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  • On June 23rd, 2016 residents of the United Kingdom voted to leave the European Union.

  • So, what happens now?

  • Well, to be honest, we don’t know. This is absolutely unprecedented. This is as if

  • Texas actually managed to secede from the United States.

  • So far, there have been several immediate effects. First, within hours of the vote,

  • the UK’s Prime Minister, David Cameron, announced his resignation.

  • Cameron supported the push to stay part of the EU, while his likely replacement, Conservative

  • former London Mayor, Boris Johnson, pushed to leave, calling Brexit a “glorious opportunity”.

  • But so far, things have been far from glorious. Since the vote, the British pound has collapsed

  • in value, dropping to levels unseen in the last thirty years, and threatening to drop

  • below the dollar, which has apparently never happened before. The Euro, too saw a steep,

  • but less severe drop. When the London Stock Exchange opened the morning after the vote,

  • the top 100 companies had collectively dropped more than 500 points, the largest fall since

  • the 2008 economic crisis. And despite the dollar rising in response, the Dow Jones stock

  • market index dropped more than 600 points, its worst day in five years.

  • And although the stocks have slightly recovered following the initial panic, the future of

  • the UK’s economy does not look bright. London is the most important financial center in

  • Europe, and financial markets have accounted for 10% of the UK’s GDP. But by leaving

  • the EU, the UK will no longer be party to the EU’s financial regulations, making it

  • impossible to rely on for financial investment until new regulations are established.

  • Many economists say that this will significantly damage the UK and EU economies. In one scenario

  • proposed by the International Monetary Fund, by 2017 Britain will fall into a recession,

  • and unemployment could hit 7% by the following year, coupled with severe inflation. Although,

  • as a result of the pound being cheaper, trade will likely rise, although that’s not necessarily

  • worth it for UK residents.

  • And while weve talked about other countries following the UK’s example of leaving the

  • EU, one unexpected result from the referendum showed that the majority of Scotland voted

  • to stay, as opposed to the rest of the UK. This is because when Scotland held their own

  • vote to leave the UK back in 2014, many agreed to stay under the assumption that the UK would

  • remain part of the EU. Now that that’s no longer the case, it would be unfathomable

  • for Scotland not to hold a second referendum, and it’s likely they’d finally gain their

  • independence. Similarly, UK controlled Northern Ireland is already discussing unification

  • with the rest of Ireland, nearly a century after their division.

  • So, the question is, how did this all happen? Why would the UK vote for something with such

  • negative consequences, that nearly all polls showed wouldn’t happen? In a nutshell, age.

  •  75% of 18- to 24-year-olds voted to stay, compared to less than 40% of those over 65.

  • Some have referred to the results as the older generation voting for a future that the younger

  • generation doesn’t want. Some suggest that older voters were swayed by arguments that

  • there would be money available for their health care, and that it would help restrict immigration.

  • Meanwhile, many youth voters hoped to stay and reap the same benefits as their parents,

  • such as free travel throughout Europe and greater educational and economic opportunity.

  • We spoke with several people living in the United Kingdom to get their take on the situation.

  • Tom, 24, London it’s a sense of shock, but also recognizing

  • that the country is extremely divided.

  • Liam, 24, Manchester To be honest I’m a might heartbroken about

  • it all. It feels like a bit of my national identity has been taken away from me when

  • I voted against it.

  • Shini Somara, Ph.D Science and Technology reporter, BBC, London

  • I think that now that we're out of the EU it doesn't stop continuing to be a very united

  • kingdom.

  • Geraldine Jowett, Ph.D candidate, UK 3:08 The overwhelming consensus I always have

  • felt was certain of betrayal from older generations for having voted this way when they probably

  • won’t have to live with the repercussions in the same way that we will.3:23

  • Neil Mitra, business owner, Remain, London This is really going to be a choppy couple

  • of years rough couple of years.

  • Although the referendum has passed, it is not an immediate process. The vote triggers

  • Article 50 of the Treaty on European Union, and could take as long as two years to actually

  • break away. Already, UK residents are calling for a second referendum. But the immediate

  • effects are devastating, and there is no question that both the United Kingdom and the European

  • Union will be changed forever.

On June 23rd, 2016 residents of the United Kingdom voted to leave the European Union.

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UK Is Leaving EU: What Happens Now?

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