Brexit_ what happens when britain leaves the eu – vox

British Prime Minister David Cameron didn’t want to hold a vote on Brexit at all. Currency used in britain But in 2014, he faced growing pressure from the populist right over immigration and Britain’s EU membership. What does england use for currency To mollify dissenters in his own party and stop the rise of the far-right UK Independence Party, Cameron promised to hold a referendum on leaving the EU if his Conservative Party won the 2015 election.

The Conservatives surprised pollsters by winning an outright majority in Parliament, and Cameron kept his promise. Great britain currency exchange rate But he wasn’t personally in favor of exiting the EU, and he campaigned vigorously for a “Remain” vote.

Best uk currency exchange At the same time, he allowed other members of his government to campaign on the other side. The currency of great britain This created the spectacle of senior members of the UK government, from the same party, campaigning on opposite sides of one of the biggest issues in British politics in decades.

Not long after Thursday’s results became clear, Cameron announced that he would resign by October. Currency gbp vs euro It’s unclear what will happen next, but one likely outcome will be for Cameron to be replaced by Boris Johnson, a member of Cameron’s Conservative Party and former London mayor who campaigned for a Leave vote. Great britain currency to us dollar It’s also possible that the Conservative Party will splinter so badly that no one is able to claim a parliamentary majority, forcing early elections. Currency rate of great britain pound The Brexit will cause problems for Britain’s economy

In the short run, uncertainty about Britain’s future relationship with the EU, its largest trading partner, could push the UK into a recession. Currency great britain Friday saw huge market volatility. What currency does the uk use The British pound has lost about 9 percent of its value since Thursday’s vote, and Britain’s FTSE 100 stock index lost 3 percent of its value in Friday trading. Currency in london england When you consider that the FTSE is priced in pounds, that means British stocks are down more than 10 percent in real terms.

And that volatility reflects market worries about more severe consequences in the months ahead. Great britain currency With Cameron out of power, Britain’s prospects of negotiating a favorable deal with the EU could be weakened. Great britain currency news The EU may decide to strike a hard bargain to discourage other countries from leaving the EU. What currency is used in great britain Or the UK’s new leader might not be willing to accept the kind of restrictions that come with a Norway-style deal.

“If you are Nissan or some other car producer with major production in the UK, today, the same safety standards and environmental standards allow you to sell everywhere in the European market,” Jacob Funk Kirkegaard, an economist at the Peterson Institute for International Economics, told me. Currency of england pound But if the UK leaves the EU, “you would no longer be able to sell into other European markets, not because you face a small tariff but because you’d have to go through another set of safety certifications. Currency britain This kind of thing would be repeated in every industry you can think of.”

Critics say the economic effects could be large. Currency gbp pln The UK government has estimated that 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. Great britain currency rate Other reports have found smaller but still significant impacts. Great britain currency converter The Brexit means significant uncertainty for migrants Nigel Farage, leader of the UK Independence Party, campaigned for Leave on an anti-immigration platform. Currency gbp usd Photo by Mary Turner/Getty Images

One of the most important and controversial achievements of the EU was the establishment of the principle of free movement among EU countries. What is the official currency of great britain A citizen of one EU country has an unfettered right to live and work anywhere in the EU. Currency great britain pound Both Britons and foreigners have taken advantage of this opportunity.

Currently there are about 1.2 million Brits living in other EU countries, while about 3 million non-British EU nationals live in Britain. What currency does england use 2012 Thanks to EU rules, they were able to move across the English Channel with a minimum of paperwork. What does england use as currency Britain’s exit from the EU could change that profoundly.

It’s possible, of course, that Britain could negotiate a new treaty with the EU that continues to allow free movement between the UK and the EU. What is the currency in britain But resentment of EU immigrants — especially from poorer, economically struggling countries like Poland and Lithuania — was a key force driving support for Brexit. Currency in liverpool england So the British government will be under immense pressure to refuse to continue the current arrangement.

At a minimum, that would mean that people moving to or from Britain would need to worry about passports and residency rules. What currency does england use now And it could mean that some British immigrants may lose their right to continue living and working in the UK and be deported.

“The withdrawal process is unprecedented,” a British government spokesperson said a few weeks ago. Currency for great britain “There is a great deal of uncertainty about how it would work.”

Brexit could also change the United Kingdom in a more fundamental way. Great britain military currency It’s called the “United” Kingdom because it’s made up of four “countries” — England, Wales, Scotland, and Northern Ireland. Currency converter great britain pound But with Britain now on its way out of the EU, there’s a danger it won’t stay united for very long.

Scotland supported Remain on Thursday by a margin of 62 percent to 38 percent. What currency does great britain use And the Scots in particular have never been entirely satisfied with English domination, as shown by the 44 percent of Scottish people who voted to make Scotland an independent country in 2014. What is the currency of great britain called They like having the UK be part of the EU in part because it provides a counterweight to English power within the UK.

So Britain’s exit from the EU could strengthen the hand of Scottish separatists. What is the currency in great britain A key Scottish leader has already signaled that she wants to hold a second referendum on Scottish independence. Official currency of great britain If that vote succeeded, Scotland would likely petition for admission to the EU in its own right.

A similar, but possibly more troubling, situation could emerge in Ireland, which has long been divided between a protestant North that’s part of the UK and an independent Irish republic in the South. Best uk currency rates Tensions across the border have been minimized by EU rules guaranteeing the right to move across the border. What is great britain’s currency But if the UK withdraws from the EU, the border could become more important and tensions over territory could flare up.

Perhaps for this reason, voters in Northern Ireland supported Remain 56 percent to 44 percent. Great britain currency coins There’s a chance that a UK exit from the EU could provide renewed momentum for Northern Ireland to try to leave the UK and unify with the rest of Ireland. What currency does london england use Read more