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Jun 24 2016
by Moises Rodriguez Cruz & Emily Adeline Perry

What's Happening With Brexit?

By Moises Rodriguez Cruz & Emily Adeline Perry - Jun 24 2016
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If you are in need of some background on this issue, check out the facts on Brexit HERE.

Friday 24 June 2016 - 12:00pm Central Standard Time // Friday 24 June 2016 - 6:00pm London Time

This morning, Americans woke to the news that British Prime Minister, David Cameron had resigned his post in reaction to the Brit's referendum result in favor of withdrawing from the European Union. He stated that he would remain until the party can choose a replacement, which will likely be sometime in October. During his speech, he reminded Brits that he felt the UK would be better off inside the EU with all of his "head, heart, and soul."

Flickr

Yet another concern that arose this morning amidst the chaos currently swirling in the UK was the possibility of Scotland (and maybe even Northern Ireland) voting to leave the UK in their own referendum in order to that they might Remain in the EU. In yesterday's vote, both countries voted to remain, which is not a surprise. In Scotland's referendum to decide whether or not to leave the UK a few years ago, they cited EU membership as one of the most attractive qualities of staying in the UK and ultimately decided to do so.

Along these same lines, it has become, and will remain an issue that the city of London voted to Remain in the EU; this morning, there were protests in London regarding the UK's decision and they will likely continue for the coming days. 

telegraph.co.uk
telegraph.co.uk

Thursday 23 June 2016 - 11:25pm Central Standard Time // Friday 24 June 2016 - 05:25 London Time

telegraph.co.uk

The votes were announced and Britain voted to LEAVE the European Union. Although the Referendum was not a binding decision to leave the EU, it is highly unlikely anyone will attempt to block the vote of the people. The BBC a block, should it happen, would be "political suicide to go against the will of the people as expressed in a referendum." 

Should Britain leave the EU - which is likely - they are required by the EU to present a formal notification, which is different from the public vote. This notification will likely come in the next few working days. 

For more information on how countries can withdraw from the EU, there's a whole Article on it in the EU's Charter. Find it HERE 

Many people are currently speculating on the events of the next few days, but we are sure that the global economy will take a hit. The British Pound Sterling fell to a staggering equivalent to $1.33 - some comparing it to the Pound three decades ago. 

telegraph.co.uk
 

Many gold investors have rallied to help save the Pound, but the Japanese Yen is currently surging as investors and stocks are being traded at a rapid pace in the wake of this decision. 

A considerable amount of negotiations between the EU and Britain will take place within the coming months in order to determine what the new trade, immigration, travel, study, and other agreements will be. 

Lead Image Credit: Pixabay.com

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Moises Rodriguez Cruz & Emily Adeline Perry - University of Chicago & Rhodes College

Moises is an incoming freshman at the University of Chicago, with an intent to double major in political science and gender/sexuality studies, on a pre-law track. He has a great passion for musical theatre, politics, and social justice, and loves walking through airports, staring at the sun, and looking at pictures of cats on tumblr. In his spare time, he enjoys working with the Black Lives Matter movement, advocating for women's rights, and continuing his quest to make the perfect cup of tea. Find him on Insta @Moisesrodc ~~~~~~~~~~ Emily is a Russian Studies major at Rhodes College in Memphis, TN. She loves film, literature, and the US National Park Service. Emily has been writing for Fresh U since June of 2014 and has served as both a web editor and a social media editor. Outside of Fresh U, she volunteers with the YMCA Center for Civic Engagement and is involved with her sorority, Alpha Omicron Pi. She also enjoys shamelessly promoting her instagram, which you should totally follow: @emilyadelineperry

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