Brexit

  June 24, 2016    Brexit,Finances,Investments    T Wallace

The referendum held yesterday, June 23rd to see if the UK would leave or remain in the European Union had the world watching in anticipation. 52% of the population across four countries voted in favour of leaving. The breakdown of each country is as follows:

  • England: 53.4% for leaving
  • Wales: 52.5% for leaving
  • Scotland: 62% for staying
  • Northern Ireland: 55.8% for staying

 

Over a period of at least two years Britain will be in constant negotiations with the EU whilst continuing to abide by EU laws and treaties. These negotiations will have a big effect on how the UK and its citizens will interact with the EU and vice versa.

It is possible that the UK citizens will need work permits to work in the EU. UKIP is promoting this and it will likely work both ways, meaning EU citizens will not be able to work in the UK as easily as before. This was one of the foremost arguments for leaving the EU, giving the UK full control over it’s border, reducing the number of EU citizens entering the country to live and work.

As for Ireland, brexit will have a huge impact on our economy. With the GBP falling 8% just hours after the result. Irish exports to the UK have risen in price and vice versa for imports.
This will impact the agricultural industry the most as a large percentage of our exports go to the United Kingdom. This brings us to one of the most important discussions of all, EU’s free trade policy. Minister for finance Michael Noonan has expressed his concern for the UK leaving the free trade area. Unfortunately for us this decision will be made between the UK and EU and we will likely see the EU fight against this to discourage other countries from leaving in the future.

“We would, of course, because they are our biggest trading partners and we don’t want any impositions to trade between the two islands.” – Michael Noonan when asked if Ireland would support the UK being allowed to remain in the single market

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