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Brexit, the UK. A large pool of economists

Brexit, the withdrawal of the United Kingdom from
the European Union, has been one of the most debated current geopolitical
issues regarding the European Union. In a referendum held in June 2016
approximately 52% of the UK electorate voted to exit the European Union. Thus
the UK government invoked Article 50 allowing the UK to leave the EU in March
2019. This decision has been debated worldwide as it will have a significant
impact on the economy of the UK, of the European Union and debatably will have
impacts worldwide.

The political campaigns that
preceded the referendum were led by David Cameron (who did not support the
withdrawal) and by Boris Johnson
(who supported Brexit). Cameron was supported by many major political parties,
international businesses and institutions while Johnson was supported mostly by Conservatives and the Independence Party.

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Brexit could lead to pivotal moment
in the economics, geopolitics and security of both the EU and the UK. A large
pool of economists argue that Brexit will have several negative impacts on the UK’s
economy such as lowering the per-capita income level and declining UK’s trading.

Long term predictions are that Brexit will hinder the UK’s economic and social
position as it will create trade barriers, impede foreign investment and have a
drastic impact on immigration.

The departure of the UK could also lead
to a chain reaction of countries leaving the EU, thus threatening the security and
stability of contemporary Europe. The UK will also be losing political
influence within the EU, but also risks alienating other countries.

 

Having highlighted the possible catastrophic
implications of Brexit it only seems legitimate to ask if such decision can be
undone. As we get closed to the due date March 2019 questions about a second
referendum have been posed. The article chosen elaborates if there is
possibility of a second referendum and who would support it.

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