History was made on June 23, when a referendum, a general vote on a single political decision, was held to decide whether Britain should leave or remain in the European Union.
The former won, garnering 52% of the people’s support versus the 48% of the latter.
While those who voted to leave are celebrating the progressive future of the U.K., those who voted to remain are stunned, worried about what the repercussions of this decision will be, and they are not the only ones.
This decision will greatly impact the lives of U.S. citizens as well.
It is very likely that Brexit will negatively affect Britain’s economy due to the fact that the EU was its largest trading partner and accounted for 44% of its exports. Their currency, the pound, has already lost about 9% of its value since the vote, and British stocks are down more than 10%. A study finds that the country’s GDP, the monetary amount of goods and services produced within a nation’s boundaries, may decrease by as much as 6.2% by 2030. Stocks in the U.S. have also been affected; American stocks were down by 625 points on the day following the referendum.
For the U.S., Britain’s closest ally, this decision may lead to trouble in getting the help it needs from its other allies in the EU. The UK vote has influenced other countries, such as France, Sweden, and the Netherlands, to call for similar referendums. If these votes lead to similar results, the European Union may be dissolved.
The U.S. has usually relied on Britain and its other allies, primarily France and Germany, to bring awareness of U.S. concerns to Europe during the quarterly EU meetings. Now with its biggest and most influential ally gone and others possibly to follow, this means trouble for the U.S.
In addition, Scotland, who voted to remain by a larger margin of 62% to 38%, may also have plans to exit the EU. As indicated by a poll in 2014, 44% of Scottish people want independence for Scotland from the United Kingdom. Nicola Sturgeon, the country’s first minister, has stated that a second referendum for Scotland’s independence is very likely.
Similarly, Ireland’s Protestant North, which is part of the UK, and its independent Irish Republic in the South, may face tensions across the border that separates the two states. The EU has guaranteed the right to move across the border; however, if the UK pulls out of the EU, tensions over territory may rise.
In both situations, the UK would be greatly weakened.
Despite the seemingly negative effects of Brexit, major U.S. politicians, including the President himself, have stated that they will continue to support the UK and that the relationship between the two powerful nations will stay the same.
However, Sir Peter Westmacott, who was, until earlier this year, Britain’s ambassador in Washington D.C., does not agree.“I feel very sad,” said Westmacott. He further stated that Britain would be “less influential in the world, in the European Union, in NATO and the Security Council and a less significant ally for the United States and many others.”
His statement represents the thoughts of a great number of people in both the U.S. and in Britain who are not quite as optimistic about what the results Brexit may be.
Whatever they are, this historic decision will affect not only the UK, but the rest of the world.