Late last night [Thursday, June 22], the vote dubbed “Brexit” took place, which would decide if Britain would remain a part of the European Union. The results were called by the British media, with 52 percent of the vote going in favor of leaving the EU.
This is a historic result, with Britain becoming the first country to ever drop out of the 28-member European Union. The British currency, the pound, has subsequently plummeted as the world’s financial markets react to the news.
The New York Times reported on the consequences of Britain’s exit from the EU:
“Britain is the second-largest economy after Germany in the European Union, a nuclear power with a seat on the United Nations Security Council, an advocate of free-market economics and a close ally of the United States. The loss of Britain is an enormous blow to the credibility of a bloc already under pressure from slow growth, high unemployment, the migrant crisis, Greece’s debt woes and the conflict in Ukraine.”
One of the biggest motivations for those who wanted to leave the EU was the chance to close Britain’s borders to certain immigrant populations, which was not possible while they were a part of the EU. The ramifications of this decision will be felt around the world, and the fallout from this decision will continue for the next few years as Britain completes the process to exit from the EU.
Respect: NYTimes
