WHAT IT IS
- On June 23, 2016, the United Kingdom voted 52% voted in favor of leaving the European Union (E.U).
- Former Prime Minister (PM) David Cameron resigned shortly after Brexit’s win, in part to his disapproval of Brexit.
- New PM Theresa May proclaimed she will trigger Article 50 of the Treaty of Lisbon by March 2017.
WHY IT MATTERS
The Brexit created a large dip in the U.K.’s economy. If Brexit continues to show signs of financial instability, it would likely weaken the American economy as well. For people who want to work abroad, this could also have a negative impact by limiting job opportunities in London, a major financial capital.
WHERE WE ARE NOW
- PM Theresa May set to trigger Article 50 on March 29, but could be delayed.
- Process laid out in Article 50 is vague.
- It will be complicated and difficult to unravel decades of E.U. legislation and regulation that currently exists in the U.K.
- According to British Supreme Court, Scotland and Northern Ireland’s governments must give consent before Article 50 can be triggered.
THINGS TO THINK ABOUT
- Will the Brexit impact tourism within the U.K.?
- Is this trend of nationalism in Britain occurring within other prominent world powers?