Brexit has been in the news for many days now and everyone wants to know what the big deal is.
Brexit is Britain’s referendum on leaving the European Union. This referendum took place on June 23rd. It has sparked various political and public debates. For the people who are pro-Brexit, one only hopes they are aware of what they are voting for.
Let’s look at the 7 facts about everyone should know about the Brexit vote in the U.K. and how it will affect Britain and the world economy.
1. A Rare Referendum
Referendums are extremely rare in Britain. In fact, this one was called by British Prime Minister David Cameron years ago only to win another vote. Prime Minister Cameron has promised to hold a vote to decide whether Britain should continue being a member of the European Union. Ironically, this vote could bring Prime Minister Cameron’s government down. Cameron’s decision to call for a referendum was to placate members of his own party that sought a Brexit vote. Since Cameron was concerned that he would not win the 2015 elections without their support, he had promised a referendum if he won. The rest, as they say, is history.
In fact, this one was called by British Prime Minister David Cameron 2 years ago only to win another vote. Cameron’s decision to call for a referendum was to placate members of his own party that sought a Brexit vote. Since Cameron was concerned that he would not win the 2015 elections without their support, he had promised a referendum if he won. The rest, as they say, is history.
2. Expert Opposition
A majority of academic experts and organizations have come out in opposition of Brexit; however the public does not seem to care.
3. Financial Implications
Experts believe that the cost of Brexit on all public finances would be between 20 billion and 40 billion pounds ($30 billion to $60 billion). Experts believe that this would be similar to the 2008 financial meltdown.
4. World War III
Many anti-Brexit leaders have even suggested that Brexit could lead to World War III or even the collapse of the Western civilization. The European Union had prevented war in Europe over the years and helped reconcile differences between countries.
5. Misleading Facts
The citizens of Britain had to make an informed decision but they were lied to by both sides. Misleading facts were the norm during both the LEAVE and REMAIN campaigns.
6. Comparison To Nazi German Propaganda
Many advertising campaigns have highlighted the European Union’s problems with immigration. This was compared to the Nazi propaganda against Jews and various other minorities during World War I.
7. Show Banned?
Famous Comedian John Oliver made an attempt to explain the issues with Brexit on his show that airs on HBO. However, British viewers were not able to watch the show as Sky restricted broadcasting the show during the vote.
Featured image credit: Kiplinger