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The United Kingdom Has Voted to Exit the EU. So?

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The United Kingdom Has Voted to Exit the EU. So?
In a historic referendum that took place in the United Kingdom yesterday, citizens have voted 52% to 48% to leave the European Union after 43 years, a BBC forecast suggested.
 

The result of the votes has triggered a ripple of effects around the world; the prominent one being the pound currency collapsing to a 31-year low against the US dollar at USD$1.33 (RM5.50). Equity and oil markets have also been plummeting.

Image: www.bruceonpolitics.com

Some arguments put forth by the Leave campaign

1) Britain will be able to negotiate a new EU relationship without being bound by EU law. This can secure trade deals with other important countries such as China, India and America.

2) Britain can stop sending £350 million to Brussels every week and spend it on scientific research and new industries instead. 


3) The country can change the 'expensive' and 'out of control' system that makes EU too accessible, and can block non-EU immigrants.

Image: www.telegraph.co.uk

4) It can also retake seats on international institutions and be a stronger influence for free trade and co-operation. 

What's likely to happen next?

1) The UK will need to elect a new Prime Minister, as David Cameron has resigned.

2) Well, the pound is tumbling down the currency cliff (convert your money right now!). There will be a period of economic uncertainty in the UK, which will impact Malaysians investing in UK property.

3) It would take a minimum of two years for the UK to leave the EU. At that time, Britain will still have to abide by EU laws and treaties, but it would not be taking part in any decision making.

4) Education funds that the UK universities have been getting from the EU will be affected.

5) Previously, EU citizens can freely come into the UK to work, but immigration laws will most likely be more strict. It's reported that pro-Brexit campaigners have proposed an 'Australian-style points based immigration system', whereby certain in-demand skills and qualifications will determine whether an immigrant would be eligible for a visa or not.

6) Oh yeah, since football is a big deal in Malaysia… Fans of the English Premiere League, some of your players will not be able to automatically qualify for work permits and be subjected to a point-based system decided by the proportion of recent international matches a player has been selected for. In fact, many Premiere League clubs are opposed to the motion to leave.

 
 
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