So, how would Brexit affect young Brits? Honestly, not every Briton knows the impact of Brexit on education, travel, and the entire government. To make matters worse, some young Brits have no idea what Brexit is or what it means. Well, to clear the air, this article addresses everything you need to know about Brexit.
What is Brexit?
During the Brexit vote last week, voters were asked one major question – should the United Kingdom remain a member of the EU or leave the EU? In the history of the United Kingdom, there has never been a vote of this kind. The UK voted to leave the EU by a 53% majority. Brexit will have an impact on both the economy and political status of the UK.
Why Did Britain Vote?
The United Kingdom joined the EU in 1973 but in the past few years, the two parties have not had such a smooth relationship. Prime Minister David Cameron promised to hold a referendum on UK’s membership in the European Union if he was re-elected, and he has held his end of the bargain.
The best thing about Brexit referendum is that it allows people to cast their votes even if they didn’t register to vote. Anyone who is registered to vote in the United Kingdom, together with Commonwealth citizens living in the UK (as well as Gibraltar) were allowed to vote. British citizens who were registered to vote for the past 15 years and to live abroad, and Irish citizens who were born in Northern Ireland were able to vote and did.
Rather than Prime Minister David Cameron handing his resignation after the Brexit referendum is voted yes, here’s how Brexit will affect Britain and the EU.
Once Brexit is voted yes, the financial markets will be more sensitive to the vulnerabilities of the 19-nation Eurozone. For instance, the Sterling Pound has already plunged to a 30-year low. This will make investors question whether the EU countries will have the public support and political will to strengthen the architecture of the European monetary union.
Once the United Kingdom leaves the EU, there will be a short-term negative impact on Britain’s economy. Also, there’s expected to be a government crisis in London once David Cameron resigns. There’s a high chance that a more anti-EU administration would replace him. Therefore, unless this is handled carefully, this will damage the relationship between London and other EU capitals.
A Closer Integration
The European Union will be pressured to develop proposals for a closer integration. For instance, the Five Presidents’ Report plan will not be that relevant to the United Kingdom. Also, if the monetary and economic union is out of reach, the Germans and French will come up with better proposals regarding domestic security and defense.
Anti-Establishment Political Movements
The Brexit referendum will inspire anti-establishment political movements, especially those from far-right parties in Western Europe, to gather more supporters. Of course, the far right will not come to power in any EU country but will have enough support to shape a political debate which will influence the actions of their governments.
Brexit referendum will disrupt the EU’s internal equilibrium. The bloc’s seven non-euro countries will only account for only 15% of EU economic output as opposed to the 30% with Britain in the EU. Germany’s economic and political supremacy will also be increased with Britain’s departure.
However, the biggest consequence of Brexit is that it will harm the EU’s international reputation, cohesion, and confidence. It will undermine the economic and political order for which the EU, Britain and their allies from all over the world stand for.
Immigration from EU Countries
The immigration from the EU countries will drop drastically. Hence there will be a shortage of workers in the service and construction industries.
What is the global impact of Brexit?
The EU is the largest trading partner for many countries such as China and India. Therefore, if there’s any unraveling in the EU market, exporters from all over the world will be affected negatively. For instance, it’s estimated that Brexit will reduce Britain’s imports by 25% worldwide in the next two years.
Global investors will be forced to run to safety until they know the status of the global market. The capital may move from risky assets to safer havens or vice-versa.
Britons who support Brexit say that it would become easier for Australians to work and study in the United Kingdom. Why? As long as Britain remains in the EU, it will not have the power to change the migration policy that favors the EU and discriminates against skilled personnel from countries such as Australia, China, and India.
How will Brexit affect young people?
The Brexit vote date, which was 23rd June, 2016, will affect young people living in the UK. According to Brexit news, young Britons living and working in EU countries will feel some changes in Education, travel, and economy.
The International Globetrotter
After the Brexit referendum results had been announced, the Sterling Pound took a huge blow. For the next few months, the currency is expected to remain weak, and this makes it cheaper for foreign travelers to visit the UK.
Brexit will have a negative impact on property price growth or lead to a fall in prices. This is definitely bad news for investors while to the homeowners; this is the best news ever.
The British Holidaymaker
Britons who love to spend their holidays in European countries will not be affected. They must show their passports, but there will be no need for a stamp for them to enter. The EU is unlikely to restrict Britons from entering the region during holidays even after the Brexit referendum has passed.
Most people are saying that Brexit will threaten research funding from the EU and make access to European academic staff more difficult. EU students in the UK are considered domestic due to the UK’s EU membership. Hence they pay the same fees and get similar financial aid. This will not be the case once Brexit goes through. It will save UK some money as the government won’t have to provide assistance to EU students.
So, are you still unhappy with Brexit? If yes, you should move to China where your investments will not be affected. Students and job seekers from Britain should also consider relocating to China as there are hundreds of scholarships waiting for them
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