The 43-year-old association that United Kingdom had with the European Union, after the World War II, has ended. On Thursday, in a monumental move, Britons decided to end their association with the EU and they have voted to depart. They have made up their minds to “exit the European Union”, in a historic voting.
The Brexit campaign was led by the Prime Minister candidate Boris Johnson and reports confirm that Brexit has won splendidly and the British Prime Minister David Cameron who had initially campaigned to “Remain’, after a transition period of three months, has decided to step aside. The market turmoil, anti-immigrant sentiments and rising nationalism seems to be responsible for this gigantic step. The historic Brexit vote will be setting a new future for UK. The Parliament Square in London has awakened to a new day and Winston Churchill’s backing for a “United Europe” stands changed.
The market may face a drastic upheaval, pound value may fall, investors may get shaken up, but UK was prepared for this turmoil. After the voting results had been revealed, David Cameron had gracefully announced that he would be handing over the works to his successor. The successor, who he announced would be selected in early October, at the conference of the Conservative Party. Voting is now done and decision is made. Till the time the formal negotiations are carried out and sorted, UK will have to stay on as a European Union member, for the next two years.
The topic of exiting or sticking on with the European Union had many Britons agitated and Cameron’s own party members had opposed his ideas on this, but the anxiety regarding migrants, employment issues, insecurity, and threat to the British sovereignty led to the tipping of the voting scales.
Indian with their kids studying in UK can now feel the financial burden lighten a little further, as the pound value weakens. London may end up insecure and feel the threat of losing its place as “global business and financial center” because of lower profits and employment cuts. Gold has marched ahead once again and what will be the future repercussions of UK’s voting remains to be seen. Will this decision to island off from the European Union lead to a higher cost of living in the United Kingdom, now?