Over the past few years, the people have Britain have voiced their disapproval for the European Union regarding immigration, globalization, low wages, etc... During the summer of 2016, Britain held a democratic referendum to see whether it should remain or leave the E.U. Surprisingly, the majority of Britain voted to leave, sending the country into a state of economic crisis. For the first few days, the pound fell dramatically, dropping to a 3 decade low. The pound eventually recovered some ground after new Prime Minister, Theresa May, took over; the pound was worth $1.21 compared to $1.47 before the vote to leave.
Despite the referendum happening nine months ago, many government officials have confirmed that the process of leaving the European Union may take up to six years. First of all, Britain as a whole has to vote to leave the EU. Then, a two year time limit begins and the Parliament invokes Article 50. The new Prime Minister of Britain, Theresa May, has since set the date for Article 50 by the end of May. However, it could be set back at a later date due to legal challenge. Afterwards, the remaining 27 EU countries will meet to discuss the terms behind Britain's exit.
The effects of Brexit will be observed many years from now. For example, there will be many law changes regarding immigration from other EU countries. In addition, they will also have to set up a solution for EU citizens currently living in Britain and vice versa. However, many predictions regarding the economic disaster for the UK has proven wrong. Despite the fact that the pound has dropped significantly, the UK economy has grown 1.8% since 2016, second only to Germany's 1.9% among developed countries. In the near future, new PM Theresa May expects immigration numbers to fall down to a "sustainable" level. As of now, only time can tell whether Brexit could return the UK back to its glory days or bring it to its downfall.
Source:
http://www.bbc.com/news/uk-politics-32810887
http://www.economist.com/Brexit
