When David Cameron vowed to hold a referendum on the UK’s continuation with the EU in 2013 as a part of his election campaign, he certainly didn’t realize the impact of his statement on Britain’s populace which came to haunt him last year in the month of June.
A vote count well beyond 50 % in support of brexit not only cost Cameron his position but saw Theresa May a representative of the conservative and Unionist Party succeed him as the country’s new Prime Minister.
The long-term impulses of Brexit also include the initiation of separation process with Article 50 ‘the Treaty of Lisbon’ being invoked, which will contemplate the agreement of EU membership discontinuation and subsequent formalities. The British government are planning to complete the procedures before March end. Further, Article 50 will grant two years for all the negotiations to take place, however, it could get extended if all the members unanimously agree to extend it. On the contrary, few of the UE members have insisted on speedy development of the separation process.
Ever since Theresa May took charge of the office, she has been quite watchful on making decisions on all Brexit related issues. As being as firm ‘remain’ campaigner, her decisions will be under a lot of speculations and will be crucial to further build-up of this entire event. Nevertheless, the fact still remains same and that the UK will leave the UE irrespective of the terms of separation or in that case the consequent change of relationship. However, the simplicity of the referendum was what some experts believe was its major predicament. Meanwhile, the recent developments indicate that the UK government is pushing on and some sort of clarity on the entire matter in soon expected to emerge.
The referendum saw few experts make the grimmest predictions including price hike, recession and job cuts. At this point, though, it looks like the aforementioned predictions may not be on the horizon. However, the recent drop of pound value, which has been alleviated by a beneficial effect on trade is expected to keep British authorities on their toes.