BCM 312

Briefly Brexit

In June 2016, the United Kingdom held a referendum on the country’s European Union membership, which had been debated about for several years prior. While it seemed likely the majority would vote to remain, 52% of the public voted to leave the EU. Three years after the initial vote and the United Kingdom have yet to secure a Brexit deal with the EU. Britain has already lost two prime ministers, David Cameron and Theresa May, with many believing May’s successor, Boris Johnson, will also be on his way out soon.

An important factor in how people voted in the referendum was the age of the voter. A vast majority of young people voted to remain, with a similar size majority of over-65s voting to leave. The main geographical areas that voted strongly to remain were Scotland, Northern Ireland, and London, with Wales and the rest of England voting to leave.

Britain relies heavily on Europe as an export market, as well as for foreign investment. While Brexit could prove disastrous for the UK, it could also economically impact the rest of the world. Countries like the USA and China who have investments in UK operations may see their profits reduced substantially.

There is also a concern that if the UK successfully withdraws from the EU that it may lead to other countries departing as well. However, the extent to which this is true is still uncertain as Britain does not yet have a Brexit deal. The UK is currently due to leave the EU on 31 October 2019.

Feature Image by Frederick Tubiermont on Unsplash

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