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Transcript of Brexit
- often known
as the EU -
is an amalgamation of
economic and political ideologies-first a political and then an economic partnership between 28 countries.
formed after World War Two
main aim was to promote economic cooperation, with the idea that countries that trade together, avoid going to war with each other.
This concept of a
"single market" allows goods and people to move around, as if the
member states were one country.
is EU’s own currency,
used by 19 of the member countries.
Through its own
EU also sets rules in areas such as environment, transport, consumer rights
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden
COUNTRIES IN THE EU INCLUDE:
" Should the United Kingdom remain a member of the European Union or leave the European Union? ”
UK Independence Party
, which won the last European elections, and received nearly four million votes - 13% of those cast - in May's general election, campaigned for Britain's exit from the EU.
half of Conservative MPs
including five cabinet ministers, several Labour MPs and the DUP
were also in favour of leaving.
WHO WANTED THE UK TO LEAVE THE EUROPEAN UNION?
The people in favor of Brexit believe that the EU had lately gained a lot more control than desired over daily internal issues in corporate Britain by
imposing rules and regulations on businesses etc.
They felt the
membership fee was exceptionally high
, for what the EU had to offer in return.
They do not agree with the “free movement" principle of EU. They wanted Britain to take back
full control of its borders
to reduce the number of people coming in to work/live.
The Leave campaign also
objected to the idea of "ever closer union"
and what they see as moves towards the creation of a "United States of Europe".
WHO WANTED THE UK TO STAY IN THE EUROPEAN UNION?
Prime Minister David Cameron
wanted Britain to stay in the EU. Sixteen members of his cabinet also backed staying in. The Conservative Party pledged to be neutral in the campaign - but the
Labour Party, SNP, Plaid Cymru and the Lib Dems
were all in favour of staying in.
also wanted Britain to remain in the EU, as did other EU nations such as
France and Germany
Those campaigning for Britain to stay in the EU said it gets a big thrust from membership as it makes
selling things to other EU countries easier.
The flow of
young immigrants and workforce gives a stimulus to economic growth and helps pay for public services.
The feared Britain's status in the world would be damaged by leaving.
is more when they're a part of a 29 nation-club, rather than being alone.
Brexit is a word that has become a short way of referring to Britain leaving the European Union. The words 'Britain' and 'exit' have been merged to get
, in a same way as a Greek exit from the EU was known as Grexit.
was held on
Thursday 23 June 2016
, to decide whether Britain should leave or remain in the European Union.
A referendum is a general vote in which everyone (or nearly everyone) of voting age can take part, normally giving a "Yes" or "No" answer to a political question.
Whichever side gets more than half of the total votes cast is considered to have won.
WHY WAS THE REFERENDUM HELD?
REFERENDUMS IN BRITAIN'S PAST
There have been only two other such referendums in Britain’s history:
Leave ( 51.9%)
Britain, on Friday the 24th of June 2016, voted to leave the European Union in a historic referendum.
Out of 12 regions, only three,
Scotland, Northern Ireland, and London
voted to remain in the EU, while the others led the “Leave” vote to win by a narrow margin.
IMPACTS OF BREXIT
PRIME MINISTER DAVID CAMERON RESIGNS
As soon as the results came out, Cameron announced that he would resign by October.
still unsure, but one likely outcome will be for Cameron to be replaced by Boris Johnson, a
for a Leave vote.
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. The day of the results saw huge
market volatility. The British pound lost
10 percent of its value in the hours after
the polls closed on Thursday, and
Britain's FTSE 100 index lost 9 percent
of its value in early Friday trading,
before regaining much of the lost
ground. This volatility reflects market
worries in the coming months.
BREXIT MEANS SIGNIFICANT UNCERTAINTY FOR IMMIGRANTS
One of the most important achievements of the EU was the establishment of the principle
of free movement among EU countries. A citizen of one EU country has the right to live
and work anywhere in the EU. all EU nationals have taken advantage of this opportunity.
