LONDON : (VVNEWS.com)- In a landmark decision Britain voted to withdraw its membership in the European Union sending global markets plunging.
No one is quite sure how this will pan out but one thing is known for sure, this is one of the biggest political decisions made by British voters and is going to have a huge impact on many aspects of not just politics, but daily life and even the very fabric of the United Kingdom and quite possibly ours because of our dependence on global economy.
What does this mean? The EU regulates trade for the United Kingdom and the rest of the world. Britain wants to regulate its own trade. So basically they’ve decided to leave the free-world market. Which may or may not have a devastating impact. The reason the people of Europe opt for this because after America’s economy took a dive, so did theirs, the only difference is their recovery was worse than ours.
In Britain the debate over whether to remain in the European Union is a serious one, dividing families all over the country. Article 50 of the European Union procedures, states for a member to withdraw from the EU, It requires the member state to notify the EU of its withdrawal and obliges the EU to then try to negotiate a withdrawal agreement with that state.
So really now that Britain invokes Article 50, it will have a two-year window in which to negotiate a new treaty to replace the terms of EU membership. Britain and EU leaders would have to hash out issues like trade tariffs, migration, and the regulation of everything from cars and cosmetics to agriculture.
Over here in America it just seems just as one of those news stories that don’t seem to affect us. But the financial ripple effects are elaborate, and our political consequences have been outshined by our horror show over the shootings in Orlando and the turmoil of our own presidential election.
How does this affect us? Well The way we trade will change. The world market will change therefore we know our stock market could change, meaning our retirement plans and mortgage rates will change- only time will tell.
Article written by Delina Pina, for Victor Valley News