Brexit: United Kingdom exit from the European Union - Statistics & Facts
On June 19, 2013 the first reading of the EU Referendum bill in the House of Commons took place, the draft of which was published by the conservative party one month prior. The bill formed part of Prime Minister David Cameron’s re-election campaign, and provided the legislative mechanism to enable a referendum on whether or not the United Kingdom (UK) would remain as a Member State of the European Union (EU). The bill made provisions for a vote to be held no later than 31 December, 2017.
The referendum was set to take place on Thursday, June 23, 2016. On this date, all Britons aged eighteen and over would have the chance to vote for one of two options: ‘leave’ for an independent UK, or ‘remain’ to stay as a member of the European Union. Commonly known as the ‘Brexit’ referendum, the campaign was characterized by emotional debates and sensational claims on both sides. Campaigning was suspended for a time following the tragic murder of Labour MP Jo Cox, when she was about to attend a constituency surgery on June 16th 2016. As a result of the intensity of the campaign, the referendum attracted a huge voter turnout.
To counter these warnings the ‘Leave’ camp focused on the cost of EU membership to the UK. The famous red ‘Battle Bus’ travelled the countryside, splashed with the message ‘We send the EU £350 million a week, let’s fund our NHS instead.’ Other figures within the ‘leave’ camp also stoked lingering fears around immigration. Former UK Independence Party (UKIP) leader Nigel Farage stood in front of billboards depicting people presumed to be refugees, under the words “BREAKING POINT, the EU has failed us all”. Other memorable claims included former London Mayor and prominent Leave Campaigner Boris Johnson’s statement that the EU prohibited bananas from being sold in bunches of more than two or three. Untrue as the statement may be, it appeared to gain traction among Britons angered by red tape.
As the votes were tallied, the final results of the referendum became clear. The people of the United Kingdom chose to leave the EU. The majority of voters decided that the negative impacts of a “Brexit” are worthwhile in order for the country to regain stricter control of increasing immigration, sovereignty, trade and economy. The majority of UK voters were willing to vote for an independent UK despite the awareness of risk, uncertainty and likelihood of a negative effect on individuals’ personal finances, businesses and the economy.
On the morning of June 24th the result of the referendum came as a surprise to many. The result sets in motion the end of the 41 year history of the UK as a member of the EU. Fallout on the financial market was swift. As expected in the event of a 'Leave' victory, Prime Minister David Cameron announced his retirement. Markets tolerate uncertainty poorly, and in the wake of the unprecedented outcome, billions of pounds were wiped off the London Stock Exchange, and the British pound traded at its lowest value in decades.
From this point on, the process will take at least two years to complete after the UK Government invokes Article 50 of the Lisbon treaty, the instrument necessary to begin exit negotiations. While several of the predicted negative impacts are already apparent, particularly with relation to financial markets, the long term effects of Brexit remain to be seen.
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