EU calls for UK to ‘Brexit’ quickly; Britain wants more time

“We would first build this new project with European peoples and then submit this new road map, this new project, to a referendum [across the bloc]”.

The EU has always been the world’s most dramatic peace process, reconciling bitter foes within Europe to one another and making coherent their relationship with the wider world.

But many economists are predicting that Friday’s decision will have a chilling effect on the British economy. Here is what that might mean in reality for everyday people and businesses, in Britain and overseas. Investors, anticipating that Britain’s economy would slow, have begun moving their money out of the country, a process that requires selling pounds and buying foreign currencies. But Brussels needs Britain more than Britain needs the EU. Britain has acted as a counterweight to this questionable impulse and the British have always been the strongest link in the chain that binds the United States of America and North Atlantic Treaty Organisation to European regional and global strategic interests.

Some Brexit campaigners have suggested that the Leave vote simply serve as leverage to renegotiate better, semi-detached terms for Britain inside the European Union which could be put to another referendum.

The rising prices of domestic goods is known by another name – inflation. But if prices rise too high, the Bank of England may have to step in and restrain them by raising interest rates – a move that makes borrowing more expensive, and would likely further slow growth and investment.

No. The ability to trade with the U.S. on current terms will not be affected.

“We don’t know how we’re going to be now”, he said.

Despite the Remain side being backed by almost all the political parties, (the Conservatives were divided) as well as trade unions, economists, businesses, medical professionals, artists, environmentalists and scientists, the Leave side still won, showing just how hard it is to sell the concept of Europe and how detached people feel from the EU. However, there’s a flip side of this equation. As the British pound gets weaker, goods produced in Britain and sold overseas are priced more attractively.

This should theoretically spur exports, boosting British businesses – an idea Republican presidential candidate Donald Trump picked up on in a press conference in Scotland on Friday. The member countries pay a tax to the European Union, which the officials in Brussels then distribute among the 28 countries based on their assessment of economic need among the states. “There’s a cloud of uncertainty around how imports will be treated”, said Matthijs. There is also the risk that the European Union will impose quotas, which limit the amount of goods and services that can be sold into Europe.

He said: “The notification of Article 50 is a formal act and has to be done by the British government to the European Council”. Considering the vast support for ongoing membership within the continent’s elite business and political, it is not unfeasible to imagine a scenario whereby this week’s vote is declared null and void on a technicality, with a second referendum taking its place. In a report in April, consultancy PWC estimated that Brexit could lead to the loss of up to 100,000 additional jobs in country’s financial services sector by 2020. Elder, less educated people and rural populations were more likely to back “Brexit”.

Britain will remain an European Union member until the divorce is finalized, but its influence inside the bloc is already waning. Visitors from other countries will find bargains in travel to Britain, because of more favourable exchange rates. Two polls put support for independence at 59 per cent and 52 per cent, respectively.

The size of Britain’s economy is of outcome as well.

With nerves on edge, companies aren’t spending on plants and equipment and investing in things to expand in the long term. And did anyone vote for them? “There has been a lot of dissatisfaction with the European Union, with the regulatory pressures it’s imposed on companies, the financial contributions (the United Kingdom has) to make”.

However, any benefits of new regulation are by no means guaranteed. “He can just say it”. An estimated $2.08 trillion worth of wealth evaporated Friday from Hong Kong to London to NY as a result of the British vote.

Or maybe not. Maybe in years to come Brexit will be remembered as a brief, regrettable but inconsequential blip in an otherwise harmonious progression of the European ideal. Importantly it will certainly affect commerce between the countries of Europe and Britain.

Chovanec of Silvercrest compared Britain’s attempt to disentangle itself from the E.U.to a messy divorce, “in which there are a lot of shared assets, and there are a lot of kids”, he said. “It doesn’t make it any less messy, or complicated”.