[su_dropcap style=”flat” size=”5″]T[/su_dropcap]oday is the single most momenous in British politics since WWII, the United Kingdom has voted to leave the European Union. The impact of this result has been far and wide, with global markets hit and UK Prime Minister David Cameron announcing his resignation.
The Immediate Impact;
- Outside 10 Downing Street, Cameron tells the nation the people have spoken
- Britain will have a new Prime Minister before party conference in October, he said
- Cabinet is to meet on Monday to work out next steps forward
- Final tally gives victory to Leave — 17,410,742, Remain — 16,141,241 (52% v. 48%)
- European markets tumble, pound crashes to its lowest levels in 31 years
So what does a Brexit look like for you? well It depends on who you are;
The International Globetrotter : For foreign travelers, it is officially now cheaper to visit the UK than it has been in decades.
The British Holidaymaker: Britain is not part of Europe’s borderless Schengen zone, so British people are already checked at entrance points in EU-member nations. They must show their passports but do not need them stamped to enter.
The Investor: As the votes trickled in in favor of a Brexit, the pound dropped sharply — hitting its lowest level since 1985. If the pound weakens by a large enough amount, theBank of England, the UK’s central bank could intervene. Its options are to shore up the currency by buying more pounds with foreign currency or raise interest rates, which will hit Britons with mortgages and other loans. A result with a narrow margin could also throw markets into chaos.
The Student: Many of the UK’s top universities have come out in favor of remaining in the European Union. Most say a Brexit would threaten research funding from Europe, make access to European academic staff more difficult and cause a decline in enrollment numbers.
The Expat in Britain: A Brexit divorce will take at least two years so it is unlikely anything will change soon in terms of free movement of labor which allows EU citizens to enter the UK to find work and vice-versa. EU citizens living in Britain have expressed concern that they might be evicted if the country votes out.
Let’s say you don’t have any connection to Britain at all. If you’re watching the drama unfold from your couch in New York, New Delhi or Abu Dhabi, will a Brexit still affect you?