Britain after Brexit: an Uncertain Future Ahead

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EXCERPTS

THE REFERENDUM

Though Cameron promised to renegotiate with the EU, including bargaining with the EU’s other leaders over the terms of Britain’s membership, he maintained that his decision about which side to back in the referendum would only be made after the new terms were settled. While Cameron made a new deal for Britain at Brussels which, according to him, would be a strong basis to back a Remain vote during the referendum, Eurosceptics in his own party weren’t convinced. Some experts too believed that Cameron was being deliberately vague about what changes he wanted. Amidst these tensions, he set an early date of June 23, 2016, for the referendum on the country’s membership in the EU. The referendum asked the voters of Britain whether the country should ‘remain a member of the European Union’ or ‘leave the European Union’, otherwise referred to as ‘Remain’ or ‘Leave’... .

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THE TWO SIDES OF REFERENDUM - REMAIN AND LEAVE

The referendum of 2016 was not the first the country was facing. In 1975, two years after Britain joined the European Economic Community , a referendum was held to decide on whether it should stay. More than 67% of Britons voted in favor....

THE BIG IMPACT

Britain’s exit was expected to affect the future of Europe and the global order. Being the EU’s second-largest economy after Germany and having a powerful military, Britain exerted outsized influence on global affairs...

IMPACT ON BRITAIN

The major concern of those supporting the ‘Leave’ campaign was the increasing influx of immigrants into the country. From 2012 to 2015, the annual net migration from Europe had almost doubled...

IMPACT ON THE EU

According to Thierry de Montbrial, founder and executive chairman of the French Institute of International Relations, “The main impact will be massive disorder in the E.U...

CHALLENGES FACING BRITAIN AND THE EU POST BREXIT

After Britain’s referendum result was out, the country faced several challenges which needed immediate attention. The EU had its own share of problems...

WAY FORWARD

Emphasizing the need for making Brexit a success for Britain and dismissing any likelihood of a second referendum, May said, “Brexit means Brexit, and we’re going to make a success of it, there will be no attempts to remain inside the EU. No attempts to rejoin it by the back door...

EXHIBITS

Exhibit I: Net Long-Term International Migration by citizenship, UK, from 1975 to 2015

Exhibit II: Referendum Results

Exhibit III: GBP-USD Exchange Rate

Exhibit IV: The Debate

Exhibit V: Article 50 of Lisbon treaty