There currently are about 1.2 million Brits living in other EU countries and similarly about
3 million non-British EU nationals live in Britain. the EU rules, help them to move across
the English Channel with minimum paperwork. Britain’s exit from the EU will change
BREXIT COULD TRIGER A LARGER BREAKUP OF UK
WHAT COULD BREXIT MEAN FOR THE UK ECONOMY?
BRITAIN'S ECONOMIC GROWTH
BREXIT IMPACT ON INDIA
If UK exits the EU, the chances of investors leaving would be more from emerging market currencies and euro/pound investments. This can lead investors to store their funds in safe haven of dollar and strengthening it. As EU is among the largest trading partner to India a
depreciation in Rupee/Dollar could be expected.
The Indian government has declined to make any statement so far. Smt. Sushma Swaraj, Union Minister of External Affairs told the Hindu Business Line,
Trade is expected to go down after Brexit
, as the European Union is among the largest trade partner of India, embracing 13% of its trade, which surpasses China (9.6%) and US (8.5%). Even if trade with Britain increases, there is no certainty that a UK outside of Europe would drive bilateral trade.
At this point, such an argument is mere speculation. A re-negotiation of the EU-UK agreement following Brexit would mean further uncertainty for India since a conflict of interest could arise, restricting UK from adapting certain deals with India.
INDIAN TRADE WITH EU AND UK
Presently, the impact on migration will be a case of assumptions, it is believed that India may benefit from it, as labour does come at a lower cost unlike that from the EU. But, one cannot be too certain, says CARE Ratings.
"It is time for the British people to have their say. It is time to settle this European question in British politics.”
, when it voted to
join the then-EEC
(or European Common Market, which
, a referendum was held to establish
whether the British electoral system should
be changed from its traditional winner take all system of voting
in contrast to a system that would be fair to minor parties.
This referendum did not pass.
“The decision has to be taken by the people of Britain and they would decide keeping in mind their national interest. India has no role to play in it.”
BREXITS IMPACT ON
Brexit has already seen massive carnage in the currency and financial markets. The
British pound and stock markets have plummeted
stock markets around the world are approaching free-fall
. And the mess will only continue, as
European and American politics are sure to get a healthy shakeup
following a Brexit, as nationalist and anti-EU forces across the continent are exuberant over what has happened,
there will almost
surely be efforts by political forces in other countries to seek a similar outcome
in their own countries.
Even in Britain itself, the results are sure to trigger
renewed calls for Scottish independence.
What does seem clear from much of the commentary in the British media is that the Eurosceptic Tories, who are now very much in the driver’s seat, will insist on a prime minister fully committed to Brexit.
Brexit could also change the United Kingdom in the most basic way. It's called the "United" Kingdom because it's made up of four "countries" — England, Wales, Scotland, and Northern Ireland. But if the United Kingdom votes to leave the EU, it may not stay united for very long and just might need a name change too.
& Aanya Jain (11)
The referendum was promised by Prime Minister David Cameron when he won the 2015 election, as a response to political pressure from his own Conservative MP’s and the UK Independence Party. "The EU has changed a lot since after the second world war, gaining more control over our rules and
regulations that affect daily lives of people," they argued.
* Britain’s economy would grow more slowly outside the EU than if it stayed in, according to a projections made in the race to the referendum by the government, the Bank of England, British research institutes,etc.
* Uncertainty about the future of Prime Minister David Cameron and finance minister George Osborne, and the possibility of another independence referendum in Scotland, could also take a toll on economic growth.
* A small group of pro-Brexit economists has said leaving the EU will boost growth in the years to come however it just might fall at first..
* The fall in sterling, which hit its lowest level against the dollar since 1985, will help exporters – even though demand in many countries remains weak.
* World leaders from the United States, Japan, Germany and France have warned Britain that leaving the EU would hurt its ranking as a global trading power.
* U.S. Presiden said Britain would join “the back of the queue” for talks with the United States. This week French President Francois Hollande said leaving the EU would put at risk Britain’s access to the single market.
* Pro-Brexit economists still believe that Britain could forge trade deals with the EU and countries beyond and could also manage to cut import duties on its own even if if no deal materialises.