BR-EXIT: What happens next?

June 24, 2016 10:02

Even as the media reported that the United Kingdom had voted to leave the 28-nation European Union in historic referendum, the next big question being posed is WHAT NEXT?

>> The decision in favour of Brexit, following a bitterly close electoral race, represents the biggest shock to the political establishment in Britain and across Europe for decades, and will threaten the leaderships of both the prime minister, David Cameron, and the Labour leader, Jeremy Corbyn.

>> Cameron -- whose premiership is now bound to be remembered for taking Britain out of the EU -- will make a speech on Friday morning aiming to reach out to the millions of voters who spurned his efforts and instead opted for an out vote, which will begin the process of disentangling Britain from the European project after more than four decades.

>> If Camerons government falls, Britains prospects of negotiating a favorable deal with the EU could be weakened. The EU may decide to strike a hard bargain to discourage other countries from leaving the EU. Angela Merkel, the German Chancellor, had warned that Britain would be treated as a third party and have no access to the Single Market. "If Britain votes to leave the EU, it will no longer be able to benefit from the advantages of the European common market. And any negotiation will involve the 27 remaining EU members with someone who would then be a third party," she had said.

>> Exiting the EU could cause the British economy to be between 3.8 and 7.5 percent smaller by 2030 -- depending on how well negotiations for access to the European market ultimately go.

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