether they wished to leave or remain in the European Union. Although Cameron campaigned against leaving the EU, voters ended up siding with Brexit by a margin of approximately 51.9%. Following the result of the vote, a plan had to be put together for Britainâs exit from the European Union so that it could be implemented within two years from when Britain notified Brussels about its withdrawal.
Despite their reluctance to agree on the extension of the deadline for Brexit, many other MPs have been supporting Theresa Mayâs call for a second referendum citing it as best for the nation. But there was speculation that should a referendum be held again, people may vote to stay in the EU the next time.
The referendum result was approved by a slim margin. Voting in the UK referendum on the European Union resulted in over 17 million people voting to leave the European Union, but nearly 16 million wanting to remain. Although this result was extremely close and could not make a change without further legislation, parliament took heed of the decision bypassing the European Union (Notification of Withdrawal) Act 2017. The act triggered Article 50 which effectively started a 2-year clock for member states to negotiate an exit from the EU. On March 29th, 2017, then PM Theresa May sent a letter to Donald Tusk, president of the EU Council which officially notified that Britain will be leaving.
May 2015 was when everything began with this whole Brexit mess. David Cameron promised it in his manifesto, and the referendum took place after he resigned. When it came to the campaign, Cameron was with Britain Stronger in Europe, but gosh darn it â he lost! Anyway â moving on to a more important topic: resales & marketing stuff.
After the result, Prime Minister David Cameron stepped down and was succeeded by Theresa May. The Labour Party also faced a leadership challenge as a result of the EU referendum because Jeremy Corbyn did not support Remain (he later changed his position to support the official party line, but never convinced even half of his MPs)
