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BRITAIN HAS VOTED TO LEAVE THE EUROPEAN UNION. SO WHAT HAPPENS NOW?

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Britain has voted to leave the European Union. Thursday’s exit polls
indicated a slim lead for the Remain campaign, but the results which trickled
in overnight eventually won the Leave campaign a narrow victory, with 52%
voting for a Brexit and 48% voting to stay in the EU. The result prompted Prime
Minister David Cameron to on Friday morning.
As expected, Britain’s decision to exit the EU was in the main a
generational one, with a YouGov poll indicating that 75% of 18-24 year olds
voted to remain, while 61% of people over the age of 65 voted to leave. So
whether you’re celebrating the news right now with a glass of English sparkling
wine or are currently hunkering down stockpiling cans of baked beans in
preparation for the apocalypse, here’s a run-down of what is likely to happen
next.

So do we leave straight away?
No – it will likely take two years or more. The UK will now be under
pressure to trigger Article 50 of the Treaty Of the European Union, which lets
a member state notify the EU of its withdrawal. The EU must then try to
negotiate an exit agreement. During this two year negotiation period, EU laws
would still apply to the UK.
Is there any way it won’t happen?
Despite a majority vote for Brexit, the vote to leave the EU still has to
go through parliament. It is likely, given the vote was so close, that there
will be strong protests by pro-Remain MPs, though overall it is unlikely that
pro-Remainers will be able to reverse a decision that was voted for by the
country.
What will the other EU members do?
On Saturday, the foreign ministers of the founding six member states
(that’s France, Germany, Luxembourg, Netherlands, Italy and Belgium) will meet
to discuss the impact of the British vote. Experts warn that the UK exit could
trigger a further break-up of the European Union, with other countries deciding
they are better out than in.
Who will replace Cameron?
Now that the PM has announced his resignation, questions have been raised
about who will follow him as Prime Minister. Boris Johnson has been mooted as a
likely successor given his pro-Brexit stance, and is certainly the bookies’ favourite,
but he could also face challenges from fellow Brexiteer Michael Gove and
Theresa May. George Osborne is now less likely to succeed, given his support
for the Remain campaign.
Will Scotland and Ireland leave us now?
Our friends north of the border voted overwhelmingly to stay in the EU. And
given Scotland’s very close independence referendum vote last year, politicians
including Nicola Sturgeon have suggested that the Scots will now demand a
second referendum to break free from the UK. Meanwhile, over in Ireland – which
also showed a majority vote to remain – Sinn Fein’s Martin McGuinness has
called for a vote on Irish reunification.
How will the UK economy react to Brexit?
The economy is already reacting very badly to the news, with a 10% drop in
the value of the pound overnight, the lowest dip since 1985. Immediate economic
uncertainty is a given (even Brexiteers have admitted that) though the long
term effects are less certain. Some economists have suggested that the UK will
stagnate and struggle outside a single market and we are likely to see the
effects last for five years.
Source : Marieclaire
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